Business
LeMaitre Q2 2022 Financial Results
BURLINGTON, Mass., July 28, 2022 (GLOBE NEWSWIRE) -- LeMaitre (Nasdaq:LMAT), a provider of vascular devices, implants and services, today reported Q2 2022
About this update from Lemaitre Vascular, Inc.
[{"type":"text","content":"BURLINGTON, Mass., July 28, 2022 (GLOBE NEWSWIRE) -- LeMaitre (Nasdaq:LMAT), a provider of vascular devices, implants and services, today reported Q2 2022 results, announced a $0.125/share quarterly dividend and provided guidance. Q2 2022 Financial Results Sales of $42.1mm, +4% (+8% organic) vs. Q2 2021Gross margin of 66.0%Op. income reported $5.8mm, -48%Op. income ex. special charge $8.9mm, -20%Earnings per diluted share reported $0.16, -60%Earnings per diluted share ex. special charge $0.29, -26%Cash and investments +$4.8mm to $75.7mm Biologics drove Q2 2022 sales growth: XenoSure (+21%), allografts (+25%) and Artegraft (+11%). Q2 organic sales growth was led by EMEA (+11%) and APAC (+11%), while the Americas grew 6%. The strong dollar reduced sales by $1.7mm. The gross margin increased to 66.0% in Q2 2022 (vs. 65.8%). The Company had 203 direct labor employees on staff as of June 30, up 54% year-over-year. The Company closed its St. Etienne factory in Q2 2022, resulting in a $3.1mm special charge. Q2 2022 operating margin was 14%; excluding the $3.1mm special charge the operating margin was 21%. Excluding the special charge, Q2 operating expense growth was 21%, driven by a 26% larger salesforce on June 30 (111 reps) and regulatory expenses. George LeMaitre, Chairman and CEO, said “Based on better-than-expected Q2 sales, we increased annual guidance to 10% organic growth. We also achieved several milestones: we opened a Seoul office, closed a French factory, filed for Chinese XenoSure cardiac approval and received the Omniflow II CE Mark.” Business Outlook Q3 2022 GuidanceQ4 2022 Guidance2022 Full Year GuidanceSales$39.0mm - $41.0mm(Mid: $40.0mm, +4%, +10% Org.)$41.2mm - $43.2mm(Mid: $42.2mm, +7%, +11% Org.)$162.7mm - $165.3mm(Mid:$164.0mm, +6%, +10% Org.)Gross Margin66.7%67.5%66.5%Op. Income$6.8mm - $8.2mm(Mid: $7.5mm, -17%)$8.5mm - $9.9mm(Mid: $9.2mm, +10%)$29.5mm - $31.2mm(Mid $30.4mm, -17%)Op. Income Ex-Spec. Charge--$32.7mm - $34.4mm(Mid: $33.6mm, -8%)EPS$0.24 - $0.29(Mid: $0.27, -10%)$0.29 - $0.35(Mid: $0.32, +15%)$0.99 - $1.05(Mid: $1.02, -19%)EPS Ex-Spec. Charge--$1.14 - $1.19(Mid: $1.17, -7%) Quarterly Dividend On July 26, 2022, the Company's Board of Directors approved a quarterly dividend of $0.125/share of common stock. The dividend will be paid on September 8, 2022 to shareholders of record on August 25, 2022. Sha...