Business
LeMaitre Q2 2023 Financial Results
BURLINGTON, Mass., Aug. 01, 2023 (GLOBE NEWSWIRE) -- LeMaitre (Nasdaq:LMAT), a provider of vascular devices, implants and services, today reported Q2 2023
About this update from Lemaitre Vascular, Inc.
[{"type":"text","content":"BURLINGTON, Mass., Aug. 01, 2023 (GLOBE NEWSWIRE) -- LeMaitre (Nasdaq:LMAT), a provider of vascular devices, implants and services, today reported Q2 2023 results, announced a $0.14/share quarterly dividend and provided guidance. Q2 2023 Financial Results Sales $50.1mm, +19% (+16% organic) vs. Q2 2022Op. income $9.5mm, +63% (+8% adjusted)Op. margin 19%Net income $8.1mm, +130% (+27% adjusted)Earnings per diluted share $0.36, +127% (+25% adjusted)Cash up $9.2mm to $90.2mm Bovine patches (+16%), valvulotomes (+18%), bovine grafts (+13%), carotid shunts (+22%) and allografts (+18%) drove Q2 sales. EMEA was up 26%, APAC 21% and the Americas 16%. The gross margin decreased to 64.0% in Q2 (vs. 66.0% in Q2 2022), driven by manufacturing inefficiencies and distribution sales of porcine patches, partially offset by price increases. Operating income of $9.5mm was up 63% vs. Q2 2022. Excluding St. Etienne factory closure charges, operating income was up 8%. Operating expenses (excluding St. Etienne charges) grew 19% due to sales rep growth and higher commissions, as well as CE-related regulatory costs. George LeMaitre, Chairman and CEO, said “16% organic sales growth and 25% adjusted EPS growth was a result of increased hospital procedures and our 9% price increase. In retrospect, our 2022 hiring surge seems well-timed.” Business Outlook Q3 2023 GuidanceQ4 2023 GuidanceFull Year 2023 GuidanceSales$46.5mm - $48.9mm(Mid: $47.7mm, +22%,+16% Org.)$49.3mm - $51.7mm(Mid: $50.5mm, +23%,+17% Org.)$193.0mm - $197.8mm(Mid: $195.4mm, +21%,+18% Org.)Gross Margin64.3%64.6%64.6% Op. Inc.$7.4mm - $8.9mm(Mid: $8.2mm, +33%)$8.7mm - $10.2mm(Mid: $9.4mm, +36%)$33.4mm - $36.5mm(Mid $34.9mm, +30%)Op. Inc. Ex-Special*--$33.9mm - $37.0mm(Mid $35.4mm, +18%)EPS$0.28 - $0.33(Mid: $0.31, +24%)$0.32 - $0.38(Mid: $0.35, +39%)$1.23 - $1.34(Mid: $1.28, +38%)EPS Ex-Special*--$1.25 - $1.35(Mid: $1.30, +22%) *Special charges are related to the St. Etienne factory closure. Quarterly Dividend On July 25, 2023, the Company's Board of Directors approved a quarterly dividend of $0.14/share of common stock. The dividend will be paid on August 31, 2023 to shareholders of record on August 17, 2023. Share Repurchase Program On February 21, 2023, the Company's Board of Directors authorized the repurchase of up to $25.0mm of the Company’s common stock. The repurchase program may be su...