Business
LeMaitre Q2 2024 Financial Results
BURLINGTON, Mass., Aug. 01, 2024 (GLOBE NEWSWIRE) -- LeMaitre (Nasdaq:LMAT), a provider of vascular devices, implants and services, today reported Q2 2024
About this update from Lemaitre Vascular, Inc.
[{"type":"text","content":"BURLINGTON, Mass., Aug. 01, 2024 (GLOBE NEWSWIRE) -- LeMaitre (Nasdaq:LMAT), a provider of vascular devices, implants and services, today reported Q2 2024 results, announced a $0.16/share quarterly dividend and provided guidance. Q2 2024 Financial Results Sales $55.8mm, +11% (+12% organic) vs. Q2 2023 Gross margin 68.9%, +490 bpsOp. income $14.4mm, +52%Op. margin 26%Net income $11.8mm, +46%Earnings per diluted share $0.52, +44%Cash up $4.8mm sequentially to $113.1mm Allografts (+30%), bovine patches (+12%) and carotid shunts (+22%) led Q2 sales growth. APAC sales increased 20%, EMEA 13% and the Americas 10%. The gross margin increased to 68.9% (vs. 64.0% in Q2 2023), driven by manufacturing efficiencies and higher average selling prices. Operating income of $14.4mm was up 52% vs. Q2 2023. Operating expenses grew 6% year-over-year due to restrained headcount growth and reduced regulatory spending. 144 sales reps were on staff at quarter end. Chairman/CEO George LeMaitre said, “2024 is shaping up to be another year of healthy sales and profit growth. Increased guidance now implies a 23% op. margin in 2024, vs. 19% in 2023.” Business Outlook Q3 2024 GuidanceFull Year 2024 GuidanceSales$52.7mm - $54.7mm(Mid: $53.7mm, +13%, +14% Org.)$216.8mm - $220.8mm(Mid: $218.8mm, +13%, + 13% Org.)Gross Margin68.0%68.4%Op. Income$11.3mm - $12.7mm(Mid: $12.0mm, +31%)$49.7mm - $52.5mm(Mid $51.1mm, +39%)(Mid: $51.1mm, +37% Ex-Special)*Op. Margin (Mid)22%23%EPS$0.42 - $0.46(Mid: $0.44, +32%)$1.82 - $1.91(Mid: $1.86, +39%)(Mid: $1.86, +37% Ex-Special)* *Special charges in 2023 were related to the St. Etienne factory closure. Quarterly Dividend On July 25, 2024, the Company's Board of Directors approved a quarterly dividend of $0.16/share of common stock. The dividend will be paid on August 29, 2024, to shareholders of record on August 15, 2024. Share Repurchase Program On February 21, 2024, the Company's Board of Directors authorized the repurchase of up to $50.0mm of the Company’s common stock. The repurchase program may be suspended or discontinued at any time and will conclude on February 21, 2025, unless extended by the Board. Conference Call Reminder Management will conduct a conference call at 5:00pm ET today. The conference call will be broadcast live over the Internet. Individuals interested in listening to the webcast can log on to the Compan...