Business
LeMaitre Q3 2021 Financial Results
BURLINGTON, Mass., Oct. 28, 2021 (GLOBE NEWSWIRE) -- LeMaitre (Nasdaq:LMAT), a provider of vascular devices, implants and services, today reported Q3 2021
About this update from Lemaitre Vascular, Inc.
[{"type":"text","content":"BURLINGTON, Mass., Oct. 28, 2021 (GLOBE NEWSWIRE) -- LeMaitre (Nasdaq:LMAT), a provider of vascular devices, implants and services, today reported Q3 2021 results, announced an $0.11/share quarterly dividend and provided guidance. Q3 2021 Financial Results Sales of $38.4mm, +5% (+5% organic) vs. Q3 2020Gross margin of 64.8%, +250 basis pointsOp. income of $9.1mm, -9%Op. margin of 24%Net income of $6.5mm, -13%Earnings of $0.30 per diluted share, -19%EBITDA of $11.3mm, -10% Q3 2021 sales were driven by Artegraft, allografts and valvulotomes. The Americas and EMEA both grew 5%, while APAC was up 16%. Due to the Delta variant, many hospitals deferred elective surgeries. The 250 basis point gross margin improvement was due to year-ago Artegraft purchase price accounting, which reduced the Q3 2020 gross margin. This was somewhat offset by Q3 2021 manufacturing inefficiencies. Q3 2021 op. income of $9.1mm was down 9% as op. expenses increased 24%. This increase was due to a 14% headcount increase, as well as additional selling and marketing expenses. As of October 28, 2021 the Company employed 103 sales representatives. Cash and investments increased to $67.1mm on September 30, 2021 due to the recent stock offering (net proceeds of $58.7mm) and Q3 EBITDA of $11.3mm. In July, the Company also paid off the remaining Artegraft acquisition debt. George LeMaitre, Chairman and CEO, said, “Although the Delta variant impacted Q3 sales, we delivered a 24% op. margin while rebuilding headcount and the salesforce back to pre-COVID levels.” Business Outlook ItemQ4 2021 GuidanceFull Year 2021 GuidanceSales$39.0mm - $41.0mm(Midpoint: $40.0, +7%)$153.9mm - $155.9mm(Midpoint: $154.9, +20%)Gross Margin66.3%65.8%Op. Income$8.3mm - $9.7mm(Midpoint: $9.0mm, -6%)$36.5mm - $37.8mm(Midpoint: $37.1mm, +29%)EPS$0.29 - $0.34(Midpoint: $0.31, -8%)$1.26 - $1.31(Midpoint: $1.29, +24%) Quarterly Dividend On October 26, 2021, the Company's Board of Directors approved a quarterly dividend of $0.11/share of common stock. The dividend will be paid on December 2, 2021 to shareholders of record on November 19, 2021. 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 Company's website at www.lemaitre.com/inv...