Business
LeMaitre Q3 2023 Financial Results
BURLINGTON, Mass., Nov. 01, 2023 (GLOBE NEWSWIRE) -- LeMaitre (Nasdaq:LMAT), a provider of vascular devices, implants and services, today reported Q3 2023
About this update from Lemaitre Vascular, Inc.
[{"type":"text","content":"BURLINGTON, Mass., Nov. 01, 2023 (GLOBE NEWSWIRE) -- LeMaitre (Nasdaq:LMAT), a provider of vascular devices, implants and services, today reported Q3 2023 results, announced a $0.14/share quarterly dividend and provided guidance. Q3 2023 Financial Results Sales $47.4mm, +21% (+16% organic) vs. Q3 2022Gross margin 65.0%, +80 bpsOp. income $9.2mm, +49%Op. margin 19%Net income $7.5mm, +38%Earnings per diluted share $0.33, +36%Cash up $6.8mm to $97.0mm Bovine patches (+22%), valvulotomes (+27%), bovine grafts (+15%) and carotid shunts (+24%) drove Q3 sales. APAC sales increased 30%, EMEA 24% and the Americas 20%. The gross margin increased to 65.0% in Q3 (vs. 64.2% in Q3 2022) driven largely by price increases. Operating income of $9.2mm was up 49% vs. Q3 2022. Operating expenses grew 14% year-over-year due to sales rep growth (118 to 136) and higher commissions, as well as CE-related regulatory costs. George LeMaitre, Chairman and CEO, said “21% sales growth in Q3 and 49% op. income growth resulted from price increases, restrained op. expenses and a return-to-hospital by patients and staff. Our profitability and $97.0mm cash-on-hand provide safety and strategic optionality.” Business Outlook Q4 2023 GuidanceFull Year 2023 GuidanceSales$48.0mm - $50.0mm(Mid: $49.0mm, +20%, +16% Org.)$192.6mm - $194.6mm(Mid: $193.6mm, +20%, +17% Org.)Gross Margin65.0%64.9%Op. Inc.$9.4mm - $10.7mm(Mid: $10.0mm, +44%)$35.9mm - $37.2mm(Mid $36.5mm, +36%)Op. Inc. Ex-Special*-$36.4mm - $37.7mm(Mid $37.0mm, +24%)EPS$0.34 - $0.38(Mid: $0.36, +43%)$1.30 - $1.35(Mid: $1.33, +42%)EPS Ex-Special*-$1.32 - $1.36(Mid: $1.34, +26%) *Special charges are related to the St. Etienne factory closure. Quarterly Dividend On October 24, 2023, the Company's Board of Directors approved a quarterly dividend of $0.14/share of common stock. The dividend will be paid on November 30, 2023 to shareholders of record on November 16, 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 suspended or discontinued at any time and will conclude on February 21, 2024, 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...