Business
LeMaitre Q4 2020 Financial Results
BURLINGTON, Mass., Feb. 25, 2021 (GLOBE NEWSWIRE) -- LeMaitre (Nasdaq:LMAT), a provider of vascular devices, implants and services, today reported Q4 2020
About this update from Lemaitre Vascular, Inc.
[{"type":"text","content":"BURLINGTON, Mass., Feb. 25, 2021 (GLOBE NEWSWIRE) -- LeMaitre (Nasdaq:LMAT), a provider of vascular devices, implants and services, today reported Q4 2020 results and announced an $0.11/share quarterly dividend. Q4 2020 Results Sales of $37.5mm, +24% (+3% organic) vs. Q4 2019Op. income of $9.5mm, +94%Op. margin of 25%Net income of $7.0mm, +52%Earnings of $0.34 per diluted share, +51%EBITDA of $11.9mm, +84%Debt paid down $21.5mm to $39.0mm The Company posted sales growth in the Americas (+35%), Asia/Pac (+12%) and Europe/Middle East/Africa (+9%). The three recent acquisitions (Artegraft, CardioCel and Eze-Sit) led growth in Q4 2020. By product, biologic grafts, valvulotomes and embolectomy catheters drove sales. Gross margin decreased to 65.0% in Q4 2020 (vs. 66.0% in Q4 2019) primarily due to recent acquisitions and factory transitions. Operating expenses decreased 1% to $14.9mm in Q4 2020 (vs. $15.0mm). The decline was driven by COVID-related cost-cuts as well as reduced travel and surgeon congresses. Chairman & CEO George LeMaitre said, “For Q4, record sales combined with expense control to produce healthy bottom-line results and an improved balance sheet. For 2020 we reported 10% sales growth and 36% op. income growth. 2021 marks a decade of yearly dividend growth at LeMaitre.” Business Outlook GuidanceQ1 2021 Sales$33.8mm - $36.8mm(Midpoint:+16%)Q1 2021 Gross Margin66.7%Q1 2021 Operating Income$6.8mm - $8.8mm(Midpoint:+79%)Q1 2021 Earnings Per Share$0.24 - $0.31(Midpoint: +78%) Quarterly Dividend On February 23, 2021, the Company's Board of Directors approved a quarterly dividend of $0.11/share of common stock. The dividend will be paid on March 25, 2021 to shareholders of record on March 9, 2021. Share Repurchase Program On February 23, 2021, the Company's Board of Directors authorized the repurchase of up to $15.0mm of the Company’s common stock. The repurchase program may be suspended or discontinued at any time and will conclude on February 22, 2022, unless extended by the Board. Conference Call Reminder Management will conduct a conference call at 5:00 p.m. 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/investor. The conference call may also be accessed by dialing 844-239-5284 (+1 512-961-6...