Business
LeMaitre Q4 2022 Financial Results
BURLINGTON, Mass., Feb. 23, 2023 (GLOBE NEWSWIRE) -- LeMaitre (Nasdaq:LMAT), a provider of vascular devices, implants and services, today reported Q4 2022
About this update from Lemaitre Vascular, Inc.
[{"type":"text","content":"BURLINGTON, Mass., Feb. 23, 2023 (GLOBE NEWSWIRE) -- LeMaitre (Nasdaq:LMAT), a provider of vascular devices, implants and services, today reported Q4 2022 results, announced a $0.14/share quarterly dividend (+12%) and provided guidance. Q4 2022 Financial Results Sales $41.0mm, +4% (+8% organic) vs. Q4 2021Op. income $7.0mm, -16%Op. margin 17%Net income $5.6mm, -9%Earnings per diluted share $0.25, -9%Cash and investments +$3.0mm to $82.7mm Bovine patches (+11%), carotid shunts (+24%) and bovine grafts (+11%) drove sales growth in Q4 2022. Organic sales increased 22% in APAC, 9% in EMEA and 6% in the Americas. APAC and EMEA each reported record sales. The gross margin decreased to 63.6% in Q4 2022 (vs. 65.7% in Q4 2021), with the strong dollar accounting for 150 basis points of this decline. 219 direct labor employees were on staff at year-end, up 54%. Operating income declined 16% to $7.0mm in Q4 2022. Operating expenses grew 8%, driven by a 27% increase in sales representatives to 131. George LeMaitre, Chairman and CEO, said “In Q4 we grew sales 8% organically and our guidance for Q1 is 11% on a reported basis and 13% organically. Our two key 2022 initiatives - the Burlington factory expansion and the rep surge - should drive improved top- and bottom-line results in 2023.” Business Outlook Q1 2023 Guidance2023 Full Year GuidanceSales$42.6mm - $45.0mm(Mid: $43.8mm, +11%, +13% Org.)$174.3mm - $178.3mm(Mid: $176.3mm, +9%, +9% Org.)Gross Margin64.8%65.4%Op. Income$6.0mm - $7.5mm(Mid: $6.7mm, -15%)$30.6mm - $33.3mm(Mid: $31.9mm, +19%, +7% Ex. Special)EPS$0.22 - $0.27(Mid: $0.25, -10%)$1.11 - $1.20(Mid: $1.16, +24%, +8% Ex. Special) Quarterly Dividend On February 21, 2023, the Company's Board of Directors approved a quarterly dividend of $0.14/share of common stock. The dividend will be paid on March 23, 2023 to shareholders of record on March 9, 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 interested in listening to the webcast...