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LeMaitre Vascular Announces Q1 2020 Financial Results
BURLINGTON, Mass., April 30, 2020 (GLOBE NEWSWIRE) -- LeMaitre Vascular, Inc. (Nasdaq:LMAT), a provider of vascular devices, implants and services, today
About this update from Lemaitre Vascular, Inc.
[{"type":"text","content":"BURLINGTON, Mass., April 30, 2020 (GLOBE NEWSWIRE) -- LeMaitre Vascular, Inc. (Nasdaq:LMAT), a provider of vascular devices, implants and services, today reported Q1 2020 results and announced a $0.095/share quarterly dividend.\n Q1 2020 Results Record sales of $30.6mm, +7% (-1% organic) vs. Q1 2019Operating income of $4.4mm, -2%Net income of $3.2mm, -10%Earnings of $0.16 per diluted share, -11%EBITDA of $5.7mm, +1%March 31, 2020 cash & equivalents of $30.6mm The Company posted record sales in the Americas (+12%) and Europe/Middle East/Africa (+3%), offset by Asia/Pac (-11%). Sales growth was led by biologic patches, allografts and valvulotomes, and was aided by the two 2019 acquisitions. Gross margin decreased to 67.0% in Q1 2020 (vs. 68.3% in Q1 2019) primarily due to manufacturing inefficiencies and increased allograft sales. Operating expenses in Q1 2020 were up 7% to $16.1mm (vs. $15.0mm) driven by MDD/MDR regulatory expenses, production transfers and acquisition amortization. Chairman and CEO George LeMaitre said, “COVID-19 began to affect our sales in mid-March, and we expect our results to be impacted for the balance of 2020. As a result, we’ve reduced headcount and temporarily cut base salaries. My base salary was cut 90% while our lowest earners’ hourly wages were not impacted. These actions were necessary to protect our profitability and cash position. We implemented social-distancing in our four factories and they’re generally operating at near-normal levels.” Business Outlook On April 13, 2020, the Company withdrew its guidance for the full year 2020. Due to the unpredictable magnitude and duration of the COVID-19 pandemic and the timing of possible global economic recovery, the Company is unable to estimate the overall impacts on its financial results for the remainder of 2020. Quarterly Dividend On April 28, 2020, the Company's Board of Directors approved a quarterly dividend of $0.095/share of common stock. The dividend will be paid on June 4, 2020 to shareholders of record on May 20, 2020. Share Repurchase Program On February 13, 2020, the Company's Board of Directors authorized the repurchase of up to $10.0mm of the Company’s common stock. The repurchase program may be suspended or discontinued at any time and will conclude on February 14, 2021, unless extended by the Board. Conference Call Reminder Management ...