Business
LeMaitre Vascular Announces Q4 2019 Financial Results
BURLINGTON, Mass., Feb. 06, 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., Feb. 06, 2020 (GLOBE NEWSWIRE) -- LeMaitre Vascular, Inc. (Nasdaq:LMAT), a provider of vascular devices, implants and services, today reported Q4 2019 results, provided guidance, and announced a $0.095/share dividend.\n Q4 2019 Results Record sales of $30.2mm, +6% (flat organic) vs. Q4 2018Operating income of $4.9mm, -31% (-12% excluding special items)Net income of $4.6mm, -23% (+4% excluding special items)Earnings of $0.23 per diluted share, -25% (+3% excluding special items) The Company posted record sales in the Americas (+6%), while Europe/Middle East/Africa (+4%) and Asia/Pac (+20%) also contributed. Sales growth was led by biologic patches, embolectomy catheters and valvulotomes. Gross margin decreased to 66.0% in Q4 2019 (vs. 67.7% in Q4 2018) primarily due to sales mix, lower margin revenues from the two 2019 acquisitions and the strong US dollar. Operating expenses in Q4 2019 were $15.0mm (+10% vs. Q4 2018 excluding special items) driven by acquisition-related expenses and sales compensation. The Q4 2018 special item related to a $1.6mm gain from the Cardial acquisition. Chairman and CEO George LeMaitre said, “For the full year 2019, sales were up 11% (6% organic) and adjusted op. income was up 3%. Looking ahead to 2020, we’re guiding 10% sales growth and 17% op. income growth. This bottom line bounce is due to restrained 2020 op. expense growth of 6% and 10% sales growth.” Business Outlook Guidance Q1 2020 Sales$30.5mm - $31.7mm (Midpoint: +9%) Q1 2020 Gross Margin66.3% Q1 2020 Op. Income$3.8mm - $4.6mm(Midpoint: -6%) Q1 2020 EPS$0.14 - $0.17(Midpoint: -10%) 2020 Sales$127.4mm - $130.8mm(Midpoint: +10%) 2020 Gross Margin67.4% 2020 Op. Income$23.6mm - $25.9mm(Midpoint: +17%) 2020 EPS$0.90 - $0.98 (Midpoint: +6%) Quarterly Dividend On January 30, 2020, the Company's Board of Directors approved a quarterly dividend of $0.095/share of common stock. The dividend will be paid on March 19, 2020 to shareholders of record on March 3, 2020. Share Repurchase Program On February 14, 2019, 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, 2020, unless extended by the Board. Conference Call Reminder Management will conduct a conference call at 5:00pm ET toda...