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LeMaitre Q1 2024 Financial Results

May 02, 2024 | Last Trade: US$92.12 0.13 -0.14

BURLINGTON, Mass., May 02, 2024 (GLOBE NEWSWIRE) -- LeMaitre (Nasdaq:LMAT), a provider of vascular devices, implants and services, today reported Q1 2024 results, announced a $0.16/share quarterly dividend and provided guidance.

Q1 2024 Financial Results

  • Sales $53.5mm, +14% (+11% organic) vs. Q1 2023  
  • Gross margin 68.6%, +300 bps
  • Op. income $11.9mm, +51%
  • Op. margin 22%
  • Net income $9.9mm, +64%
  • Earnings per diluted share $0.44, +62%
  • Cash up $3.2mm sequentially to $108.3mm

Allografts (+31%), bovine patches (+13%), carotid shunts (+27%) and distributed porcine patches drove Q1 sales. APAC sales increased 44%, EMEA 17% and the Americas 10%.

The gross margin increased to 68.6% in Q1 (vs. 65.6% in Q1 2023) driven by average selling price increases and manufacturing efficiencies offset by product mix.

Operating income of $11.9mm was up 51% vs. Q1 2023. Operating expenses grew 8% year-over-year due to compensation, professional fees and sales meetings.

Chairman/CEO George LeMaitre said “2024 is shaping up to be another year of healthy profits. The gross margin is repairing and we’ve been able to reduce op. expense growth. Guidance now implies a 22% operating margin, up from 19% in 2023.”

Business Outlook

 Q2 2024 GuidanceFull Year 2024 Guidance
Sales$53.7mm - $56.1mm
(Mid: $54.9mm, +10%, +10% Org.)
$212.7mm - $217.3mm
(Mid: $215.0mm, +11%, + 11% Org.)
Gross Margin68.6%68.6%
Op. Income$12.0mm - $13.7mm
(Mid: $12.9mm, +36%)
(Mid: $12.9mm, +33% Ex-Special)*
$46.7mm - $49.8mm
(Mid $48.3mm, +31%)
(Mid: $48.3mm, +30%, Ex-Special)*
Op. Margin (Mid)23%22%
EPS$0.45 - $0.50
(Mid: $0.47, +31%)
(Mid: $0.47, +29%, Ex-Special)*
$1.73 - $1.84
(Mid: $1.79, +33%)
(Mid: $1.79, +32%, Ex-Special)*

*Special charges in 2023 were related to the St. Etienne factory closure.

Quarterly Dividend

On April 30, 2024, the Company's Board of Directors approved a quarterly dividend of $0.16/share of common stock. The dividend will be paid on May 30, 2024, to shareholders of record on May 16, 2024.

Share Repurchase Program

On February 21, 2024, the Company's Board of Directors authorized the repurchase of up to $50.0mm of the Company’s common stock. The repurchase program may be suspended or discontinued at any time and will conclude on February 21, 2025, 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 can log on to the Company's website at www.lemaitre.com/investor. Access to the live call is available by registering online here. All registrants will receive dial-in information and a PIN allowing them to access the live call. The audio webcast can also be accessed live or via replay through a webcast at www.lemaitre.com/investor. For individuals unable to join the live conference call, a replay will be available on the Company's website.

A reconciliation of GAAP to non-GAAP results is included in the tables attached to this release.

About LeMaitre

LeMaitre is a provider of devices, implants and services for the treatment of peripheral vascular disease, a condition that affects more than 200 million people worldwide. The Company develops, manufactures and markets disposable and implantable vascular devices to address the needs of its core customer, the vascular surgeon.

LeMaitre is a registered trademark of LeMaitre Vascular, Inc. This press release may include other trademarks and trade names of the Company.

For more information about the Company, please visit www.lemaitre.com.

Use of Non-GAAP Financial Measures

LeMaitre management believes that in order to better understand the Company's short- and long-term financial trends, investors may wish to consider certain non-GAAP financial measures as a supplement to financial performance measures prepared in accordance with GAAP. Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and do not have standardized meanings. These non-GAAP measures result from facts and circumstances that may vary in frequency and/or impact on continuing operations. Non-GAAP measures should be considered in addition to, and not as a substitute for, financial performance measures in accordance with GAAP. In addition to the description provided below, reconciliation of GAAP to non-GAAP results is provided in the financial statement tables included in this press release.

In this press release, the Company has reported non-GAAP sales growth percentages after adjusting for the impact of foreign currency exchange, business development transactions, and/or other events, including EBITDA. This press release also provides guidance for operating income and EPS excluding the special charge relating to the closure of our St. Etienne factory and revenue related the Aziyo distribution agreement. The Company refers to the calculation of non-GAAP sales growth percentages as "organic." The Company analyzes non-GAAP sales on a constant currency basis, net of acquisitions and other non-recurring events, and the aforementioned non-GAAP profitability measures to better measure the comparability of results between periods. Because changes in foreign currency exchange rates have a non-operating impact on net sales, and acquisitions, divestitures, product discontinuations, factory closures, and other strategic transactions are episodic in nature and are highly variable to the reported sales results, the Company believes that evaluating growth in sales on a constant currency basis net of such transactions provides an additional and meaningful assessment of sales to management. The Company believes that the presentation of guidance described above for operating income and EPS provides an alternative and meaningful view of the Company’s profitability.

Forward-Looking Statements

The Company's current financial results, as discussed in this release, are preliminary and unaudited, and subject to adjustment. This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Statements in this press release regarding the Company's business that are not historical facts may be "forward-looking statements" that involve risks and uncertainties. Forward-looking statements are based on management's current, preliminary expectations and are subject to risks and uncertainties that could cause actual results to differ from the results expected, including, but not limited to, companies that develop products or services that may impact the use of our products such as drugs to treat diabetes or weight loss; the risks from competition from other companies; the status of our global regulatory approvals and compliance with regulatory requirements to market and sell our products both in the U.S. and outside of the U.S.; risks related to product demand and market acceptance of the Company’s products and pricing; risks from implementing a new enterprise resource planning system; the risk of significant fluctuations in our quarterly and annual results due to numerous factors; the risk that we may not be able to maintain our recent levels of profitability; our reliance on sole source suppliers; disruptions or breaches of information technology systems; the risk that the Company may not realize the anticipated benefits of its strategic activities; the risk that assumptions about the market for the Company’s products and the productivity of the Company’s direct sales force and distributors may not be correct; the acceleration or deceleration of product growth rates; the risk that a recall of our products could result in significant costs or negative publicity; the risk that the Company is not successful in transitioning to a direct-selling model in new territories and other risks and uncertainties included under the heading "Risk Factors" in our most recent Annual Report on Form 10-K, as updated by our subsequent filings with the SEC, which are all available on the Company's investor relations website at http://www.lemaitre.com and on the SEC's website at http://www.sec.gov. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date they were made, or to reflect the occurrence of unanticipated events.

     
LEMAITRE VASCULAR, INC. (NASDAQ: LMAT)
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
      
   March 31, 2024 December 31, 2023
   (unaudited)  
Assets    
      
Current assets:    
 Cash and cash equivalents $26,595  $24,269 
 Short-term marketable securities  81,693   80,805 
 Accounts receivable, net  30,236   25,064 
 Inventory and other deferred costs  60,575   58,080 
 Prepaid expenses and other current assets  3,863   6,380 
Total current assets  202,962   194,598 
      
Property and equipment, net  22,174   21,754 
Right-of-use leased assets  17,795   18,027 
Goodwill  65,945   65,945 
Other intangibles, net  40,239   41,711 
Deferred tax assets  828   1,003 
Other assets  4,014   3,740 
      
Total assets $353,957  $346,778 
      
      
Liabilities and stockholders' equity    
      
Current liabilities:    
 Accounts payable $3,089  $3,734 
 Accrued expenses  21,118   23,650 
 Acquisition-related obligations  75   24 
 Lease liabilities - short-term  2,528   2,471 
Total current liabilities  26,810   29,879 
      
Lease liabilities - long-term  16,354   16,624 
Deferred tax liabilities  114   107 
Other long-term liabilities  2,176   2,268 
Total liabilities  45,454   48,878 
      
Stockholders' equity    
 Common stock  240   239 
 Additional paid-in capital  206,350   200,755 
 Retained earnings  121,728   115,430 
 Accumulated other comprehensive loss  (5,558)  (4,625)
 Treasury stock  (14,257)  (13,899)
Total stockholders' equity  308,503   297,900 
      
Total liabilities and stockholders' equity $353,957  $346,778 
      

 

LEMAITRE VASCULAR, INC. (NASDAQ: LMAT)
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(amounts in thousands, except per share amounts)
(unaudited)   
     
  For the three months ended
  March 31, 2024 March 31, 2023
     
Net sales$53,478  $47,075 
Cost of sales 16,813   16,192 
     
Gross profit 36,665   30,883 
     
Operating expenses:   
 Sales and marketing 11,686   10,897 
 General and administrative 9,013   7,932 
 Research and development 4,092   3,875 
 Restructuring -   305 
Total operating expenses 24,791   23,009 
     
Income from operations 11,874   7,874 
     
Other income (expense):   
 Interest income 1,001   568 
 Foreign currency loss (78)  (425)
     
Income before income taxes 12,797   8,017 
     
Provision for income taxes 2,910   1,977 
     
Net income$9,887  $6,040 
     
Earnings per share of common stock   
 Basic$0.44  $0.27 
 Diluted$0.44  $0.27 
     
Weighted - average shares outstanding:   
 Basic 22,365   22,111 
 Diluted 22,570   22,274 
     
     
Cash dividends declared per common share$0.160  $0.140 
     

 

LEMAITRE VASCULAR, INC. (NASDAQ: LMAT)
SELECTED NET SALES INFORMATION
(amounts in thousands)
(unaudited)
         
  For the three months ended
  March 31, 2024 March 31, 2023
  $ % $ %
Net Sales by Geography       
 Americas$35,245  66% $32,126  68%
 Europe, Middle East and Africa 14,395  27%  12,277  26%
 Asia Pacific 3,838  7%  2,672  6%
Total Net Sales$53,478  100% $47,075  100%
         

 

LEMAITRE VASCULAR, INC (NASDAQ: LMAT)
NON-GAAP FINANCIAL MEASURES
(amounts in thousands)
(unaudited)    
      
   For the three months ended
   March 31, 2024 March 31, 2023
Reconciliation between GAAP and Non-GAAP EBITDA    
 Net income as reported $9,887  $6,040 
 Interest (income) expense, net  (1,001)  (568)
 Amortization and depreciation expense  2,382   2,351 
 Provision for income taxes  2,910   1,977 
      
 EBITDA $14,178  $9,800 
      
 EBITDA percentage increase    45%
      

 

LEMAITRE VASCULAR, INC. (NASDAQ: LMAT)
NON-GAAP FINANCIAL MEASURES
(amounts in thousands)
(unaudited)         
            
Reconciliation between GAAP and Non-GAAP sales growth:         
 For the three months ended March 31, 2024         
  Net sales as reported $53,478        
  Net distribution sales  (1,264)       
  Impact of currency exchange rate fluctuations  (35)       
  Adjusted net sales   $52,179    
            
 For the three months ended March 31, 2023         
  Net sales as reported $47,075        
  Adjusted net sales   $47,075    
            
  Adjusted net sales increase for the three months ended March 31, 2024  $5,104  11%
            
            
Reconciliation between GAAP and Non-GAAP projected sales growth:         
 For the three months ending June 30, 2024         
  Net sales per guidance (midpoint) $54,900        
  Net distribution sales  (305)       
  Impact of currency exchange rate fluctuations  570        
  Adjusted projected net sales   $55,165    
            
 For the three months ended June 30, 2023         
  Net sales as reported $50,115        
  Adjusted net sales   $50,115    
            
  Adjusted projected net sales increase for the three months ending June 30, 2024 $5,050  10%
            
            
Reconciliation between GAAP and Non-GAAP projected sales growth:         
 For the year ending December 31, 2024         
  Net sales per guidance (midpoint) $215,000        
  Net distribution sales  (1,569)       
  Impact of currency exchange rate fluctuations  1,206        
  Adjusted projected net sales   $214,637    
            
 For the year ended December 31, 2023         
  Net sales as reported $193,484        
  Adjusted net sales   $193,484    
            
  Adjusted projected net sales increase for the year ending December 31, 2024 $21,153  11%
            
            
Reconciliation between GAAP and Non-GAAP projected operating income:        
 For the three months ending June 30, 2024         
  Operating income per guidance (midpoint) $12,854        
  Adjusted projected operating income   $12,854    
            
 For the three months ended June 30, 2023         
  Operating income as reported $9,452        
  Impact of special charge  180        
  Adjusted operating income   $9,632    
            
  Adjusted projected operating income increase for the three months ending June 30, 2024 $3,222  33%
            
            
Reconciliation between GAAP and Non-GAAP projected operating income:        
 For the year ending December 31, 2024         
  Operating income per guidance (midpoint) $48,271        
  Adjusted projected operating income   $48,271    
            
 For the year ended December 31, 2023         
  Operating income as reported $36,712        
  Impact of special charge  485        
  Adjusted operating income   $37,197    
            
  Adjusted projected operating income increase for the year ending December 31, 2024 $11,074  30%
            
            
Reconciliation between GAAP and Non-GAAP projected EPS:         
 For the three months ending June 30, 2024         
  EPS per guidance (midpoint) $0.47        
  Adjusted EPS   $0.47    
            
 For the three months ended June 30, 2023         
  EPS as reported $0.36        
  Impact of special charge  0.01        
  Adjusted EPS   $0.37    
            
  Adjusted projected EPS increase for the three months ending June 30, 2024 $0.11  29%
            
            
Reconciliation between GAAP and Non-GAAP projected EPS:         
 For the year ending December 31, 2024         
  EPS per guidance (midpoint) $1.79        
  Adjusted EPS   $1.79    
            
 For the year ended December 31, 2023         
  EPS as reported $1.34        
  Impact of special charge  0.02        
  Adjusted EPS   $1.36    
            
  Adjusted projected EPS increase for the year ending December 31, 2024 $0.43  32%
            

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