This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

LeMaitre Q4 Sales $14.4mm (+9% Organic); 2010 Sales $56.1mm (+12% Organic)

BURLINGTON, Mass., Feb. 28, 2011 (GLOBE NEWSWIRE) -- LeMaitre Vascular, Inc. (Nasdaq:LMAT), a provider of peripheral vascular devices and implants, today announced Q4 2010 financial results. The Company posted record quarterly sales of $14.4mm and adjusted operating income of $938,000. During Q4 2010 the company acquired the LifeSpan ePTFE graft business and agreed to buy out its distributors in Spain and Denmark. The Company also declared a quarterly cash dividend of $0.02 per share of its common stock.

Q4 2010 sales increased 6% (+9% organic) versus Q4 2009, driven by 14% growth in the Americas. Full-year 2010 sales increased 10% (+12% organic) versus 2009, driven by a 17% increase in sales of products in the Vascular category and an 18% increase in the Americas. Vascular accounted for 71% of revenues in 2010 while the Americas accounted for 62%.

The Company reported a gross margin of 71.7% in Q4 2010, versus 74.9% in Q4 2009. The decrease was largely due to costs related to the closure and relocation of the Company's Italian graft manufacturing facility. Full year 2010 gross margin increased to 74.4% from 73.3% in 2009, due to increased manufacturing efficiencies and higher average selling prices.

Excluding restructuring and impairment charges, Q4 2010 operating income was $938,000. Reported Q4 2010 operating loss was $1.0mm versus an operating profit of $1.2mm in Q4 2009. The loss was driven by $1.6mm in restructuring charges from the closure of the Italian factory, $0.4mm of TAArget/UniFit impairment charges, and increased operating expenses.  Full-year 2010 operating profit was a record $4.3mm versus $1.9mm in 2009. Sales growth and an expanded gross margin drove the improvement.

Net income in Q4 2010 was $2.1mm, or $0.13 per diluted share, versus $1.3mm in Q4 2009, or $0.08 per diluted share. Q4 2010 net income benefited from a $2.3mm one-time, non-cash, credit to the tax provision. Net income for 2010 was $6.2mm, or $0.38 per diluted share, versus $1.6mm, or $0.10 per diluted share, in 2009.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,841.98 -86.22 -0.48%
S&P 500 2,080.15 -9.31 -0.45%
NASDAQ 4,919.6440 -19.6830 -0.40%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs