This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Stocks in this article: LMAT

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs