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LeMaitre Q4 2012 Sales $14.8mm (+12% Organic), Op. Profit $0.9mm

Stocks in this article: LMAT

BURLINGTON, Mass., Feb. 26, 2013 (GLOBE NEWSWIRE) -- LeMaitre Vascular, Inc. (Nasdaq:LMAT), a provider of peripheral vascular devices and implants, today reported Q4 2012 and full-year 2012 financial results. The Company posted Q4 sales of $14.8mm and operating income of $0.9mm, and full-year 2012 sales of $56.7mm and operating income of $4.2mm. In addition, the Company initiated several direct-to-hospital agreements, approved an increased quarterly cash dividend of $0.03 per share, and provided Q1 2013 and full-year 2013 guidance.

Q4 2012 reported sales increased 10% over Q4 2011, while sales increased 12% organically. International sales increased 17% organically, while the Americas grew 10%. Unit sales increased 9% in Q4 2012. For the full-year 2012, reported sales declined 2%, while sales increased 8% organically. Reported sales declined due to the Company's Q3 2011 stent graft exit as well as the comparatively weaker Euro. Unit sales increased 11% in 2012.

Gross margin in Q4 2012 was 70.5%, vs. 71.0% in Q4 2011, as higher average selling prices and improved manufacturing efficiencies were offset by XenoSure transfer costs and an unfavorable product mix. Full-year 2012 gross margin was 72.0% vs. 69.7% in 2011, driven by improved manufacturing efficiencies and higher average selling prices.

Q4 2012 operating income was $0.9mm vs. $0.8mm in Q4 2011. The increase was due to higher sales, partially offset by higher operating expenses. Full-year 2012 operating income was $4.2mm vs. $3.7mm in 2011. This 15% increase was primarily due to reduced special charges and the 230 basis point improvement in gross margin. The Company's operating margin in the full-year 2012 was 7%.

Q4 2012 net income was $0.7mm or $0.04 per diluted share, vs. $0.3mm, or $0.02 per diluted share in Q4 2011. Full year 2012 net income increased 20% to $2.6mm, or $0.16 per diluted share, vs. $2.1mm, or $0.13 per diluted share, in 2011.

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