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LeMaitre Q1 2013 Record Sales $15.4mm (+11% Organic), Op. Profit $1.1mm

Stocks in this article: LMAT

BURLINGTON, Mass., April 30, 2013 (GLOBE NEWSWIRE) -- LeMaitre Vascular, Inc. (Nasdaq:LMAT), a provider of peripheral vascular devices and implants, today reported Q1 2013 financial results. The Company posted record sales of $15.4mm and operating income of $1.1mm. The Company also approved a $0.03 per share dividend, provided Q2 2013 guidance and increased its full-year 2013 sales guidance.

Q1 2013 reported sales increased 10% over Q1 2012. International sales increased 15%, while the Americas grew 8%. XenoSure sales increased 63% in Q1 2013. Organic growth was 11% and unit growth was 6% in Q1 2013.

Gross margin in Q1 2013 was 72.9%, vs. 70.9% in Q1 2012, due to lower inventory write-offs, improved manufacturing efficiencies and higher average selling prices, and were partially offset by unfavorable product mix and XenoSure start-up costs.

Q1 2013 operating income was $1.1mm vs. $0.9mm in Q1 2012. The increase was due to higher sales and gross margin, partially offset by higher operating expenses. The Company's operating margin in the quarter was 7%. Q1 2013 net income doubled to $0.8mm or $0.05 per diluted share, vs. $0.4mm, or $0.02 per diluted share in Q1 2012.

George W. LeMaitre, Chairman and CEO commented, "Q1 2013 was our second consecutive quarter of double digit sales growth. Sales grew 15% internationally, as our larger sales force continues to benefit from a tightened focus on open vascular. We also improved our gross margin, despite XenoSure transfer start-up costs. Separately, our two 2013 launches have concluded their beta trials; MultiTASC and the 1.5mm valvulotome are now being sold in Europe and North America."

Total operating expenses in Q1 2013 were $10.1mm, vs. $9.0mm in the year earlier quarter. This 12% increase was driven largely by higher selling costs, expenses associated with our new Canadian and Swiss subsidiaries, the Affordable Care Act tax and increased R&D expenses. The Company ended Q1 2013 with 83 sales representatives, up from 79 in the prior year period.  During the quarter, the Company also completed its pre-market release of the MultiTASC remote endarterectomy device, and recently began selling its 1.5mm Expandable LeMaitre Valvulotome.

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