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

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.

1 of 3

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
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,102.38 -272.38 -1.66%
S&P 500 1,921.22 -29.91 -1.53%
NASDAQ 4,683.9190 -49.5780 -1.05%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs