LeMaitre Q3 2024 Financial Results
LeMaitre (LMAT) reported strong Q3 2024 results with sales reaching $54.8 million, up 16% year-over-year. The company achieved notable improvements with gross margin increasing to 67.8% (+280 bps) and operating income rising 43% to $13.1 million. Key growth drivers included grafts (+24%), patches (+13%), and carotid shunts (+18%). Regional performance showed APAC sales up 24%, EMEA up 22%, and Americas up 12%. The company announced a $0.16 quarterly dividend and raised its full-year 2024 guidance, projecting sales of $219.0-221.0 million and an operating margin of 24%, up from 19% in 2023.
LeMaitre (LMAT) ha riportato risultati solidi per il terzo trimestre del 2024, con vendite che hanno raggiunto 54,8 milioni di dollari, in aumento del 16% rispetto all'anno precedente. L'azienda ha registrato notevoli miglioramenti, con il margine lordo che è aumentato al 67,8% (+280 punti base) e il reddito operativo cresciuto del 43% a 13,1 milioni di dollari. I principali fattori di crescita hanno incluso i trapianti (+24%), le patch (+13%) e i shunt carotidi (+18%). Le prestazioni regionali hanno mostrato vendite nell'APAC in aumento del 24%, nell'EMEA del 22% e nelle Americhe del 12%. L'azienda ha annunciato un dividendo trimestrale di 0,16 dollari e ha rivisto al rialzo la sua guida per l'intero anno 2024, prevedendo vendite tra 219,0 e 221,0 milioni di dollari e un margine operativo del 24%, in crescita rispetto al 19% del 2023.
LeMaitre (LMAT) reportó resultados sólidos en el tercer trimestre de 2024, con ventas alcanzando 54,8 millones de dólares, un aumento del 16% interanual. La compañía logró mejoras notables, con el margen bruto aumentando al 67,8% (+280 puntos básicos) y el ingreso operativo aumentando un 43% a 13,1 millones de dólares. Los principales impulsores del crecimiento incluyeron injertos (+24%), parches (+13%) y shunts carotídeos (+18%). El desempeño regional mostró ventas en APAC creciendo un 24%, en EMEA un 22% y en las Américas un 12%. La compañía anunció un dividendo trimestral de 0,16 dólares y elevó su guía para el año completo de 2024, proyectando ventas de 219,0 a 221,0 millones de dólares y un margen operativo del 24%, frente al 19% en 2023.
LeMaitre (LMAT)는 2024년 3분기 실적을 발표하며 매출이 5,480만 달러에 도달해 전년 대비 16% 증가했다고 보고했습니다. 회사는 총 마진이 67.8% (+280bps)로 증가하고 운영소득이 43% 증가하여 1,310만 달러에 이르는 등 주목할 만한 개선을 달성했습니다. 주요 성장 요인은 이식편(+24%), 패치(+13%), 그리고 경동맥 우회수술(+18%)이었습니다. 지역별 실적에서는 APAC 매출이 24% 증가하고, EMEA는 22%, 아메리카는 12% 증가했습니다. 회사는 0.16 달러의 분기 배당금을 발표했으며, 2024년 전체 연도 가이드를 상향 조정하여 매출을 2억 1,900만 달러에서 2억 2,100만 달러로, 운영 마진을 19%에서 24%로 전망했습니다.
LeMaitre (LMAT) a annoncé de solides résultats pour le troisième trimestre de 2024, avec des ventes atteignant 54,8 millions de dollars, en hausse de 16% par rapport à l'année précédente. L'entreprise a réalisé des améliorations notables, avec une marge brute augmentant à 67,8% (+280 points de base) et un revenu d'exploitation en hausse de 43% à 13,1 millions de dollars. Les principaux moteurs de croissance comprenaient les greffons (+24%), les patchs (+13%) et les shunts carotidiens (+18%). La performance régionale a montré que les ventes en APAC ont augmenté de 24%, en EMEA de 22% et dans les Amériques de 12%. L'entreprise a annoncé un dividende trimestriel de 0,16 $ et a relevé ses prévisions pour l'année 2024, projetant des ventes de 219,0 à 221,0 millions de dollars et une marge d'exploitation de 24%, contre 19% en 2023.
LeMaitre (LMAT) berichtete über starke Ergebnisse im dritten Quartal 2024, wobei die Umsätze 54,8 Millionen Dollar erreichten, was einem Anstieg von 16% gegenüber dem Vorjahr entspricht. Das Unternehmen erzielte bemerkenswerte Verbesserungen, indem der Bruttomarge auf 67,8% (+280 Basispunkte) und das Betriebsergebnis um 43% auf 13,1 Millionen Dollar stieg. Zu den wichtigsten Wachstumstreibern gehörten Transplantate (+24%), Patches (+13%) und carotid shunts (+18%). Die regionale Leistung zeigte, dass die Umsätze in APAC um 24%, in EMEA um 22% und in den Amerikas um 12% stiegen. Das Unternehmen gab eine vierteljährliche Dividende von 0,16 Dollar bekannt und hob seine Prognose für das Gesamtjahr 2024 an, wobei es mit einem Umsatz zwischen 219,0 und 221,0 Millionen Dollar und einer Betriebsmarge von 24% rechnet, gegenüber 19% im Jahr 2023.
- Sales increased 16% YoY to $54.8 million
- Operating income grew 43% to $13.1 million
- Gross margin improved by 280 bps to 67.8%
- Strong regional growth: APAC +24%, EMEA +22%, Americas +12%
- Cash position increased by $10.8 million to $123.9 million
- Operating margin expected to improve from 19% in 2023 to 24% in 2024
- Operating expenses increased 11.1% due to expansion costs
Insights
LeMaitre delivered an impressive Q3 2024 with robust growth across all metrics. Sales reached
- Substantial margin expansion with gross margin up
280 basis points to67.8% - Healthy geographic diversification with APAC growing
24% , EMEA22% and Americas12% - Strong cash position of
$123.9 million , up$10.8 million sequentially
The company's strategic investments in sales infrastructure and consistent dividend payments (
BURLINGTON, Mass., Oct. 31, 2024 (GLOBE NEWSWIRE) -- LeMaitre (Nasdaq:LMAT), a provider of vascular devices, implants, and services, reported Q3 2024 results, announced a
Q3 2024 Financial Results
- Sales
$54.8m m, +16% (+16% organic) vs. Q3 2023 - Gross margin
67.8% , +280 bps - Op. income
$13.1m m, +43% - Op. margin
24% - Earnings per diluted share
$0.49 , +46% - Cash up
$10.8m m sequentially to$123.9m m
Grafts (+
The gross margin increased to
Operating income of
Chairman/CEO George LeMaitre said, “2024 is shaping up to be a year of healthy sales and profit growth. Increased guidance now implies a 2024 op. margin of
Business Outlook
| Q4 2024 Guidance | Full Year Guidance | |||
| Sales | (Mid: | (Mid: | ||
| Gross Margin | ||||
| Op. Income | (Mid: | (Mid: (Mid: | ||
| Op. Margin (Mid) | ||||
| EPS | (Mid: | (Mid: (Mid: | ||
*Special charges in 2023 were related to the St. Etienne factory closure.
Quarterly Dividend
On October 24, 2024, the Company's Board of Directors approved a quarterly dividend of
Share Repurchase Program
On February 21, 2024, the Company's Board of Directors authorized the repurchase of up to
Conference Call Reminder
Management will conduct a conference call at 5:00pm ET today. The conference call will be broadcast live over the Internet. Individuals interested in listening to the webcast can log on to the Company's website at www.lemaitre.com/investor. Access to the live call is available by registering online here. All registrants will receive dial-in information and a PIN allowing them to access the live call. The audio webcast can also be accessed live or via replay through a webcast at www.lemaitre.com/investor. For individuals unable to join the live conference call, a replay will be available on the Company's website.
A reconciliation of GAAP to non-GAAP results is included in the tables attached to this release.
About LeMaitre
LeMaitre is a provider of devices, implants and services for the treatment of peripheral vascular disease, a condition that affects more than 200 million people worldwide. The Company develops, manufactures and markets disposable and implantable vascular devices to address the needs of its core customer, the vascular surgeon.
LeMaitre is a registered trademark of LeMaitre Vascular, Inc. This press release may include other trademarks and trade names of the Company.
For more information about the Company, please visit www.lemaitre.com.
Use of Non-GAAP Financial Measures
LeMaitre management believes that in order to better understand the Company's short- and long-term financial trends, investors may wish to consider certain non-GAAP financial measures as a supplement to financial performance measures prepared in accordance with GAAP. Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and do not have standardized meanings. These non-GAAP measures result from facts and circumstances that may vary in frequency and/or impact on continuing operations. Non-GAAP measures should be considered in addition to, and not as a substitute for, financial performance measures in accordance with GAAP. In addition to the description provided below, reconciliation of GAAP to non-GAAP results is provided in the financial statement tables included in this press release.
In this press release, the Company has reported non-GAAP sales growth percentages after adjusting for the impact of foreign currency exchange, business development transactions, and/or other events, including EBITDA. This press release also provides guidance for operating income and EPS excluding the special charge relating to the closure of our St. Etienne factory and revenue related to the Aziyo distribution agreement. The Company refers to the calculation of non-GAAP sales growth percentages as "organic." The Company analyzes non-GAAP sales on a constant currency basis, net of acquisitions and other non-recurring events, and the aforementioned non-GAAP profitability measures to better measure the comparability of results between periods. Because changes in foreign currency exchange rates have a non-operating impact on net sales, and acquisitions, divestitures, product discontinuations, factory closures, and other strategic transactions are episodic in nature and are highly variable to the reported sales results, the Company believes that evaluating growth in sales on a constant currency basis net of such transactions provides an additional and meaningful assessment of sales to management. The Company believes that the presentation of guidance described above for sales, operating income and EPS provides an alternative and meaningful view of the Company’s profitability.
Forward-Looking Statements
The Company's current financial results, as discussed in this release, are preliminary and unaudited, and subject to adjustment. This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Statements in this press release regarding the Company's business that are not historical facts may be "forward-looking statements" that involve risks and uncertainties. Forward-looking statements are based on management's current, preliminary expectations and are subject to risks and uncertainties that could cause actual results to differ from the results expected, including, but not limited to, companies that develop products or services that may impact the use of our products such as drugs to treat diabetes or weight loss; the risks from competition from other companies; the status of our global regulatory approvals and compliance with regulatory requirements to market and sell our products both in the U.S. and outside of the U.S.; risks related to product demand and market acceptance of the Company’s products and pricing; risks from implementing a new enterprise resource planning system; the risk of significant fluctuations in our quarterly and annual results due to numerous factors; the risk that we may not be able to maintain our recent levels of profitability; our reliance on sole source suppliers; disruptions or breaches of information technology systems; the risk that the Company may not realize the anticipated benefits of its strategic activities; the risk that assumptions about the market for the Company’s products and the productivity of the Company’s direct sales force and distributors may not be correct; the acceleration or deceleration of product growth rates; the risk that a recall of our products could result in significant costs or negative publicity; the risk that the Company is not successful in transitioning to a direct-selling model in new territories and other risks and uncertainties included under the heading "Risk Factors" in our most recent Annual Report on Form 10-K, as updated by our subsequent filings with the SEC, which are all available on the Company's investor relations website at http://www.lemaitre.com and on the SEC's website at http://www.sec.gov. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date they were made, or to reflect the occurrence of unanticipated events.
CONTACT:
J.J. Pellegrino, CFO, LeMaitre
781-425-1691
jjpellegrino@lemaitre.com
| LEMAITRE VASCULAR, INC. (NASDAQ: LMAT) | ||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
| (amounts in thousands) | ||||||||||
| September 30, 2024 | December 31, 2023 | |||||||||
| (unaudited) | ||||||||||
| Assets | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 21,001 | $ | 24,269 | ||||||
| Short-term marketable securities | 102,888 | 80,805 | ||||||||
| Accounts receivable, net | 32,269 | 25,064 | ||||||||
| Inventory and other deferred costs | 65,021 | 58,080 | ||||||||
| Prepaid expenses and other current assets | 5,937 | 6,380 | ||||||||
| Total current assets | 227,116 | 194,598 | ||||||||
| Property and equipment, net | 23,924 | 21,754 | ||||||||
| Right-of-use leased assets | 17,195 | 18,027 | ||||||||
| Goodwill | 65,945 | 65,945 | ||||||||
| Other intangibles, net | 37,303 | 41,711 | ||||||||
| Deferred tax assets | 1,310 | 1,003 | ||||||||
| Other assets | 4,232 | 3,740 | ||||||||
| Total assets | $ | 377,025 | $ | 346,778 | ||||||
| Liabilities and stockholders' equity | ||||||||||
| Current liabilities: | ||||||||||
| Accounts payable | $ | 1,651 | $ | 3,734 | ||||||
| Accrued expenses | 23,493 | 23,650 | ||||||||
| Acquisition-related obligations | 1,476 | 24 | ||||||||
| Lease liabilities - short-term | 2,723 | 2,471 | ||||||||
| Total current liabilities | 29,343 | 29,879 | ||||||||
| Lease liabilities - long-term | 15,603 | 16,624 | ||||||||
| Deferred tax liabilities | 109 | 107 | ||||||||
| Other long-term liabilities | 896 | 2,268 | ||||||||
| Total liabilities | 45,951 | 48,878 | ||||||||
| Stockholders' equity | ||||||||||
| Common stock | 241 | 239 | ||||||||
| Additional paid-in capital | 210,748 | 200,755 | ||||||||
| Retained earnings | 137,506 | 115,430 | ||||||||
| Accumulated other comprehensive loss | (3,156 | ) | (4,625 | ) | ||||||
| Treasury stock | (14,265 | ) | (13,899 | ) | ||||||
| Total stockholders' equity | 331,074 | 297,900 | ||||||||
| Total liabilities and stockholders' equity | $ | 377,025 | $ | 346,778 | ||||||
| LEMAITRE VASCULAR, INC. (NASDAQ: LMAT) | ||||||||||||||
| CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||||
| (amounts in thousands, except per share amounts) | ||||||||||||||
| (unaudited) | ||||||||||||||
| For the three months ended | For the nine months ended | |||||||||||||
| September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||||
| Net sales | $ | 54,819 | $ | 47,411 | $ | 164,146 | $ | 144,601 | ||||||
| Cost of sales | 17,641 | 16,596 | 51,835 | 50,817 | ||||||||||
| Gross profit | 37,178 | 30,815 | 112,311 | 93,784 | ||||||||||
| Operating expenses: | ||||||||||||||
| Sales and marketing | 11,441 | 9,673 | 34,111 | 30,786 | ||||||||||
| General and administrative | 8,933 | 7,738 | 26,766 | 23,392 | ||||||||||
| Research and development | 3,656 | 4,224 | 12,032 | 12,615 | ||||||||||
| Restructuring | - | - | - | 485 | ||||||||||
| Total operating expenses | 24,030 | 21,635 | 72,909 | 67,278 | ||||||||||
| Income from operations | 13,148 | 9,180 | 39,402 | 26,506 | ||||||||||
| Other income (expense): | ||||||||||||||
| Interest income | 1,201 | 835 | 3,339 | 2,085 | ||||||||||
| Foreign currency gain (loss) | 202 | (189 | ) | 113 | (429 | ) | ||||||||
| Income before income taxes | 14,551 | 9,826 | 42,854 | 28,162 | ||||||||||
| Provision for income taxes | 3,410 | 2,324 | 10,000 | 6,522 | ||||||||||
| Net income | $ | 11,141 | $ | 7,502 | $ | 32,854 | $ | 21,640 | ||||||
| Earnings per share of common stock | ||||||||||||||
| Basic | $ | 0.50 | $ | 0.34 | $ | 1.46 | $ | 0.97 | ||||||
| Diluted | $ | 0.49 | $ | 0.33 | $ | 1.45 | $ | 0.97 | ||||||
| Weighted - average shares outstanding: | ||||||||||||||
| Basic | 22,476 | 22,263 | 22,433 | 22,196 | ||||||||||
| Diluted | 22,836 | 22,481 | 22,723 | 22,411 | ||||||||||
| Cash dividends declared per common share | $ | 0.16 | $ | 0.14 | $ | 0.48 | $ | 0.42 | ||||||
| LEMAITRE VASCULAR, INC. (NASDAQ: LMAT) | ||||||||||||||||||||||||
| SELECTED NET SALES INFORMATION | ||||||||||||||||||||||||
| (amounts in thousands) | ||||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| For the three months ended | For the nine months ended | |||||||||||||||||||||||
| September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||||||||||||||
| $ | % | $ | % | $ | % | $ | % | |||||||||||||||||
| Net Sales by Geography | ||||||||||||||||||||||||
| Americas | $ | 35,802 | 65 | % | $ | 31,863 | 67 | % | $ | 107,954 | 66 | % | $ | 97,496 | 67 | % | ||||||||
| Europe, Middle East and Africa | 15,001 | 28 | % | 12,322 | 26 | % | 44,694 | 27 | % | 38,179 | 26 | % | ||||||||||||
| Asia Pacific | 4,016 | 7 | % | 3,226 | 7 | % | 11,498 | 7 | % | 8,926 | 7 | % | ||||||||||||
| Total Net Sales | $ | 54,819 | 100 | % | $ | 47,411 | 100 | % | $ | 164,146 | 100 | % | $ | 144,601 | 100 | % | ||||||||
| LEMAITRE VASCULAR, INC. (NASDAQ: LMAT) | |||||||||||||||||||
| NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||
| (amounts in thousands) | |||||||||||||||||||
| (unaudited) | |||||||||||||||||||
| For the three months ended | For the nine months ended | ||||||||||||||||||
| September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||
| Reconciliation between GAAP and Non-GAAP EBITDA | |||||||||||||||||||
| Net income as reported | $ | 11,141 | $ | 7,502 | $ | 32,854 | $ | 21,640 | |||||||||||
| Interest income | (1,201 | ) | (835 | ) | (3,339 | ) | (2,085 | ) | |||||||||||
| Amortization and depreciation expense | 2,426 | 2,395 | 7,192 | 7,072 | |||||||||||||||
| Provision for income taxes | 3,410 | 2,324 | 10,000 | 6,522 | |||||||||||||||
| EBITDA | $ | 15,776 | $ | 11,386 | $ | 46,707 | $ | 33,149 | |||||||||||
| EBITDA percentage increase | |||||||||||||||||||
| LEMAITRE VASCULAR, INC. (NASDAQ: LMAT) | |||||||||||||
| NON-GAAP FINANCIAL MEASURES | |||||||||||||
| (amounts in thousands) | |||||||||||||
| (unaudited) | |||||||||||||
| Reconciliation between GAAP and Non-GAAP sales growth: | |||||||||||||
| For the three months ended September 30, 2024 | |||||||||||||
| Net sales as reported | $ | 54,819 | |||||||||||
| Impact of currency exchange rate fluctuations | (18 | ) | |||||||||||
| Adjusted net sales | $ | 54,801 | |||||||||||
| For the three months ended September 30, 2023 | |||||||||||||
| Net sales as reported | $ | 47,411 | |||||||||||
| Adjusted net sales | $ | 47,411 | |||||||||||
| Adjusted net sales increase for the three months ended September 30, 2024 | $ | 7,390 | |||||||||||
| Reconciliation between GAAP and Non-GAAP projected sales growth: | |||||||||||||
| For the three months ending December 31, 2024 | |||||||||||||
| Net sales per guidance (midpoint) | $ | 55,900 | |||||||||||
| Impact of currency exchange rate fluctuations | (75 | ) | |||||||||||
| Adjusted projected net sales | $ | 55,825 | |||||||||||
| For the three months ended December 31, 2023 | |||||||||||||
| Net sales as reported | $ | 48,883 | |||||||||||
| Adjusted net sales | $ | 48,883 | |||||||||||
| Adjusted projected net sales increase for the three months ending December 31, 2024 | $ | 6,942 | |||||||||||
| Reconciliation between GAAP and Non-GAAP projected sales growth: | |||||||||||||
| For the year ending December 31, 2024 | |||||||||||||
| Net sales per guidance (midpoint) | $ | 220,046 | |||||||||||
| Net distribution sales (non-organic) | (1,612 | ) | |||||||||||
| Impact of currency exchange rate fluctuations | 273 | ||||||||||||
| Adjusted projected net sales | $ | 218,707 | |||||||||||
| For the year ended December 31, 2023 | |||||||||||||
| Net sales as reported | $ | 193,484 | |||||||||||
| Adjusted net sales | $ | 193,484 | |||||||||||
| Adjusted projected net sales increase for the year ending December 31, 2024 | $ | 25,223 | |||||||||||
| Reconciliation between GAAP and Non-GAAP projected operating income: | |||||||||||||
| For the year ending December 31, 2024 | |||||||||||||
| Operating income per guidance (midpoint) | $ | 52,715 | |||||||||||
| Adjusted projected operating income | $ | 52,715 | |||||||||||
| For the year ended December 31, 2023 | |||||||||||||
| Operating income as reported | $ | 36,712 | |||||||||||
| Impact of special charge | 485 | ||||||||||||
| Adjusted operating income | $ | 37,197 | |||||||||||
| Adjusted projected operating income increase for the year ending December 31, 2024 | $ | 15,518 | |||||||||||
| Reconciliation between GAAP and Non-GAAP projected EPS: | |||||||||||||
| For the year ending December 31, 2024 | |||||||||||||
| EPS per guidance (midpoint) | $ | 1.94 | |||||||||||
| Adjusted EPS | $ | 1.94 | |||||||||||
| For the year ended December 31, 2023 | |||||||||||||
| EPS as reported | $ | 1.34 | |||||||||||
| Impact of special charge | 0.02 | ||||||||||||
| Adjusted EPS | $ | 1.36 | |||||||||||
| Adjusted projected EPS increase for the year ending December 31, 2024 | $ | 0.58 | |||||||||||
FAQ
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