LeMaitre Q4 2024 Financial Results
LeMaitre (LMAT) reported strong Q4 2024 financial results with sales reaching $55.7 million, up 14% year-over-year. The company demonstrated robust performance with operating income increasing 26% to $12.9 million and earnings per diluted share growing 30% to $0.49.
Key growth drivers included grafts (+23%), carotid shunts (+14%), and catheters (+12%). Regional sales showed strong momentum with APAC up 21%, EMEA 18%, and Americas 12%. Gross margin improved to 69.3%, up 121 basis points from Q4 2023.
The company announced significant financial moves, including a 25% increase in quarterly dividend to $0.20/share, issuance of $172.5 million in Convertible Senior Notes due 2030, and authorization of a $75 million share repurchase program. Cash position strengthened to $299.7 million. Additionally, XenoSure patches received Chinese cardiac approval in December.
LeMaitre (LMAT) ha riportato risultati finanziari solidi per il quarto trimestre del 2024, con vendite che hanno raggiunto 55,7 milioni di dollari, in aumento del 14% rispetto all'anno precedente. L'azienda ha dimostrato una performance robusta, con un reddito operativo aumentato del 26% a 12,9 milioni di dollari e utili per azione diluiti in crescita del 30% a 0,49 dollari.
I principali fattori di crescita hanno incluso i trapianti (+23%), i bypass carotidi (+14%) e i cateteri (+12%). Le vendite regionali hanno mostrato un forte slancio, con l'APAC in aumento del 21%, l'EMEA del 18% e le Americhe del 12%. Il margine lordo è migliorato al 69,3%, con un incremento di 121 punti base rispetto al quarto trimestre del 2023.
L'azienda ha annunciato importanti manovre finanziarie, tra cui un aumento del 25% del dividendo trimestrale a 0,20 dollari per azione, l'emissione di note senior convertibili per un valore di 172,5 milioni di dollari con scadenza nel 2030 e l'autorizzazione di un programma di riacquisto di azioni da 75 milioni di dollari. La posizione di cassa è stata rafforzata a 299,7 milioni di dollari. Inoltre, i cerotti XenoSure hanno ricevuto l'approvazione cardiaca cinese a dicembre.
LeMaitre (LMAT) reportó resultados financieros sólidos para el cuarto trimestre de 2024, con ventas que alcanzaron 55,7 millones de dólares, un aumento del 14% interanual. La compañía demostró un rendimiento robusto, con un ingreso operativo que aumentó un 26% a 12,9 millones de dólares y ganancias por acción diluida creciendo un 30% a 0,49 dólares.
Los principales impulsores del crecimiento incluyeron injertos (+23%), derivaciones carotídeas (+14%) y catéteres (+12%). Las ventas regionales mostraron un fuerte impulso, con APAC en aumento del 21%, EMEA del 18% y Américas del 12%. El margen bruto mejoró al 69,3%, un aumento de 121 puntos básicos desde el cuarto trimestre de 2023.
La compañía anunció movimientos financieros significativos, incluyendo un aumento del 25% en el dividendo trimestral a 0,20 dólares por acción, la emisión de notas senior convertibles por un valor de 172,5 millones de dólares con vencimiento en 2030, y la autorización de un programa de recompra de acciones de 75 millones de dólares. La posición de efectivo se fortaleció a 299,7 millones de dólares. Además, los parches XenoSure recibieron aprobación cardíaca en China en diciembre.
LeMaitre (LMAT)는 2024년 4분기 재무 결과가 강력하다고 보고했으며, 매출은 5,570만 달러에 달해 전년 대비 14% 증가했습니다. 회사는 운영 수익이 26% 증가하여 1,290만 달러에 이르고, 희석 주당 순이익이 30% 증가하여 0.49달러에 달하는 등 견고한 성과를 보여주었습니다.
주요 성장 동력은 이식편(+23%), 경동맥 우회로(+14%), 카테터(+12%)가 포함되었습니다. 지역 매출은 APAC이 21%, EMEA가 18%, 아메리카가 12% 증가하며 강력한 모멘텀을 보였습니다. 총 마진은 69.3%로 개선되어 2023년 4분기 대비 121bp 상승했습니다.
회사는 분기 배당금을 25% 증가시켜 주당 0.20달러로, 2030년 만기인 1억 7,250만 달러의 전환형 선순위 채권을 발행하고, 7,500만 달러 규모의 자사주 매입 프로그램을 승인하는 등 중요한 재무 조치를 발표했습니다. 현금 잔고는 2억 9,970만 달러로 강화되었습니다. 또한, XenoSure 패치는 12월에 중국에서 심장 승인을 받았습니다.
LeMaitre (LMAT) a annoncé de solides résultats financiers pour le quatrième trimestre 2024, avec des ventes atteignant 55,7 millions de dollars, en hausse de 14% par rapport à l'année précédente. L'entreprise a démontré une performance robuste, avec un revenu opérationnel en augmentation de 26% à 12,9 millions de dollars et un bénéfice par action diluée en croissance de 30% à 0,49 dollar.
Les principaux moteurs de croissance comprenaient les greffes (+23%), les shunts carotidiens (+14%) et les cathéters (+12%). Les ventes régionales ont montré un fort élan, avec l'APAC en hausse de 21%, l'EMEA de 18% et les Amériques de 12%. La marge brute s'est améliorée à 69,3%, en hausse de 121 points de base par rapport au quatrième trimestre 2023.
L'entreprise a annoncé des mouvements financiers significatifs, notamment une augmentation de 25% du dividende trimestriel à 0,20 dollar/action, l'émission de 172,5 millions de dollars en obligations senior convertibles arrivant à échéance en 2030, et l'autorisation d'un programme de rachat d'actions de 75 millions de dollars. La position de trésorerie a été renforcée à 299,7 millions de dollars. De plus, les patchs XenoSure ont reçu une approbation cardiaque en Chine en décembre.
LeMaitre (LMAT) hat starke finanzielle Ergebnisse für das vierte Quartal 2024 gemeldet, mit einem Umsatz von 55,7 Millionen Dollar, was einem Anstieg von 14% im Vergleich zum Vorjahr entspricht. Das Unternehmen zeigte eine robuste Leistung, mit einem operativen Einkommen, das um 26% auf 12,9 Millionen Dollar gestiegen ist, und einem Gewinn pro verwässerter Aktie, der um 30% auf 0,49 Dollar gewachsen ist.
Wichtige Wachstumstreiber waren Transplantate (+23%), Karotisschuntierungen (+14%) und Katheter (+12%). Die regionalen Verkäufe zeigten starken Schwung, mit APAC um 21%, EMEA um 18% und Amerika um 12%. Die Bruttomarge verbesserte sich auf 69,3%, ein Anstieg um 121 Basispunkte im Vergleich zum vierten Quartal 2023.
Das Unternehmen kündigte bedeutende finanzielle Schritte an, darunter eine 25%ige Erhöhung der vierteljährlichen Dividende auf 0,20 Dollar/Aktie, die Emission von 172,5 Millionen Dollar an wandelbaren Senior-Anleihen mit Fälligkeit 2030 und die Genehmigung eines Aktienrückkaufprogramms über 75 Millionen Dollar. Die Liquiditätsposition wurde auf 299,7 Millionen Dollar gestärkt. Darüber hinaus erhielten die XenoSure-Patches im Dezember die Genehmigung für Herzanwendungen in China.
- Sales grew 14% YoY to $55.7M
- Operating income increased 26% to $12.9M
- EPS up 30% to $0.49
- Gross margin improved 121 bps to 69.3%
- 25% dividend increase
- Strong cash position of $299.7M
- XenoSure patches received Chinese cardiac approval
- Sales force expanded by 12%
- Operating expenses grew 12% due to higher compensation costs
- New $172.5M convertible notes add debt to balance sheet
BURLINGTON, Mass., Feb. 27, 2025 (GLOBE NEWSWIRE) -- LeMaitre (Nasdaq:LMAT), a provider of vascular devices, implants, and services, reported Q4 2024 results, announced an increased quarterly dividend of
Q4 2024 Financial Results
- Sales
$55.7m m, +14% (+14% organic) vs. Q4 2023 - Gross margin
69.3% , +121 bps - Op. income
$12.9m m, +26% - Op. margin
23% - Earnings per diluted share
$0.49 , +30% - Cash up
$175.8m m sequentially to$299.7m m
Grafts (+
The gross margin improved to
Operating income of
Chairman/CEO George LeMaitre said, “2024 was a productive year. More reps, higher ASPs, a better GM and controlled spending produced growth in sales (+
Business Outlook
| Q1 2025 Guidance | Full Year Guidance | |
| Sales | (Mid: | (Mid: |
| Gross Margin | ||
| Op. Income | (Mid: | (Mid: |
| Op. Margin (Mid) | ||
| EPS | (Mid: | (Mid: |
Quarterly Dividend Increase
On February 18, 2025, the Company's Board of Directors approved a quarterly dividend of
Convertible Senior Notes
On December 19, 2024, the Company issued
Share Repurchase Program
On February 18, 2025, 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. 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, competition from other medical device companies and alternative medical technologies; our ability to source, acquire, and integrate acquisitions; our ability to increase the selling prices of our products; our ability to maintain historic levels of profit growth; our dependence on sole- or limited-source suppliers; our implementation of our new enterprise resource planning system; disruptions to our information technology systems or breaches of our information security systems; our ability to engage sales call points other than vascular surgeons; our ability to procure, process, and preserve human tissue and comply with relevant regulatory requirements; the impact of a disruption in our manufacturing facilities; our ability to navigate the risks inherent in operating internationally; our ability to transition to direct sales models in certain international territories; the status of our regulatory approvals and compliance with regulatory requirements to market and sell our products both domestically and internationally; the occurrence of litigation relating to product liability, employment matters, intellectual property, contract disputes, and other commercial matters; the occurrence of product defects or recalls; our ability to service and repurchase our debt; the dilutive effect of a conversion of our debt; our ability to navigate executive officer transitions and retain key personnel; our ability to protect our intellectual property; and volatility in the price of our common stock; 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:
Gregory Manker
Director of Business Development and Investor Relations
781-362-1260 x 419
gmanker@lemaitre.com
| LEMAITRE VASCULAR, INC. (NASDAQ: LMAT) | ||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
| (amounts in thousands) | ||||||||||
| December 31, 2024 | December 31, 2023 | |||||||||
| (unaudited) | ||||||||||
| Assets | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 25,610 | $ | 24,269 | ||||||
| Short-term marketable securities | 274,112 | 80,805 | ||||||||
| Accounts receivable, net | 30,063 | 25,064 | ||||||||
| Inventory and other deferred costs | 64,927 | 58,080 | ||||||||
| Prepaid expenses and other current assets | 7,480 | 6,380 | ||||||||
| Total current assets | 402,192 | 194,598 | ||||||||
| Property and equipment, net | 24,800 | 21,754 | ||||||||
| Right-of-use leased assets | 16,768 | 18,027 | ||||||||
| Goodwill | 65,945 | 65,945 | ||||||||
| Other intangibles, net | 35,819 | 41,711 | ||||||||
| Deferred tax assets | 1,425 | 1,003 | ||||||||
| Other assets | 4,868 | 3,740 | ||||||||
| Total assets | $ | 551,817 | $ | 346,778 | ||||||
| Liabilities and stockholders' equity | ||||||||||
| Current liabilities: | ||||||||||
| Accounts payable | $ | 1,761 | $ | 3,734 | ||||||
| Accrued expenses | 24,732 | 23,650 | ||||||||
| Acquisition-related obligations | 1,433 | 24 | ||||||||
| Lease liabilities - short-term | 2,681 | 2,471 | ||||||||
| Total current liabilities | 30,607 | 29,879 | ||||||||
| Convertible senior notes, net | 167,772 | - | ||||||||
| Lease liabilities - long-term | 15,232 | 16,624 | ||||||||
| Deferred tax liabilities | 85 | 107 | ||||||||
| Other long-term liabilities | 831 | 2,268 | ||||||||
| Total liabilities | 214,527 | 48,878 | ||||||||
| Stockholders' equity | ||||||||||
| Common stock | 242 | 239 | ||||||||
| Additional paid-in capital | 213,760 | 200,755 | ||||||||
| Retained earnings | 145,090 | 115,430 | ||||||||
| Accumulated other comprehensive loss | (6,184 | ) | (4,625 | ) | ||||||
| Treasury stock | (15,618 | ) | (13,899 | ) | ||||||
| Total stockholders' equity | 337,290 | 297,900 | ||||||||
| Total liabilities and stockholders' equity | $ | 551,817 | $ | 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 year ended | ||||||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||
| Net sales | $ | 55,717 | $ | 48,883 | $ | 219,863 | $ | 193,484 | |||||||
| Cost of sales | 17,127 | 15,618 | 68,962 | 66,435 | |||||||||||
| Gross profit | 38,590 | 33,265 | 150,901 | 127,049 | |||||||||||
| Operating expenses: | |||||||||||||||
| Sales and marketing | 12,626 | 10,268 | 46,737 | 41,054 | |||||||||||
| General and administrative | 9,492 | 8,440 | 36,258 | 31,832 | |||||||||||
| Research and development | 3,618 | 4,351 | 15,650 | 16,966 | |||||||||||
| Restructuring | - | - | - | 485 | |||||||||||
| Total operating expenses | 25,736 | 23,059 | 98,645 | 90,337 | |||||||||||
| Income from operations | 12,854 | 10,206 | 52,256 | 36,712 | |||||||||||
| Other income (expense), net | |||||||||||||||
| Interest income | 1,610 | 992 | 4,949 | 3,077 | |||||||||||
| Interest expense | (205 | ) | - | (205 | ) | - | |||||||||
| Other income (loss), net | (238 | ) | 115 | (125 | ) | (314 | ) | ||||||||
| Income before income taxes | 14,021 | 11,313 | 56,875 | 39,475 | |||||||||||
| Provision for income taxes | 2,837 | 2,848 | 12,837 | 9,370 | |||||||||||
| Net income | $ | 11,184 | $ | 8,465 | $ | 44,038 | $ | 30,105 | |||||||
| Earnings per share of common stock | |||||||||||||||
| Basic | $ | 0.50 | $ | 0.38 | $ | 1.96 | $ | 1.36 | |||||||
| Diluted | $ | 0.49 | $ | 0.38 | $ | 1.93 | $ | 1.34 | |||||||
| Weighted - average shares outstanding: | |||||||||||||||
| Basic | 22,506 | 22,278 | 22,452 | 22,217 | |||||||||||
| Diluted | 22,902 | 22,459 | 22,779 | 22,423 | |||||||||||
| Cash dividends declared per common share | $ | 0.16 | $ | 0.14 | $ | 0.64 | $ | 0.56 | |||||||
| LEMAITRE VASCULAR, INC. (NASDAQ: LMAT) | ||||||||||||||||||||||||
| SELECTED NET SALES INFORMATION | ||||||||||||||||||||||||
| (amounts in thousands) | ||||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| For the three months ended | For the year ended | |||||||||||||||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||||||||||
| $ | % | $ | % | $ | % | $ | % | |||||||||||||||||
| Net Sales by Geography | ||||||||||||||||||||||||
| Americas | $ | 36,629 | 66 | % | $ | 32,812 | 67 | % | $ | 144,583 | 66 | % | $ | 130,308 | 67 | % | ||||||||
| Europe, Middle East and Africa | 15,275 | 27 | % | 12,920 | 26 | % | 59,969 | 27 | % | 51,099 | 27 | % | ||||||||||||
| Asia Pacific | 3,813 | 7 | % | 3,151 | 7 | % | 15,311 | 7 | % | 12,077 | 6 | % | ||||||||||||
| Total Net Sales | $ | 55,717 | 100 | % | $ | 48,883 | 100 | % | $ | 219,863 | 100 | % | $ | 193,484 | 100 | % | ||||||||
| LEMAITRE VASCULAR, INC. (NASDAQ: LMAT) | |||||||||||||||||||
| NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||
| (amounts in thousands) | |||||||||||||||||||
| (unaudited) | |||||||||||||||||||
| For the three months ended | For the year ended | ||||||||||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||||||
| Reconciliation between GAAP and Non-GAAP EBITDA | |||||||||||||||||||
| Net income as reported | $ | 11,184 | $ | 8,465 | $ | 44,038 | $ | 30,105 | |||||||||||
| Interest (income) expense, net | (1,405 | ) | (992 | ) | (4,744 | ) | (3,077 | ) | |||||||||||
| Amortization and depreciation expense | 2,416 | 2,443 | 9,608 | 9,515 | |||||||||||||||
| Provision for income taxes | 2,837 | 2,848 | 12,837 | 9,370 | |||||||||||||||
| EBITDA | $ | 15,032 | $ | 12,764 | $ | 61,739 | $ | 45,913 | |||||||||||
| EBITDA percentage increase (decrease) | 18 | % | 34 | % | |||||||||||||||
| 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 December 31, 2024 | ||||||||||||
| Net sales as reported | $ | 55,717 | ||||||||||
| Impact of currency exchange rate fluctuations | 95 | |||||||||||
| Adjusted net sales | $ | 55,812 | ||||||||||
| For the three months ended December 31, 2023 | ||||||||||||
| Net sales as reported | $ | 48,883 | ||||||||||
| Adjusted net sales | $ | 48,883 | ||||||||||
| Adjusted net sales increase for the three months ended December 31, 2024 | $ | 6,929 | 14 | % | ||||||||
| Reconciliation between GAAP and Non-GAAP projected sales growth: | ||||||||||||
| For the three months ending March 31, 2025 | ||||||||||||
| Net sales per guidance (midpoint) | $ | 57,741 | ||||||||||
| Impact of currency exchange rate fluctuations | 954 | |||||||||||
| Adjusted projected net sales | $ | 58,695 | ||||||||||
| For the three months ended March 31, 2024 | ||||||||||||
| Net sales as reported | $ | 53,478 | ||||||||||
| Adjusted net sales | $ | 53,478 | ||||||||||
| Adjusted projected net sales increase for the three months ending March 31, 2025 | $ | 5,217 | 10 | % | ||||||||
| Reconciliation between GAAP and Non-GAAP projected sales growth: | ||||||||||||
| For the year ending December 31, 2025 | ||||||||||||
| Net sales per guidance (midpoint) | $ | 239,111 | ||||||||||
| Impact of currency exchange rate fluctuations | 2,652 | |||||||||||
| Adjusted projected net sales | $ | 241,763 | ||||||||||
| For the year ended December 31, 2024 | ||||||||||||
| Net sales as reported | $ | 219,863 | ||||||||||
| Adjusted net sales | $ | 219,863 | ||||||||||
| Adjusted projected net sales increase for the year ending December 31, 2025 | $ | 21,900 | 10 | % | ||||||||
FAQ
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What were the terms of LeMaitre's (LMAT) Convertible Senior Notes issued in December 2024?
How did LeMaitre's (LMAT) regional sales perform in Q4 2024?
