LeMaitre to Go Direct in Thailand

Rhea-AI Summary

LeMaitre Vascular (Nasdaq: LMAT) announced the acquisition of its Thai distributor, Prompt Serve, for $688,000. In 2022, Prompt Serve sold approximately $1.5 million of LeMaitre products to Thai hospitals. This acquisition will enable LeMaitre to establish a direct sales presence in Thailand, marking its 29th direct-to-hospital country and 8th in the APAC region. Jacob Petersen, VP of Asia-Pacific, noted this move is part of their ongoing expansion, aiming for over 90% of operations to be direct in the APAC market. Further financial guidance regarding the impact on 2023 revenue and earnings will be provided during the Q1 earnings call.

Positive

• Acquisition of Thai distributor for $688,000 strengthens direct market presence.
• Expected revenue of $1.5 million from Prompt Serve's past sales indicates strong market demand.
• Expansion into Thailand represents growth in the APAC region, with plans for a local office and warehouse.

Negative

• None.

BURLINGTON, Mass., March 14, 2023 (GLOBE NEWSWIRE) -- LeMaitre Vascular, Inc. (Nasdaq: LMAT), a provider of vascular devices, implants and services, today announced that it has signed a definitive agreement to buy out its Thai distributor, Prompt Serve, for $688,000. In 2022 Prompt Serve purchased $950,000 of LeMaitre devices which it then sold to Thai hospitals for approximately $1.5mm. LeMaitre expects to establish a Bangkok office/warehouse and to begin selling directly to Thai hospitals in H2 2023. This will be LeMaitre’s 29^th direct-to-hospital country and follows LeMaitre’s Korean distributor buyout in 2022. Korea and Thailand were previously LeMaitre’s two largest international distributors.

Jacob Petersen, VP of Asia-Pacific, said “We are thrilled to continue our APAC expansion. Thailand will be LeMaitre’s 8^th direct country in APAC, and we now expect to be greater than 90% direct in APAC.”

Business Outlook

Guidance on how this transaction may affect LeMaitre’s 2023 revenue, operating income and EPS expectations will be provided at the Company’s Q1 2023 earnings call.

About LeMaitre Vascular

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 http://www.lemaitre.com.

Contact:

LeMaitre Vascular, Inc.

Sandra Millar

+1-781-425-1686

smillar@lemaitre.com

FAQ

What is the significance of LeMaitre Vascular's acquisition of Prompt Serve in Thailand?

The acquisition allows LeMaitre Vascular to sell directly to Thai hospitals, strengthening its market presence and reducing reliance on distributors.

How much did LeMaitre Vascular pay for its Thai distributor, Prompt Serve?

LeMaitre Vascular announced it paid $688,000 to acquire Prompt Serve.

What were Prompt Serve's sales figures in 2022?

In 2022, Prompt Serve purchased $950,000 worth of LeMaitre devices and sold them for approximately $1.5 million.

When does LeMaitre Vascular expect to start sales operations in Thailand?

LeMaitre expects to begin selling directly to Thai hospitals in the second half of 2023.

How will this acquisition impact LeMaitre Vascular's financial outlook for 2023?

LeMaitre plans to provide guidance on the impact of this acquisition on its 2023 revenue and earnings during its Q1 earnings call.