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LeMaitre Q3 2024 Financial Results

1. LMAT Q3 2024 sales increased by 16% year-over-year. 2. Operating income grew 43%, with an operating margin of 24%. 3. Quarterly dividend of $0.16/share approved, payable December 5. 4. 2024 guidance suggests 14% sales growth and improved profit margins. 5. APAC and EMEA sales up 24% and 22% respectively.

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$88.3910/31 04:13 PM EDTEvent Start
$94.8811/01 10:44 PM EDTLatest Updated
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FAQ

Why Very Bullish?

Strong sales growth and increasing dividends typically boost investor confidence, reflecting better financial health.

How important is it?

The strong earnings report likely influences market perception and investor interest in LMAT.

Why Long Term?

Sustained growth in sales and profit margins indicate a positive trajectory for the company over time.

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LMATSPYXBIMDT
BURLINGTON, Mass., Oct. 31, 2024 (GLOBE NEWSWIRE) -- LeMaitre (Nasdaq:LMAT), a provider of vascular devices, implants, and services, reported Q3 2024 results, announced a $0.16/share quarterly dividend, and provided guidance. Q3 2024 Financial Results Sales $54.8mm, +16% (+16% organic) vs. Q3 2023Gross margin 67.8%, +280 bpsOp. income $13.1mm, +43%Op. margin 24%Earnings per diluted share $0.49, +46%Cash up $10.8mm sequentially to $123.9mm Grafts (+24%), patches (+13%) and carotid shunts (+18%) drove Q3 sales growth. APAC sales increased 24%, EMEA 22% and the Americas 12%. The gross margin increased to 67.8% (vs. 65.0% in Q3 2023), driven by price increases and manufacturing efficiencies. Operating income of $13.1mm was up 43% vs. Q3 2023. Operating expenses grew 11.1% in Q3 largely due to additional sales offices and personnel. The company employed 28 sales managers and 146 sales reps at quarter end, up 17% and 7%, respectively. 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 24%, vs. 19% in 2023.” Business Outlook  Q4 2024 GuidanceFull Year GuidanceSales$54.9mm - $56.9mm(Mid: $55.9mm, +14%, +14% Org.)$219.0mm - $221.0mm(Mid: $220.0mm, +14%, +13% Org.)Gross Margin68.0%68.3%Op. Income$12.6mm - $14.0mm(Mid: $13.3mm, +30%)$52.0mm - $53.4mm(Mid: $52.7mm, +44%)(Mid: $52.7mm, +42% Ex-Special)*Op. Margin (Mid)24%24%EPS$0.47 - $0.51(Mid: $0.49, +30%)$1.91 - $1.96(Mid: $1.94, +44%)(Mid: $1.94, +43% Ex-Special)* *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 $0.16/share of common stock. The dividend will be paid on December 5, 2024, to shareholders of record on November 21, 2024. Share Repurchase Program On February 21, 2024, the Company's Board of Directors authorized the repurchase of up to $50.0mm of the Company’s common stock. The repurchase program may be suspended or discontinued at any time and will conclude on February 21, 2025, unless extended by the Board. 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, LeMaitre781-425-1691jjpellegrino@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    39%     41%                         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 16%                     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 14%                     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 13%                     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 42%                     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 43%           

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