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LeMaitre Vascular(LMAT) - 2021 Q1 - Earnings Call Transcript
2021-05-02 06:05
Financial Data and Key Metrics Changes - The company reported Q1 2021 sales of $35.9 million, representing a 17% year-over-year increase [13] - Operating income for Q1 was $7.9 million, an increase of 83% compared to the previous year [17] - EBITDA for Q1 was $10.5 million, with EPS of $0.28, both metrics showing an 83% improvement year-over-year [13][17] Business Line Data and Key Metrics Changes - Artegraft is projected to generate $24 million in sales for the year, reflecting a 29% growth from $18.6 million in the prior year [11] - Artegraft contributed approximately $3 million to Q1 operating income, equating to $0.09 per share [11] - Other biologic projects, including XenoSure and RestoreFlow, are expected to add $1 million and $500,000 in sales respectively for 2021 [12] Market Data and Key Metrics Changes - Sales in the Americas increased by 29%, while AsiaPac sales rose by 25%, but European sales declined by 5% [13][15] - The U.S. market was a significant driver of growth, largely due to Artegraft sales [15] Company Strategy and Development Direction - The company is focused on rebuilding its sales force, with 14 open hiring requisitions as of March 31 [9] - Expansion of warehouse facilities in multiple international locations is planned to enhance customer connections and order fulfillment [10] - The company is actively pursuing acquisitions, particularly in disposables and implantables used by vascular surgeons [39][40] Management's Comments on Operating Environment and Future Outlook - Management noted that COVID-19 continues to impact operations, particularly in Europe, but expects improvements as vaccination rates increase [8][26] - The company anticipates a sales guidance for Q2 2021 between $37 million and $40 million, representing a 55% increase year-over-year [20] - Management expressed confidence in overcoming CE mark challenges, which have been a significant headwind [24][41] Other Important Information - The company ended Q1 2021 with $32 million in total debt, having paid down $7 million during the quarter [17] - Cash reserves decreased by $3.2 million, primarily due to debt repayment, but increased by $3.8 million when excluding this repayment [17] Q&A Session Summary Question: What were the headwinds in Q1 that prevented reaching the upper end of guidance? - Management identified three main issues: CE mark delays, ongoing COVID impacts, and channel loading effects from the previous quarter [24][25] Question: How should investors view the go-forward run rate for Artegraft? - Management confirmed a projected $24 million in sales for Artegraft, with a significant price increase contributing to this growth [28][31] Question: What is the expected ramp-up time for new sales reps? - New U.S. sales reps are expected to take about six months to ramp up, while international reps may take longer due to hiring processes [46][47] Question: How is the macro environment in Europe progressing? - Management refrained from providing specific insights into the macro environment for Q2, preferring to focus on Q1 results [42] Question: What are the costs associated with obtaining CE marks? - Management indicated that the costs are significant but did not provide a specific figure, noting that it is included in R&D expenses [61][63] Question: What is the performance of XenoSure in Q1? - XenoSure sales were down approximately 5% in Q1, with expectations for recovery as CE mark issues are resolved [68]
LeMaitre Vascular(LMAT) - 2021 Q1 - Earnings Call Presentation
2021-04-30 18:47
Financial Performance & Growth - LeMaitre's annual sales have shown growth, as indicated by the provided sales figures[5] - The company's 5-year Compound Annual Growth Rate (CAGR) from 2015-2020 was 11%[7] - LeMaitre's 5-year CAGR for operating income from 2015-2020 was 20%[9] - Q1 2021 sales showed a shift in sales mix toward biologic implants, representing 48% of total sales[15] Market & Strategy - LeMaitre focuses on vascular surgeons, with 82% of sales attributed to this specialist group[11] - The company estimates that over 50% of the 17,000 vascular surgeons worldwide use LeMaitre products[11] - LeMaitre has a 1 or 2 market share position in 11 of 16 markets[12, 13] Global Reach & Approvals - LeMaitre has a worldwide sales reach with direct sales in 24 countries, supported by 86 sales representatives and 11 offices[16] - 95% of Q1 2021 worldwide sales are from products with regulatory approvals in the US market[17] Acquisitions & R&D - LeMaitre has a history of acquisitions, with 24 acquisitions in 23 years[20] - The company has a R&D launch record of 15 wins, 7 losses, and 3 ties or TBD[19] Financial Health - The company maintains a high gross margin, ranging from 50% to nearly 75% between 2016 and H1 2021[23] - LeMaitre has a track record of 10 consecutive years of dividend increases, with a 10-year CAGR of 21% from 2011 to 2021 (estimated)[28]
LeMaitre Vascular(LMAT) - 2020 Q4 - Annual Report
2021-03-12 22:18
SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE For the transition period from to . Commission File Number 001-33092 LEMAITRE VASCULAR, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction ...
LeMaitre Vascular(LMAT) - 2020 Q4 - Earnings Call Transcript
2021-02-28 10:48
Financial Data and Key Metrics Changes - The company reported record sales of $37.5 million in Q4 2020, up 24% compared to the same quarter last year [11] - Operating income for Q4 was $9.5 million, with EBITDA of $11.9 million and EPS of $0.34, reflecting a 94% growth in quarterly profitability [12] - Gross margin in Q4 was 65%, down from 66% in Q4 2019, but expected to increase to 66.7% in Q1 2021 [15] Business Line Data and Key Metrics Changes - The Artegraft acquisition significantly contributed to sales growth, generating $5.5 million in Q4 revenue [17] - Valvulotomes sales increased by 28%, embolectomy catheters by 16%, and cardiac products by 40% reported, with 20% organic growth [66] - XenoSure sales were down 7%, while bovine carotid patches decreased by 5% [67] Market Data and Key Metrics Changes - Sales in the Americas increased by 35%, Asia Pacific by 12%, and Europe by 9% [11] - EMEA sales accounted for 29% of worldwide sales and 26% of gross profit in Q4 2020 [19] Company Strategy and Development Direction - The company has rebranded by dropping "vascular" from its name, indicating a focus on adjacent markets such as cardiac surgery and interventional radiology [13] - The company aims to enter various 10-year dividend achiever indices, having increased dividends for ten consecutive years [12] Management's Comments on Operating Environment and Future Outlook - Management noted that COVID-19 has impacted sales, with a general proxy indicating a 2% decline in organic sales growth among peers [10] - The company is optimistic about 2021, particularly with the Artegraft price increase and expected sales recovery as COVID declines [31] Other Important Information - The company ended Q4 2020 with $27 million in cash, a decrease of $7.4 million due to debt repayment [17] - The company is pursuing additional CE marks for its products, with expectations for three additional approvals by May 2021 [18] Q&A Session Summary Question: What are the current trends in sales? - Management provided organic growth rates for the past months, indicating fluctuations due to COVID, with December showing a positive trend [26] Question: How is Artegraft performing post-acquisition? - Artegraft sales increased slightly from Q3 to Q4, and management is optimistic about future growth due to a price increase [30] Question: What is the outlook for operating expenses? - Operating expenses are expected to increase as the company hires back staff, but management aims to do this cautiously [32] Question: What is the company's approach to M&A? - The company is open to acquisitions in adjacent spaces but has not prioritized them over current operations [36] Question: What is the pricing outlook for 2021? - The company implemented a 5% price increase across its portfolio, with expectations for continued pricing power [59] Question: How is the CE marking process progressing? - The company is working with new notified bodies to expedite CE marking, with some products already receiving approvals [82]
LeMaitre Vascular(LMAT) - 2020 Q4 - Earnings Call Presentation
2021-02-26 18:40
1 LeMaitre Vascular, Inc. Investor Presentation Disclaimers Forward-Looking Statements This presentation contains certain forward-looking statements, within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Actual results and events may differ significantly from results and events discussed in forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in "Risk Factors" i ...
LeMaitre Vascular (LMAT) Investor Presentation - Slideshow
2021-01-22 20:24
V LeMaitre® Your Peripheral Vision® Disclaimers Forward-Looking Statements This presentation contains certain forward-looking statements, within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Actual results and events may differ significantly from results and events discussed in forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in "Risk Factors" in our Annual ...
LeMaitre Vascular(LMAT) - 2020 Q3 - Quarterly Report
2020-11-06 18:33
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number 001-33092 LEMAITRE VASCULAR, INC. (Exact name of registrant as specified in its charter) Delaware 04-2825458 ...
LeMaitre Vascular(LMAT) - 2020 Q3 - Earnings Call Transcript
2020-11-01 12:30
LeMaitre Vascular, Inc. (NASDAQ:LMAT) Q3 2020 Earnings Conference Call October 29, 2020 5:00 PM ET Company Participants Joseph Pellegrino - CFO George LeMaitre - Chairman and CEO David Roberts - President Conference Call Participants Frank Takkinen - Lake Street Capital Markets, LLC Andrew Ranieri - Stifel, Nicolaus & Co., Inc. Michael Petusky - Barrington Research Associates, Inc. James Sidoti - Sidoti & Company, LLC Scott Henry - ROTH Capital Operator Welcome to the LeMaitre Vascular Q3 2020 Financial Res ...
LeMaitre Vascular(LMAT) - 2020 Q3 - Earnings Call Presentation
2020-11-01 11:02
V LeMaitre® Your Peripheral Vision® Disclaimers Forward-Looking Statements This presentation contains certain forward-looking statements, within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Actual results and events may differ significantly from results and events discussed in forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in "Risk Factors" in our Annual ...
LeMaitre Vascular(LMAT) - 2020 Q2 - Quarterly Report
2020-08-06 19:57
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number 001-33092 LEMAITRE VASCULAR, INC. (Exact name of registrant as specified in its charter) Delaware 04-2825458 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 63 Second Avenue, Burlington, Massachus ...