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LeMaitre Vascular(LMAT) - 2023 Q1 - Earnings Call Transcript
2023-05-03 02:10
Financial Data and Key Metrics Changes - Q1 2023 sales were $47.1 million, an increase of 19% on a reported basis and 22% organically compared to Q1 2022 [16] - Gross margin for Q1 2023 was 65.6%, flat compared to the prior year, with guidance for a full-year gross margin of 65% [16][17] - Operating income for Q1 2023 was $7.9 million, reflecting an operating margin of 17% [18] - Operating expenses increased by 28% in Q1 compared to the prior year, primarily due to higher selling commissions and increased headcount [18][19] - The company expects EPS growth excluding special charges of 17% for the full year [19] Business Line Data and Key Metrics Changes - Valvulotomes sales increased by 29%, carotid patches by 17%, bovine grafts by 22%, allografts by 42%, and carotid shunts by 18% [3] - The addition of the Aziyo product line is expected to decrease gross margin by about 0.5% [17][20] - The company anticipates $3.5 million to $4 million in sales from the Aziyo distribution agreement for the year [27] Market Data and Key Metrics Changes - Sales in the Americas increased by 21%, EMEA by 17%, and APAC by 6% [3] - The company reported a 14% increase in credit card swipes in U.S. hospitals, indicating a strong recovery in procedure volumes [25] Company Strategy and Development Direction - The company is expanding its presence in Asia Pacific, with a new office in Seoul and plans to sell directly to Thai hospitals [5] - The company aims to end the year with 135 to 140 sales representatives, up from 128 [4][35] - The management is focused on leveraging the larger sales force and addressing supply chain disruptions to improve operational efficiency [17][36] Management Comments on Operating Environment and Future Outlook - Management noted that the growth was driven by an improving macro environment and increased procedure volumes as hospitals return to pre-COVID staffing levels [10] - The company expects some normalization in hospital procedure volumes over time, which may moderate sales growth [27] - Management expressed confidence in the pricing power and ability to implement price increases without significant pushback from customers [70] Other Important Information - Regulatory costs increased by 47% in Q1 as the company continues to work on obtaining MDR CE marks [19] - The company reported cash flow from operations of $2.28 million for the quarter [83] Q&A Session Summary Question: What were the key drivers of sales performance in the Americas and EMEA? - Management highlighted a significant increase in hospital activity, with a 14% rise in credit card swipes in U.S. hospitals, indicating strong procedural recovery [25] Question: How does the company expect pricing and volume trends to evolve? - Management indicated that while pricing may not sustain a 13% increase every quarter, they expect continued robust pricing and some normalization in procedure volumes [27] Question: Can you quantify the impact of Omniflow backorders on Q1 performance? - Management reported a reduction in Omniflow backorders from $800,000 at the beginning of the year to $400,000 by the end of Q1, indicating improvement [29] Question: What is the outlook for the Aziyo product line? - The company expects to generate $800,000 in sales from the Aziyo product line in Q2 and $3.8 million for the full year, with a 50% gross margin [14][57] Question: How does the company view pricing power in the current environment? - Management noted minimal pushback on recent price increases, attributing this to supply chain dynamics and inflationary pressures in the market [70]
LeMaitre Vascular (LMAT) Investor Presentation - Slideshow
2023-03-24 17:12
2,022 Net income as reported $22,943 $17,934 $ Interest (income) expense, net (629) 1,103 (986) Amortization and depreciation expense 4,324 5,416 8,224 9,475 9,433 Provision for income taxes 5,501 3,745 6,136 7,380 6,854 EBITDA $32,139 $26,397 $45,784 $35,937 LEMAITRE VASCULAR, INC. (NASDAQ: LMAT) NON-GAAP FINANCIAL MEASURES (amounts in thousands) (unaudited) $ 26,829 3,107 ହ 29,936 $ 0.93 0.14 $ 1.07 Reconciliation between GAAP and Non-GAAP EBITDA a LeMaitre® LMAT Investor Presentation YEARS 1983-2023 $26, ...
LeMaitre Vascular(LMAT) - 2022 Q4 - Annual Report
2023-03-01 18:06
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, 2022 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) (State or other jurisdiction ...
LeMaitre Vascular(LMAT) - 2022 Q4 - Earnings Call Transcript
2023-02-26 17:43
LeMaitre Vascular, Inc. (NASDAQ:LMAT) Q4 2022 Earnings Conference Call February 23, 2023 5:00 PM ET Company Participants J.J. Pellegrino - Chief Financial Officer George LeMaitre - Chairman and Chief Executive Officer Dave Roberts - President Conference Call Participants Matthew Mishan - KeyBanc Michael Petusky - Barrington Research Brooks O’Neil - Lake Street Capital Jim Sidoti - Sidoti Operator Welcome to LeMaitre Vascular Q4 2022 Financial Results Conference Call. As a reminder, today’s call is being rec ...
LeMaitre Vascular(LMAT) - 2022 Q1 - Earnings Call Presentation
2023-02-26 17:42
Millions Diversified Portfolio of Medical Devices Used by Vascular Surgeons Approved Submitted YEARS Forward-Looking Statements LMAT Investor Presentation Disclaimers This document 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 described in forwardlooking statements. Factors that might cause or contribute to such diffe ...
LeMaitre Vascular(LMAT) - 2022 Q3 - Quarterly Report
2022-11-08 21:34
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, 2022 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) - 2022 Q3 - Earnings Call Transcript
2022-10-28 00:06
LeMaitre Vascular, Inc. (NASDAQ:LMAT) Q3 2022 Results Conference Call October 27, 2022 5:00 PM ET Company Participants J.J. Pellegrino - Chief Financial Officer David Roberts - President Conference Call Participants Michael Sarcone - Jefferies Brooks O’Neil - Lake Street Capital Purnima Malik - Stifel Michael Petusky - Barrington Research James Sidoti - Sidoti & Company Scott Henry - ROTH Capital Javier Fonseca - Spartan Capital Operator Good day, and welcome to the LeMaitre Vascular Incorporated's Third Qu ...
LeMaitre Vascular(LMAT) - 2022 Q2 - Quarterly Report
2022-08-05 10:10
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 June 30, 2022 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 (Sta ...
LeMaitre Vascular(LMAT) - 2022 Q2 - Earnings Call Transcript
2022-07-30 22:07
LeMaitre Vascular, Inc. (NASDAQ:LMAT) Q2 2022 Earnings Conference Call July 28, 2022 5:00 PM ET Company Participants J.J. Pellegrino - Chief Financial Officer George LeMaitre - Chairman and Chief Executive Officer David Roberts - President Conference Call Participants Zach Weiner - Jefferies Brooks O’Neil - Lake Street Capital Purnima Malik - Stifel Matthew Mishan - KeyBanc Michael Petusky - Barrington Research Jim Sidoti - Sidoti & Company Javier Fonseca - Spartan Capital Operator Welcome to the LeMaitre V ...
LeMaitre Vascular(LMAT) - 2022 Q2 - Earnings Call Presentation
2022-07-30 19:58
LeMaitre Vascular, Inc. Investor Presentation 1 Disclaimers Unaudited Quarterly Financial Results The quarterly financial results in this document are unaudited. Forward-Looking Statements This document 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 described in forward-looking statements. Factors that might cause or c ...