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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
Financial Data and Key Metrics Changes - Q3 2022 sales were $39 million, reflecting a 2% increase on a reported basis and a 7% organic increase compared to Q3 2021 [12][8] - Gross margin for Q3 2022 was 64.2%, a decrease of 60 basis points year-over-year, impacted by a strengthening dollar which decreased gross margin by 170 basis points [13][12] - Operating income for Q3 2022 was $6.2 million, with an operating margin of 16% [14] - Cash on the balance sheet increased to $79.7 million, up $4.1 million from Q2 2022 and $9.8 million since the beginning of the year [15] Business Line Data and Key Metrics Changes - Organic sales growth was led by APAC (up 11%), EMEA (up 8%), and the Americas (up 6%) [8] - Carotid Shunts increased by 23%, Artegraft by 12%, Allografts by 10%, and Embolectomy Catheters by 10% [8] - Biologic devices grew 7% organically, representing 50% of total sales [9] Market Data and Key Metrics Changes - The company faced substantial FX headwinds, losing $1.9 million in sales due to the strengthening dollar in Q3 [12] - For the full year 2022, the company estimates a 9% organic growth versus 2021, with an expected loss of $6.4 million in sales due to the strong dollar [12] Company Strategy and Development Direction - The company is focusing on biologics and has made key regulatory filings in Germany and Japan [9] - Plans to submit MDR CE mark applications for five additional products before year-end, building on seven submitted in 2021 [15] - The company is expanding its sales force, increasing from 92 to 125 sales reps by year-end, which is expected to drive sales and profitability [10][34] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that FX and specific product line issues, such as Valvulotomes, contributed to a shortfall in expected growth [21][22] - Confidence in achieving a 9% organic growth rate in Q4 is based on the expanded sales force and expected recovery in certain product lines [24][25] - Management noted that while hiring has increased, the productivity of new hires has not yet translated into immediate results, but they remain optimistic about long-term benefits [75][76] Other Important Information - The company has not made price adjustments recently, maintaining a strategy of annual price increases [70] - The effective tax rate for Q3 was unusually low at 11% due to timing of expenses related to the closure of a plant in France [43] Q&A Session Summary Question: What drove the shortfall in Q3 organic growth? - Management attributed the shortfall to FX impacts and a weaker performance in Valvulotomes, along with a back order issue in Europe [21][22] Question: How has activity trended in October and confidence in Q4 growth? - Management expressed confidence in achieving a 9% organic growth rate in Q4, supported by an expanded sales force [24] Question: What are the impacts of macro pressures on hiring and sales? - High turnover in the sales force has necessitated hiring more reps, and access to operating rooms has been limited post-COVID, affecting training [50][51] Question: How is the company approaching capital allocation and acquisitions? - The company is actively looking for acquisition targets, with a focus on products generating $5 million to $10 million in revenues [40][41] Question: What is the outlook for gross margins and operating margins? - Management indicated that gross margins are expected to improve as the direct labor team becomes more efficient, despite current challenges [92][96] Question: How does the company view recession risks for its product lines? - Management believes that most procedures are non-discretionary, suggesting resilience against economic downturns, although some fluctuations may occur [88]
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 ...
LeMaitre Vascular (LMAT) Investor presentations - Slideshow
2022-05-25 15:56
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 ...
LeMaitre Vascular(LMAT) - 2022 Q1 - Quarterly Report
2022-05-10 16:47
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the transition period from to . Commission File Number 001-33092 LEMAITRE VASCULAR, INC. (Exact name of registrant as specified in its charter) 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 March 31, 2022 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Delaware 04-2825458 (St ...
LeMaitre Vascular(LMAT) - 2022 Q1 - Earnings Call Transcript
2022-04-30 17:01
LeMaitre Vascular, Inc. (NASDAQ:LMAT) Q1 2022 Earnings Conference Call April 28, 2022 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 Zach Weiner - Jefferies Brooks O’Neil - Lake Street Capital Mike Petusky - Barrington Research Jim Sidoti - Sidoti Javier Fonseca - Spartan Capital Operator Welcome to the LeMaitre Vascular Q1 2022 Financial Results Conference Call. As a remin ...
LeMaitre Vascular (LMAT) Investor Presentation - Slideshow
2022-03-14 17:49
LeMaitre Vascular, Inc. Investor Presentation 1 Disclaimers Unaudited Quarterly & 2021 Financial Results The quarterly and 2021 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 ...
LeMaitre Vascular(LMAT) - 2021 Q4 - Annual Report
2022-02-28 22:11
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, 2021 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 o ...