LeMaitre Q4 2024 Financial Results

Core Viewpoint - LeMaitre Vascular, Inc. reported strong Q4 2024 financial results, with significant sales growth driven by various product categories and regions, alongside an increase in quarterly dividends and positive guidance for 2025 [1][3][6]. Financial Performance - Q4 2024 net sales reached $55.7 million, a 14% increase compared to Q4 2023, with organic growth also at 14% [10][21]. - Key product categories contributing to sales growth included grafts (+23%), carotid shunts (+14%), and catheters (+12%) [3]. - Gross margin improved to 69.3%, up from 68.1% in Q4 2023, attributed to higher average selling prices (ASPs) and manufacturing efficiencies [3][10]. - Operating income for Q4 was $12.9 million, reflecting a 26% increase, while operating expenses grew by 12% primarily due to sales-related compensation [4][10]. - Earnings per diluted share (EPS) for Q4 was $0.49, a 30% increase year-over-year [10][22]. Guidance - For Q1 2025, the company expects sales between $56.7 million and $58.7 million, representing an 8% increase [4]. - Full-year 2025 sales guidance is set between $235.4 million and $242.8 million, indicating a 9% increase [4]. - Gross margin and operating margin are projected to remain stable at 69.7% and 25%, respectively [4]. Dividend and Share Repurchase - The Board of Directors approved a quarterly dividend of $0.20 per share, a 25% increase, to be paid on March 27, 2025 [6]. - A share repurchase program was authorized for up to $75 million, set to conclude on February 17, 2026, unless extended [8]. Capital Structure - The company issued $172.5 million in 2.50% Convertible Senior Notes due 2030, with net proceeds allocated for working capital and business development [7]. - Cash reserves increased to $299.7 million, providing strategic flexibility [4][10]. Market Performance - Sales growth was observed across regions: APAC (+21%), EMEA (+18%), and the Americas (+12%) [3]. - The company’s products, particularly XenoSure patches, received regulatory approval in China, enhancing market opportunities [3]. Company Overview - LeMaitre specializes in vascular devices and services, addressing the needs of vascular surgeons and treating peripheral vascular disease, which affects over 200 million people globally [13].