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LeMaitre Vascular Inc$40.48($.54)(1.32%)

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 LeMaitre Q4 2015 Record Sales $20.5mm (+14% organic), Record Net Income $2.5mm (+32%)
   Wednesday, February 24, 2016 4:07:02 PM ET

LeMaitre Vascular, Inc. (LMAT ), a provider of vascular devices, today reported Q4 2015 results, announced an increased dividend of $0.045/share and provided guidance.

Q4 2015 results included:

-- Record sales of $20.5mm, +10% reported (+14% organic) vs. Q4 2014

-- Operating income of $3.1mm vs. $2.7mm, +13%

-- Operating margin of 15%

-- Record net income of $2.5mm vs. $1.9mm, +32%

-- Record EPS of $0.13 per diluted share vs. $0.11, +25%

-- Record EBITDA of $4.0mm vs. $3.6mm, +12%

-- Cash increased $3.8mm to $27.5mm

Q4 2015 sales of $20.5mm increased 10% (+14% organic) vs. Q4 2014. XenoSure and TRIVEX led growth in Q4. Sales in the Americas were up 11% while international sales increased 8%.

Gross margin improved to 70.3% in Q4 2015 from 68.7% in Q4 2014 primarily due to increases in average selling prices and XenoSure manufacturing efficiencies, offset by the effects of the strong dollar.

Operating expenses in Q4 2015 were $11.3mm, up 12% from $10.1mm in the year-earlier quarter. The Company ended Q4 2015 with 86 sales reps vs. 81 at the end of Q4 2014.

Full year 2015 results included:

-- Sales of $78.4mm, +10% reported (+13% organic) vs. 2014

-- Operating income of $11.5mm vs. $6.3mm, +82%

-- Operating margin of 15%

-- Net income of $7.8mm vs. $3.9mm, +98%

-- EPS of $0.42 per diluted share vs. $0.23, +83%

-- EBITDA of $14.8mm vs. $9.7mm, +53%

-- Cash increased $8.8mm to $27.5mm

Chairman and CEO George W. LeMaitre said, "In 2015 we posted 10% sales growth and 82% operating income growth. This is in line with our often-stated objectives: 10% sales growth and 20% profit growth."

Quarterly Dividend

On February 22, 2016, the Company’s Board of Directors approved an increased quarterly dividend of $0.045/share of common stock. The dividend will be paid April 4, 2016 to shareholders of record on March 21, 2016.

Business Outlook

The Company expects Q1 2016 sales of $20.2mm, a reported increase of 7% vs. Q1 2015 (+8% organic). The Company expects Q1 2016 gross margin of 71.0%. The Company expects Q1 2016 operating income of $2.9mm (14% operating margin), a 26% increase vs. Q1 2015.

The Company expects full-year 2016 sales of $84.7mm, a reported increase of 8% vs. 2015 (+9% organic). The Company expects 2016 gross margin of 71.0%. The Company expects full-year 2016 operating income to increase by 23% to $14.2mm (17% operating margin).

Conference Call Reminder

Management will conduct a conference call at 5:00pm ET today to review the Company’s financial results and discuss its business outlook for the remainder of the year. The conference call will be broadcast live over the Internet. Individuals who are interested in listening to the webcast should log on to the Company’s website at www.lemaitre.com/investor. The conference call may also be accessed by dialing 866-318-8617 (+1-617-399-5136 for international callers), using passcode 18480722. 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 Vascular

LeMaitre Vascular is a provider of devices for the treatment of peripheral vascular disease, a condition that affects more than 20 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 and the LeMaitre Vascular logo are registered trademarks of LeMaitre Vascular, Inc. This press release contains other trademarks and trade names of the Company.

For more information about the Company, please visit http://www.lemaitre.com .

Use of Non-GAAP Financial Measures

LeMaitre Vascular management believes that in order to better understand the Company’s short-term 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 as well as EBITDA or earnings before interest, taxes, depreciation and amortization. The Company refers to the calculation of non-GAAP sales percentages as "organic." The Company analyzes non-GAAP sales on a constant currency basis, net of acquisitions and other non-recurring events, and EBITDA 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, product discontinuations, 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 evaluating EBITDA provides an approximation of the cash generating ability of its operations.

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. Specifically, forward-looking statements in this release include, but are not limited to, statements about the Company’s expectations regarding Q1 2016 and 2016 sales, gross margin and operating income levels. 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, 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; risks related to the integration of acquisition targets; risks related to product demand and market acceptance of the Company’s products and pricing; the risk that the XenoSure product is not as accretive and does not achieve the gross margins currently anticipated by the Company; the risk that the Company is not successful in transitioning to a direct-selling model in new territories; adverse or fluctuating conditions in the general domestic and global economic markets 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, all of which are 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.

LEMAITRE VASCULAR, INC (LMAT )
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
                                                                                                      December 31, 2015  December 31, 2014
                                                                                                      (unaudited)
Assets
Current assets:
                      Cash and cash equivalents                                                       $     27,451       $     18,692
                      Accounts receivable, net                                                              11,971             10,803
                      Inventory                                                                             15,205             16,714
                      Prepaid expenses and other current assets                                             3,557              2,379
Total current assets                                                                                        58,184             48,588
Property and equipment, net                                                                                 7,022              6,878
Goodwill                                                                                                    17,789             17,281
Other intangibles, net                                                                                      6,336              7,157
Deferred tax assets                                                                                         1,205              1,418
Other assets                                                                                                168                170
Total assets                                                                                          $     90,704       $     81,492
Liabilities and stockholders’ equity
Current liabilities:
                      Accounts payable                                                                $     1,366        $     1,127
                      Accrued expenses                                                                      8,837              7,479
                      Acquisition-related obligations                                                       165                1,435
Total current liabilities                                                                                   10,368             10,041
Deferred tax liabilities                                                                                    1,678              2,919
Other long-term liabilities                                                                                 774                325
Total liabilities                                                                                           12,820             13,285
Stockholders’ equity
                      Common stock, $0.01 par value; authorized 37,000,000 shares; issued 19,748,321
                      shares at December 31, 2015, and 18,778,436 shares at December 31, 2014               197                188
                      Additional paid-in capital                                                            82,094             75,389
                      Retained earnings                                                                     8,161              3,248
                      Accumulated other comprehensive loss                                                  (4,049 )           (2,365 )
                      Treasury stock, at cost; 1,431,139 shares at December 31, 2015, and 1,407,211
                      shares at December 31, 2014                                                           (8,519 )           (8,253 )
Total stockholders’ equity                                                                                  77,884             68,207
Total liabilities and stockholders’ equity                                                            $     90,704       $     81,492
                     LEMAITRE VASCULAR, INC (LMAT )
                     CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
                     (amounts in thousands, except per share amounts)
                     (unaudited)
                                                                      For the three months ended                   For the year ended
                                                                      December 31, 2015         December 31, 2014  December 31, 2015  December 31, 2014
Net sales                                                             $           20,483        $     18,681       $     78,352       $     71,097
Cost of sales                                                                     6,080               5,853              24,186             22,666
Gross profit                                                                      14,403              12,828             54,166             48,431
Operating expenses:
                     Sales and marketing                                          5,914               5,230              22,780             22,087
                     General and administrative                                   3,635               3,513              14,010             13,889
                     Research and development                                     1,575               1,081              5,479              4,671
                     Gain on divestiture                                          -                   -                  (360   )           -
                     Medical device excise tax                                    190                 171                744                689
                     Impairment charges                                           -                   68                 -                  229
                     Restructuring charges                                        -                   26                 -                  526
Total operating expenses                                                          11,314              10,089             42,653             42,091
Income from operations                                                            3,089               2,739              11,513             6,340
Other income (loss):
                     Other income (loss), net                                     46                  (46    )           (89    )           (20    )
Income before income taxes                                                        3,135               2,693              11,424             6,320
Provision for income taxes                                                        605                 777                3,666              2,405
Net income                                                            $           2,530         $     1,916        $     7,758        $     3,915
Earnings per share of common stock
                     Basic                                            $           0.14          $     0.11         $     0.44         $     0.24
                     Diluted                                          $           0.13          $     0.11         $     0.42         $     0.23
Weighted - average shares outstanding:
                     Basic                                                        18,175              17,371             17,764             16,614
                     Diluted                                                      18,781              17,713             18,316             17,008
Cash dividends declared per common share                              $           0.040         $     0.035        $     0.160        $     0.140
            LEMAITRE VASCULAR, INC (LMAT )
            SELECTED NET SALES INFORMATION
            (amounts in thousands)
            (unaudited)
                                   For the three months ended                           For the year ended
                                   December 31, 2015             December 31, 2014      December 31, 2015      December 31, 2014
                                   $             %               $           %          $           %          $           %
Net Sales by Geography
            Americas               $    12,105        59   %     $  10,936      59  %   $  47,975      61  %   $  43,502      61  %
            International               8,378         41   %        7,745       41  %      30,377      39  %      27,595      39  %
Total Net Sales                    $    20,483        100  %     $  18,681      100 %   $  78,352      100 %   $  71,097      100 %
                                   For the three months ended                           For the year ended
                                   December 31, 2015             December 31, 2014      December 31, 2015      December 31, 2014
                                   $             %               $           %          $           %          $           %
Net Sales by Country
            United States          $    11,403        56   %     $  10,324      55  %   $  45,177      58  %   $  41,545      58  %
            Germany                     2,190         11   %        2,087       11  %      9,090       12  %      7,639       11  %
            Italy                       622           3    %        659         4   %      2,613       3   %      2,635       4   %
            Other countries             6,268         30   %        5,611       30  %      21,472      27  %      19,278      27  %
Total Net Sales                    $    20,483        100  %     $  18,681      100 %   $  78,352      100 %   $  71,097      100 %
LEMAITRE VASCULAR, INC (LMAT )
NON-GAAP FINANCIAL MEASURES
(amounts in thousands)
(unaudited)
Reconciliation between GAAP and Non-GAAP sales growth:
                   For the three months ending December 31, 2015
                                          Net sales as reported                                             $              20,483
                                          Impact of currency exchange rate fluctuations                                    983
                                          Net impact of acquisitions excluding currency                                    (105           )
                                          Adjusted net sales                                                                                 $     21,361
                   For the three months ending December 31, 2014
                                          Net sales as reported                                             $              18,681
                                          Adjusted net sales                                                                                 $     18,681
                                          Adjusted net sales increase for the three months ending December 31, 2015                          $     2,680              14     %
Reconciliation between GAAP and Non-GAAP sales growth:
                   For the year ending December 31, 2015
                                          Net sales as reported                                             $              78,352
                                          Impact of currency exchange rate fluctuations                                    5,493
                                          Net impact of acquisitions excluding currency                                    (3,520         )
                                          Adjusted net sales                                                                                 $     80,325
                   For the year ending December 31, 2014
                                          Net sales as reported                                             $              71,097
                                          Net impact of divestitures excluding currency                                    (71            )
                                          Adjusted net sales                                                                                 $     71,026
                                          Adjusted net sales increase for the year ending December 31, 2015                                  $     9,299              13     %
Reconciliation between GAAP and Non-GAAP sales growth:
                   For the three months ending March 31, 2016
                                          Net sales per guidance                                            $              20,249
                                          Impact of currency exchange rate fluctuations                                    225
                                          Net impact of acquisitions excluding currency                                    (60            )
                                          Adjusted net sales                                                                                 $     20,414
                   For the three months ending March 31, 2015
                                          Net sales as reported                                             $              18,947
                                          Adjusted net sales                                                                                 $     18,947
                                          Adjusted net sales increase for the three months ending March 31, 2016                             $     1,467              8      %
Reconciliation between GAAP and Non-GAAP sales growth:
                   For the year ending December 31, 2016
                                          Net sales per guidance                                            $              84,749
                                          Impact of currency exchange rate fluctuations                                    339
                                          Net impact of acquisitions excluding currency                                    (80            )
                                          Adjusted net sales                                                                                 $     85,008
                   For the year ending December 31, 2015
                                          Net sales as reported                                             $              78,352
                                          Net impact of divestitures excluding currency                                    (235           )
                                          Adjusted net sales                                                                                 $     78,117
                                          Adjusted net sales increase for the year ending December 31, 2016                                  $     6,891              9      %
                                                                                                            For the three months ended                          For the year ended
                                                                                                            December 31, 2015                December 31, 2014  December 31, 2015  December 31, 2014
Reconciliation between GAAP and Non-GAAP EBITDA
                   Net Income, as reported                                                                  $              2,530             $     1,916        $     7,758        $     3,915
                   Amortization and depreciation expense                                                                   897                     912                3,394              3,334
                   Interest income (expense), net                                                                          (6             )        -                  (13    )           4
                   Provision for income taxes                                                                              605                     777                3,666              2,405
                   EBITDA                                                                                   $              4,026             $     3,605        $     14,805       $     9,658
                   EBITDA percentage increase                                                                                                      12     %                              53    %
CONTACT: J.J. Pellegrino, CFO
LeMaitre Vascular
781-425-1691
jpellegrino@lemaitre.com

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