• LeMaitre Q3 2022 Financial Results

    ソース: Nasdaq GlobeNewswire / 27 10 2022 16:19:16   America/New_York

    BURLINGTON, Mass., Oct. 27, 2022 (GLOBE NEWSWIRE) -- LeMaitre (Nasdaq:LMAT), a provider of vascular devices, implants and services, today reported Q3 2022 results, announced a $0.125/share quarterly dividend and provided guidance.

    Q3 2022 Financial Results

    • Sales of $39.0mm, +2% (+7% organic) vs. Q3 2021
    • Op. income $6.2mm, -32%
    • Op. margin of 16%
    • Net income of $5.5mm, -16%
    • Earnings per diluted share $0.25, -17%
    • Cash and investments +$4.1mm to $79.7mm

    Q3 2022 sales growth was driven by carotid shunts (+23%), Artegraft (+12%), allografts (+10%) and embolectomy catheters (+10%). By geography, organic sales increased 11% in APAC, 8% in EMEA and 6% in the Americas. The strong U.S. dollar reduced sales by $1.9mm.

    The gross margin decreased to 64.2% in Q3 2022 (vs. 64.8% in Q3 2021). The strong dollar reduced the gross margin by 1.7% year-over-year. The Company had 213 direct labor employees as of September 30, up 54% year-over-year.

    Q3 2022 operating income was $6.2mm. Q3 operating expense growth was driven by increased headcount, including a 28% larger salesforce (118 reps on September 30), as well as MDR-related regulatory expenses.

    George LeMaitre, Chairman and CEO, said “In Q3 we grew 7% organically and increased our cash balance by $4.1 million to $79.7 million. We continue to build sales rep and direct labor headcount, both now at high-water marks. We expect these investments will drive organic sales growth and improvement to the gross margin in the quarters ahead.”

    Business Outlook

      Q4 2022 Guidance2022 Full Year Guidance
     Sales$39.8mm - $42.2mm
    (Mid: $41.0mm, +4%, +9% Org.)
    $160.5mm - $162.9mm
    (Mid:$161.7mm, +5%, +9% Org.)
     Gross Margin65.8%65.4%
     Op. Income$6.6mm - $8.2mm
    (Mid: $7.4mm, -11%)
    $26.5mm - $28.0mm
    (Mid $27.2mm, -25%)
     Op. Income Ex- Spec. Charge-$29.6mm - $31.1mm
    (Mid: $30.3mm, -17%)
     EPS$0.24 - $0.29
    (Mid: $0.26, -5%)
    $0.91 - $0.97
    (Mid: $0.94, -25%)
     EPS Ex-
    Spec. Charge
    -$1.02 - $1.08
    (Mid: $1.05, -16%)

    Quarterly Dividend

    On October 25, 2022, the Company's Board of Directors approved a quarterly dividend of $0.125/share of common stock. The dividend will be paid on December 1, 2022 to shareholders of record on November 17, 2022.

    Share Repurchase Program

    On February 22, 2022, the Company's Board of Directors authorized the repurchase of up to $20.0mm of the Company’s common stock. The repurchase program may be suspended or discontinued at any time and will conclude on February 22, 2023, unless extended by the Board.

    Board Appointment

    On September 21, 2022, the Company’s Board of Directors appointed Martha Shadan as an independent director. Ms. Shadan has over 20 years of life sciences experience, including President and CEO at Miach Orthopedics and Rotation Medical. Ms. Shadan currently serves on the boards of CVRx and AdvaMed.

    Conference Call Reminder

    Management will conduct a conference call at 5:00pm ET today. The conference call will be broadcast live over the Internet. Individuals interested in listening to the webcast can log on to the Company's website at www.lemaitre.com/investor. Access to the live call is available by registering online here. All registrants will receive dial-in information and a PIN allowing them to access the live call. The audio webcast can also be accessed live or via replay through a webcast at http://www.lemaitre.com/investor. 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

    LeMaitre is a provider of devices, implants and services for the treatment of peripheral vascular disease, a condition that affects more than 200 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 is a registered trademark of LeMaitre Vascular, Inc. This press release may include 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 management believes that in order to better understand the Company's short- 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 and guidance for full year operating income and EPS excluding special charge. The Company refers to the calculation of non-GAAP sales growth percentages as "organic." The Company analyzes non-GAAP sales on a constant currency basis, net of acquisitions and other non-recurring events, and the aforementioned non-GAAP profitability measures 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, divestitures, 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. The Company believes that the presentation of full year guidance for operating income and EPS excluding special charge provides an alternative and meaningful view of the Company’s profitability excluding the impact of the closure of the Company’s St. Etienne, France factory, a non-recurring event.

    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. 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 status of our global regulatory approvals and compliance with regulatory requirements to market and sell our products both in the U.S. and outside of the U.S.; the duration and severity of the impact of COVID-19 on the global economy, our customers, our suppliers and our company; the risk of significant fluctuations in our quarterly and annual results due to numerous factors; 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; the risk that we may not be able to maintain our recent levels of profitability; the risk that the Company may not realize the anticipated benefits of its strategic activities; risks related to the integration of acquisition targets; the acceleration or deceleration of product growth rates; risks related to product demand and market acceptance of the Company’s products and pricing; the risk that a recall of our products could result in significant costs or negative publicity; the risk that the Company is not successful in transitioning to a direct-selling model in new territories 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, which are all 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.

    CONTACT: 
    J.J. Pellegrino, CFO, LeMaitre
    781-425-1691
    jjpellegrino@lemaitre.com


    LEMAITRE VASCULAR, INC. (NASDAQ: LMAT)
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (amounts in thousands)
          
          
       September 30, 2022 December 31, 2021
       (unaudited)  
    Assets    
          
    Current assets:    
     Cash and cash equivalents $16,913  $13,855 
     Short-term marketable securities  62,826   56,104 
     Accounts receivable, net  20,094   19,631 
     Inventory and other deferred costs  47,711   46,104 
     Prepaid expenses and other current assets  4,842   4,189 
     Asset held for sale  756   - 
    Total current assets  153,142   139,883 
          
    Property and equipment, net  15,351   17,059 
    Right-of-use leased assets  15,785   15,071 
    Goodwill  65,945   65,945 
    Other intangibles, net  48,063   52,710 
    Deferred tax assets  2,789   1,566 
    Other assets  973   568 
          
    Total assets $302,048  $292,802 
          
          
    Liabilities and stockholders' equity    
          
    Current liabilities:    
     Accounts payable $2,848  $2,340 
     Accrued expenses  17,400   16,332 
     Acquisition-related obligations  1,363   1,271 
     Lease liabilities - short-term  1,828   1,870 
    Total current liabilities  23,439   21,813 
          
    Lease liabilities - long-term  14,897   14,067 
    Deferred tax liabilities  60   70 
    Other long-term liabilities  2,405   2,701 
    Total liabilities  40,801   38,651 
          
    Stockholders' equity    
     Common stock  236   235 
     Additional paid-in capital  186,798   181,630 
     Retained earnings  94,896   88,125 
     Accumulated other comprehensive loss  (8,127)  (3,435)
     Treasury stock  (12,556)  (12,404)
    Total stockholders' equity  261,247   254,151 
          
    Total liabilities and stockholders' equity $302,048  $292,802 


    LEMAITRE VASCULAR, INC. (NASDAQ: LMAT)
    CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
    (amounts in thousands, except per share amounts) 
    (unaudited)
             
      For the three months ended For the nine months ended
      September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021
             
    Net sales$39,028  $38,368  $120,697  $114,921 
    Cost of sales 13,958   13,502   41,855   39,495 
             
    Gross profit 25,070   24,866   78,842   75,426 
             
    Operating expenses:       
     Sales and marketing 8,229   6,941   24,321   20,210 
     General and administrative 7,229   6,004   21,812   18,748 
     Research and development 3,462   2,848   9,740   8,344 
     Restructuring -   -   3,107   - 
    Total operating expenses 18,920   15,793   58,980   47,302 
             
    Income from operations 6,150   9,073   19,862   28,124 
             
    Other income (expense), net       
     Interest income 264   54   539   56 
     Interest expense -   (621)  -   (1,693)
     Foreign currency gain (loss) (266)  (72)  (709)  (105)
             
    Income before income taxes 6,148   8,434   19,692   26,382 
             
    Provision for income taxes 692   1,930   4,683   5,650 
             
    Net income$5,456  $6,504  $15,009  $20,732 
             
    Earnings per share of common stock       
     Basic$0.25  $0.30  $0.68  $0.99 
     Diluted$0.25  $0.30  $0.68  $0.98 
             
    Weighted - average shares outstanding:       
     Basic 21,984   21,592   21,959   20,920 
     Diluted 22,217   21,935   22,149   21,251 
             
             
    Cash dividends declared per common share$0.125  $0.110  $0.375  $0.330 


    LEMAITRE VASCULAR, INC. (NASDAQ: LMAT)
    SELECTED NET SALES INFORMATION
    (amounts in thousands)
    (unaudited)
                     
                     
      For the three months ended  For the nine months ended
      September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021
      $ % $ % $ % $ %
    Net Sales by Geography               
     Americas$26,627  68% $25,299  66% $82,024  68% $76,327  67%
     Europe, Middle East and Africa 9,922  25%  10,535  27%  31,165  26%  31,200  27%
     Asia Pacific 2,479  7%  2,534  7%  7,508  6%  7,394  6%
    Total Net Sales$39,028  100% $38,368  100% $120,697  100% $114,921  100%


    LEMAITRE VASCULAR, INC. (NASDAQ: LMAT)       
    NON-GAAP FINANCIAL MEASURES       
    (amounts in thousands)       
    (unaudited)       
              
              
    Reconciliation between GAAP and Non-GAAP sales growth:       
     For the three months ended September 30, 2022       
      Net sales as reported $39,028     
      Impact of currency exchange rate fluctuations  1,895     
          Adjusted net sales   $40,923    
              
     For the three months ended September 30, 2021       
      Net sales as reported $38,368     
          Adjusted net sales   $38,368    
              
      Adjusted net sales increase for the three months ended September 30, 2022 $2,555  7% 
              
              
    APAC sales growth reconciliation between GAAP and Non-GAAP:       
     For the three months ended September 30, 2022       
      Net sales as reported $2,479     
      Impact of currency exchange rate fluctuations  334     
         APAC adjusted net sales   $2,813    
              
     For the three months ended September 30, 2021       
      Net sales as reported $2,534     
          Adjusted net sales   $2,534    
              
      APAC adjusted net sales increase for the three months ended September 30, 2022 $279  11% 
              
              
    EMEA sales growth reconciliation between GAAP and Non-GAAP:       
     For the three months ended September 30, 2022       
      Net sales as reported $9,922     
      Impact of currency exchange rate fluctuations  1,486     
          EMEA adjusted net sales   $11,408    
              
     For the three months ended September 30, 2021       
      Net sales as reported $10,535     
          Adjusted net sales   $10,535    
              
      EMEA adjusted net sales increase for the three months ended September 30, 2022 $873  8% 
              
              
    Americas sales growth reconciliation between GAAP and Non-GAAP:       
     For the three months ended September 30, 2022       
      Net sales as reported $26,627     
      Impact of currency exchange rate fluctuations  74     
          Americas adjusted net sales   $26,701    
              
     For the three months ended September 30, 2021       
      Net sales as reported $25,299     
          Adjusted net sales   $25,299    
              
      Americas adjusted net sales increase for the three months ended September 30, 2022 $1,402  6% 
              
              
    Reconciliation between GAAP and Non-GAAP projected sales growth:       
     For the three months ending December 31, 2022       
      Net sales per guidance (midpoint) $41,000     
      Impact of currency exchange rate fluctuations  2,049     
          Adjusted projected net sales   $43,049    
              
     For the three months ended December 31, 2021       
      Net sales as reported $39,503     
          Adjusted net sales   $39,503    
              
      Adjusted projected net sales increase for the three months ending December 31, 2022 $3,546  9% 
              
              
    Reconciliation between GAAP and Non-GAAP projected sales growth:       
     For the year ending December 31, 2022       
      Net sales per guidance (midpoint) $161,697     
      Impact of currency exchange rate fluctuations  6,445     
          Adjusted projected net sales   $168,142    
              
     For the year ended December 31, 2021       
      Net sales as reported $154,424     
          Adjusted net sales   $154,424    
              
      Adjusted projected net sales increase for the year ending December 31, 2022 $13,718  9% 
              
              
    Reconciliation between GAAP and Non-GAAP projected operating income:      
     For the year ending December 31, 2022       
      Operating income per guidance (midpoint) $27,242     
      Impact of special charge  3,107     
          Adjusted projected operating income   $30,349    
              
     For the year ended December 31, 2021       
      Operating income as reported $36,425     
          Adjusted operating income   $36,425    
              
      Adjusted projected operating income decrease for the year ending December 31, 2022 $(6,076) -17% 
              
              
    Reconciliation between GAAP and Non-GAAP projected EPS:       
     For the year ending December 31, 2022       
      EPS per guidance (midpoint) $0.94     
      Impact of special charge $0.11     
          Adjusted EPS   $1.05    
              
     For the year ended December 31, 2021       
      EPS as reported $1.25     
          Adjusted EPS   $1.25    
              
      Adjusted projected EPS decrease for the year ending December 31, 2022 $(0.20) -16% 


    LEMAITRE VASCULAR, INC. (NASDAQ: LMAT)
    NON-GAAP FINANCIAL MEASURES
    (amounts in thousands)
    (unaudited)
           
           
      For the three months ended For the nine months ended LTM
      September 30, 2022 September 30, 2022 September 30, 2022
    Reconciliation between GAAP and Non-GAAP EBITDA     
     Net income as reported$5,456  $15,009  $21,184 
     Interest (income) expense, net (264)  (539)  (154)
     Amortization and depreciation expense 2,328   7,145   9,504 
     Provision for income taxes 692   4,683   6,413 
           
     EBITDA$8,212  $26,298  $36,947 
           

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