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LeMaitre Vascular, Inc. (LMAT) Message Board

  • slcevalu8r slcevalu8r Oct 28, 2010 4:24 PM Flag

    Results Part 1

    LeMaitre Vascular Q3 2010 Sales $13.7mm (+6% Organic) and Record Op. Income $2.0mm
    4:05 pm ET 10/28/2010- GlobeNewswire
    BURLINGTON, Mass., Oct. 28, 2010 (GLOBE NEWSWIRE) -- LeMaitre Vascular, Inc. (Nasdaq:LMAT), a provider of peripheral vascular devices and implants, today announced Q3 2010 financial results. The Company posted sales of $13.7mm, a 76.1% gross margin and record operating income of $2.0mm. The Company increased its Q4 and full-year 2010 top- and bottom-line guidance. Separately, the Company announced the upcoming transfer of its polyester graft production to Burlington.

    Q3 2010 sales increased 6% on an organic basis and 2% as reported, versus Q3 2009. Vascular was up 15% organically, General Surgery increased 8% and Endovascular was down 13%. On a reported basis, Vascular was up 12%, General Surgery increased 1% and Endovascular was down 18%. Vascular accounted for 73% of sales, benefiting from strong valvulotome growth, higher ASPs and a larger domestic sales force.

    The Company reported a 76.1% gross margin in Q3 2010, up from 73.0% in Q3 2009. This increase was driven by manufacturing efficiencies, higher ASPs and a favorable mix (65% of Q3 2010 sales were in the Americas versus 58% in the prior year quarter).

    Q3 2010 operating income was a record $2.0mm versus $1.3mm in Q3 2009, resulting in a record 15% operating margin. Q3 2010 net income was a record $1.5mm or $0.09 per diluted share, versus $1.3mm, or $0.08 per diluted share in Q3 2009.

    At September 30, 2010, cash and marketable securities totaled $27.6mm. Excluding share repurchases, the Company's cash increased by $2.1mm during Q3 2010, the result of $1.5mm in net income and $0.6mm of depreciation, amortization and stock-based compensation.

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