LeMaitre Vascular Inc (LMAT) Reports 21% Sales Growth in Q3 2023
LeMaitre Vascular Inc (NASDAQ:LMAT) reported a 21% sales growth in Q3 2023, reaching $47.4 million.
The company's operating income increased by 49% to $9.2 million compared to Q3 2022.
LeMaitre Vascular Inc (NASDAQ:LMAT) announced a quarterly dividend of $0.14 per share.
The company's Board of Directors authorized a share repurchase program of up to $25.0 million.
LeMaitre Vascular Inc (NASDAQ:LMAT), a leading provider of vascular devices, implants, and services, released its Q3 2023 financial results on November 1, 2023. The company reported a 21% sales growth, reaching $47.4 million, compared to Q3 2022. The gross margin increased to 65.0% in Q3 2023, up from 64.2% in Q3 2022, primarily driven by price increases.
Financial Performance
LeMaitre Vascular Inc (NASDAQ:LMAT) reported a significant increase in its operating income, which rose by 49% to $9.2 million compared to Q3 2022. This growth was attributed to price increases, restrained operating expenses, and a return-to-hospital by patients and staff. The company's operating expenses grew by 14% year-over-year due to sales rep growth and higher commissions, as well as CE-related regulatory costs.
Key Financial Highlights
LeMaitre Vascular Inc (NASDAQ:LMAT) reported strong sales growth in Q3 2023, driven by a 22% increase in bovine patches, a 27% increase in valvulotomes, a 15% increase in bovine grafts, and a 24% increase in carotid shunts. Geographically, APAC sales increased by 30%, EMEA by 24%, and the Americas by 20%. The company's cash-on-hand stood at $97.0 million, providing safety and strategic optionality.
Dividend and Share Repurchase Program
LeMaitre Vascular Inc (NASDAQ:LMAT) announced a quarterly dividend of $0.14 per share, payable on November 30, 2023, to shareholders of record on November 16, 2023. Furthermore, the company's Board of Directors authorized a share repurchase program of up to $25.0 million, which may be suspended or discontinued at any time and will conclude on February 21, 2024, unless extended by the Board.
Business Outlook
For Q4 2023, the company expects sales to range between $48.0 million and $50.0 million, with a gross margin of 65.0%. The operating income is projected to be between $9.4 million and $10.7 million. For the full year 2023, the company expects sales to range between $192.6 million and $194.6 million, with a gross margin of 64.9%. The operating income is projected to be between $35.9 million and $37.2 million.
Financial Statements
The company's balance sheet as of September 30, 2023, shows total assets of $334.0 million, with total liabilities of $45.4 million and total stockholders' equity of $288.6 million. The income statement for the three months ended September 30, 2023, shows net income of $7.5 million, with earnings per share of common stock at $0.33.
Explore the complete 8-K earnings release (here) from LeMaitre Vascular Inc for further details.
This article first appeared on GuruFocus.
