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LEMAITRE VASCULAR, INC.

(LMAT)
  Report
Delayed Nasdaq  -  04:00 2022-12-06 pm EST
45.46 USD   -1.20%
11/22LeMaitre to Present at Upcoming Investor Conferences
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11/08LEMAITRE VASCULAR INC Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)
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LeMaitre Vascular Announces Q4 2019 Financial Results

02/06/2020 | 04:06pm EST

BURLINGTON, Mass., Feb. 06, 2020 (GLOBE NEWSWIRE) -- LeMaitre Vascular, Inc. (Nasdaq:LMAT), a provider of vascular devices, implants and services, today reported Q4 2019 results, provided guidance, and announced a $0.095/share dividend.

Q4 2019 Results

  • Record sales of $30.2mm, +6% (flat organic) vs. Q4 2018
  • Operating income of $4.9mm, -31% (-12% excluding special items)
  • Net income of $4.6mm, -23% (+4% excluding special items)
  • Earnings of $0.23 per diluted share, -25% (+3% excluding special items)

The Company posted record sales in the Americas (+6%), while Europe/Middle East/Africa (+4%) and Asia/Pac (+20%) also contributed. Sales growth was led by biologic patches, embolectomy catheters and valvulotomes. 

Gross margin decreased to 66.0% in Q4 2019 (vs. 67.7% in Q4 2018) primarily due to sales mix, lower margin revenues from the two 2019 acquisitions and the strong US dollar.

Operating expenses in Q4 2019 were $15.0mm (+10% vs. Q4 2018 excluding special items) driven by acquisition-related expenses and sales compensation. The Q4 2018 special item related to a $1.6mm gain from the Cardial acquisition.

Chairman and CEO George LeMaitre said, “For the full year 2019, sales were up 11% (6% organic) and adjusted op. income was up 3%. Looking ahead to 2020, we’re guiding 10% sales growth and 17% op. income growth. This bottom line bounce is due to restrained 2020 op. expense growth of 6% and 10% sales growth.”

Business Outlook

 

  Guidance 
 Q1 2020 Sales$30.5mm - $31.7mm
(Midpoint: +9%)
 
 Q1 2020 Gross Margin66.3% 
 Q1 2020 Op. Income$3.8mm - $4.6mm
(Midpoint: -6%)
 
 Q1 2020 EPS$0.14 - $0.17
(Midpoint: -10%)
 
 2020 Sales$127.4mm - $130.8mm
(Midpoint: +10%)
 
 2020 Gross Margin67.4% 
 2020 Op. Income$23.6mm - $25.9mm
(Midpoint: +17%)
 
 2020 EPS$0.90 - $0.98
(Midpoint: +6%)
 
    

Quarterly Dividend

On January 30, 2020, the Company's Board of Directors approved a quarterly dividend of $0.095/share of common stock. The dividend will be paid on March 19, 2020 to shareholders of record on March 3, 2020.

Share Repurchase Program

On February 14, 2019, the Company's Board of Directors authorized the repurchase of up to $10.0mm of the Company’s common stock.  The repurchase program may be suspended or discontinued at any time and will conclude on February 14, 2020, unless extended by the Board.

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 844-239-5284 (+1 512-961-6497 for international callers), using passcode 2268685. 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, 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 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. 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 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 has also presented the percentage change in its Q4 2019 operating income, net income, earnings per share and operating expenses excluding “special items.”  That special item is the gain on the Company’s Q4 2018 acquisition.  Because acquisitions, divestitures and restructurings are episodic in nature and are highly variable to the Company’s results, the Company believes that evaluating its profitability net of such transactions and events provides an additional and meaningful assessment of profitability to management.

The Company has also presented the percentage change in its 2019 operating income on an “adjusted” basis.  The percentage change in the Company’s operating income from 2018 to 2019 on an adjusted basis excludes i) the impact of a 2019 restructuring charge and ii) the impact of gains on an acquisition and a divestiture in 2018.  Because acquisitions, divestitures and restructurings are episodic in nature and are highly variable to the Company’s results, the Company believes that evaluating its profitability net of such transactions and events provides an additional and meaningful assessment of profitability to management.

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 2020 and 2020 sales, gross margin, operating income and earnings per share. 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 of significant fluctuations in our quarterly and annual results due to numerous factors including the acceleration or deceleration of product growth rates; the risk that we may not be able to maintain our recent levels of profitability; risks related to the Company’s ability to attain or maintain regulatory approvals for its products; 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 the transition of manufacturing of an acquired product line to the Company; 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; the risk that the Company will not be successful in selling to a non-core call point; 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.

      
      
LEMAITRE VASCULAR, INC (NASDAQ: LMAT) 
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands) 
       
       
   December 31, 2019
 December 31, 2018
   (unaudited)  
Assets     
       
Current assets:     
 Cash and cash equivalents $11,786 $26,318
 Short-term marketable securities 20,894  21,668
 Accounts receivable, net 16,572  15,721
 Inventory and other deferred costs 39,526  27,388
 Prepaid expenses and other current assets 3,312  2,922
Total current assets 92,090  94,017
       
Property and equipment, net 14,854  14,102
Right-of-use leased assets 15,208  -
Goodwill 41,656  29,868
Other intangibles, net 23,188  13,692
Deferred tax assets 1,084  1,215
Other assets 259  194
       
Total assets $188,339 $153,088
       
       
Liabilities and stockholders' equity     
       
Current liabilities:     
 Accounts payable $2,604 $1,732
 Accrued expenses 14,021  15,847
 Acquisition-related obligations 2,476  2,179
 Lease liabilities - short-term 1,757  -
Total current liabilities 20,858  19,758
       
Lease liabilities - long-term 13,955  -
Deferred tax liabilities 1,173  484
Other long-term liabilities 4,210  2,611
Total liabilities 40,196  22,853
       
Stockholders' equity     
 Common stock 217  211
 Additional paid-in capital 105,934  98,442
 Retained earnings 57,031  45,831
 Accumulated other comprehensive loss (4,007)  (3,900)
 Treasury stock (11,032)  (10,349)
Total stockholders' equity 148,143  130,235 
       
Total liabilities and stockholders' equity $188,339 $153,088
       


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 year ended
  December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018
         
Net sales$30,170 $28,389  $117,232 $105,568 
Cost of sales 10,262  9,171   37,379  31,629 
         
Gross profit 19,908  19,218   79,853  73,939 
         
Operating expenses:       
 Sales and marketing 7,452  6,814   30,339  27,318 
 General and administrative 5,029  4,462   19,055  17,689 
 Research and development 2,499  2,347   9,276  8,197 
 Gains on divestiture and acquisition -  (1,598)  -  (7,474)
         
         
Total operating expenses 14,980  12,025   58,670  45,730 
         
Income from operations 4,928  7,193   21,183  28,209 
         
Other income:       
 Other income (loss), net 260  58   496  235 
         
Income before income taxes 5,188  7,251   21,679  28,444 
         
Provision for income taxes 575  1,226   3,745  5,501 
         
Net income$4,613 $6,025  $17,934 $22,943 
         
Earnings per share of common stock       
 Basic$0.23 $0.31  $0.91 $1.18 
 Diluted$0.23 $0.30  $0.88 $1.13 
         
Weighted - average shares outstanding:       
 Basic 20,054  19,596   19,813  19,426 
 Diluted 20,484  20,179   20,326  20,242 
         
         
Cash dividends declared per common share$0.085 $0.070  $0.340 $0.280 
         


LEMAITRE VASCULAR, INC (NASDAQ: LMAT)
SELECTED NET SALES INFORMATION
         
(amounts in thousands)
(unaudited)
                 
                 
  For the three months ended  For the year ended
  December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018
  $ % $ % $ % $ %
Net Sales by Geography               
 Americas$17,775 59% $16,764 59% $69,359 59% $63,649 60%
 Europe/Middle East/Africa 10,001 33%  9,634 34%  39,480 34%  35,319 34%
 Asia/Pacific Rim 2,394 8%  1,991 7%  8,393 7%  6,600 6%
Total Net Sales$30,170 100% $28,389 100% $117,232 100% $105,568 100%
                 


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 December 31, 2019      
  Net sales as reported $30,170     
  Impact of currency exchange rate fluctuations  250     
  Net impact of acquisitions excluding currency  (2,054)    
  Adjusted net sales   $28,366   
         
 For the three months ended December 31, 2018      
  Net sales as reported $28,389     
  Adjusted net sales   $28,389   
         
  Adjusted net sales increase for the three months ended December 31, 2019 $(23) -0%
         
         
Reconciliation between GAAP and Non-GAAP operating expense:      
 For the three months ended December 31, 2019      
  Operating expense as reported $14,980     
  Adjusted operating expense   $14,980   
         
 For the three months December 31, 2018      
  Operating expense as reported  12,025     
  Impact of gain on acquisition $1,598     
  Adjusted operating expense   $13,623   
         
  Adjusted increase in operating expense for the three months ended December 31, 2019 $1,357  10%
         
Reconciliation between GAAP and Non-GAAP operating income:      
 For the three months ended December 31, 2019      
  Operating income as reported $4,928     
  Adjusted operating income   $4,928   
         
 For the three months December 31, 2018      
  Operating income as reported  7,193     
  Impact of gain on acquisition $(1,598)    
  Adjusted operating income   $5,595   
         
  Adjusted decrease in operating income for the three months ended December 31, 2019 $(667) -12%
         
Reconciliation between GAAP and Non-GAAP net income:      
 For the three months ended December 31, 2019      
  Net income as reported $4,613     
  Adjusted net income   $4,613   
         
 For the three months December 31, 2018      
  Net income as reported  6,025     
  Impact of gain on acquisition $(1,598)    
  Adjusted net income   $4,427   
         
  Adjusted increase in net income for the three months ended December 31, 2019 $186  4%
         
Reconciliation between GAAP and Non-GAAP earnings per share:      
 For the three months ended December 31, 2019      
  Earnings per share as reported $0.23     
  Adjusted earnings per share   $0.23   
         
 For the three months December 31, 2018      
  Earnings per share as reported $0.30     
  Impact of gain on acquisition $(0.08)    
  Adjusted earnings per share   $0.22   
         
  Adjusted increase in earnings per share for the three months ended December 31, 2019 $0.01  3%
         
         
Reconciliation between GAAP and Non-GAAP sales growth:      
 For the year ended December 31, 2019      
  Net sales as reported $117,232     
  Impact of currency exchange rate fluctuations  2,306     
  Net impact of acquisitions excluding currency  (8,583)    
  Adjusted net sales   $110,955   
         
 For the year ended December 31, 2018      
  Net sales as reported $105,568     
  Net impact of divestitures excluding currency  (787)    
  Adjusted net sales   $104,781   
         
  Adjusted net sales increase for the year ended December 31, 2019   $6,174  6%
         
Reconciliation between GAAP and Non-GAAP operating income:      
 For the year ended December 31, 2019      
  Operating income as reported $21,183     
  Impact of restructuring charge  139     
  Adjusted operating income   $21,322   
         
 For the year ended December 31, 2018      
  Operating income as reported  28,209     
  Impact of gain on acquisition and divestiture $(7,474)    
  Adjusted operating income   $20,735   
         
  Adjusted increase in operating income for the year ended December 31, 2019 $587  3%
         
CONTACT: 
J.J. Pellegrino, CFO, LeMaitre Vascular
781-425-1691
jjpellegrino@lemaitre.com

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Financials (USD)
Sales 2022 162 M - -
Net income 2022 20,7 M - -
Net Debt 2022 - - -
P/E ratio 2022 48,9x
Yield 2022 1,10%
Capitalization 1 000 M 1 000 M -
Capi. / Sales 2022 6,18x
Capi. / Sales 2023 5,78x
Nbr of Employees 469
Free-Float 82,5%
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Technical analysis trends LEMAITRE VASCULAR, INC.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 8
Last Close Price 45,46 $
Average target price 58,83 $
Spread / Average Target 29,4%
EPS Revisions
Managers and Directors
George W. LeMaitre Chairman & Chief Executive Officer
David B. Roberts Chief Financial Officer
Joseph P. Pellegrino Chief Financial Officer, Secretary & Director
Jonathan W. Ngau Director-Information Technology
Ryan H. Connelly Vice President-Research & Development
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