LeMaitre Vascular, Inc. Q1 2017 Record Sales $24.1 mm (+19%), Net Income $3.2 mm (+49%)

BURLINGTON, Mass., April 26, 2017 (GLOBE NEWSWIRE) -- LeMaitre Vascular, Inc. (Nasdaq:LMAT), a provider of vascular devices, implants and services, today reported Q1 2017 results, provided guidance, and announced a $0.055/share dividend.

Q1 2017 Results

• Record sales of $24.1mm, +19% vs. Q1 2016
• Operating income of $4.2mm vs. $3.3mm, +27%
• Net income of $3.2mm vs. $2.2mm, +49%
• Earnings of $0.16 per diluted share vs. $0.11, +42%
• EBITDA of $5.2mm vs. $4.1mm, +26%
• Cash & equivalents up $1.5mm during the quarter to $25.8mm

Q1 2017 sales of $24.1mm increased 19% (+13% organic) vs. Q1 2016.  XenoSure, RestoreFlow and AnastoClip led growth.  Sales in the Americas were up 26% while international sales increased 9%. 

Gross margin increased to 71.9% in Q1 2017 from 70.9% in Q1 2016, primarily due to manufacturing efficiencies.

Operating expenses in Q1 2017 were $13.2mm, a 19% increase vs. the year-earlier quarter driven by acquisition-related costs and professional fees. The Company ended the quarter with 95 sales reps vs. 92 at the end of Q1 2016.

George W. LeMaitre, Chairman and CEO said, “We continue to pursue 10% annual reported sales growth and 20% annual operating income growth.”