LeMaitre Vascular, Inc. Q3 2014 Sales $17.5mm (+14%) ; Op. Income $1.9mm (+139%)
BURLINGTON, Mass., Oct. 28, 2014 (GLOBE NEWSWIRE) -- LeMaitre Vascular, Inc. (Nasdaq:LMAT) today reported Q3 2014 results, provided guidance and announced a $0.035/share dividend.
Q3 2014 sales were $17.5mm, a 14% year-over-year increase driven by valvulotomes, XenoSure and Trivex (acquired August 2013). International sales grew 18% and the Americas increased 12%. Unit sales were up 9% and organic sales growth was 12%.
Gross margin of 68.6% in Q3 2014 was down from 70.0% in Q3 2013, driven largely by unfavorable geographic and product mix.
Q3 2014 operating income grew 139% to $1.9mm from $0.8mm in Q3 2013. Net income grew to $0.9mm from $0.7mm in Q3 2013. EPS was $0.05 in both periods.
Cash and marketable securities declined by $5.1mm from $23.5mm at June 30, 2014 to $18.4mm at September 30, 2014, largely due to $7.0mm of acquisition-related payments. This decline was partially offset by cash generated from operations. EBITDA was $2.7mm in Q3 2014 versus $1.5mm in the year-earlier quarter.
George W. LeMaitre, Chairman and CEO commented, "14% sales growth and 2014 cost-cutting combined to produce an 11% op. margin in Q3. During the quarter we broadened our product portfolio by acquiring Omniflow II & an angioscope. We also launched the Hydro valvulotome worldwide. In Q3 we continued to build out our Asia/Pacific Rim operations by opening a Shanghai office. We now have eight sales offices: Burlington, Frankfurt, Tokyo, Milan, Madrid, Melbourne, Toronto and Shanghai."
Quarterly Dividend
On October 23, 2014, the Company's Board of Directors approved a quarterly dividend of $0.035/share of common stock. The dividend will be paid December 4, 2014 to shareholders of record on November 20, 2014.
Omniflow II Acquisition
On August 14, 2014, the Company acquired Xenotis, manufacturer of the Omniflow II biological graft for peripheral bypass and dialysis access. Total consideration for 100% of Xenotis' shares was $6.7 million, with $5.1 million paid at the closing. The Company also assumed bank debt of $1.1 million. In its fiscal year ended June 30, 2014, Xenotis broke even on sales of $2.3 million. The Company expects Omniflow II sales of $3.0mm in 2015.
Angioscope Acquisition
On September 17, 2014 the Company acquired the angioscope product line from Applied Medical for $420,000. Last 12 months' sales of the device were estimated to be $350,000. Angioscopes are fiber optic catheters, often used for visualization during in situ bypass with a valvulotome. The Company expects angioscope sales of $0.5mm in 2015.
Business Outlook
The Company expects Q4 2014 record sales of $18.9mm (+5% vs. Q4 2013) and record operating income of $2.1mm (+80% vs Q4 2013). This implies a Q4 2014 operating margin of 11%. The Company increased its 2014 sales guidance to $71.3mm (+10% vs. 2013) and increased its 2014 operating income guidance to $5.7mm (+26% vs. 2013). This implies a 2014 operating margin of 8%. Included in the $18.9mm Q4 2014 guidance is $0.5mm of revenues from the two recent acquisitions.
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 2014. 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 800-510-9691 (+1 617-614-3453 for international callers), using pass-code 24494455. For individuals unable to join the live conference call, a replay will be available on the Company's website.
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Q3 2014 sales were $17.5mm, a 14% year-over-year increase driven by valvulotomes, XenoSure and Trivex (acquired August 2013). International sales grew 18% and the Americas increased 12%. Unit sales were up 9% and organic sales growth was 12%.
Gross margin of 68.6% in Q3 2014 was down from 70.0% in Q3 2013, driven largely by unfavorable geographic and product mix.
Q3 2014 operating income grew 139% to $1.9mm from $0.8mm in Q3 2013. Net income grew to $0.9mm from $0.7mm in Q3 2013. EPS was $0.05 in both periods.
Cash and marketable securities declined by $5.1mm from $23.5mm at June 30, 2014 to $18.4mm at September 30, 2014, largely due to $7.0mm of acquisition-related payments. This decline was partially offset by cash generated from operations. EBITDA was $2.7mm in Q3 2014 versus $1.5mm in the year-earlier quarter.
George W. LeMaitre, Chairman and CEO commented, "14% sales growth and 2014 cost-cutting combined to produce an 11% op. margin in Q3. During the quarter we broadened our product portfolio by acquiring Omniflow II & an angioscope. We also launched the Hydro valvulotome worldwide. In Q3 we continued to build out our Asia/Pacific Rim operations by opening a Shanghai office. We now have eight sales offices: Burlington, Frankfurt, Tokyo, Milan, Madrid, Melbourne, Toronto and Shanghai."
Quarterly Dividend
On October 23, 2014, the Company's Board of Directors approved a quarterly dividend of $0.035/share of common stock. The dividend will be paid December 4, 2014 to shareholders of record on November 20, 2014.
Omniflow II Acquisition
On August 14, 2014, the Company acquired Xenotis, manufacturer of the Omniflow II biological graft for peripheral bypass and dialysis access. Total consideration for 100% of Xenotis' shares was $6.7 million, with $5.1 million paid at the closing. The Company also assumed bank debt of $1.1 million. In its fiscal year ended June 30, 2014, Xenotis broke even on sales of $2.3 million. The Company expects Omniflow II sales of $3.0mm in 2015.
Angioscope Acquisition
On September 17, 2014 the Company acquired the angioscope product line from Applied Medical for $420,000. Last 12 months' sales of the device were estimated to be $350,000. Angioscopes are fiber optic catheters, often used for visualization during in situ bypass with a valvulotome. The Company expects angioscope sales of $0.5mm in 2015.
Business Outlook
The Company expects Q4 2014 record sales of $18.9mm (+5% vs. Q4 2013) and record operating income of $2.1mm (+80% vs Q4 2013). This implies a Q4 2014 operating margin of 11%. The Company increased its 2014 sales guidance to $71.3mm (+10% vs. 2013) and increased its 2014 operating income guidance to $5.7mm (+26% vs. 2013). This implies a 2014 operating margin of 8%. Included in the $18.9mm Q4 2014 guidance is $0.5mm of revenues from the two recent acquisitions.
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 2014. 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 800-510-9691 (+1 617-614-3453 for international callers), using pass-code 24494455. For individuals unable to join the live conference call, a replay will be available on the Company's website.
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