false
0001158895
0001158895
2024-08-01
2024-08-01
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 1, 2024
LeMaitre Vascular, Inc.
(Exact name of registrant as specified in its charter)
Commission File Number: 001-33092
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(State or other jurisdiction of
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(IRS Employer
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incorporation)
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Identification No.)
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63 Second Avenue
Burlington, MA 01803
(Address of principal executive offices, including zip code)
781-221-2266
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Exchange Act:
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Title of each class
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Trading symbol
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Name of exchange on which registered
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Common stock, $0.01 par value per share
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LMAT
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The Nasdaq Global Market
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Indicate by checkmark whether the company is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On August 1, 2024, LeMaitre Vascular, Inc. (the “Company”) issued a press release regarding its preliminary financial and operational results for the quarter ended June 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Report.
The information in this Item 2.02, including Exhibit 99.1 attached hereto, is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.
Disclaimer on Forward-Looking Statements
This current report on Form 8-K contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Statements regarding the Company’s business that are not historical facts may be “forward-looking statements” that involve risks and uncertainties. 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 predicted. These risks and uncertainties include risks and uncertainties included under the heading “Risk Factors” in the Company’s most recent Annual Report on Form 10-K, as updated by its subsequent filings with the SEC, all of which are 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.
Item 9.01. Financial Statements and Exhibits.
The following exhibits are furnished or filed as part of this Report, as applicable:
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Exhibit No.
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Description
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99.1
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| 104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Signature(s)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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LeMaitre Vascular, Inc.
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Date: August 1, 2024
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By:
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Joseph P. Pellegrino, Jr.
/s/ JOSEPH P. PELLEGRINO, JR.
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Joseph P. Pellegrino, Jr.
Chief Financial Officer
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Exhibit Index
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Exhibit No.
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Description
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99.1
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Press release issued by LeMaitre Vascular, Inc. on August 1, 2024.
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| 104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Exhibit 99.1
LeMaitre Q2 2024 Financial Results
BURLINGTON, MA, August 1, 2024 - LeMaitre (Nasdaq:LMAT), a provider of vascular devices, implants and services, today reported Q2 2024 results, announced a $0.16/share quarterly dividend and provided guidance.
Q2 2024 Financial Results
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●
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Sales $55.8mm, +11% (+12% organic) vs. Q2 2023
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●
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Gross margin 68.9%, +490 bps
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●
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Op. income $14.4mm, +52%
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●
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Net income $11.8mm, +46%
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●
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Earnings per diluted share $0.52, +44%
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●
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Cash up $4.8mm sequentially to $113.1mm
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Allografts (+30%), bovine patches (+12%) and carotid shunts (+22%) led Q2 sales growth. APAC sales increased 20%, EMEA 13% and the Americas 10%.
The gross margin increased to 68.9% (vs. 64.0% in Q2 2023), driven by manufacturing efficiencies and higher average selling prices.
Operating income of $14.4mm was up 52% vs. Q2 2023. Operating expenses grew 6% year-over-year due to restrained headcount growth and reduced regulatory spending. 144 sales reps were on staff at quarter end.
Chairman/CEO George LeMaitre said “2024 is shaping up to be another year of healthy sales and profit growth. Increased guidance now implies a 23% op. margin in 2024, vs. 19% in 2023.”
Business Outlook
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Q3 2024 Guidance
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Full Year 2024 Guidance
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Sales
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$52.7mm - $54.7mm
(Mid: $53.7mm, +13%, +14% Org.)
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$216.8mm - $220.8mm
(Mid: $218.8mm, +13%, + 13% Org.)
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Gross Margin
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68.0%
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68.4%
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Op. Income
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$11.3mm - $12.7mm
(Mid: $12.0mm, +31%)
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$49.7mm - $52.5mm
(Mid $51.1mm, +39%)
(Mid: $51.1mm, +37% Ex-Special)*
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Op. Margin (Mid)
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22%
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23%
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EPS
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$0.42 - $0.46
(Mid: $0.44, +32%)
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$1.82 - $1.91
(Mid: $1.86, +39%)
(Mid: $1.86, +37% Ex-Special)*
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*Special charges in 2023 were related to the St. Etienne factory closure.
Quarterly Dividend
On July 25, 2024, the Company's Board of Directors approved a quarterly dividend of $0.16/share of common stock. The dividend will be paid on August 29, 2024, to shareholders of record on August 15, 2024.
Share Repurchase Program
On February 21, 2024, the Company's Board of Directors authorized the repurchase of up to $50.0mm of the Company’s common stock. The repurchase program may be suspended or discontinued at any time and will conclude on February 21, 2025, unless extended by the Board.
Conference Call Reminder
Management will conduct a conference call at 5:00pm ET today. The conference call will be broadcast live over the Internet. Individuals interested in listening to the webcast can log on to the Company's website at www.lemaitre.com/investor. Access to the live call is available by registering online here. All registrants will receive dial-in information and a PIN allowing them to access the live call. The audio webcast can also be accessed live or via replay through a webcast at www.lemaitre.com/investor. 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
LeMaitre 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 is a registered trademark of LeMaitre Vascular, Inc. This press release may include other trademarks and trade names of the Company.
For more information about the Company, please visit www.lemaitre.com.
Use of Non-GAAP Financial Measures
LeMaitre management believes that in order to better understand the Company's short- 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, including EBITDA. This press release also provides guidance for operating income and EPS excluding the special charge relating to the closure of our St. Etienne factory and revenue related to the Aziyo distribution agreement. The Company refers to the calculation of non-GAAP sales growth percentages as "organic." The Company analyzes non-GAAP sales on a constant currency basis, net of acquisitions and other non-recurring events, and the aforementioned non-GAAP profitability measures 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, factory closures, 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 believes that the presentation of guidance described above for sales, operating income and EPS provides an alternative and meaningful view of the Company’s profitability.
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. 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, companies that develop products or services that may impact the use of our products such as drugs to treat diabetes or weight loss; the risks from competition from other companies; the status of our global regulatory approvals and compliance with regulatory requirements to market and sell our products both in the U.S. and outside of the U.S.; risks related to product demand and market acceptance of the Company’s products and pricing; risks from implementing a new enterprise resource planning system; the risk of significant fluctuations in our quarterly and annual results due to numerous factors; the risk that we may not be able to maintain our recent levels of profitability; our reliance on sole source suppliers; disruptions or breaches of information technology systems; 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; the acceleration or deceleration of product growth rates; 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 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.
CONTACT:
J.J. Pellegrino, CFO, LeMaitre
781-425-1691
jjpellegrino@lemaitre.com
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LEMAITRE VASCULAR, INC. (NASDAQ: LMAT)
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CONDENSED CONSOLIDATED BALANCE SHEETS
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(amounts in thousands)
|
| |
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June 30, 2024
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|
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December 31, 2023
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(unaudited)
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|
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Assets
|
|
|
|
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|
|
|
|
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|
|
|
|
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|
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Current assets:
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|
|
|
|
|
|
|
|
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Cash and cash equivalents
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|
$ |
22,268 |
|
|
$ |
24,269 |
|
|
Short-term marketable securities
|
|
|
90,831 |
|
|
|
80,805 |
|
|
Accounts receivable, net
|
|
|
30,822 |
|
|
|
25,064 |
|
|
Inventory and other deferred costs
|
|
|
63,673 |
|
|
|
58,080 |
|
|
Prepaid expenses and other current assets
|
|
|
5,217 |
|
|
|
6,380 |
|
|
Total current assets
|
|
|
212,811 |
|
|
|
194,598 |
|
| |
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
23,117 |
|
|
|
21,754 |
|
|
Right-of-use leased assets
|
|
|
17,294 |
|
|
|
18,027 |
|
|
Goodwill
|
|
|
65,945 |
|
|
|
65,945 |
|
|
Other intangibles, net
|
|
|
38,767 |
|
|
|
41,711 |
|
|
Deferred tax assets
|
|
|
1,028 |
|
|
|
1,003 |
|
|
Other assets
|
|
|
4,117 |
|
|
|
3,740 |
|
| |
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ |
363,079 |
|
|
$ |
346,778 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$ |
1,995 |
|
|
$ |
3,734 |
|
|
Accrued expenses
|
|
|
20,785 |
|
|
|
23,650 |
|
|
Acquisition-related obligations
|
|
|
75 |
|
|
|
24 |
|
|
Lease liabilities - short-term
|
|
|
2,591 |
|
|
|
2,471 |
|
|
Total current liabilities
|
|
|
25,446 |
|
|
|
29,879 |
|
| |
|
|
|
|
|
|
|
|
|
Lease liabilities - long-term
|
|
|
15,818 |
|
|
|
16,624 |
|
|
Deferred tax liabilities
|
|
|
104 |
|
|
|
107 |
|
|
Other long-term liabilities
|
|
|
2,179 |
|
|
|
2,268 |
|
|
Total liabilities
|
|
|
43,547 |
|
|
|
48,878 |
|
| |
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
240 |
|
|
|
239 |
|
|
Additional paid-in capital
|
|
|
208,689 |
|
|
|
200,755 |
|
|
Retained earnings
|
|
|
129,961 |
|
|
|
115,430 |
|
|
Accumulated other comprehensive loss
|
|
|
(5,094 |
) |
|
|
(4,625 |
) |
|
Treasury stock
|
|
|
(14,264 |
) |
|
|
(13,899 |
) |
|
Total stockholders' equity
|
|
|
319,532 |
|
|
|
297,900 |
|
| |
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$ |
363,079 |
|
|
$ |
346,778 |
|
|
LEMAITRE VASCULAR, INC. (NASDAQ: LMAT)
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CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
|
|
(amounts in thousands, except per share amounts)
|
|
(unaudited)
|
| |
|
For the three months ended
|
|
|
For the six months ended
|
|
| |
|
June 30, 2024
|
|
|
June 30, 2023
|
|
|
June 30, 2024
|
|
|
June 30, 2023
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$ |
55,849 |
|
|
$ |
50,115 |
|
|
$ |
109,327 |
|
|
$ |
97,190 |
|
|
Cost of sales
|
|
|
17,381 |
|
|
|
18,029 |
|
|
|
34,194 |
|
|
|
34,221 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
38,468 |
|
|
|
32,086 |
|
|
|
75,133 |
|
|
|
62,969 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
|
10,984 |
|
|
|
10,216 |
|
|
|
22,670 |
|
|
|
21,113 |
|
|
General and administrative
|
|
|
8,820 |
|
|
|
7,722 |
|
|
|
17,833 |
|
|
|
15,654 |
|
|
Research and development
|
|
|
4,284 |
|
|
|
4,516 |
|
|
|
8,376 |
|
|
|
8,391 |
|
|
Restructuring
|
|
|
- |
|
|
|
180 |
|
|
|
- |
|
|
|
485 |
|
|
Total operating expenses
|
|
|
24,088 |
|
|
|
22,634 |
|
|
|
48,879 |
|
|
|
45,643 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
14,380 |
|
|
|
9,452 |
|
|
|
26,254 |
|
|
|
17,326 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
1,137 |
|
|
|
682 |
|
|
|
2,138 |
|
|
|
1,250 |
|
|
Foreign currency gain (loss)
|
|
|
(11 |
) |
|
|
185 |
|
|
|
(89 |
) |
|
|
(240 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
15,506 |
|
|
|
10,319 |
|
|
|
28,303 |
|
|
|
18,336 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
3,680 |
|
|
|
2,221 |
|
|
|
6,590 |
|
|
|
4,198 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ |
11,826 |
|
|
$ |
8,098 |
|
|
$ |
21,713 |
|
|
$ |
14,138 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share of common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$ |
0.53 |
|
|
$ |
0.36 |
|
|
$ |
0.97 |
|
|
$ |
0.64 |
|
|
Diluted
|
|
$ |
0.52 |
|
|
$ |
0.36 |
|
|
$ |
0.96 |
|
|
$ |
0.63 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted - average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
22,458 |
|
|
|
22,213 |
|
|
|
22,412 |
|
|
|
22,162 |
|
|
Diluted
|
|
|
22,725 |
|
|
|
22,451 |
|
|
|
22,657 |
|
|
|
22,371 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per common share
|
|
$ |
0.16 |
|
|
$ |
0.14 |
|
|
$ |
0.32 |
|
|
$ |
0.28 |
|
|
LEMAITRE VASCULAR, INC. (NASDAQ: LMAT)
|
|
SELECTED NET SALES INFORMATION
|
|
(amounts in thousands)
|
|
(unaudited)
|
| |
|
For the three months ended
|
|
|
For the six months ended
|
|
| |
|
June 30, 2024
|
|
|
June 30, 2023
|
|
|
June 30, 2024
|
|
|
June 30, 2023
|
|
| |
|
$
|
|
|
%
|
|
|
$
|
|
|
%
|
|
|
$
|
|
|
%
|
|
|
$
|
|
|
%
|
|
|
Net Sales by Geography
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
$ |
36,907 |
|
|
|
66 |
% |
|
$ |
33,507 |
|
|
|
67 |
% |
|
$ |
72,152 |
|
|
|
66 |
% |
|
$ |
65,633 |
|
|
|
67 |
% |
|
Europe, Middle East and Africa
|
|
|
15,298 |
|
|
|
27 |
% |
|
|
13,580 |
|
|
|
27 |
% |
|
|
29,693 |
|
|
|
27 |
% |
|
|
25,857 |
|
|
|
27 |
% |
|
Asia Pacific
|
|
|
3,644 |
|
|
|
7 |
% |
|
|
3,028 |
|
|
|
6 |
% |
|
|
7,482 |
|
|
|
7 |
% |
|
|
5,700 |
|
|
|
6 |
% |
|
Total Net Sales
|
|
$ |
55,849 |
|
|
|
100 |
% |
|
$ |
50,115 |
|
|
|
100 |
% |
|
$ |
109,327 |
|
|
|
100 |
% |
|
$ |
97,190 |
|
|
|
100 |
% |
|
LEMAITRE VASCULAR, INC. (NASDAQ: LMAT)
|
|
NON-GAAP FINANCIAL MEASURES
|
|
(amounts in thousands)
|
|
(unaudited)
|
| |
|
For the three months ended
|
|
|
For the six months ended
|
|
| |
|
June 30, 2024
|
|
|
June 30, 2023
|
|
|
June 30, 2024
|
|
|
June 30, 2023
|
|
|
Reconciliation between GAAP and Non-GAAP EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income as reported
|
|
$ |
11,826 |
|
|
$ |
8,098 |
|
|
$ |
21,713 |
|
|
$ |
14,138 |
|
|
Interest income
|
|
|
(1,137 |
) |
|
|
(682 |
) |
|
|
(2,138 |
) |
|
|
(1,250 |
) |
|
Amortization and depreciation expense
|
|
|
2,384 |
|
|
|
2,326 |
|
|
|
4,766 |
|
|
|
4,677 |
|
|
Provision for income taxes
|
|
|
3,680 |
|
|
|
2,221 |
|
|
|
6,590 |
|
|
|
4,198 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$ |
16,753 |
|
|
$ |
11,963 |
|
|
$ |
30,931 |
|
|
$ |
21,763 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA percentage increase
|
|
|
|
|
|
|
40 |
% |
|
|
|
|
|
|
42 |
% |
|
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 June 30, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales as reported
|
|
$ |
55,849 |
|
|
|
|
|
|
|
|
|
|
Net distribution sales (non-organic)
|
|
|
(348 |
) |
|
|
|
|
|
|
|
|
|
Impact of currency exchange rate fluctuations
|
|
|
394 |
|
|
|
|
|
|
|
|
|
|
Adjusted net sales
|
|
|
|
|
|
$ |
55,895 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended June 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales as reported
|
|
$ |
50,115 |
|
|
|
|
|
|
|
|
|
|
Adjusted net sales
|
|
|
|
|
|
$ |
50,115 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net sales increase for the three months ended June 30, 2024
|
|
|
|
|
|
$ |
5,780 |
|
|
|
12 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation between GAAP and Non-GAAP projected sales growth:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ending September 30, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales per guidance (midpoint)
|
|
$ |
53,710 |
|
|
|
|
|
|
|
|
|
|
Impact of currency exchange rate fluctuations
|
|
|
238 |
|
|
|
|
|
|
|
|
|
|
Adjusted projected net sales
|
|
|
|
|
|
$ |
53,948 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended September 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales as reported
|
|
$ |
47,411 |
|
|
|
|
|
|
|
|
|
|
Adjusted net sales
|
|
|
|
|
|
$ |
47,411 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted projected net sales increase for the three months ending September 30, 2024
|
|
|
|
|
|
$ |
6,537 |
|
|
|
14 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation between GAAP and Non-GAAP projected sales growth:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ending December 31, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales per guidance (midpoint)
|
|
$ |
218,847 |
|
|
|
|
|
|
|
|
|
|
Net distribution sales (non-organic)
|
|
|
(1,612 |
) |
|
|
|
|
|
|
|
|
|
Impact of currency exchange rate fluctuations
|
|
|
450 |
|
|
|
|
|
|
|
|
|
|
Adjusted projected net sales
|
|
|
|
|
|
$ |
217,685 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales as reported
|
|
$ |
193,484 |
|
|
|
|
|
|
|
|
|
|
Adjusted net sales
|
|
|
|
|
|
$ |
193,484 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted projected net sales increase for the year ending December 31, 2024
|
|
|
|
|
|
$ |
24,201 |
|
|
|
13 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation between GAAP and Non-GAAP projected operating income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ending December 31, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income per guidance (midpoint)
|
|
$ |
51,096 |
|
|
|
|
|
|
|
|
|
|
Adjusted projected operating income
|
|
|
|
|
|
$ |
51,096 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income as reported
|
|
$ |
36,712 |
|
|
|
|
|
|
|
|
|
|
Impact of special charge
|
|
|
485 |
|
|
|
|
|
|
|
|
|
|
Adjusted operating income
|
|
|
|
|
|
$ |
37,197 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted projected operating income increase for the year ending December 31, 2024
|
|
|
|
|
|
$ |
13,899 |
|
|
|
37 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation between GAAP and Non-GAAP projected EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ending December 31, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS per guidance (midpoint)
|
|
$ |
1.86 |
|
|
|
|
|
|
|
|
|
|
Adjusted EPS
|
|
|
|
|
|
$ |
1.86 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS as reported
|
|
$ |
1.34 |
|
|
|
|
|
|
|
|
|
|
Impact of special charge
|
|
|
0.02 |
|
|
|
|
|
|
|
|
|
|
Adjusted EPS
|
|
|
|
|
|
$ |
1.36 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted projected EPS increase for the year ending December 31, 2024
|
|
|
|
|
|
$ |
0.50 |
|
|
|
37 |
% |
v3.24.2.u1
Document And Entity Information
|
Aug. 01, 2024 |
| Document Information [Line Items] |
|
| Entity, Registrant Name |
LeMaitre Vascular, Inc.
|
| Document, Type |
8-K
|
| Document, Period End Date |
Aug. 01, 2024
|
| Entity, File Number |
001-33092
|
| Entity, Incorporation, State or Country Code |
DE
|
| Entity, Tax Identification Number |
04-2825458
|
| Entity, Address, Address Line One |
63 Second Avenue
|
| Entity, Address, City or Town |
Burlington
|
| Entity, Address, State or Province |
MA
|
| Entity, Address, Postal Zip Code |
01803
|
| City Area Code |
781
|
| Local Phone Number |
221-2266
|
| Written Communications |
false
|
| Soliciting Material |
false
|
| Pre-commencement Tender Offer |
false
|
| Pre-commencement Issuer Tender Offer |
false
|
| Title of 12(b) Security |
Common stock
|
| Trading Symbol |
LMAT
|
| Security Exchange Name |
NASDAQ
|
| Entity, Emerging Growth Company |
false
|
| Amendment Flag |
false
|
| Entity, Central Index Key |
0001158895
|
| X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
| Name: |
dei_AmendmentFlag |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
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|
| X |
- Definition
+ References
+ Details
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dei_EntityAddressCityOrTown |
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dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
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na |
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duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
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duration |
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| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
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|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
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dei_EntityCentralIndexKey |
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dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
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duration |
|
| X |
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-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
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dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
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dei:fileNumberItemType |
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- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
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duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
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dei_EntityRegistrantName |
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-Section 12
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| X |
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-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
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dei_SolicitingMaterial |
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dei_ |
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| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
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dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
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|
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