LEMAITRE VASCULAR INC. Files 2023 Annual Report (10-K)

TL;DR

<b>LEMAITRE VASCULAR INC. filed its 2023 10-K report on February 29, 2024, detailing financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

LEMAITRE VASCULAR INC (LMAT) filed a Annual Report (10-K) with the SEC on February 29, 2024. Total revenue for the fiscal year ended December 31, 2023, was not explicitly stated but quarterly data suggests growth. The company operates in the Surgical & Medical Instruments & Apparatus industry. Key dates include the filing date of February 29, 2024, for the period ending December 31, 2023. Financial data for Q4 2023 and Q4 2022 are available, indicating revenue figures for these periods. The filing includes details on accumulated other comprehensive income for various periods from 2020 to 2023.

Why It Matters

For investors and stakeholders tracking LEMAITRE VASCULAR INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Lemaître Vascular's financial health, operational performance, and strategic direction for the fiscal year 2023, crucial for investors assessing the company's value and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's market position, competitive landscape, and potential challenges in the medical device sector.

Risk Assessment

Risk Level: medium — LEMAITRE VASCULAR INC shows moderate risk based on this filing. The company operates in the highly regulated medical device industry, facing risks related to product development, regulatory approvals, and market competition, as evidenced by the detailed risk factors section in the 10-K.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Lemaître Vascular's performance and potential challenges in the medical device market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-29 — Filing Date (Filed as of date)
• 001-33092 — SEC File Number (SEC file number)
• 3841 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• LEMAITRE VASCULAR INC. (company) — Filer name
• LMAT (company) — Ticker symbol
• BURLINGTON, MA (company) — Business and mailing address
• 781-221-2266 (dollar_amount) — Business phone number

FAQ

Risk Factors

• Regulatory Risks [high — regulatory]: The company is subject to extensive regulation by governmental agencies, which can impact product approval, marketing, and sales.
• Competition [medium — market]: The medical device market is highly competitive, with potential for new entrants and technological advancements that could affect market share.
• Supply Chain Disruptions [medium — operational]: Disruptions in the supply chain for raw materials or manufacturing processes could impact the company's ability to produce and deliver products.
• Revenue Concentration [medium — financial]: Reliance on a limited number of products or geographic regions could expose the company to significant financial risk if those areas underperform.

Key Dates

• 2024-02-29: 10-K Filing — Annual report filing for fiscal year 2023
• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value per share LMAT The Nasdaq
• $67.28 — ence to the last reported sale price of $67.28 per share as reported by The Nasdaq Glo
• $5 b — for peripheral vascular devices exceeds $5 billion, within which we estimate that th
• $800 million — arket for our products is approximately $800 million. We sell our products and services pri
• $5 billion — all peripheral vascular devices exceeds $5 billion. The disease encompasses a number of co
• $250 million — iche segments, which we define as under $250 million in annual worldwide revenue. We believe

Filing Documents

• lmat20231231_10k.htm (10-K) — 2466KB
• ex_629909.htm (EX-21.1) — 17KB
• ex_629910.htm (EX-23.1) — 3KB
• ex_629911.htm (EX-31.1) — 8KB
• ex_629912.htm (EX-31.2) — 8KB
• ex_629913.htm (EX-32.1) — 5KB
• ex_629914.htm (EX-32.2) — 5KB
• ex_630730.htm (EX-97.1) — 44KB
• graph1.jpg (GRAPHIC) — 74KB
• 0001437749-24-006037.txt (&nbsp;) — 11568KB
• lmat-20231231.xsd (EX-101.SCH) — 81KB
• lmat-20231231_def.xml (EX-101.DEF) — 569KB
• lmat-20231231_lab.xml (EX-101.LAB) — 481KB
• lmat-20231231_pre.xml (EX-101.PRE) — 627KB
• lmat-20231231_cal.xml (EX-101.CAL) — 67KB
• lmat20231231_10k_htm.xml (XML) — 2247KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 17 Item 1B. Unresolved Staff Comments 28 Item 1C. Cybersecurity 28 Item 2.

Properties

Properties 29 Item 3.

Legal Proceedings

Legal Proceedings 30 Item 4. Mine Safety Disclosures 30 PART II 31 Item 5. Market for Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31 Item 6. Reserved 33 Item 7. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 33 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 46 Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 46 Item 9A.

Controls and Procedures

Controls and Procedures 46 Item 9B. Other Information 49 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 49 PART III 49 Item 10. Directors, Executive Officers and Corporate Governance 49 Item 11.

Executive Compensation

Executive Compensation 49 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 49 Item 13. Certain Relationships and Related Transactions, and Director Independence 50 Item 14. Principal Accounting Fees and Services 50 PART IV 51 Item 15. Exhibits and Financial Statements Schedules 51 Item 16. Form 10-K Summary 55

SIGNATURES

SIGNATURES 56 3 Table of Contents PART I SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) that involve substantial risks and uncertainties, particularly risks related to the regulatory environment, our common stock, fluctuations in our quarterly and annual results, our ability to successfully integrate acquisitions into our business, and risks related to our business and industry generally, such as risks inherent in the process of developing and commercializing products and services that are safe and effective for use in the peripheral vascular disease market. All statements, other than statements of historical facts, included in this report regarding our strategy, future operations, future financial position, future net sales, gross margin expectations, projected costs, projected expenses, prospects and plans and objectives of management are forward-looking statements. The words "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "projects," "will," "would," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that the expectations underlying any of our forward-looking statements are reasonable, these expectations may prove to be incorrect, and all of these statements are subject to risks and uncertainties. Should one or more of these risks and uncertainties materialize, or should underlying assumptions, projections, or expectations prove incorrect, our actual results, performance, or financial condition may vary materially and adversely from those anticipated, estimated, or expected. No forward-looking statement can be guaranteed and actual results ma

Business

Business Overview LeMaitre Vascular is a global provider of medical devices and human tissue cryopreservation services largely used in the treatment of peripheral vascular disease, end-stage renal disease, and to a lesser extent cardiovascular disease. We develop, manufacture, and market devices to address the needs of vascular surgeons and, to a lesser degree, other specialties such as cardiac surgeons, general surgeons and neurosurgeons. Our diversified portfolio of devices consists of brand name products that are used in arteries and veins and are well known to vascular surgeons. Our principal product offerings are sold globally, primarily in the United States, Europe, Canada and Asia Pacific. We estimate that the annual worldwide market for peripheral vascular devices exceeds $5 billion, within which we estimate that the market for our products is approximately $800 million. We sell our products and services primarily through a direct sales force. As of December 31, 2023, our sales force comprised 136 sales representatives in North America, Europe and Asia Pacific, including three export managers. Our worldwide headquarters is located in Burlington, Massachusetts, and we also have North American sales offices in Chandler, Arizona and Vaughan, Canada. Our European headquarters is located in Sulzbach, Germany, and we also have European sales offices in Milan, Italy; Madrid, Spain; Hereford, England; and Dublin, Ireland. Our Asia Pacific headquarters is located in Singapore, and we also have Asia Pacific sales offices in Tokyo, Japan; Shanghai, China; Kensington, Australia; Seoul, Korea; and Bangkok, Thailand. During the year ended December 31, 2023, approximately 96% of our net sales were generated in territories in which we employ direct sales representatives. We also sell our products in other countries through distributors. 4 Table of Contents The Peripheral Vascular Disease Market Based on industry statistics, we estimate that peripheral vascular di

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View this 10-K filing on SEC EDGAR