LEMAITRE VASCULAR INC Files 10-Q for Q1 2024

TL;DR

<b>LEMAITRE VASCULAR INC reported $51.3 million in revenue and $10.5 million in net income for Q1 2024.</b>

AI Summary

LEMAITRE VASCULAR INC (LMAT) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Revenue for the three months ended March 31, 2024, was $51.3 million. Net income for the three months ended March 31, 2024, was $10.5 million. Earnings per share (EPS) for the three months ended March 31, 2024, was $0.37. Research and Development expenses were $4.7 million for Q1 2024, compared to $4.3 million for Q1 2023. Selling and Marketing expenses were $15.3 million for Q1 2024, compared to $14.1 million for Q1 2023.

Why It Matters

For investors and stakeholders tracking LEMAITRE VASCULAR INC, this filing contains several important signals. Increased R&D spending suggests a focus on future product development and innovation. Higher selling and marketing expenses indicate an effort to expand market reach and sales.

Risk Assessment

Risk Level: low — LEMAITRE VASCULAR INC shows low risk based on this filing. The company has a history of consistent revenue growth and profitability, with no significant negative trends identified in this filing.

Analyst Insight

Consider LMAT for investment given its steady financial performance and strategic investments in growth areas.

Financial Highlights

revenue

51.3

net Income

10.5

eps

0.37

Revenue Breakdown

Key Numbers

• 51.3 — Revenue (Q1 2024 (in millions USD))
• 10.5 — Net Income (Q1 2024 (in millions USD))
• 0.37 — EPS (Q1 2024 (in USD))
• 4.7 — R&D Expenses (Q1 2024 (in millions USD))
• 15.3 — Selling and Marketing Expenses (Q1 2024 (in millions USD))

Key Players & Entities

• LEMAITRE VASCULAR INC (company) — Filer
• 2024-03-31 (date) — End of reporting period
• $51.3 million (dollar_amount) — Revenue for Q1 2024
• $10.5 million (dollar_amount) — Net income for Q1 2024
• $0.37 (dollar_amount) — EPS for Q1 2024
• $4.7 million (dollar_amount) — R&D expenses for Q1 2024
• $15.3 million (dollar_amount) — Selling and Marketing expenses for Q1 2024

FAQ

Industry Context

Lemaitre Vascular operates in the medical device industry, specifically focusing on vascular and cardiovascular surgical products.

Regulatory Implications

The filing is a standard 10-Q quarterly report, adhering to SEC regulations for public companies.

What Investors Should Do

1. Analyze the year-over-year growth in revenue and net income.
2. Evaluate the efficiency of increased R&D and S&M spending.
3. Monitor future filings for trends in product development and market expansion.

Key Dates

• 2024-03-31: Quarter End — Reporting period for Q1 2024 financial results
• 2024-05-10: Filing Date — Date the 10-Q was filed with the SEC

Year-Over-Year Comparison

This filing covers the first quarter of 2024, providing updated financial figures compared to previous periods.

Key Financial Figures

• $0.01 — nge on which registered Common stock, $0.01 par value per share LMAT The Nasdaq

Filing Documents

• lmat20240331_10q.htm (10-Q) — 1110KB
• ex_667568.htm (EX-31.1) — 8KB
• ex_667567.htm (EX-31.2) — 8KB
• ex_667566.htm (EX-32.1) — 5KB
• ex_667565.htm (EX-32.2) — 5KB
• 0001437749-24-015899.txt (&nbsp;) — 5769KB
• lmat-20240331.xsd (EX-101.SCH) — 59KB
• lmat-20240331_def.xml (EX-101.DEF) — 350KB
• lmat-20240331_lab.xml (EX-101.LAB) — 286KB
• lmat-20240331_pre.xml (EX-101.PRE) — 389KB
• lmat-20240331_cal.xml (EX-101.CAL) — 43KB
• lmat20240331_10q_htm.xml (XML) — 917KB

Financial Statements

Financial Statements 4 Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 4 Unaudited Consolidated Statements of Operations for the three-month periods ended March 31, 2024 and 2023 5 Unaudited Consolidated Statements of Comprehensive Income for the three-month periods ended March 31, 2024 and 2023 6 Unaudited Consolidated Statements of Stockholders ' Equity for the three-month periods ended March 31, 2024 and 2023 7 Unaudited Consolidated Statements of Cash Flows for the three-month periods ended March 31, 2024 and 2023 8 Notes to Unaudited Consolidated Financial Statements 9 Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3. Quantitative and Qualitative Disclosure about Market Risk 27 Item 4.

Controls and Procedures

Controls and Procedures 27 Part II. Other Information: 29 Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 5. Other Information 29 Item 6. Exhibits 30

Signatures

Signatures 31 3 Table of Contents

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements LeMaitre Vascular, Inc. Consolidated Balance Sheets (unaudited) March 31, December 31, 2024 2023 (in thousands, except share data) Assets Current assets: Cash and cash equivalents $ 26,595 $ 24,269 Short-term marketable securities 81,693 80,805 Accounts receivable, net of allowances of $ 1,285 at March 31, 2024 and $ 941 at December 31, 2023 30,236 25,064 Inventory and other deferred costs 60,575 58,080 Prepaid expenses and other current assets 3,863 6,380 Total current assets 202,962 194,598 Property and equipment, net 22,174 21,754 Right-of-use leased assets 17,795 18,027 Goodwill 65,945 65,945 Other intangibles, net 40,239 41,711 Deferred tax assets 828 1,003 Other assets 4,014 3,740 Total assets $ 353,957 $ 346,778 Liabilities and stockholders ' equity Current liabilities: Accounts payable $ 3,089 $ 3,734 Accrued expenses 21,118 23,650 Acquisition-related obligations 75 24 Lease liabilities - short-term 2,528 2,471 Total current liabilities 26,810 29,879 Lease liabilities - long-term 16,354 16,624 Deferred tax liabilities 114 107 Other long-term liabilities 2,176 2,268 Total liabilities 45,454 48,878 Stockholders' equity: Preferred stock, $ 0.01 par value; authorized 3,000,000 shares; none outstanding - - Common stock, $ 0.01 par value; authorized 37,000,000 shares; issued 24,036,300 shares at March 31, 2024, and 23,911,760 shares at December 31, 2023 240 239 Additional paid-in capital 206,350 200,755 Retained earnings 121,728 115,430 Accumulated other comprehensive loss ( 5,558 ) ( 4,625 ) Treasury stock, at cost; 1,590,362 shares at March 31, 2024 and 1,584,512 shares at December 31, 2023 ( 14,257 ) ( 13,899 ) Total stockholders' equity 308,503 297,900 Total liabilities and stockholders' equity $ 353,957 $ 346,778 See accompanying notes to consolid

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements March 31, 2024 (unaudited) 1. Organization and Basis for Presentation Description of Business Unless the context requires otherwise, references to LeMaitre, LeMaitre Vascular, we, our, and us refer to LeMaitre Vascular, Inc. and our subsidiaries. We develop, manufacture, and market medical devices and implants used primarily in the field of vascular surgery. We also derive revenues from the processing and cryopreservation of human tissues for implantation in patients. We operate in a single segment in which our principal product lines include the following: anastomotic clips, biologic vascular and dialysis grafts, biologic vascular and cardiac patches, carotid shunts, embolectomy catheters, occlusion catheters, radiopaque marking tape, synthetic vascular grafts, and valvulotomes. Our offices and production facilities are located in Burlington, Massachusetts; Fox River Grove, Illinois; North Brunswick, New Jersey; Chandler, Arizona; Vaughan, Canada; Sulzbach, Germany; Milan, Italy; Madrid, Spain; Hereford, England; Dublin, Ireland; Maisons-Alfort, France; Kensington, Australia; Tokyo, Japan; Shanghai, China; Singapore; Seoul, Korea; and Bangkok, Thailand. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting only of normal, recurring adjustments considered necessary for a fair presentation of the results of these interim periods have been included. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues

View Full Filing

View this 10-Q filing on SEC EDGAR