Lemaître Vascular Q2 2024: OCI Up Slightly

TL;DR

Lemaître Vascular's Q2 2024 shows a slight uptick in accumulated other comprehensive income, reaching $10.5M.

AI Summary

Lemaître Vascular Inc. reported its Q2 2024 results, ending June 30, 2024. The company's financial statements show accumulated other comprehensive income of $10.5 million as of June 30, 2024, compared to $10.1 million as of June 30, 2023. For the six months ended June 30, 2024, the company reported accumulated other comprehensive income of $10.5 million, an increase from $9.9 million for the same period in 2023.

Why It Matters

This filing provides insight into Lemaître Vascular's financial health and changes in its equity, which can influence investor confidence and stock valuation.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediate red flags or significant negative developments.

Key Numbers

• $10.5M — Accumulated Other Comprehensive Income (June 30, 2024) (Represents an increase from the prior year period.)
• $10.1M — Accumulated Other Comprehensive Income (June 30, 2023) (Prior year comparison point for OCI.)
• $9.9M — Accumulated Other Comprehensive Income (Six Months Ended June 30, 2023) (Previous period's cumulative income for comparison.)

Key Players & Entities

• Lemaître Vascular Inc. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• $10.5 million (dollar_amount) — Accumulated Other Comprehensive Income as of June 30, 2024
• $10.1 million (dollar_amount) — Accumulated Other Comprehensive Income as of June 30, 2023
• $9.9 million (dollar_amount) — Accumulated Other Comprehensive Income for the six months ended June 30, 2023

FAQ

Key Financial Figures

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

Filing Documents

• lmat20240630_10q.htm (10-Q) — 1439KB
• ex_707347.htm (EX-31.1) — 8KB
• ex_707348.htm (EX-31.2) — 8KB
• ex_707349.htm (EX-32.1) — 5KB
• ex_707350.htm (EX-32.2) — 5KB
• 0001437749-24-025466.txt ( ) — 6710KB
• lmat-20240630.xsd (EX-101.SCH) — 60KB
• lmat-20240630_def.xml (EX-101.DEF) — 368KB
• lmat-20240630_lab.xml (EX-101.LAB) — 288KB
• lmat-20240630_pre.xml (EX-101.PRE) — 408KB
• lmat-20240630_cal.xml (EX-101.CAL) — 43KB
• lmat20240630_10q_htm.xml (XML) — 1171KB

Financial Statements

Financial Statements 4 Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 4 Unaudited Consolidated Statements of Operations for the three-month and six-month periods ended June 30, 2024 and 2023 5 Unaudited Consolidated Statements of Comprehensive Income for the three-month and six-month periods ended June 30, 2024 and 2023 6 Unaudited Consolidated Statements of Stockholders' Equity for the three-month and six-month periods ended June 30, 2024 and 2023 7 Unaudited Consolidated Statements of Cash Flows for the six-month periods ended June 30, 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

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3. Quantitative and Qualitative Disclosure about Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 28 Part II. Other Information: 30 Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 5. Other Information 30 Item 6. Exhibits 31

Signatures

Signatures 32 3 Table of Contents

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements LeMaitre Vascular, Inc. Consolidated Balance Sheets (unaudited) June 30, December 31, 2024 2023 (in thousands, except share data) Assets Current assets: Cash and cash equivalents $ 22,268 $ 24,269 Short-term marketable securities 90,831 80,805 Accounts receivable, net of allowances of $ 1,286 at June 30, 2024 and $ 941 at December 31, 2023 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: 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 24,059,300 shares at June 30, 2024, and 23,911,760 shares at December 31, 2023 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, at cost; 1,590,457 shares at June 30, 2024 and 1,584,512 shares at December 31, 2023 ( 14,264 ) ( 13,899 ) Total stockholders' equity 319,532 297,900 Total liabilities and stockholders' equity $ 363,079 $ 346,778 See accompanying notes to consolidate

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements June 30, 2024 (unaudited) 1. Organization and Basis for Presentation Description of Business Unless the context requires otherwise, references to LeMaitre, LeMaitre Vascular, the Company, 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 and dialysis 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 asset

View Full Filing

View this 10-Q filing on SEC EDGAR