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Actionable news in LMAT: LeMaitre Vascular, Inc.,

LeMaitre Q3 2016 Record Sales $23.2 mm (+22%), Record Op. Income $5.3 mm (+61%)

BURLINGTON, Mass., Oct. 26, 2016 (GLOBE NEWSWIRE) -- LeMaitre Vascular, Inc. (LMAT), a provider of vascular devices, today reported Q3 2016 results, provided increased guidance, and announced a $0.045/share dividend.

Q3 2016 Results

  • Record sales of $23.2mm, +22% vs. Q3 2015
  • Record operating income of $5.3mm vs. $3.3mm, +61%
  • Record net income of $3.2mm vs. $2.1mm, +54%
  • Record earnings of $0.17 per diluted share vs. $0.11, +48%
  • Record EBITDA of $6.1mm vs $4.0mm, +55%
  • Cash & equivalents up $5.3mm during the quarter to $34.7mm

Q3 2016 sales of $23.2mm increased 22% (+20% organic) vs. Q3 2015. XenoSure and valvulotomes led growth. International sales and The Americas sales both increased 22%.

Gross margin improved to 73.3% in Q3 2016 from 71.0% in Q3 2015 largely due to XenoSure and other production efficiencies, improved product mix, and average selling price increases.

Operating expenses in Q3 2016 were $11.7mm, a 15% increase vs. the year-earlier quarter. The Company ended the quarter with 91 sales reps vs. 82 at the end of Q3 2015.

George W. LeMaitre, Chairman and CEO said, “Sales increased 22% in Q3, while operating profits were up 61%. We continue to pursue 10% annual sales growth and 20% annual profit growth.”

Business Outlook

The Company is providing Q4 2016 guidance and raising full-year 2016 guidance as summarized below:

Guidance Summary
Previous (7/27/2016 ) Current
Q4 2016 Sales N/A $23.1mm
(+13% reported, +13% organic)
Q4 2016 Gross Margin N/A 73.0 %
Q4 2016 Operating Income N/A $4.7mm
(+52%, 20% op. margin)
2016 Sales $88.3mm
(+13% reported, +12% organic)
$89.0mm
(+14% reported, +12% organic)
2016 Gross Margin 70.5 % 71.5 %
2016 Operating Income $15.9mm
(+38%, 18% op. margin)
$17.1mm
(+49%, 19% op. margin)

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