BURLINGTON, Mass., May 02, 2024 (GLOBE NEWSWIRE) -- LeMaitre (NASDAQ:LMAT), a provider of vascular devices, implants and services, today reported Q1 2024 results, announced a $0.16/share quarterly dividend and provided guidance. Q1 2024 Financial Results Sales $53.5mm, +14% (+11% organic) vs. Q1 2023   Gross margin 68.6%, +300 bps Op. income $11.9mm, +51% Op. margin 22% Net income $9.9mm, +64% Earnings per diluted share $0.44, +62% Cash up $3.2mm sequentially to $108.3mm Allografts (+31%), bovine patches (+13%), carotid shunts (+27%) and distributed porcine patches drove Q1 sales. APAC sales increased 44%, EMEA 17% and the Americas 10%. The gross margin increased to 68.6% in Q1 (vs. 65.6% in Q1 2023) driven by average selling price increases and manufacturing efficiencies offset by product mix. Operating income of $11.9mm was up 51% vs. Q1 2023. Operating expenses grew 8% year-over-year due to compensation, professional fees and sales meetings. Chairman/CEO George LeMaitre said "2024 is shaping up to be another year of healthy profits. The gross margin is repairing and we've been able to reduce op. expense growth. Guidance now implies a 22% operating margin, up from 19% in 2023." Business Outlook   Q2 2024 Guidance Full Year 2024 Guidance Sales $53.7mm - $56.1mm(Mid: $54.9mm, +10%, +10% Org.) $212.7mm - $217.3mm(Mid: $215.0mm, +11%, + 11% Org.) Gross Margin 68.6% 68.6% Op. Income $12.0mm - $13.7mm(Mid: $12.9mm, +36%)(Mid: $12.9mm, +33% Ex-Special)* $46.7mm - $49.8mm(Mid $48.3mm, +31%)(Mid: $48.3mm, +30%, Ex-Special)* Op. Margin (Mid) 23% 22% EPS $0.45 - $0.50(Mid: $0.47, +31%)(Mid: $0.47, +29%, Ex-Special)* $1.73 - $1.84(Mid: $1.79, +33%)(Mid: $1.79, +32%, Ex-Special)* *Special charges in 2023 were related to the St. Etienne factory closure. Quarterly Dividend On April 30, 2024, the Company's Board of Directors approved a quarterly dividend of $0.16/share of common stock. The dividend will be paid on May 30, 2024, to shareholders of record on May 16, 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 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 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.           LEMAITRE VASCULAR, INC. (NASDAQ:LMAT) CONDENSED CONSOLIDATED BALANCE SHEETS (amounts in thousands)                   March 31, 2024   December 31, 2023       (unaudited)     Assets                     Current assets:           Cash and cash equivalents   $ 26,595     $ 24,269     Short-term marketable securities     81,693       80,805     Accounts receivable, net     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           Common stock     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     (14,257 )     (13,899 ) Total stockholders' equity     308,503       297,900               Total liabilities and stockholders' equity   $ 353,957     $ 346,778               LEMAITRE VASCULAR, INC. (NASDAQ:LMAT) CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (amounts in thousands, except per share amounts) (unaudited)                     For the three months ended     March 31, 2024   March 31, 2023           Net sales $ 53,478     $ 47,075   Cost of sales   16,813       16,192             Gross profit   36,665       30,883             Operating expenses:         Sales and marketing   11,686       10,897     General and administrative   9,013       7,932     Research and development   4,092       3,875     Restructuring   -