Fri, Feb 28, 5:48 PM (58 days ago)
LeMaitre Vascular, Inc. (NASDAQ: LMAT) reported a strong financial performance for the fiscal year ending December 31, 2024, with net sales increasing 14% to $219.9 million, driven by higher average selling prices and increased hospital procedure volumes. Gross profit rose 19% to $150.9 million, yielding a gross margin of 68.6%. Operating expenses grew 9% to $98.6 million, primarily due to increased sales force compensation and marketing costs. The company achieved a net income of $44 million, translating into diluted earnings per share of $1.93. Strategically, LeMaitre focuses on expanding its direct sales force and acquiring complementary products. The company is transitioning to a new ERP system to enhance operational efficiency. Future outlook remains positive, with expectations of continued growth in the peripheral vascular device market, projected to exceed $5 billion. However, risks include reliance on limited-source suppliers and regulatory compliance challenges, particularly with the European MDR. The company recently issued $172.5 million in convertible senior notes to bolster liquidity. Overall, LeMaitre's robust market position and strategic initiatives position it favorably for future growth amidst competitive pressures.