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Jun 30, 2023
LeMaitre Vascular Q2 2023 Earnings Report
LeMaitre Vascular reported strong Q2 2023 results driven by sales growth and increased hospital procedures.
Key Takeaways
LeMaitre Vascular reported a 19% increase in sales to $50.1 million in Q2 2023, with organic growth of 16%. Operating income increased by 63% to $9.5 million, and net income rose by 130% to $8.1 million. Earnings per diluted share increased by 127% to $0.36. The company also announced a quarterly dividend of $0.14 per share.
Sales increased by 19% to $50.1 million, with 16% organic growth compared to Q2 2022.
Operating income grew by 63% to $9.5 million.
Net income increased by 130% to $8.1 million.
Earnings per diluted share rose by 127% to $0.36.
Forward Guidance
LeMaitre provided guidance for Q3 2023 and full year 2023.
Positive Outlook
- Q3 2023 sales are expected to be between $46.5 million and $48.9 million.
- Q3 2023 organic sales growth is projected at 16%.
- Full year 2023 sales are expected to be between $193.0 million and $197.8 million.
- Full year 2023 organic sales growth is projected at 18%.
- Full year 2023 EPS is expected to be between $1.23 and $1.34.
Challenges Ahead
- Q3 2023 operating income is expected to be between $7.4 million and $8.9 million.
- Full year 2023 operating income is expected to be between $33.4 million and $36.5 million.
- Guidance includes special charges related to the St. Etienne factory closure.
- The gross margin decreased to 64.0% in Q2 due to manufacturing inefficiencies and distribution sales of porcine patches.
Historical Earnings Impact
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