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Sep 30, 2022
LeMaitre Vascular Q3 2022 Earnings Report
Reported a sales increase driven by specific products and geographies, but experienced a decrease in operating and net income due to increased expenses.
Key Takeaways
LeMaitre Vascular reported a 2% increase in sales (7% organic) for Q3 2022, driven by growth in carotid shunts, Artegraft, allografts, and embolectomy catheters. Despite the sales growth and an increase in cash balance, the company experienced a decrease in operating income and net income due to increased operating expenses, including headcount and regulatory expenses.
Sales increased by 2% (7% organic) compared to Q3 2021, reaching $39.0 million.
Operating income decreased by 32% to $6.2 million, with an operating margin of 16%.
Net income decreased by 16% to $5.5 million, with earnings per diluted share at $0.25, a 17% decrease.
Cash and investments increased by $4.1 million to $79.7 million.
Forward Guidance
LeMaitre Vascular provided sales and operating income guidance for Q4 2022 and full year 2022.
Positive Outlook
- Q4 2022 Sales: $39.8mm - $42.2mm (+4%, +9% Organic)
- Full Year 2022 Sales: $160.5mm - $162.9mm (+5%, +9% Org.)
- Q4 2022 EPS: $0.24 - $0.29
- Full Year 2022 EPS: $0.91 - $0.97
- Full Year 2022 EPS Ex- Spec. Charge: $1.02 - $1.08
Challenges Ahead
- Q4 2022 Op. Income: $6.6mm - $8.2mm (-11%)
- Full Year 2022 Op. Income: $26.5mm - $28.0mm (-25%)
- Full Year 2022 Op. Income Ex- Spec. Charge: $29.6mm - $31.1mm (-17%)
- Sales guidance impacted by currency exchange rate fluctuations.
- Operating income guidance reflects a decrease compared to the previous year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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