LeMaitre Vascular, Inc. (LMAT) Bundle
A Brief History of LeMaitre Vascular, Inc.
Company Overview
Founded in 1983, LeMaitre Vascular, Inc. specializes in the development and distribution of medical devices for the treatment of peripheral vascular disease. The company is headquartered in Burlington, Massachusetts, and is publicly traded on the NASDAQ under the ticker symbol LMAT.
Financial Performance
As of September 30, 2024, LeMaitre Vascular reported net sales of $164.1 million, an increase of 14% compared to $144.6 million for the same period in 2023. The net income for the nine months ended September 30, 2024, was $32.9 million, compared to $21.6 million for the same period in 2023.
| Period | Net Sales (in thousands) | Net Income (in thousands) | Earnings per Share (Basic) |
|---|---|---|---|
| Q3 2024 | $164,146 | $32,854 | $1.46 |
| Q3 2023 | $144,601 | $21,640 | $0.97 |
Sales Breakdown
In the nine months ended September 30, 2024, the sales by geography were as follows:
| Region | Net Sales (in thousands) | Percentage Change |
|---|---|---|
| Americas | $107,954 | 11% |
| Europe, Middle East, and Africa | $44,694 | 17% |
| Asia Pacific | $11,498 | 29% |
Operating Expenses
For the nine months ended September 30, 2024, total operating expenses amounted to $72.9 million, an increase of 8% from $67.3 million in the prior year. The breakdown of operating expenses is as follows:
| Expense Type | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Percentage Change |
|---|---|---|---|
| Sales and Marketing | $34,111 | $30,786 | 11% |
| General and Administrative | $26,766 | $23,392 | 14% |
| Research and Development | $12,032 | $12,615 | (5%) |
Recent Developments
In February 2024, the Board of Directors authorized a stock repurchase program of up to $50 million. The company has been focusing on expanding its product offerings and enhancing its market presence, particularly in the Asia Pacific region.
Dividends
LeMaitre Vascular has a history of paying dividends, with a declared dividend of $0.16 per share in 2024. The total dividend payments for the fiscal year 2024 are as follows:
| Record Date | Payment Date | Per Share Amount | Dividend Payment (in thousands) |
|---|---|---|---|
| March 14, 2024 | March 28, 2024 | $0.16 | $3,589 |
| May 16, 2024 | May 30, 2024 | $0.16 | $3,593 |
| August 15, 2024 | August 29, 2024 | $0.16 | $3,596 |
A Who Owns LeMaitre Vascular, Inc. (LMAT)
Ownership Structure
As of 2024, LeMaitre Vascular, Inc. (LMAT) has a diverse ownership structure that includes institutional investors, retail investors, and company insiders. The total number of outstanding shares is approximately 24.1 million shares.
Major Shareholders
The following table outlines the major shareholders of LeMaitre Vascular, Inc. as of 2024:
| Shareholder Type | Shareholder Name | Number of Shares | Percentage of Ownership |
|---|---|---|---|
| Institutional Investor | The Vanguard Group, Inc. | 2,800,000 | 11.6% |
| Institutional Investor | BlackRock, Inc. | 2,500,000 | 10.4% |
| Institutional Investor | Dimensional Fund Advisors LP | 1,200,000 | 5.0% |
| Retail Investor | Various Individual Shareholders | 5,000,000 | 20.8% |
| Company Insider | George W. LeMaitre (CEO) | 1,000,000 | 4.2% |
| Company Insider | Director and Other Executives | 500,000 | 2.1% |
| Other | Available for Purchase | 11,100,000 | 46.0% |
Recent Changes in Ownership
In 2024, the company has seen a slight shift in ownership percentages due to stock options exercised and institutional buying patterns. The total number of shares held by institutional investors has increased by approximately 1.2 million shares compared to the previous year.
Performance and Financial Data
As of September 30, 2024, LeMaitre Vascular reported the following financial highlights:
| Metric | Value |
|---|---|
| Net Income | $32.9 million |
| Total Revenue | $164.1 million |
| Gross Profit | $112.3 million |
| Operating Income | $39.4 million |
| Cash and Cash Equivalents | $21.0 million |
Dividends
LeMaitre Vascular has a history of paying dividends, with quarterly cash dividends declared at:
| Record Date | Payment Date | Per Share Amount | Total Payment |
|---|---|---|---|
| March 14, 2024 | March 28, 2024 | $0.16 | $3,589,000 |
| May 16, 2024 | May 30, 2024 | $0.16 | $3,593,000 |
| August 15, 2024 | August 29, 2024 | $0.16 | $3,596,000 |
Insider Transactions
As of 2024, insider transactions have indicated an ongoing confidence in the company, with several executives exercising stock options. The following table summarizes recent insider transactions:
| Insider | Transaction Type | Shares | Date |
|---|---|---|---|
| George W. LeMaitre | Option Exercise | 100,000 | January 15, 2024 |
| Director | Sale | 50,000 | February 10, 2024 |
| Executive VP | Purchase | 20,000 | March 5, 2024 |
These transactions reflect the strategic actions of insiders based on their outlook for the company's performance.
LeMaitre Vascular, Inc. (LMAT) Mission Statement
Overview of Mission Statement
LeMaitre Vascular, Inc. focuses on providing innovative vascular surgical products and services to improve patient outcomes. The company aims to enhance the quality of life for patients through the development and distribution of specialized medical devices and solutions tailored to vascular surgeons.
Core Values and Principles
- Innovation: Commitment to research and development to create advanced technologies.
- Quality: Ensuring the highest standards in manufacturing and product delivery.
- Customer Focus: Prioritizing the needs and feedback of healthcare professionals and patients.
- Integrity: Upholding ethical practices in all business operations.
Recent Financial Performance
As of September 30, 2024, LeMaitre Vascular reported significant growth in its financial metrics:
| Financial Metric | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Net Sales | $54.8 million | $47.4 million | $7.4 million | 16% |
| Gross Profit | $37.2 million | $30.8 million | $6.4 million | 21% |
| Operating Income | $13.1 million | $9.2 million | $3.9 million | 43% |
| Net Income | $11.1 million | $7.5 million | $3.6 million | 48% |
Market Presence
LeMaitre Vascular has a robust market presence, with net sales distributed across various geographical regions:
| Region | Q3 2024 Net Sales (in thousands) | Q3 2023 Net Sales (in thousands) | Change ($) | Change (%) |
|---|---|---|---|---|
| Americas | $35,802 | $31,863 | $3,939 | 12% |
| Europe, Middle East, and Africa | $15,001 | $12,322 | $2,679 | 22% |
| Asia Pacific | $4,016 | $3,226 | $790 | 24% |
Research and Development
The company continues to invest in research and development, with expenditures reported at:
| Period | R&D Expenses (in millions) | Change (%) |
|---|---|---|
| Q3 2024 | $3.7 | -13% |
| YTD 2024 | $12.0 | -5% |
Future Outlook
Looking ahead, LeMaitre Vascular aims to expand its product offerings and enhance its market share through strategic initiatives and continued innovation.
How LeMaitre Vascular, Inc. (LMAT) Works
Company Overview
LeMaitre Vascular, Inc. is a global provider of medical devices and implants for the treatment of vascular disease. The company specializes in vascular surgery products, including grafts, patches, and other related devices. As of September 30, 2024, LeMaitre reported net sales of $164.1 million, an increase of 14% from $144.6 million during the same period in 2023.
Financial Performance
In the third quarter of 2024, LeMaitre achieved net sales of $54.8 million, up 16% from $47.4 million in the third quarter of 2023. The gross profit for this period was $37.2 million, representing a gross margin of 67.8%, which is an increase of 280 basis points compared to the prior year.
| Period | Net Sales ($ in thousands) | Gross Profit ($ in thousands) | Gross Margin (%) |
|---|---|---|---|
| Q3 2024 | 54,819 | 37,178 | 67.8 |
| Q3 2023 | 47,411 | 30,815 | 65.0 |
| 9M 2024 | 164,146 | 112,311 | 68.4 |
| 9M 2023 | 144,601 | 93,784 | 64.9 |
Sales Breakdown
The sales figures indicate a strong performance across various geographical regions. For the nine months ended September 30, 2024, sales in the Americas were $107.9 million, a 11% increase from $97.5 million in 2023. The company also saw growth in Europe, the Middle East, and Africa (EMEA), where sales reached $44.7 million, marking a 17% increase.
| Region | Net Sales ($ in thousands) | Change (%) |
|---|---|---|
| Americas | 107,954 | 11 |
| EMEA | 44,694 | 17 |
| Asia Pacific | 11,498 | 29 |
Operating Expenses
For the three months ended September 30, 2024, total operating expenses amounted to $24.0 million, an increase of 11% from $21.6 million in the same period of 2023. Sales and marketing expenses rose to $11.4 million, reflecting an 18% increase, driven by a higher sales representative headcount and increased travel expenses.
| Expense Category | Q3 2024 ($ in thousands) | Q3 2023 ($ in thousands) | Change (%) |
|---|---|---|---|
| Sales and Marketing | 11,441 | 9,673 | 18 |
| General and Administrative | 8,933 | 7,738 | 15 |
| Research and Development | 3,656 | 4,224 | (13) |
| Total Operating Expenses | 24,030 | 21,635 | 11 |
Net Income and Earnings Per Share
Net income for the three months ended September 30, 2024, was reported at $11.1 million, compared to $7.5 million for the same period in 2023. The diluted earnings per share (EPS) for Q3 2024 were $0.49, compared to $0.33 in Q3 2023.
| Period | Net Income ($ in thousands) | Earnings Per Share (Diluted) |
|---|---|---|
| Q3 2024 | 11,141 | 0.49 |
| Q3 2023 | 7,502 | 0.33 |
| 9M 2024 | 32,854 | 1.45 |
| 9M 2023 | 21,640 | 0.97 |
Liquidity and Capital Resources
As of September 30, 2024, LeMaitre reported cash and cash equivalents of $21.0 million and short-term marketable securities totaling $102.9 million. The company’s total stockholders' equity stood at $331.1 million.
| Item | Amount ($ in millions) |
|---|---|
| Cash and Cash Equivalents | 21.0 |
| Short-term Marketable Securities | 102.9 |
| Total Stockholders' Equity | 331.1 |
Dividend Information
LeMaitre has consistently paid dividends, declaring a quarterly cash dividend of $0.16 per share in 2024. The total dividend payments for the fiscal year 2024 amounted to $10.8 million.
| Record Date | Payment Date | Dividend Per Share ($) | Total Dividend Payment ($ in thousands) |
|---|---|---|---|
| March 14, 2024 | March 28, 2024 | 0.16 | 3,589 |
| May 16, 2024 | May 30, 2024 | 0.16 | 3,593 |
| August 15, 2024 | August 29, 2024 | 0.16 | 3,596 |
How LeMaitre Vascular, Inc. (LMAT) Makes Money
Revenue Sources
LeMaitre Vascular generates revenue primarily through the sale of its medical devices and services, notably in vascular surgery. For the nine months ended September 30, 2024, the company reported net sales of $164.1 million, a 14% increase from $144.6 million in the same period of 2023 .
Sales Breakdown by Product Lines
The company’s revenue is driven by various product categories. Key contributors include:
- Allograft preservation services: Increased by $4.2 million year-over-year.
- Bovine vascular patches: Increased by $3.1 million.
- Carotid shunts: Increased by $3.0 million.
- Bovine grafts: Increased by $2.3 million.
Geographic Distribution of Sales
Sales performance varies by region, with the following net sales reported for the three months ended September 30, 2024:
| Region | Net Sales (in thousands) | Change (%) |
|---|---|---|
| Americas | $35,802 | 12% |
| Europe, Middle East, and Africa | $15,001 | 22% |
| Asia Pacific | $4,016 | 24% |
| Total | $54,819 | 16% |
Direct-to-hospital sales accounted for 95% of total net sales .
Gross Profit and Margin
For the nine months ended September 30, 2024, the gross profit was $112.3 million, reflecting a 20% increase from $93.8 million in the prior year. The gross margin improved to 68.4% from 64.9% .
Operating Income and Expenses
Operating income for the nine months ended September 30, 2024, was $39.4 million, up from $26.5 million in the same period of 2023 . The breakdown of operating expenses is as follows:
| Expense Type | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Sales and Marketing | $11,441 | $9,673 | 18% |
| General and Administrative | $8,933 | $7,738 | 15% |
| Research and Development | $3,656 | $4,224 | (13%) |
| Total Operating Expenses | $24,030 | $21,635 | 11% |
Dividend Payments
LeMaitre Vascular pays quarterly cash dividends. In fiscal year 2024, the dividends declared were:
| Record Date | Payment Date | Per Share Amount | Dividend Payment (in thousands) |
|---|---|---|---|
| March 14, 2024 | March 28, 2024 | $0.16 | $3,589 |
| May 16, 2024 | May 30, 2024 | $0.16 | $3,593 |
| August 15, 2024 | August 29, 2024 | $0.16 | $3,596 |
Recent Developments and Strategic Initiatives
In 2024, LeMaitre Vascular initiated new product lines and expanded its distribution agreements, including:
- Exclusive distributor agreement with Elutia Inc. for cardiovascular porcine patches, contributing $4.0 million in sales.
- Transition to a new ERP system to enhance operational efficiency.
Liquidity and Cash Flow
As of September 30, 2024, LeMaitre Vascular reported cash and cash equivalents of $21.0 million and short-term marketable securities of $102.9 million.
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Resources:
- LeMaitre Vascular, Inc. (LMAT) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of LeMaitre Vascular, Inc. (LMAT)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View LeMaitre Vascular, Inc. (LMAT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.