LeMaitre Q3 2016 Record Sales $23.2 mm (+22%), Record Op. Income $5.3 mm (+61%)
LMAT | 16 hours ago
BURLINGTON, Mass., Oct. 26, 2016 (GLOBE NEWSWIRE) -- LeMaitre Vascular, Inc. (Nasdaq:LMAT), a provider of vascular devices, today reported Q3 2016 results, provided increased guidance, and announced a $0.045/share dividend.
Q3 2016 Results
Record sales of $23.2mm, +22% vs. Q3 2015
Record operating income of $5.3mm vs. $3.3mm, +61%
Record net income of $3.2mm vs. $2.1mm, +54%
Record earnings of $0.17 per diluted share vs. $0.11, +48%
Record EBITDA of $6.1mm vs $4.0mm, +55%
Cash & equivalents up $5.3mm during the quarter to $34.7mm
Q3 2016 sales of $23.2mm increased 22% (+20% organic) vs. Q3 2015. XenoSure and valvulotomes led growth. International sales and The Americas sales both increased 22%.
Gross margin improved to 73.3% in Q3 2016 from 71.0% in Q3 2015 largely due to XenoSure and other production efficiencies, improved product mix, and average selling price increases.
Operating expenses in Q3 2016 were $11.7mm, a 15% increase vs. the year-earlier quarter. The Company ended the quarter with 91 sales reps vs. 82 at the end of Q3 2015.
George W. LeMaitre, Chairman and CEO said, “Sales increased 22% in Q3, while operating profits were up 61%. We continue to pursue 10% annual sales growth and 20% annual profit growth.”
Read more at https://www.stockhouse.com/news/press-releases/2016/10/26/lemaitre-q3-2016-record-sales-23-2-mm-22-record-op-income-5-3-mm#xHxDEEDFtkLGdp6x.99