Page 1

LeMaitre Q1 2021 Financial Results April 29 , 2021 BURLINGTON , Mass . , April 29 , 2021 ( GLOBE NEWSWIRE ) -- LeMaitre ( Nasdaq : LMAT ) , a provider of vascular devices , implants and services , today reported Q1 2021 results and announced an $ 0.11 / share quarterly dividend . Q1 2021 Results • Sales of $ 35.9mm , + 17 % ( -5 % organic ) vs. Q1 2020 • Op . income of $ 7.9mm , + 83 % • Op . margin of 22 % • Net income of $ 5.9mm , + 87 % . Earnings of $ 0.28 per diluted share , + 83 % • EBITDA of $ 10.5mm , + 83 % • Debt paid down $ 7.0mm to $ 32.0mm Sales grew in the Americas ( + 29 % ) and Asia / Pac ( + 25 % ) while Europe / Middle East / Africa ( -5 % ) declined . Sales growth was led by Artegraft , valvulotomes and embolectomy catheters , and was partially offset by CE Mark and COVID related issues . The gross margin decreased to 66.3 % in Q1 2021 ( vs. 67.0 % in Q1 2020 ) primarily due to factory transitions and manufacturing inefficiencies . Operating expenses decreased 2 % to $ 15.9mm in Q1 2021 ( vs. $ 16.1mm ) due to lower headcount and decreased travel . George LeMaitre , Chairman and CEO , said , " Double - digit sales growth and restrained expenses enabled 83 % bottom - line growth . And our 22 % op . margin enabled us to improve the balance sheet . " Business Outlook Quarterly Dividend Q2 2021 Sales Q2 2021 Gross Margin Q2 2021 Operating Income Q2 2021 Earnings Per Share Guidance $ 37.0mm $ 40.0mm ( Midpoint : $ 38.5mm , + 55 % ) 66.7 % $ 8.0mm $ 10.0mm ( Midpoint : $ 9.0mm , + 85 % ) $ 0.28 - $ 0.36 ( Midpoint : $ 0.32 , + 86 % ) On April 27 , 2021 , the Company's Board of Directors approved a quarterly dividend of $ 0.11 / share of common stock . The dividend will be paid on June 3 , 2021 to shareholders of record on May 19 , 2021 . Share Repurchase Program On February 23 , 2021 , the Company's Board of Directors authorized the repurchase of up to $ 15.0mm of the Company's common stock . The repurchase program may be suspended or discontinued at any time and will conclude on February 22 , 2022 , unless extended by the Board . Conference Call Reminder Management will conduct a conference call at 5:00 pm ET today . The conference call will be broadcast live over the Internet . Individuals interested in listening to the webcast can log on to the Company's website at www.lemaitre.com/investor . The conference call may also be accessed by dialing 844-239-5284 ( +1 512-961-6497 for international callers ) , using passcode 7316629. For individuals unable to join the live conference call , a replay will be available on the Company's website . A reconciliation of GAAP to non - GAAP results is included in the tables attached to this release . About LeMaitre LeMaitre is a provider of devices , implants and services for the treatment of peripheral vascular disease , a condition that affects more than 200 million people worldwide . The Company develops , manufactures and markets disposable and implantable vascular devices to address the needs of its core customer , the vascular surgeon . LeMaitre is a registered trademark of LeMaitre Vascular , Inc. This press release may include other trademarks and trade names of the Company . For more information about the Company , please visit http://www.lemaitre.com . Use of Non - GAAP Financial Measures LeMaitre Vascular management believes that in order to better understand the Company's short - term and long - term financial trends , investors may wish to consider certain non - GAAP financial measures as a supplement to financial performance measures prepared in accordance with GAAP . Non - GAAP financial measures are not based on a comprehensive set of accounting rules or principles and do not have standardized meanings .