BURLINGTON, Mass., Oct. 15, 2012 (GLOBE NEWSWIRE) -- LeMaitre Vascular, Inc. (Nasdaq:LMAT), a provider of peripheral vascular devices and implants, announced today that it will begin direct sales in Switzerland in December 2012. LeMaitre Vascular currently sells its products in Switzerland through an independent distributor, which has agreed to terminate its distribution rights and provide detailed customer and sales information and other transition services. In 2011 LeMaitre Vascular sold $0.3mm of products to this distributor. LeMaitre Vascular plans to hire two Swiss sales representatives.
"Going direct in Switzerland is a natural next move for LeMaitre Vascular. Since we began converting to our direct-to-hospital model in 1998, we have gone direct in most major European markets. Switzerland has special appeal due to its solid economy and its proximity to our International Headquarters in Frankfurt. Our distributor had focused on just a few of our product lines, and this move will allow us to sell all of our 13 product lines into this 8 million person country," said Peter Gebauer, President of International Operations.
LeMaitre Vascular currently employs its own direct sales force in 13 countries:
1. United States
6. The United Kingdom
9. The Netherlands
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Statements in this press release regarding the Company's business that are not historical facts may be "forward-looking statements" that involve risks and uncertainties. Specifically, statements regarding the Company's plans to begin direct sales in Switzerland, are forward-looking, involving risks and uncertainties. Other risks and uncertainties are included under the heading "Risk Factors" in our most recent Annual Report on Form 10-K, as updated by our subsequent filings with the SEC, all of which are available on the Company's investor relations website at http://www.lemaitre.com and on the SEC's website at http://www.sec.gov. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date they were made, or to reflect the occurrence of unanticipated events.
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CONTACT: LeMaitre Vascular, Inc.
LeMaitre Vascular, Inc.