LeMaitre Provides Q2 2021 Update
Q2 2021 Preliminary Results
Net Salesof $40.7mm, +64% reported, +35% organic vs. Q2 2020
- Gross Margin of 65.5% to 66.1%, -2.7% at the midpoint vs. Q2 2020
- Operating Income of approximately
$10.9mm to $11.3mm, +128% at the midpoint vs. Q2 2020
- Cash and Cash Equivalents of
- Debt paid down $9mm to
By product, Q2 sales growth was driven by Artegraft (acquired in
The gross margin decline was driven by inventory write-downs, as well as manufacturing inefficiencies related to personnel reductions in 2020.
The increase in income from operations was driven primarily by the increase in net sales in the period.
LeMaitre is a provider of devices for the treatment of peripheral vascular disease, a condition that affects more than 200 million people worldwide.
LeMaitre is a registered trademark of
For more information about the Company, please visit http://www.lemaitre.com.
Use of Non-GAAP Financial Measures
LeMaitre 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. These non-GAAP measures result from facts and circumstances that may vary in frequency and/or impact on continuing operations. Non-GAAP measures should be considered in addition to, and not as a substitute for, financial performance measures in accordance with GAAP. Reconciliation of GAAP to non-GAAP results is provided below.
In this press release, the Company has reported its non-GAAP sales growth percentage after adjusting for the impact of foreign currency exchange, business development transactions, and/or other events as well. The Company refers to the calculation of non-GAAP sales growth percentages as "organic." The Company analyzes non-GAAP sales on a constant currency basis, net of acquisitions and other non-recurring events. Because changes in foreign currency exchange rates have a non-operating impact on net sales, and acquisitions, divestitures, product discontinuations, and other strategic transactions are episodic in nature and are highly variable to the reported sales results, the Company believes that evaluating growth in sales on a constant currency basis net of such transactions provides an additional and meaningful assessment of sales to management.
The Company has also reported non-GAAP outstanding debt, which takes into account the impact of unamortized deferred financing costs. The Company believes that considering its debt in this manner provides a view of the amount owed on a cash basis.
|Reconciliation between GAAP and Non-GAAP net sales growth (unaudited, $ in thousands)|
|For the three months ended
|Preliminary net sales as reported|
|Preliminary impact of currency exchange fluctuations||(1,186)|
|Preliminary net impact of acquisitions excluding currency||(5,982)|
|Preliminary adjusted net sales|
|For the three months ended
|Net sales as reported|
|Adjusted net sales|
|Preliminary adjusted net sales increase for the three months ended
|Reconciliation between GAAP and Non-GAAP debt outstanding (unaudited, $ in thousands)|
|Debt as reported|
|Add back unamortized deferred financing costs||552|
|Adjusted debt outstanding|
Preliminary Financial Results
The estimates above represent the most current information available to the Company and do not present all information necessary for an understanding of the Company’s financial condition as of and the results of operations for the three months ended
The preliminary estimates for the three months ended
To the extent that statements contained in this press release are not descriptions of historical facts regarding LeMaitre, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor of the Private Securities Litigation Reform Act of 1995, including the preliminary unaudited results contained herein. Such forward-looking statements involve substantial risks and uncertainties that could cause LeMaitre’s future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all. LeMaitre undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to LeMaitre’s business in general, please refer to LeMaitre’s Annual Report on Form 10-K filed with the
Investor Relations Contacts:
|President||Chief Financial Officer|
Source: LeMaitre Vascular, Inc.