UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): November 12, 2013
LeMaitre Vascular, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
| 001-33092 | 04-2825458 | |
| (Commission File Number) |
(IRS Employer Identification No.) | |
| 63 Second Avenue Burlington, Massachusetts |
01803 | |
| (Address of Principal Executive Offices) | (Zip Code) | |
(781) 221-2266
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01. Regulation FD Disclosure.
On November 12, 2013, LeMaitre Vascular, Inc. (the “Company”) is hosting an investor and analyst meeting (“Investor Day”) beginning at 9:30 a.m. at its corporate headquarters in Burlington, Massachusetts, at which management is providing investors and analysts with an overview of the Company’s business, positioning, overall corporate strategy and growth opportunities as well as reiterating the Company’s financial outlook for the fourth quarter and full year 2013 previously announced on October 29, 2013. The Investor Day presentation materials are attached hereto as Exhibit 99.1 and incorporated herein by reference. These materials will also be used by the Company on November 13, 2013 at an Investor Day held in San Francisco, California, and the Company may use the materials at one or more subsequent conferences or meetings with analysts and investors. The presentation materials will also be available online at www.lemaitre.com/investor as of November 12, 2013.
The information contained in this report, including the exhibit attached hereto, is being furnished and shall not be deemed “filed” for any purpose, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, regardless of any general incorporation language in any such filing.
Item 9.01 Financial Statements and Exhibits.
The following exhibit is filed as part of this report:
(d) Exhibits.
| Exhibit No. |
Description | |
| 99.1 | Investor Presentation | |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LEMAITRE VASCULAR, INC. | ||||||
| Dated: November 12, 2013 | By: | /s/ Joseph P. Pellegrino, Jr. | ||||
| Name: | Joseph P. Pellegrino, Jr. | |||||
| Title: | Chief Financial Officer | |||||
3
EXHIBIT INDEX
| Exhibit No. |
Description | |
| 99.1 | Investor Presentation | |
4
Exhibit 99.1
Disclaimers
Forward Looking Statements
This presentation contains certain forward-looking statements that involve risks and uncertainties. Actual results and events may differ significantly from results and events discussed in forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in “Risk Factors” in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. We undertake no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date they were made.
Non-GAAP Financial Measures
This presentation contains non-GAAP financial measures. Non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles and may not be comparable to similar non-GAAP financial measures used by other companies. The most directly comparable financial measures calculated in accordance with GAAP and a reconciliation of GAAP to non-GAAP financial measures are provided at the end of this presentation.
Other
Unless otherwise specified, all information contained herein is provided as of September 30, 2013, except that all management guidance is as of November 12, 2013 (unchanged from that given on October 29, 2013).
Slide 2 of 115
SALES CHANNEL
EXPANSION RESEARCH+
DEVELOPMENT ACQUISITIONS
NEW SALES
GEOGRAPHIES
NICHE
PRODUCTS
Slide 3 of 115
TODAY’S FORMAT
Presentations
– Company & Segment Snapshots
– Positioning
– Growth Initiatives
Access Tours
– R&D Lab
– Manufacturing
Slide 4 of 115
TODAY’S AGENDA
Company
Americas Sales
Europe & ROW Sales
Surgeon’s Perspective
R&D and Regulatory
Acquisitions
Finance
Slide 5 of 115
POSITIONED for GROWTH
Outline
Company Snapshot
Positioning
Growth Initiatives
Slide 6 of 115
COMPANY SNAPSHOT
LMAT Highlights
11% growth, $63.1mm sales*
87 direct sales reps
Well-known vascular surgery brand
Acquisition and R&D strategy
Profitable, strong Balance Sheet
*Management Guidance, November 12, 2013
Slide 7 of 115
COMPANY SNAPSHOT
LMAT’s Strategy
Be the #1 provider of niche
MISSION: devices to vascular surgeons
CHANNEL & BRAND STRATEGY
Focused Call Point Niche Markets Growth Platform
Sales force expansion
R&D introductions
Acquisitions
Slide 8 of 115
POSITIONING
Focused Call Point: VASCULAR SURGEON
5,000 worldwide, performing OPEN and ENDO
PERIPHERAL ARTERY
DISEASE
• Peripheral Bypass • Angioplasty
• Carotid Endarterectomy • Stenting
• Remote Endarterectomy • EVAR
• Aortic Repair • Stent Graft Modeling
• Dialysis Access • Atherectomy ENDO
• Fistula Creation • Thrombectomy
OPEN PROCEDURES • Embolectomy • Vein Ablation PROCEDURES
• Vein Stripping • Interventional Imaging
Slide 9 of 115 Procedures which use LMAT products
POSITIONING
Focused Call Point Benefits
WHY THE VASCULAR SURGEON? WHY PERIPHERAL PROCEDURES?
Vascular surgeon founder $4 billion market
30-yr history in the space Solid niche products
Niche surgeon group Open opportunities
Owns the patient Endo opportunities
Can do both open & endo
LMAT is RIGHT SIZED
For VS Call Point
Slide 10 of 115
POSITIONING
Niche Markets
Biologic Patches 14 PRODUCT LINES
Embolectomy Catheters Addressable Market $800mm
ePTFE Vascular Grafts
RE Devices
NICHE MARKETS
87% of LMAT Sales Carotid Shunts
Polyester Vascular Grafts
Radiopaque Tape
Modeling Catheters
Valvulotomes-
Anastomotic Clips
Powered Phlebectomy-
Contrast Injectors-
Vein Strippers-
Occlusion Catheters
Slide 11 of 115
GROWTH INITIATIVES
87 Rep Direct Sales Force
REP GROWTH
SALES FOOTPRINT EXPANSION
Rep growth: 36 at 2006 IPO to 87
New Geographies: Canada and Export NEW
Distributor Buyouts: Australia, Norway
Switzerland, Spain GEOGRAPHIES
DISTRIBUTOR
Slide 12 of 115 BUYOUTS
GROWTH INITIATIVES
87 Rep Direct Sales Force
Americas Capacity: 60-65 Europe Capacity: 40-50
Rep Count: 45 Rep Count: 34
Worldwide capacity: 125-150 Japan Capacity: 10
(Including 15-25 ROW) Rep Count: 8
Worldwide current rep count: 87
Slide 13 of 115
GROWTH INITIATIVES
Research & Development
PROJECT LAUNCHES MULTITASC
New Products: MultiTASC
New Products: AlboSure 1.5MM
Next Gen: 1.5mm Valvulotome
VALVULOTOME
ALBOSURE
Slide 14 of 115
GROWTH INITIATIVES
Acquisitions
RECENT ACQUISITIONS
InaVein (August 2013) XENOSURE
New product line, US opportunity
Clinical Instruments (July 2013)
Market share w/ SKU expansion INAVEIN
XenoSure (October 2012)
Driving 40% of 2013 Growth
CLINICAL
INSTRUMENTS
Slide 15 of 115
GROWTH INITIATIVES
12% 10-yr Sales CAGR
$70
$60 63.1
$50 $
mm) $40
$
(
$30
$20
$10
$0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013*
Net Sales (Ex Stent Graft) Stent Graft Sales
Slide 16 of 115 *Management Guidance, November 12, 2013
GROWTH INITIATIVES
Solid Financial Base
Bottom Line Turnaround
ACA tax
$ 4.0 . 6
4
$
Profit $ 2.0
mm) $ 0.0
$
(
-$ 2.0
Operating CASH: $13.6mm
2013 DEBT: $0.0mm
-$ 4.0 YTD EBITDA: $5.2mm
-$ 6.0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013*
Slide 17 of 115 *Management Guidance, November 12, 2013
AMERICAS SALES
Outline
Americas Sales Snapshot
Positioning
Growth Initiatives
Slide 18 of 115
AMERICAS SALES SNAPSHOT
#1 Asset = Direct Sales Force
VASCULAR SURGEON
COMPANY* US EU & ROW APPROX TOTAL
FOCUSED
Maquet 120 75 195 ?
Gore 120 65 185 ?
Bard 100 75 175 ?
AngioDynamics 130 - 130 -
Cardiovascular Systems 130 - 130 -
Vascutek 65 60 125 -
Endologix 80 20 100 -?
Atricure 60 30 90 -
Vascular Solutions 90 - 90 -
LeMaitre Vascular 45 42 87 -
Jotec — 15 15 -
Perouse — 7 7 -
*Values are of VS reps and are estimated based on 2012 Annual Reports,
Slide 19 of 115 company publications and research analyst opinions & reports
AMERICAS SALES SNAPSHOT
Deep Sales Organization
Senior Vice President Sales
Americas
Director of Sales Country Manager
Western US Canada
South Mid- South
West Midwest Northeast East Southeast
Central Atlantic America
AMERICAS SALES SNAPSHOT
Broad Geographic Coverage
Americas capacity: 60-65
Americas current rep count: 45
Slide 21 of 115
AMERICAS SALES SNAPSHOT
Unique Rep Compensation Package
TIER A
44 of 45 REPS
Sales rep w/ no OR experience
$85k/yr W-2 Skill set aligns w/ mid-tech
(50% base salary, 50% commission) • Molding per “LMAT Way”
• Lower comp = more reps
Must increase area sales by $100k/yr Aggressive incentives/sales contests
6 month productivity ramp Favorable economics per rep
$140k/yr by year 3-4
Slide 22 of 115
AMERICAS SALES SNAPSHOT
Quarterly Sales Growth
US Growth Canada Growth
(Q/Q) (Q/Q)
45% 45%
30% 30%
15% 15%
0% 0%
-15% -15%
2011 2012 2012 2012 2012 2013 2013 2013 2011 2012 2012 2012 2012 2013 2013 2013
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 23 of 115
POSITIONING
Niche Markets = ASP Increase
12.0% Worldwide Price Hike*
10.0%
8.0%
6.0%
4.0%
2.0% Americas: 5%—6%
0.0%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
YTD
Slide 24 of 115 *Approximate, in LMAT Direct Markets, prices raised annually
POSITIONING
Add Products w/out adding Overhead
Trivex System
Slide 25 of 115
POSITIONING
Deep Vascular Surgeon Relationships
2500 US Vascular Surgeons~
1 LeMaitre Sales Rep : 50 US Vascular Surgeons
Deep Relationships
Deep Bag: 14 Products
Slide 26 of 115
GROWTH INITIATIVES
Recent Product Additions
Trivex System
– 2012 Americas sales = $1.9mm
– Previous distribution: 5-10 distributors
Trivex System
Clinical Instruments
– 2012 Americas sales = ~$350k
– Previous distribution: 5 distributors
Embolectomy Catheters Shunts
XenoSure XenoSure Americas Quarterly Sales
– Americas distribution began in 2009
– Americas growth: Q3 2013 +36% (Q/Q)
+36% Q/Q
$0.0mm
2009 2010 2011 2012 2013
Slide 27 of 115 Q1 Q1 Q1 Q1 Q1
GROWTH INITIATIVES
Fill in Regions with Additional Reps
Americas capacity: 60-65
Americas current rep count: 45
Slide 28 of 115
GROWTH INITIATIVES
New Geographies
BRAZIL
Population: 200mm
Per Capita GDP: $12,000
Healthcare spend: 8%
MEXICO
Population: 115mm
Per Capita GDP: $17,000
Healthcare spend: 7%
PUERTO RICO
Population: 5mm
Per Capita GDP: $24,000
Healthcare spend: 2%
Slide 29 of 115
GROWTH INITIATIVES
GPOs/IDNs and OEMs
GPOs/IDNs OEMs
Leverage a group’s purchasing power to Manufacture components for purchase,
DEFINED obtain vendor discounts branding, and retailing by another company
~70% of US hospital purchases Overhead rates
OPPORTUNITY are through GPOs Product profitability
Embolectomy catheters
Polyester grafts and patches
Polyester grafts and patches
PTFE grafts
PTFE grafts
LMAT PRODUCTS Latex & latex free balloons
Bovine patches
Slide 30 of 115
EUROPE & ROW SALES
Outline
Europe & ROW Sales Snapshot
Positioning
Growth Initiatives
Slide 31 of 115
EUROPE & ROW SALES SNAPSHOT
Direct Sales Rep Count
VASCULAR SURGEON
COMPANY* US EU & ROW APPROX TOTAL
FOCUSED
Maquet 120 75 195
Gore 120 65 185
Bard 100 75 175
AngioDynamics 130 — 130 -
Cardiovascular Systems 130 — 130 -
Vascutek 65 60 125
Endologix 80 20 100
Atricure 60 30 90 -
Vascular Solutions 90 — 90
LeMaitre Vascular 45 42 87
Jotec — 15 15
Perouse — 7 7
*Values are of VS reps and are estimated based on 2012 Annual Reports,
Slide 32 of 115 company publications and research analyst opinions & reports
EUROPE & ROW SALES SNAPSHOT
Sales Rep Org Chart President
International
Central Northern UK/ Spain/ Export
France Italy Japan Australia
Europe Europe Ireland Portugal Manager
EUROPE & ROW SALES SNAPSHOT
Sales Rep Geography
Europe Capacity: 40-50 Japan Capacity: 10
Rep Count: 34 Rep Count: 8
EU & ROW capacity: 65-80
EU & ROW current rep count: 42
Slide 34 of 115
EUROPE & ROW SALES SNAPSHOT
Sales Rep Compensation Profile
TIER A
22 of 34 EU REPS (Post Stent Graft Divestiture)
Sales rep w/ no or little OR experience Skill set aligns w/ mid-tech
55k €/yr W-2 Molding per “LMAT Way”
(70% base salary, 30% commission) • Lower comp = more reps
• Aggressive incentives/sales
Must increase area sales by 50k €/yr contests
9-12 month productivity ramp Favorable economics per rep
Slide 35 of 115
EUROPE & ROW SALES SNAPSHOT
Quarterly Sales Growth
Europe Growth* Japan Growth*
(Q/Q) (Q/Q)
30% 30%
20% 20%
10% 10%
0% 0%
2011 2012 2012 2012 2012 2013 2013 2013 2011 2012 2012 2012 2012 2013 2013 2013
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 36 of 115 *Organic growth rates
EUROPE & ROW SALES SNAPSHOT
Quarterly Sales Growth: Switzerland
300%
250%
200%
150%
100%
50%
0%
-50%
-100%
2011 2012 2012 2012 2012 2013 2013 2013
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 37 of 115
POSITIONING
Niche Products & Direct Markets = ASP Increase
12.0% Worldwide Price Hike*
10.0%
8.0%
6.0%
4.0%
Europe: 1.0%—1.5%
2.0% Japan: (2.0%)
0.0%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
YTD
Slide 38 of 115 *Approximate, in LMAT Direct Markets, prices raised annually
POSITIONING
Strategic Sales Force Model
Trivex System
New products # New overhead Deep Relationships
Slide 39 of 115
POSITIONING
Sales Force Rationalization
Stent Graft Exit Q3 2011
No clinical monitors
European Sales Force restructured
Renewed focus on core products
Slide 40 of 115
POSITIONING
Sales Force Rationalization
30% European Sales*
25%
20%
15%
10% Stent Graft Exit &
Xeno EU Launch
5%
0%
-5%
-10%
-15%
2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 41 of 115 *Organic growth rates
POSITIONING
Staffed Export Market Effort
1 Export Manager
40+ Distributors
40+ Export Markets
6% of WW Sales
31% Q3 Growth (y/y)
Current Export Markets
Slide 42 of 115
POSITIONING
GPO & Tenders Sales Ramping
TENDERS/GPOs
DEFINED Submit bids with product prices and quantities for 2- to 4-yr terms
~70% of healthcare business in major EU countries
OPPORTUNITY is through Tenders/GPOs
Embolectomy catheters Bovine patches
Polyester grafts Shunts
LMAT PRODUCTS PTFE grafts Valvulotomes
Slide 43 of 115
GROWTH INITIATIVES
Product Additions
Clinical Instruments
– 2012 EU Sales = ~$250k
– Previous distribution: 9 distributors
Embolectomy Catheters Shunts
XenoSure
– EU distribution began in Q2 2011 XenoSure Quarterly EU Sales
– EU Growth: Q3 2013 +81% (Q/Q)
+81% Q/Q
$0.0mm
2011 2011 2011 2012 2012 2012 2012 2013 2013 2013
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 44 of 115
GROWTH INITIATIVES
Fill in Regions with Additional Reps
Europe Capacity: 40-50 Japan Capacity: 10
Rep Count: 34 Rep Count: 8
EU & ROW capacity: 65-80
EU & ROW current rep count: 42
Slide 45 of 115
GROWTH INITIATIVES
New Geographies
CHINA
Population: 1,351mm
Per Capita GDP: $9,000
Healthcare spend: 5%
POLAND
Population: 39mm
Per Capita GDP: $21,000
Healthcare spend: 7%
PORTUGAL
Population: 11mm
Per Capita GDP: $24,000
Healthcare spend: 10%
Slide 46 of 115
GROWTH INITIATIVES
New Geographies: Australia Update
2013, Q3 Country manager appointed
2013, Q4 Melbourne office opens
Australia Capacity: 6
2014, Q1 Australian direct sales begin Rep Count: 0
2014, Q2
2014, Q3 2 sales reps to be hired
2014, Q4
2015, Q1
Slide 47 of 115
GROWTH INITIATIVES
Increase Export and Factory Direct
1 Export Manager
40+ Distributors
40+ Export Markets
6% of WW Sales
31% Q3 Growth (y/y)
Turkey
Tunisia Iraq
Israel Iran India
Vietnam Philippines
Indonesia
Near-term Export Markets
Slide 48 of 115
A VASCULAR SURGEON’S PERSPECTIVE
Outline
My background and CV
Experience with LeMaitre Vascular (LMAT)
– LMAT’s Competencies
– Products I Currently Use:
• Product: LeMaitre Valvulotome
• Product: Trivex
• Product: XenoSure
• Product: AlboGraft
Trends in Vascular Surgery
Slide 49 of 115
RUTH L. BUSH, M.D., J.D., M.P.H.
Curriculum Vitae
Board certified general and vascular surgery
– General surgery (1999): UC Davis Medical Center, Sacramento, CA
– Vascular Surgery (2001): Emory University Medical Center, Atlanta, GA
Interim Campus Vice Dean, Texas A & M College of Medicine, Bryan/
College Station, TX
Vascular Surgeon & Professor of Surgery, Central Texas VA Healthcare
System, Temple, TX
Trainer/ proctor/ speaker: Covidien—VNUS Medical, LeMaitre (formerly
InaVein)—Trivex
>100 presentations and >150 peer-reviewed publications
Editorial board: JVS, Perspectives in Vascular Surgery, Yearbook of Vascular
Surgery (assoc. editor), World Journal of Surgery, Journal of Endovascular
Therapy
Slide 50 of 115
EXPERIENCE w/ LMAT PRODUCTS
LMAT’s Competencies
Intraoperative support
Product quality & predictability
Sales rep responsiveness, trust, and knowledge
Deep Relationships
Slide 51 of 115
EXPERIENCE w/ LMAT PRODUCTS
Products I Currently Use
Valvulotome
Trivex System
Patches and Grafts
XenoSure Biologic Patch
LifeSpan ePTFE Graft
AlboGraft Polyester Graft
Embolectomy Catheters
Carotid Shunt
Contrast Injector (historical use)
Slide 52 of 115
EXPERIENCE w/ LMAT PRODUCTS
Valvulotome: Intro to Bypass
PERIPHERAL ARTERY
DISEASE
BYPASS OPTIONS
ePTFE (polytetrafluoroethylene)
Polyester
Cryovein
Autologous vein Best long term option, improved patency -
Lower infection rates -
Better size and quality -
Configuration: reversed or non-reversed vein, in situ -
Slide 53 of 115
EXPERIENCE w/ LMAT PRODUCTS
Valvulotome: Why Use Autologous Veins?
TASC II Recommendation
TransAtlantic Intersociety Consensus II Classification
Eur J Vasc Endovasc Surg 2007; 33, S1eS70
Recommendation 40. Femoral below-knee popliteal
Table F7b. Randomized trials of types of conduits206-209 and distal bypass
Above knee femoral popliteal bypass 5-year patency
• An Adequate long (greater) saphenous vein is the
Vein 74-76% optimal conduit in femoral below-knee popliteal
and distal bypass [C]. In it’s absence, another
PTFE – polytetrafluoroethylene graft. 39-52%
good-quality vein should be used [C].
Autologous veins have better long term patency than prosthetics
Slide 54 of 115
EXPERIENCE w/ LMAT PRODUCTS
Valvulotome: How It Works
Self-Sizing Expandable LeMaitre Valvulotome: 1.5mm to 6.0mm
Self-Centering
Over-the-Wire LeMaitre Valvulotome (2.0mm to 6.0mm)
Atraumatic
Effective
Wide blade range with sharp cutting blades
Self-sizing, self-centering Hoops
Slide 55 of 115
EXPERIENCE w/ LMAT PRODUCTS
Valvulotome: How It Works
Slide 56 of 115
EXPERIENCE w/ LMAT PRODUCTS
Trivex: Intro to Venous Disease
ABNORMAL VENOUS ANATOMY
Slide 57 of 115
EXPERIENCE w/ LMAT PRODUCTS
Trivex: Varicose Vein Prevalence
# Affected 4-5x more Common v. Costly
Arterial Disease
Globally: 0.7 – 1.4bn • Most are untreated $150mm—$1bn/yr
US: 25 – 40mm >2mm work days lost/yr
• Many are uneducated
Males: 15% about options
Females: 30%
• Many fear treatment
more than the disease
Indications Risk Factors Everyone Is Susceptible
Range: Simple to Severe Standing vocation
Generally Progressive Leg injury
Surgery
Genetics
Pregnancy
Ref 1: Heit JA, Rooke TW, Silverstein MD, et al. Trends in the incidence of venous stasis syndrome and venous ulcer: a 25-year population-based study. J Vasc Surg 2001; 33:1022-1027.
Ref 2: Baker SR, Stacey MC, Jopp-McKay AG, Hoskin SE, Thompson PJ. Epidemiology of chronic veonus ulcers. Br J Surg 1991; 78:864-867
Slide 58 of 115 Ref 3: Staffa R. Chronic venous insufficiency – epidemiology. Bratils Lek Lisy 2002; 103 (4-5): 166-188.
EXPERIENCE w/ LMAT PRODUCTS
Trivex: How It Works
1 2 3
Hydrodissection Transillumination Resection
Slide 59 of 115
EXPERIENCE w/ LMAT PRODUCTS
Trivex: Clinical Results
Pre-op Day 2 Week 6
Slide 60 of 115
EXPERIENCE w/ LMAT PRODUCTS
Trivex: Clinical Advantages
Excellent outcomes
99.7% patient-reported positive feedback
Shorter procedure times
19.7 min avg procedure time
Fewer small (2 – 3mm) incisions
No sutures
Minimal recurrence rate
Better visualization of varicosities
Franz RW, Knapp ED. Transilluminated Powered Phlebectomy Surgery for Varicose Veins:
A Review of 339 Consecutive Patients. Ann.Vasc Surg 2009; 34, No.3: 303—309
Slide 61 of 115
EXPERIENCE w/ LMAT PRODUCTS
XenoSure Biologic Patch: How it Works
Slide 62 of 115
EXPERIENCE w/ LMAT PRODUCTS
AlboGraft Polyester Graft: How it Works
Slide 63 of 115
TRENDS IN VASCULAR SURGERY
Evidence-Based Medicine
How is the need for evidence-based medicine manifesting itself in your
practice today
In product selection
In purchasing committee pushback
In reimbursement
Versus the medical environment of 3-years ago?
LMAT Viewpoint:
We have a 25-year clinical-validation history.
We hold ourselves to a gold standard in product development and
manufacturing.
“LeMaitre under-priced competitors at Texas A&M College of
Medicine with identical outcomes.” —Dr. Ruth Bush
Slide 64 of 115
TRENDS IN VASCULAR SURGERY
Affordable Care Act (ACA)
Are you seeing more or less patients because of the ACA?
Has your ability to be reimbursed been affected by the ACA?
Can you speak about Accountable Care Organizations (ACOs) and your institution’s experience with them?
LMAT Viewpoint:
Our products are used in necessary procedures.
Patient demographics indicate that most of our patients were covered pre-ACA by either Medicare or private insurers.
Vascular disease primarily affects an older patient population. With an Slide 65 of 115 aging population, our total addressable patient population is growing.
TRENDS IN VASCULAR SURGERY
Minimally Invasive v. Open
What shift have you seen in your practice?
Where are peripheral procedures happening? Hospital versus office?
Is there enough evidence to support minimally invasive options FIRST, especially given cost?
Do you expect more or less open in the future? Has the pendulum swung too far in favor of endo?
LMAT Viewpoint:
We are always looking for opportunities to acquire and/or develop products that are relevant to both types of procedures.
Slide 66 of 115
R&D and REGULATORY
Outline
R&D Snapshot
Positioning
Growth Initiatives
Regulatory Update
Slide 67 of 115
R&D SNAPSHOT
Project Criteria and Type
CRITERIA TYPE
Vascular surgeon call point SKU Expansion
Disposable/implantable Next Gen Existing Products
Niche markets Develop New Products
Investment size
IP generation
Portfolio fit
Slide 68 of 115
R&D SNAPSHOT
Examples
R&D = CUSTOMIZED PROJECT FOCUS
Existing products Stent graft
Snare retrieval Peripheral stent
Steerable catheters Carotid stent
Specialty balloon Atherectomy
catheters • Vena cava filters
Dialysis catheter
Slide 69 of 115
R&D SNAPSHOT
R&D Org Chart
Next Generation
Accessories & Extensions 6 Engineers
4 Engineers
Vice President
R&D
De Novo
3 Engineers
Slide 70 of 115
R&D SNAPSHOT
Recent Launch: Next Gen
1.8mm Expandable 1.5mm Expandable
Valvulotome Valvulotome
Launched, 2002 Decreased size of valvulotome diameter
• Cutting range unchanged
• Launched, April 2013
Slide 71 of 115
R&D SNAPSHOT
Recent Launch: New Product
AlboGraft AlboSure
Factory purchased, 2007 First significant product development
Factory integrated, 2010 since acquisition
• Launched, June 2013
Slide 72 of 115
R&D SNAPSHOT
Recent Launch: New Product
MollRing Cutter & MultiTASC
Vollmar Dissector
Company acquired, 2007 First significant product development
since acquisition
• Launched, March 2013
Slide 73 of 115
R&D SNAPSHOT
R&D Performance
25%
R&D Sales as % of Total Sales
20%
15%
Pruitt F3
Hard Switch Benefit
10%
5%
0%
2007 2008 2009 2010 2011 2012 2013
Q1 Q1 Q1 Q1 Q1 Q1 Q1
Slide 74 of 115
POSITIONING
Deep Vascular Surgery Roots
Surgeons’ Co-op Global Congresses Business
& OR Visits Sales Force Development
1983—2006 $
Idea Sourcing
Slide 75 of 115
POSITIONING
Healthy Project Selection Options
Biologic Patches 14 PRODUCT LINES
Embolectomy Catheters Addressable Market $800mm
RE Devices
R&D increases LMAT’s ePTFE Vascular Grafts
share of individual pieces
of the pie
Carotid Shunts Polyester Vascular
Grafts
Radiopaque Tape
Modeling Catheters
Valvulotomes
Powered Phlebectomy
Contrast Injectors
Vein Strippers Occlusion Catheters
Slide 76 of 115
POSITIONING
Consistent Execution: 10-3-3 (Win-Loss-TBD)
LAUNCH PRODUCT DEVELOPMENT COST CURRENT ANNUALIZED SALES SCORE
2001 1.8mm Valvulotome $250k—$500k > $5mm W
2002 Novasil Latex Free Embo Catheter < $ 250k $500k—$1mm W
2003 Reddick Scoop Tip Cholangiogram Catheter $250k—$500k $1mm—$2mm W
2004 Flexcel Carotid Shunt < $ 250k $250k—$500k W
2004 InvisiGrip Vein Stripper < $ 250k $250k—$500k W
2004 Distal Perfusion Catheter < $ 250k $250k—$500k W
2004 5F Plus O-T-W Embo Catheter < $ 250k $500k—$1mm W
2007 TT Delivery System $ 1mm—$2mm N/A L
2007 Pruitt F3 Carotid Shunt $250k—$500k > $5mm W
2008 TAA Top Stent $500k—$ 1mm N/A L
2010 AnastoClip GC $ 1mm—$2mm $1mm—$2mm W
2011 O-T-W Valvulotome $500k—$ 1mm $250k—$500k TBD
2012 UnBalloon $ 1mm—$2mm < $250k L
2013 MultiTASC $ 1mm—$2mm $500k—$1mm TBD
2013 1.5mm Valvulotome $250k—$500k $500k—$1mm W
2013 AlboSure < $ 250k < $250k TBD
Slide 77 of 115
GROWTH INITIATIVES
Platform Technologies = R&D Opportunities
Collagen Biologics PTFE Balloons
Nitinol Extrusions/Moldings Polyester
Slide 78 of 115
GROWTH INITIATIVES
More Engineers
14 R&D Engineer Count
12
10
8
6
4
2
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Slide 79 of 115
GROWTH INITIATIVES
Pipeline Features
SKU EXPANSION: Occlusion Catheter
Valvulotome
NEXT GEN: UnBalloon
AnastoClip
NEW PRODUCT: Valvulotome
Biologics Research
OTHER: Carotid Shunt Research
Slide 80 of 115
REGULATORY UPDATE
Current Approvals
Americas Asia-Pacific
Product EU US Canada Brazil Japan Australia China
Valvulotome: 1.8ELV / 1.5ELV
VascuTape Radiopaque Tape
Embolectomy and Occlusion Catheters
Carotid Shunts: Pruitt-Inahara / Pruitt F3
Reddick Cholangiogram Catheters
AnastoClip: VCS / GC
InvisiGrip Vein Stripper
LeverEdge Contrast Injector
EndoRE Devices: Moll / MultiTASC
AlboGraft Polyester Graft
The UnBalloon Modeling Catheter
XenoSure Biologic Vascular Patch
LifeSpan ePTFE Vascular Graft
AlboSure Polyester Vascular Patch
Trivex System*
Slide 81 of 115
*Regulatory approval for the Trivex system in China is expected to lapse in 2014
REGULATORY UPDATE
Pending Approvals
Americas Asia-Pacific
Product EU US Canada Brazil Japan Australia China
Valvulotome: 1.8ELV / 1.5ELV
VascuTape Radiopaque Tape
Embolectomy and Occlusion Catheters
Carotid Shunts: Pruitt-Inahara / Pruitt F3
Reddick Cholangiogram Catheters
AnastoClip: VCS / GC
InvisiGrip Vein Stripper
LeverEdge Contrast Injector
EndoRE Devices: Moll / MultiTASC
AlboGraft Polyester Graft
The UnBalloon Modeling Catheter
XenoSure Biologic Vascular Patch
LifeSpan ePTFE Vascular Graft
AlboSure Polyester Vascular Patch
Trivex System*
APPROVED SUBMITTED
Slide 82 of 115
*Regulatory approval for the Trivex system in China is expected to lapse in 2014
REGULATORY UPDATE
Approval Frequency Is Increasing
30 # of Approvals/yr
25
20
15
10
5
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD
Slide 83 of 115
*Expected (YTD = 23)
ACQUISITIONS
Outline
Acquisitions Snapshot
Positioning
Growth Initiatives
Slide 84 of 115
ACQUISITIONS SNAPSHOT
Business Development Org Chart
President
Legal Business Development Business Development
Slide 85 of 115
ACQUISITIONS SNAPSHOT
Project Criteria and Success Metrics
CRITERIA SUCCESS METRICS
Vascular surgeon call point Sales CAGR
Disposable/implantable Integration cost
Niche markets Gross margin
~$3-10mm revenue target Accretion
Sales growth IRR
Reasonable valuation
Slide 86 of 115
ACQUISITIONS SNAPSHOT
LMAT Acquires Tuck Ins
1 Acquired Sales as a % of Total Sales
45%
(in Year Acquired)
40% 1
Deals Completed
35%
(#)
30%
25%
1
20%
4
15%
1 1 2
10%
1
1 1
5%
0%
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013*
Slide 87 of 115 *YTD 2013 mix applied to 2013 Management Guidance, November 12, 2013
ACQUISITIONS SNAPSHOT
LMAT = Value Buyers
YEAR PRODUCT SALES MULTIPLE
1998 VascuTape 0.3x
1999 Embolectomy Catheters 0.9x
2001 Carotid Shunt, Embo Catheters 1.1x
Total Acquisition Spend: 2003 Quick Stick Dialysis Graft N/A
~$40mm 2004 AnastoClip 0.6x
2005 Stent Grafts 2.3x
2007 LeverEdge 1.8x
2007 EndoRE 1.7x
2007 AlboGraft 2.8x
2007 UnBalloon N/A
2010 LifeSpan 2.3x
2012 XenoSure 1.0x
2013 Carotid Shunt, Embo Catheters 1.7x
2013 Trivex 1.1x*
Average & Median 1.4x
Slide 88 of 115 *Excludes potential earn-outs
ACQUISITIONS SNAPSHOT
Acquired Sales Growth
2
1
$60
1
Deals Completed
$50 (#)
$40 4 Growth of Acquired Sales
1
1
Sales ($ mm) $30
1 Acquired Sales
$20 1
1
$10 1 Non-Acquired Sales
$0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013*
Slide 89 of 115 *YTD 2013 mix applied to 2013 Management Guidance, November 12, 2013
ACQUISITIONS SNAPSHOT
Recent Acquisition: Clinical Instruments
CLINICAL INSTRUMENTS
Acquired July 5, 2013
2012 Sales: $0.6mm
Paid $1.1mm cash (1.7x)
Rationale: Market and SKU
expansion opportunity
Integration Status: Factory
closure Q3 2014 Carotid Shunts & Embolectomy Catheters
Slide 90 of 115
ACQUISITIONS SNAPSHOT
Recent Acquisition: InaVein
INAVEIN
Acquired August 28, 2013
2012 Sales: $2.3mm
Paid $2.5mm cash (1.1x) plus
potential earn-outs
Rationale: New product line, US
opportunity
Trivex System
Integration Status:
– Office closed Q3
– Contract manufacturing ongoing
– Chinese distribution term sheet
signed
Slide 91 of 115
ACQUISITIONS SNAPSHOT
Scorecard: 7-3-4 (Win-Loss-TBD)
YEAR PRODUCT SALES CAGR* SCORE
1998 VascuTape 15% W
1999 Embolectomy Catheters 9% W
2001 Carotid Shunt, Embo Catheters 10% W
2003 Quick Stick Dialysis Graft Closed L
2004 AnastoClip 12% W
2005 Stent Grafts Divested L
2007 LeverEdge 2% W
2007 EndoRE 6% W
2007 AlboGraft -3% TBD
2007 UnBalloon N/A L
2010 LifeSpan -6% TBD
2012 XenoSure 57%** W
2013 Carotid Shunt, Embo Catheters N/A TBD
2013 Trivex N/A TBD
Slide 92 of 115 *Calculated from year of acquisition through 2013 (annualized from YTD 2013 mix)
**Calculated from sales pre-distribution by LMAT’s sales force (2008)
POSITIONING
15 Years of Pipeline Development
Private Equity MD Innovation Succession Plan Carve Outs
Deal Sourcing
Slide 93 of 115
POSITIONING
LMAT Avoids Bidding Wars
Competitive Bidding Process Proprietary Deal Sourcing
Slide 94 of 115
POSITIONING
14 Acquisitions Integrated
Cross Selling
Surgeon Training
Manufacturing Integration ASP Increases
INTEGRATION
PROFICIENCIES
Distributor Regulatory Branding Next Terminations Gen Appr R&D vals
Slide 95 of 115
POSITIONING
14 Acquisitions Integrated
INTEGRATION PROFICIENCIES
Sales Force Education
Quality Improvement
Slide 96 of 115
GROWTH INITIATIVES
Market Opportunities
Stent Grafts
Vascular Plugs
PTA & DE Balloons
Biological Patches
BM & DE Stents
Modeling Catheters
Endovenous Ablation
Peripheral Coils
Rate Thrombectomy Devices
Growth Valvulotomes PTFE Grafts
Carotid Shunts Polyester Grafts
Embolectomy Catheters Anastomosis Devices
Endarterectomy Devices Vascular Glues/Sealants
Slide 97 of 115 Market Size
GROWTH INITIATIVES
Acquisition Opportunities
OPEN ENDO
Biological Grafts Dialysis Catheters
DIALYSIS ACCESS PTFE Grafts Thrombectomy Devices
Anastomotic Devices PTA Balloons
Ablation Devices
VENOUS Filters
DVT Devices
Valvulotomes
Embolectomy Catheters Coils & Plugs
ARTERIAL HemaClips Thrombectomy Devices
Shunts PTA & Atherectomy
Grafts & Patches
Snares
Sealants
TOOLS/ACCESSORIES Contrast Injectors
Hemostatic Agents
Guide Wires
Slide 98 of 115
FINANCIALS
Outline
Financial Snapshot
Positioning
Growth Initiatives
Slide 99 of 115
FINANCIAL SNAPSHOT
Sales 10-yr CAGR = 12%
$70
$60 1
.
63
$50 $
mm) $40
$
(
$30
$20
$10
$0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013*
Net Sales (Ex Stent Graft) Stent Graft Sales
Slide 100 of 115 *Management Guidance, November 12, 2013
FINANCIAL SNAPSHOT
Gross Margin >70%
74%
72%
70% 1%
.
Margin 68% 71
66%
Gross 64%
62%
60%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD
GM IMPACT SHORT TERM MEDIUM TERM
XenoSure Integration
Clinical Instruments Integration
Trivex Integration
Product Mix Shift
Geographic Mix Shift
Slide 101 of 115
FINANCIAL SNAPSHOT
2009 Bottom Line Turnaround
Operating Expense Discipline Bottom Line Turnaround
$60 $6
ACA tax
$50 $4 . 6
4
Grafts IPO October 2006 $
Stent $40 Income $2
6
Ex 36 .
$30 $0
Sales $ Operating
.
v $20 -$2
Ex
Op
$10 -$4
$0 -$6
2003 2005 2007 2009 2011 2004 2006 2008 2010 2012
*Management Guidance, November 12, 2013
Slide 102 of 115 Charts in millions
FINANCIAL SNAPSHOT
Returning Shareholder Value
$1.3
$1.0
$0.8
mm) Share Repurchase
$
(
$0.5
$0.3
Dividend
$0.0
2007 2008 2009 2010 2011 2012 2013
Slide 103 of 115
FINANCIAL SNAPSHOT
Stock Technicals
Average Daily $
$400
$350 Trading Volume
$300
$250
k)
$
( $200
$150
$100
$50
$0
Slide 104 of 115 *Average calculated quarter-to-date
FINANCIAL SNAPSHOT
Stock Technicals
HOUSATONIC DISTRIBUTION
(1.4mm LMAT shares to Limited Partners)
LMAT Ownership Profile
50%
40% Insider
Owners
30%
20%
Institutional
10% Owners
0%
2007 2008 2009 2010 2011 2012 2013
Institutional Ownership is based on most recent 13Fs and 13Gs
Insider beneficial ownership as of April 1, 2013 as reported in 2013 proxy (excluding options)
Slide 105 of 115
POSITIONING
LMAT’s Distributor Buyout Model
CANADA
Existing Sales
Office
4 Reps JAPAN
Good Margins
SWITZERLAND Profitability in Short-Term Existing Sales
Office
Existing Sales 8 Reps
No Office Necessary ? Regulatory Hurdles
2 Reps ? Asian Presence
Immediate Profitability ? Profitability in Long-Term
Minimal Investment
Significant Investment
Slide 106 of 115
POSITIONING
R&D Investment Ramp
$7.0 Total R&D
$6.0 8.2%
$5.0
$4.0 Regulatory, Royalties, Process
mm)
$ $3.0
(
$2.0
Product Development
$1.0
$0.0
2006 2007 2008 2009 2010 2011 2012 2013*
Slide 107 of 115 *YTD 2013 mix applied to 2013 Management Guidance, November 12, 2013
POSITIONING
LMAT’s R&D Investment
SALES
PRODUCT $4.5mm
DEVELOPMENT
$3.0mm
GROSS PROFIT
$3.2mm
Slide 108 of 115
POSITIONING
LMAT’s Sales Force Model
SALES REP INCREMENTAL
CARRYING COST GROSS PROFIT
$160k $80k
Reps pay for themselves
in 2 years
Slide 109 of 115
POSITIONING
Profitability Leverage
Sales 100%
Gross Profit 70% OPERATING LEVERAGE
S&M 34% over time
G&A 21%
R&D 8%
Operating Income 7%
Slide 110 of 115
GROWTH INITIATIVES
Access to Debt & Equity
TUCK IN LARGER DEAL
Cash Cash + Debt
or
Cash + Debt + Equity
CASE STUDY:
Target w/ $8mm in Revenue = $20mm Purchase Price
~ $7mm Cash + $13mm Debt
Slide 111 of 115
GROWTH INITIATIVES
Guidance*
2013 FY Sales = $63.1mm (+11% growth)
2013 FY Operating Income = $4.6mm (7% margin)
Slide 112 of 115 *Management Guidance, November 12, 2013
|
|
GAAP TO NON-GAAP
Financial Measures Reconciliation
Reconciliation between GAAP and Non-GAAP Net Sales,
Ex Stent Grafts* 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013**
Net Sales $ 20,664 $ 26,183 $ 30,727 $ 34,628 $ 41,446 $ 48,720 $ 50,908 $ 56,060 $ 57,685 $ 56,735 $ 63,100
Stent Graft Sales (TAArget, UniFit, & ELGX distribution) 88 29 1,651 3,049 6,031 7,991 7,128 6,778 3,959 - -
Sales Ex-Stent Grafts $ 20,576 $ 26,154 $ 29,076 $ 31,579 $ 35,415 $ 40,729 $ 43,780 $ 49,282 $ 53,726 $ 56,735 $ 63,100
Reconciliation between GAAP and Non-GAAP sales growth*: Q4-2011 Q1-2012 Q2-2012 Q3-2012 Q4-2012 Q1-2013 Q2-2013 Q3-2013
Net sales as reported for the quarter ending: $ 13,411 $ 13,928 $ 14,361 $ 13,645 $ 14,801 $ 15,382 $ 15,951 $ 15,300
Impact of currency exchange rate fluctuations (15) 146 470 481 215 62 70 (73)
Net impact of acquisitions and distributed sales exluding currency (260) - - - - - - (288)
Adjusted net sales $ 13,136 $ 14,074 $ 14,831 $ 14,126 $ 15,016 $ 15,444 $ 16,021 $ 14,939
Net Sales as reported for the prior year $ 14,431 $ 14,598 $ 15,112 $ 14,564 $ 13,411 $ 13,928 $ 14,361 $ 13,645
Net impact of discontinued products sales excluding currency (1,904) (1,584) (1,342) (1,109) (31) - - -
Adjusted net sales $ 12,527 $ 13,014 $ 13,770 $ 13,455 $ 13,380 $ 13,928 $ 14,361 $ 13,645
Adjusted net sales increase in $ $ 609 $ 1,060 $ 1,061 $ 671 $ 1,636 $ 1,516 $ 1,660 $ 1,294
Adjusted net sales increase in % 5% 8% 8% 5% 12% 11% 12% 9%
Reconciliation between GAAP and Non-GAAP sales growth for Annual Guidance*:
For the year ending December 31, 2013
Net sales per guidance $ 63,100
Net impact of acquisitions and distributed sales excluding currency (880)
Impact of currency exchange rate fluctuations (10)
Adjusted net sales $ 62,210
For the year ending December 31, 2012
Net sales as reported $ 56,735
Adjusted net sales increase for the year ending December 31, 2013 $ 5,475 10% *Amounts are in thousands and are unaudited
**Management Guidance, November 12, 2013
Slide 113 of 115
|
|
GAAP TO NON-GAAP
Financial Measures Reconciliation
Reconciliation between GAAP and Non-GAAP European sales growth*: Q1-2010 Q2-2010 Q3-2010 Q4-2010 Q1-2011 Q2-2011 Q3-2011 Q4-2011 Q1-2012 Q2-2012 Q3-2012 Q4-2012 Q1-2013 Q2-2013
Net sales as reported for the quarter ending: $ 5,337 $ 4,798 $ 4,283 $ 5,132 $ 5,096 $ 5,093 $ 4,388 $ 3,772 $ 3,838 $ 3,964 $ 3,672 $ 4,216 $ 4,556 $ 4,962
Impact of currency exchange rate fluctuations (292) 363 449 (156) 28 (600) (375) 28 168 483 473 178 (32) (73)
Netimpact of acquisitions and distributed sales exluding currency - - - 462 (311) (246) (237) (205) - - - - - -
Adjusted net sales $ 5,045 $ 5,161 $ 4,732 $ 5,438 $ 4,813 $ 4,247 $ 3,776 $ 3,595 $ 4,006 $ 4,447 $ 4,145 $ 4,394 $ 4,524 $ 4,889
Net Sales as reported for theprior year quarter $ 4,345 $ 4,996 $ 5,137 $ 5,419 $ 5,337 $ 4,798 $ 4,283 $ 5,132 $ 5,096 $ 5,093 $ 4,388 $ 3,772 $ 3,838 $ 3,964
Net impact of discontinued products sales excluding currency - (21) (46) (51) (41) (66) (381) (1,778) (1,553) (1,282) (704) (32) - -
Adjusted net sales $ 4,345 $ 4,975 $ 5,091 $ 5,368 $ 5,296 $ 4,732 $ 3,902 $ 3,354 $ 3,543 $ 3,811 $ 3,684 $ 3,740 $ 3,838 $ 3,964
Adjusted net sales increase in $ $ 700 $ 186 $ (359) $ 70 $ (483) $ (485) $ (126) $ 241 $ 463 $ 636 $ 461 $ 654 $ 686 $ 925
Adjusted net sales increasein % 16% 4% -7% 1% -9% -10% -3% 7% 13% 17% 13% 17% 18% 23%
Reconciliation between GAAP and Non-GAAP Japan sales growth*: Q4-2011 Q1-2012 Q2-2012 Q3-2012 Q4-2012 Q1-2013 Q2-2013 Q3-2013
Net sales as reported for the quarter ending: $ 665 $ 616 $ 722 $ 694 $ 742 $ 578 $ 627 $ 623
Impact of currency exchange rate fluctuations (42) (22) (13) 8 37 93 143 161
Net impact of acquisitions and distributed sales exluding currency (43) - - - - - - -
Adjusted net sales $ 580 $ 594 $ 709 $ 702 $ 779 $ 671 $ 770 $ 784
Net Sales as reported for the prior year quarter $ 531 $ 498 $ 605 $ 607 $ 665 $ 616 $ 722 $ 694
Net impact of discontinued products sales excluding currency - - - - - - - -
Adjusted net sales $ 531 $ 498 $ 605 $ 607 $ 665 $ 616 $ 722 $ 694
Adjusted net sales increase in $ $ 49 $ 96 $ 104 $ 95 $ 114 $ 55 $ 48 $ 90
Adjusted net sales increase in % 9% 19% 17% 16% 17% 9% 7% 13%
Reconciliation between GAAP and Non-GAAP EBITDA*: 2013
Net income as reported, for the nine months ending September 30 $ 2,456
Interest 14
Taxes 714
Depreciation and amortization $ 1,974
EBITDA, for the nine months ending September 30 $ 5,158
*Amounts are in thousands and are unaudited
Slide 114 of 115
Lemaitre vascular
Your Peripheral Vision