BURLINGTON, Mass., Feb. 25, 2021 (GLOBE NEWSWIRE) -- LeMaitre (Nasdaq:LMAT), a provider of vascular devices, implants and services, today reported Q4 2020 results and announced an $0.11/share quarterly dividend.

Q4 2020 Results

Sales of $37.5mm, +24% (+3% organic) vs. Q4 2019
Op. income of $9.5mm, +94%
Op. margin of 25%
Net income of $7.0mm, +52%
Earnings of $0.34 per diluted share, +51%
EBITDA of $11.9mm, +84%
Debt paid down $21.5mm to $39.0mm

The Company posted sales growth in the Americas (+35%), Asia/Pac (+12%) and Europe/Middle East/Africa (+9%). The three recent acquisitions (Artegraft, CardioCel and Eze-Sit) led growth in Q4 2020. By product, biologic grafts, valvulotomes and embolectomy catheters drove sales.

Gross margin decreased to 65.0% in Q4 2020 (vs. 66.0% in Q4 2019) primarily due to recent acquisitions and factory transitions.

Operating expenses decreased 1% to $14.9mm in Q4 2020 (vs. $15.0mm). The decline was driven by COVID-related cost-cuts as well as reduced travel and surgeon congresses.

Chairman & CEO George LeMaitre said, “For Q4, record sales combined with expense control to produce healthy bottom-line results and an improved balance sheet. For 2020 we reported 10% sales growth and 36% op. income growth. 2021 marks a decade of yearly dividend growth at LeMaitre.”

Business Outlook

	Guidance
Q1 2021 Sales	$33.8mm - $36.8mm (Midpoint:+16%)
Q1 2021 Gross Margin	66.7%
Q1 2021 Operating Income	$6.8mm - $8.8mm (Midpoint:+79%)
Q1 2021 Earnings Per Share	$0.24 - $0.31 (Midpoint: +78%)

Quarterly Dividend

On February 23, 2021, the Company's Board of Directors approved a quarterly dividend of $0.11/share of common stock. The dividend will be paid on March 25, 2021 to shareholders of record on March 9, 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 p.m. 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 8429679. 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 Vascular

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 and the LeMaitre logo are registered trademarks 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. 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. In addition to the description provided below, reconciliation of GAAP to non-GAAP results is provided in the financial statement tables included in this press release.

In this press release, the Company has reported non-GAAP sales growth percentages after adjusting for the impact of foreign currency exchange, business development transactions, and/or other events as well as EBITDA or earnings before interest, taxes, depreciation and amortization. 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, and EBITDA to better measure the comparability of results between periods. 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 believes that evaluating EBITDA provides an approximation of the cash generating ability of its operations.

Forward-Looking Statements

The Company's current financial results, as discussed in this release, are preliminary and unaudited, and subject to adjustment. 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. Forward-looking statements are based on management's current, preliminary expectations and are subject to risks and uncertainties that could cause actual results to differ from the results expected, including, but not limited to, the status of our global regulatory approvals and compliance with foreign regulatory requirements to market and sell our products outside the United States; the duration of the lapse in CE mark approval for certain of our devices; the closure of an audit by one of our notified bodies in support of the issuance and/or maintenance of CE marks covering certain of our products or the failure of such audit to be successfully closed; the duration and severity of the impact of COVID-19 on the global economy, our customers, our suppliers and our company; the risk of significant fluctuations in our quarterly and annual results due to numerous factors; the risk that assumptions about the market for the Company’s products and the productivity of the Company’s direct sales force and distributors may not be correct; the risk that we may not be able to maintain our recent levels of profitability; the risk that the Company may not realize the anticipated benefits of its strategic activities; risks related to the integration of acquisition targets; the acceleration or deceleration of product growth rates; risks related to product demand and market acceptance of the Company’s products and pricing; the risk that a recall of our products could result in significant costs or negative publicity; the risk that the Company is not successful in transitioning to a direct-selling model in new territories and other risks and uncertainties 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, which are all 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.

J.J. Pellegrino, CFO, LeMaitre
781-425-1691
jjpellegrino@lemaitre.com


LEMAITRE VASCULAR, INC (NASDAQ: LMAT)
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands)

		December 31, 2020			December 31, 2019
		(unaudited)
Assets

Current assets:
	Cash and cash equivalents	$	26,764		$	11,786
	Short-term marketable securities		214			20,895
	Accounts receivable, net		19,552			16,572
	Inventory and other deferred costs		45,115			39,527
	Prepaid expenses and other current assets		2,618			3,312
Total current assets			94,263			92,092

Property and equipment, net			15,036			14,854
Right-of-use leased assets			16,066			15,208
Goodwill			65,945			39,951
Other intangibles, net			58,905			24,893
Deferred tax assets			1,686			1,084
Other assets			909			259

Total assets		$	252,810		$	188,341

Liabilities and stockholders' equity

Current liabilities:
	Current portion of long-term debt	$	2,500		$	-
	Accounts payable		2,394			2,604
	Accrued expenses		17,525			14,014
	Acquisition-related obligations		772			2,476
	Lease liabilities - short-term		1,954			1,757
Total current liabilities			25,145			20,851

Long-term debt			35,532			-
Lease liabilities - long-term			14,791			13,955
Deferred tax liabilities			127			1,179
Other long-term liabilities			4,643			4,215
Total liabilities			80,238			40,200

Stockholders' equity
	Common stock		221			217
	Additional paid-in capital		114,924			105,934
	Retained earnings		70,554			57,029
	Accumulated other comprehensive loss		(1,525	)		(4,007	)
	Treasury stock		(11,602	)		(11,032	)
Total stockholders' equity			172,572			148,141

Total liabilities and stockholders' equity		$	252,810		$	188,341

LEMAITRE VASCULAR, INC (NASDAQ: LMAT)
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(amounts in thousands, except per share amounts)
(unaudited)

		For the three months ended					For the year ended
		December 31, 2020			December 31, 2019		December 31, 2020			December 31, 2019

Net sales		$	37,548		$	30,170	$	129,366		$	117,232
Cost of sales			13,146			10,262		44,748			37,379

Gross profit			24,402			19,908		84,618			79,853

Operating expenses:
	Sales and marketing		5,912			7,452		23,700			30,339
	General and administrative		6,076			5,029		22,501			19,055
	Research and development		2,869			2,499		10,099			9,276
	Gain on sale of building		-			-		(470	)		-


Total operating expenses			14,857			14,980		55,830			58,670

Income from operations			9,545			4,928		28,788			21,183

Other income:
	Interest expense		(579	)		-		(1,310	)		-
	Other income (loss), net		(35	)		260		(122	)		496

Income before income taxes			8,931			5,188		27,356			21,679

Provision for income taxes			1,898			575		6,136			3,745

Net income		$	7,033		$	4,613	$	21,220		$	17,934

Earnings per share of common stock
	Basic	$	0.35		$	0.23	$	1.05		$	0.91
	Diluted	$	0.34		$	0.23	$	1.04		$	0.88

Weighted - average shares outstanding:
	Basic		20,380			20,054		20,246			19,813
	Diluted		20,621			20,484		20,479			20,326

Cash dividends declared per common share		$	0.095		$	0.085	$	0.380		$	0.340

LEMAITRE VASCULAR, INC (NASDAQ: LMAT)
SELECTED NET SALES INFORMATION
(amounts in thousands)
(unaudited)

		For the three months ended								For the year ended
		December 31, 2020				December 31, 2019				December 31, 2020				December 31, 2019
		$		%		$		%		$		%		$		%
Net Sales by Geography
	Americas	$	24,008	64	%	$	17,775	59	%	$	81,470	63	%	$	69,359	59	%
	Europe/Middle East/Africa		10,854	29	%		10,001	33	%		39,193	30	%		39,480	34	%
	Asia/Pacific Rim		2,686	7	%		2,394	8	%		8,703	7	%		8,393	7	%
Total Net Sales		$	37,548	100	%	$	30,170	100	%	$	129,366	100	%	$	117,232	100	%

LEMAITRE VASCULAR, INC (NASDAQ: LMAT)
NON-GAAP FINANCIAL MEASURES
(amounts in thousands)
(unaudited)

Reconciliation between GAAP and Non-GAAP sales growth:
	For the three months ended December 31, 2020
		Net sales as reported	$	37,548
		Impact of currency exchange rate fluctuations		(792	)
		Net impact of acquisitions excluding currency		(5,705	)
		Adjusted net sales				$	31,051

	For the three months ended December 31, 2019
		Net sales as reported	$	30,170
		Adjusted net sales				$	30,170

		Adjusted net sales increase for the three months ended December 31, 2020				$	881			3	%


Reconciliation between GAAP and non-GAAP debt outstanding:
	As of December 31, 2020
		Debt as reported	$	38,032
		Add back unamortized deferred financing costs		968
		Adjusted debt outstanding				$	39,000


			For the three months ended						For the year ended
			December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Reconciliation between GAAP and Non-GAAP EBITDA
	Net income as reported		$	7,033		$	4,613		$	21,220		$	17,934
	Interest (income) expense, net			565			(123	)		1,103			(698	)
	Amortization and depreciation expense			2,447			1,441			8,224			5,416
	Provision for income taxes			1,898			575			6,136			3,745

	EBITDA		$	11,943		$	6,506		$	36,683		$	26,397

	EBITDA percentage increase						84	%					39	%