LeMaitre Vascular Inc. (LMAT, Financial) filed Quarterly Report for the period ended 2010-06-30.
Lemaitre Vascular Inc. has a market cap of $92.9 million; its shares were traded at around $5.95 with a P/E ratio of 19.2 and P/S ratio of 1.8.
Sales increases for the three months ended June 30, 2010 were largely driven by higher average selling prices across nearly all product lines, particularly in the United States, as well as increased sales in all Vascular category products including shunts of $0.4 million, valvulotomes of $0.4 million, remote endarterectomy of $0.4 million, and XenoSure of $0.3 million. These gains were partially offset by decreases in selected product lines including the TAArget Thoracic Stent Graft of $0.2 million, and the divestiture of the OptiLock Implantable Port and discontinuance of the aSpire stent of $0.1 million.
Sales increases for the six months ended June 30, 2010 were largely driven by higher average selling prices across nearly all product lines, as well as increased sales in all Vascular category products including valvulotomes of $1.0 million, XenoSure patches of $0.7 million, shunts of $0.7 million, remote endarterectomy of $0.5 million, and AlboGraft Vascular Graft of $0.5 million. These gains were partially offset by decreases in selected product lines including the TAArget Thoracic Stent Graft of $0.3 million and the divestiture of the OptiLock Implantable Port and discontinuance of the aSpire stent of $0.1 million.
Net sales by geography. Net sales in the Americas increased $1.6 million for the three months ended June 30, 2010. The increase was largely the result of higher average selling prices across nearly all product lines, increases in all Vascular category product sales and increased sales of the XenoSure biologic patch of $0.3 million. International net sales decreased $0.1 million for the three months ended June 30, 2010. The decrease was primarily driven by the negative effects of the change in foreign currency exchange rates of $0.3 million, and was partially offset by the growth in our French, Italian, and Japanese subsidiaries.
Net sales in the Americas increased $3.0 million for the six months ended June 30, 2010. The increase was largely the result of higher average selling prices across nearly all product lines, increases in all Vascular category product sales and increased sales of the XenoSure biologic patch of $0.7 million. International net sales increased $1.0 million for the six months ended June 30, 2010. The increase was primarily driven by increased sales of the AlboGraft Vascular Graft of $0.5 million, the Powerlink System of $0.4 million, and the growth in our French, Italian, and Japanese subsidiaries. For the first quarter of 2009, sales of the AlboGraft Vascular Grafts were temporarily depressed in connection with the termination of the Edwards distribution agreement.
Gross profit increased 20.6% to $21.0 million for the six months ended June 30, 2010, while the gross margin increased 2.5% to 75.0% in the same period. The gross margin increase was largely the result of improved manufacturing efficiencies, and higher average selling prices across nearly all product lines, particularly in the United States. The gross margin increase was partially offset by an increase in excess and obsolete inventory write-downs of $0.4 million, and the discontinuance of the aSpire product line.
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Lemaitre Vascular Inc. has a market cap of $92.9 million; its shares were traded at around $5.95 with a P/E ratio of 19.2 and P/S ratio of 1.8.
Highlight of Business Operations:
Net sales increased 17% to $28.0 million for the six months ended June 30, 2010, compared to $24.0 million for the six months ended June 30, 2009. The net effect of new acquisitions, business development activities and changes in foreign currency exchange rates did not materially impact year-over-year sales growth for the six months ended June 30, 2010.Sales increases for the three months ended June 30, 2010 were largely driven by higher average selling prices across nearly all product lines, particularly in the United States, as well as increased sales in all Vascular category products including shunts of $0.4 million, valvulotomes of $0.4 million, remote endarterectomy of $0.4 million, and XenoSure of $0.3 million. These gains were partially offset by decreases in selected product lines including the TAArget Thoracic Stent Graft of $0.2 million, and the divestiture of the OptiLock Implantable Port and discontinuance of the aSpire stent of $0.1 million.
Sales increases for the six months ended June 30, 2010 were largely driven by higher average selling prices across nearly all product lines, as well as increased sales in all Vascular category products including valvulotomes of $1.0 million, XenoSure patches of $0.7 million, shunts of $0.7 million, remote endarterectomy of $0.5 million, and AlboGraft Vascular Graft of $0.5 million. These gains were partially offset by decreases in selected product lines including the TAArget Thoracic Stent Graft of $0.3 million and the divestiture of the OptiLock Implantable Port and discontinuance of the aSpire stent of $0.1 million.
Net sales by geography. Net sales in the Americas increased $1.6 million for the three months ended June 30, 2010. The increase was largely the result of higher average selling prices across nearly all product lines, increases in all Vascular category product sales and increased sales of the XenoSure biologic patch of $0.3 million. International net sales decreased $0.1 million for the three months ended June 30, 2010. The decrease was primarily driven by the negative effects of the change in foreign currency exchange rates of $0.3 million, and was partially offset by the growth in our French, Italian, and Japanese subsidiaries.
Net sales in the Americas increased $3.0 million for the six months ended June 30, 2010. The increase was largely the result of higher average selling prices across nearly all product lines, increases in all Vascular category product sales and increased sales of the XenoSure biologic patch of $0.7 million. International net sales increased $1.0 million for the six months ended June 30, 2010. The increase was primarily driven by increased sales of the AlboGraft Vascular Graft of $0.5 million, the Powerlink System of $0.4 million, and the growth in our French, Italian, and Japanese subsidiaries. For the first quarter of 2009, sales of the AlboGraft Vascular Grafts were temporarily depressed in connection with the termination of the Edwards distribution agreement.
Gross profit increased 20.6% to $21.0 million for the six months ended June 30, 2010, while the gross margin increased 2.5% to 75.0% in the same period. The gross margin increase was largely the result of improved manufacturing efficiencies, and higher average selling prices across nearly all product lines, particularly in the United States. The gross margin increase was partially offset by an increase in excess and obsolete inventory write-downs of $0.4 million, and the discontinuance of the aSpire product line.
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