LeMaitre Vascular, Inc. (Nasdaq:LMAT), a provider of peripheral
vascular devices and implants, today reported Q4 2011 and full-year
2011 financial results. The Company posted Q4 2011 sales of $13.4mm
and operating income of $0.8mm, and full-year 2011 sales of $57.7mm
and operating income of $3.7mm. The Company also increased its cash
dividend to $0.025 per share and provided Q1 2012 and full-year
2012 updated guidance.
Q4 2011 sales increased 5% organically vs. Q4 2010. Sales
in the Americas grew 4% organically, while International increased
7%. Q4 2011 reported sales declined 7% due to the Company's
mid-2011 stent graft exit. Full-year 2011 sales increased 3%
on a reported and organic basis, hampered by the stent graft
exit.
Gross margin was 71.0% in Q4 2011, versus 71.7% in the prior
year period. For full-year 2011 the Company reported a gross
margin of 69.7% vs. 74.4% in 2010. Gross margin declines in
both periods were largely due to manufacturing inefficiencies,
including the AlboGraft factory transition. Sequentially,
gross margin improved 2.4% from Q2 2011 to Q4 2011, largely due to
the Company's recent stent graft exit.
Q4 2011 operating income was $0.8mm, vs. an operating loss of
$1.3mm in Q4 2010. Excluding special items in both periods,
operating income was $0.9mm in Q4 2011 and Q4 2010, as the absence
of stent graft sales in Q4 2011 was offset by lower operating
expenses. Full-year 2011 operating income was $3.7mm vs.
$4.0mm in 2010.
Net income in Q4 2011 was $0.3mm or $0.02 per diluted share, vs.
$2.0mm or $0.12 per diluted share in Q4 2010. Full-year 2011 net
income was $2.1mm or $0.13 per diluted share, vs. $6.0mm or $0.37
per diluted share in 2010. Both comparisons reflect a one-time
non-cash tax benefit in Q4 2010 of $3.2mm.
George W. LeMaitre, Chairman and CEO said, "International sales
were up 7% organically in Q4, reflecting a more focused vascular
sales offering, the absence of a stent-graft drag, and direct sales
in Spain and Denmark. Looking ahead, our significantly-expanded
worldwide sales force and our two recently-launched products, the
Over-the-Wire LeMaitre Valvulotome and The UnBalloon, should
bolster sales growth. In 2012 these two products are selling
at an annualized run-rate of about $500,000. Also, the two 2011
factory closures should enable gross margin expansion going
forward."
The Company ended Q4 2011 with 78 sales representatives, up from
67 at the end of Q4 2010.
Q4 2011 operating expenses were $8.7mm, a 25% decrease from
$11.6mm in Q4 2010. Excluding special items in both periods,
operating expenses in Q4 2011 were $8.6mm, a 9% decrease from Q4
2010. The improvement was driven by reduced selling expenses and
the absence of stent graft clinical trials. Full-year
operating expenses were $36.5mm in 2011, a 3% decrease from
2010. Excluding special items in both periods, 2011 operating
expenses were $35.0mm, a 1% decrease from 2010.
Cash and marketable securities were $20.1mm at December 31,
2011, a decrease of $3.0mm during the quarter. The decrease
was driven by $0.7mm of share repurchases, $0.6mm of Italian
closing costs, $0.5mm for the Spanish/Danish transitions and the
LifeSpan acquisition, $0.5mm of factory build-out, and $0.3mm of
dividends.
Quarterly Dividend
The Company's Board of Directors approved the payment of a
quarterly cash dividend, and a 25% increase in the dividend rate to
$0.025 per share of common stock. The dividend is payable on
April 3, 2012 to shareholders of record on March 20, 2012.
Future declarations of quarterly dividends and the establishment of
future record and payment dates are subject to the final
determination of the Company's Board of Directors.
Business Outlook
The Company expects Q1 2012 sales of $13.8mm (+8% organic versus
Q1 2011), and reported operating income of $0.8mm. The Company also
expects 2012 full-year sales of $57.5mm (+9% organic vs. 2011), and
reported operating income of $5.0mm. Changes in foreign currency
exchange rates since the Company's previous guidance lowered
full-year 2012 sales guidance by approximately $725,000. The
Company's previous full-year 2012 organic sales guidance was
+8%.
The Company's Q1 2012 and full-year 2012 guidance includes the
effects of its stent graft exit, which accounted for $4.0mm of
sales ($2.1mm of gross profit) in 2011.
Except as otherwise stated, all guidance amounts exclude the
effects of future acquisitions, foreign exchange rate changes,
distributor terminations and factory
consolidations.
Conference Call Reminder
Management will conduct a conference call at 5:00 p.m. EST today
to review the Company's financial results and discuss its business
outlook for the remainder of the year. The conference call
will be broadcast live over the Internet. Individuals who are
interested in listening to the webcast should log on to the
Company's website at www.lemaitre.com/investor. The conference call
may also be accessed by dialing 800-706-7749 (+1 617-614-3474 for
international callers), using pass-code 95815151. For individuals
unable to join the live conference call, a replay will be available
on the Company's website.
About LeMaitre Vascular
LeMaitre Vascular is a provider of devices for the treatment of
peripheral vascular disease, a condition that affects more than 20
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 Vascular logo are registered
trademarks of LeMaitre Vascular, Inc. This press release
contains other trademarks and trade names of the Company.
For more information about the Company, please visit
http://www.lemaitre.com.
The LeMaitre Vascular, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=10015
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. These non-GAAP measures result from
facts and circumstances that vary in frequency and/or impact on
continuing operations. Investors should consider these
non-GAAP measures 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
financial measures, adjusted operating income and operating
expenses, which exclude restructuring charges associated with the
consolidation of the dacron and ePTFE graft manufacturing
facilities in Burlington, the gain related to the termination of
the Endologix distribution relationship, and certain charges which
consisted of European severance payments, inventory write-offs
related to the Endofit stent graft divestiture, termination charges
associated with distributor buyouts in Spain and Denmark, and
impairment charges associated with certain intangible
assets.
In addition, this press release includes sales growth after
adjusting for foreign exchange, business development transactions,
and other events. The Company refers to this as "organic" sales
growth, and it differs from the manner in which the Company has
calculated the "organic" sales growth in previous quarters in that
previously divestitures were adjusted from the current year
reported sales and are now adjusted from the prior year reported
sales. The Company analyzes net sales on a constant currency basis
net of acquisitions and other non-recurring events 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, product discontinuations,
and other strategic transactions are episodic in nature and highly
variable in sales impact, 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 both management and the Company's investors. During Q4
2010, the Company acquired its LifeSpan Vascular Graft business and
discontinued its Italian OEM manufacturing operations, and in Q3
2011, the Company completed its divestiture of the TAArget and
UniFit product lines and ceased distributing the Endologix
Powerlink stent graft.
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
financial and operational guidance, future sales growth, commercial
success of the launch of the Over-the-Wire LeMaitre Valvulotome or
The UnBalloon or other products, manufacturing consolidations,
effectiveness of the expanded sales force, acceptance of the
product portfolio mix, and the addition of direct-sales territories
are forward-looking, involving risks and uncertainties. The
Company's current quarterly financial results, as discussed in this
release, are preliminary and unaudited, and subject to
adjustment. 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 predicted. These risks and uncertainties
include, but are not limited to, the risk that the Company
experiences significant fluctuations in its quarterly and annual
results; the risk that assumptions about the market for the
Company's products may not be correct; the productivity of
our direct sales force and distributors; risks related to product
demand and market acceptance of the Company's products; risks that
the Company's products may fail to provide the desired safety and
efficacy; risks related to attracting, training and retaining sales
representatives and other employees; risks related to government
mandated or voluntary recalls that could occur as a result of
component failures, manufacturing errors or design defects,
the significant competition the Company faces from other companies,
technologies, and alternative medical procedures; the risk that the
Company may fail to expand its product offerings through internal
development or acquisition; the risk that the Company is not
successful in transitioning to a direct-selling model in new
territories; the risk that the Company experiences production
delays or quality difficulties in the consolidation of its
manufacturing operations; the general uncertainty related to
seeking regulatory approvals for the Company's products; adverse
conditions in the general domestic and global economic markets 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, 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.
Financial Statements
LEMAITRE VASCULAR, INC
(NASDAQ: LMAT) |
|
|
CONDENSED CONSOLIDATED
BALANCE SHEETS |
|
|
(amounts in thousands) |
|
|
|
|
|
|
December 31,
2011 |
December 31,
2010 |
|
(unaudited) |
|
Assets |
|
|
|
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 20,132 |
$ 22,614 |
Accounts receivable, net |
8,541 |
8,475 |
Inventories |
8,003 |
8,375 |
Other current assets |
3,011 |
3,447 |
Total current assets |
39,687 |
42,911 |
|
|
|
Property and equipment, net |
4,661 |
3,806 |
Goodwill |
11,917 |
11,917 |
Other intangibles, net |
2,985 |
3,686 |
Deferred tax assets |
6 |
134 |
Other assets |
431 |
820 |
|
|
|
Total assets |
$ 59,687 |
$ 63,274 |
|
|
|
Liabilities and stockholders' equity |
|
|
|
|
|
Current liabilities: |
|
|
Accounts payable |
$ 981 |
$ 1,320 |
Accrued expenses |
5,539 |
8,628 |
Acquisition-related
obligations |
19 |
441 |
Total current liabilities |
6,539 |
10,389 |
|
|
|
Deferred tax liabilities |
989 |
443 |
Other long-term liabilities |
71 |
86 |
Total liabilities |
7,599 |
10,918 |
|
|
|
Stockholders' equity |
|
|
Common stock |
163 |
161 |
Additional paid-in capital |
64,619 |
64,642 |
Accumulated deficit |
(6,440) |
(8,583) |
Accumulated other comprehensive
loss |
(606) |
(429) |
Less: treasury stock |
(5,648) |
(3,435) |
Total stockholders' equity |
52,088 |
52,356 |
|
|
|
Total liabilities and stockholders'
equity |
$ 59,687 |
$ 63,274 |
|
|
|
|
|
|
|
|
|
|
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,
2011 |
December 31,
2010 |
December 31,
2011 |
December 31,
2010 |
|
|
|
|
|
Net sales |
$ 13,411 |
$ 14,431 |
$ 57,685 |
$ 56,060 |
Cost of sales |
3,888 |
4,084 |
17,458 |
14,341 |
|
|
|
|
|
Gross profit |
9,523 |
10,347 |
40,227 |
41,719 |
|
|
|
|
|
Operating expenses: |
|
|
|
|
Sales and marketing |
4,729 |
5,070 |
19,375 |
19,409 |
General and administrative |
2,711 |
2,864 |
11,228 |
10,506 |
Research and development |
1,139 |
1,475 |
4,425 |
5,488 |
Restructuring charges |
112 |
1,816 |
2,161 |
1,816 |
Gain on termination of
distribution agreement |
-- |
-- |
(735) |
-- |
Impairment charges |
-- |
417 |
83 |
485 |
|
|
|
|
|
Total operating expenses |
8,691 |
11,642 |
36,537 |
37,704 |
|
|
|
|
|
Income (loss) from operations |
832 |
(1,295) |
3,690 |
4,015 |
|
|
|
|
|
Other income (loss): |
|
|
|
|
Interest income, net |
4 |
6 |
11 |
26 |
Other income (loss), net |
(52) |
(13) |
51 |
(16) |
|
|
|
|
|
Total other income (loss),
net |
(48) |
(7) |
62 |
10 |
|
|
|
|
|
Income (loss) before income taxes |
784 |
(1,302) |
3,752 |
4,025 |
|
|
|
|
|
Provision (benefit) for income taxes |
438 |
(3,266) |
1,609 |
(1,988) |
|
|
|
|
|
Net income |
$ 346 |
$ 1,964 |
$ 2,143 |
$ 6,013 |
|
|
|
|
|
Net income per share of common stock: |
|
|
|
|
Basic |
$ 0.02 |
$ 0.13 |
$ 0.14 |
$ 0.38 |
Diluted |
$ 0.02 |
$ 0.12 |
$ 0.13 |
$ 0.37 |
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
Basic |
15,407 |
15,596 |
15,458 |
15,627 |
Diluted |
15,821 |
16,148 |
15,989 |
16,114 |
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per common
share |
$ 0.02 |
$ -- |
$ 0.08 |
$ -- |
|
|
|
|
|
|
|
|
|
LEMAITRE VASCULAR, INC (NASDAQ:
LMAT) |
|
|
|
|
|
|
|
|
SELECTED NET SALES
INFORMATION |
|
|
|
|
|
|
|
|
(amounts in thousands) |
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended |
For the year
ended |
|
December 31,
2011 |
December 31,
2010 |
December 31,
2011 |
December 31,
2010 |
|
$ |
% |
$ |
% |
$ |
% |
$ |
% |
Net Sales by Product
Category: |
|
|
|
|
|
|
|
|
Open Vascular |
$ 11,004 |
82% |
$ 10,287 |
71% |
$ 44,408 |
77% |
$ 40,022 |
71% |
Endovascular and other |
2,407 |
18% |
4,144 |
29% |
13,277 |
23% |
16,038 |
29% |
Total Net Sales |
$ 13,411 |
100% |
$ 14,431 |
100% |
$ 57,685 |
100% |
$ 56,060 |
100% |
|
|
|
|
|
|
|
|
|
Net Sales by
Geography |
|
|
|
|
|
|
|
|
Americas |
$ 8,974 |
67% |
$ 8,768 |
61% |
$ 36,958 |
64% |
$ 34,575 |
62% |
International |
4,437 |
33% |
5,663 |
39% |
20,727 |
36% |
21,485 |
38% |
Total Net Sales |
$ 13,411 |
100% |
$ 14,431 |
100% |
$ 57,685 |
100% |
$ 56,060 |
100% |
|
|
|
|
|
|
|
|
|
|
|
|
LEMAITRE VASCULAR, INC
(NASDAQ: LMAT) |
|
|
|
|
|
|
|
|
|
|
|
IMPACT OF FOREIGN
CURRENCY AND BUSINESS ACTIVITIES |
|
|
|
|
|
|
|
|
|
(amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 |
2010 |
2009 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net sales |
13,411 |
14,564 |
15,112 |
14,598 |
14,431 |
13,656 |
14,158 |
13,815 |
13,584 |
13,346 |
12,630 |
11,348 |
Impact of currency exchange rate fluctuations
(1) |
15 |
431 |
669 |
10 |
(420) |
(418) |
(336) |
314 |
613 |
(215) |
(699) |
(622) |
Net impact of acquisitions and distributed
sales, excluding currency exchange rate fluctuations (2) |
260 |
319 |
335 |
328 |
156 |
-- |
-- |
95 |
397 |
333 |
234 |
101 |
Net impact of discontinued products,
excluding excluding currency rate fluctuations (3) |
(1,904) |
(370) |
(76) |
(45) |
(100) |
(105) |
(65) |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents the impact of the
change in foreign exchange rates compared to the corresponding
quarter of the prior year based on the weighted average exchange
rate for each quarter. |
|
(2) Represents the impact of
sales of products of acquired businesses and distributed sales of
other manufacturers' based on 12 months' sales following the date
of the event or transaction, for the current period only. |
(3) Represents the impact of
sales related to discontinued and divested products, and
discontinued distributed sales of other manufacturers' products,
based on 12 months' sales following the date of the event or
transaction, for the prior period only. |
|
|
|
|
|
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 ending
December 31, 2011 |
|
|
|
|
Net sales as reported |
$ 13,411 |
|
|
|
Impact of currency exchange
rate fluctuations |
(15) |
|
|
|
Net impact of acquisitions and
distributed sales excluding currency |
(260) |
|
|
|
Adjusted net sales |
|
$ 13,136 |
|
|
|
|
|
|
|
For the three months ending
December 31, 2010 |
|
|
|
|
Net Sales as reported |
$ 14,431 |
|
|
|
Net impact of discontinued
products sales excluding currency |
(1,904) |
|
|
|
Adjusted net sales |
|
$ 12,527 |
|
|
|
|
|
|
|
Adjusted net sales increase for
the three months ending December 31, 2011 |
|
$ 609 |
5% |
|
|
|
|
|
|
Reconciliation between GAAP and Non-GAAP
Americas sales growth: |
|
|
|
|
For the three months ending
December 31, 2011 |
|
|
|
|
Net sales as reported |
$ 8,974 |
|
|
|
Net impact of acquisitions and
distributed sales excluding currency |
(12) |
|
|
|
Adjusted net sales |
|
$ 8,962 |
|
|
|
|
|
|
|
For the three months ending
December 31, 2010 |
|
|
|
|
Net Sales as reported |
$ 8,768 |
|
|
|
Net impact of discontinued
products sales excluding currency |
(126) |
|
|
|
Adjusted net sales |
|
$ 8,642 |
|
|
|
|
|
|
|
Adjusted net sales increase for
the three months ending December 31, 2011 |
|
$ 320 |
4% |
|
|
|
|
|
|
Reconciliation between GAAP and Non-GAAP
International sales growth: |
|
|
|
|
For the three months ending
December 31, 2011 |
|
|
|
|
Net sales as reported |
$ 4,437 |
|
|
|
Impact of currency exchange
rate fluctuations |
(15) |
|
|
|
Net impact of acquisitions and
distributed sales excluding currency |
(248) |
|
|
|
Adjusted net sales |
|
$ 4,174 |
|
|
|
|
|
|
|
For the three months ending
December 31, 2010 |
|
|
|
|
Net Sales as reported |
$ 5,663 |
|
|
|
Net impact of discontinued
products sales excluding currency |
(1,778) |
|
|
|
Adjusted net sales |
|
$ 3,885 |
|
|
|
|
|
|
|
Adjusted net sales increase for
the three months ending December 31, 2011 |
|
$ 289 |
7% |
|
|
|
|
|
|
Reconciliation between GAAP and Non-GAAP
sales growth: |
|
|
|
|
For the year ending December
31, 2011 |
|
|
|
|
Net sales as reported |
$ 57,685 |
|
|
|
Impact of currency exchange
rate fluctuations |
(1,125) |
|
|
|
Net impact of acquisitions and
distributed sales excluding currency |
(1,242) |
|
|
|
Adjusted net sales |
|
$ 55,318 |
|
|
|
|
|
|
|
For the year ending December
31, 2010 |
|
|
|
|
Net Sales as reported |
$ 56,060 |
|
|
|
Net impact of discontinued
products sales excluding currency |
(2,395) |
|
|
|
Adjusted net sales |
|
$ 53,665 |
|
|
|
|
|
|
|
Adjusted net sales increase for
the year ending December 31, 2011 |
|
$ 1,653 |
3% |
|
|
|
|
|
|
|
For the three
months ended |
For the year
ended |
|
December 31,
2011 |
December 31,
2010 |
December 31,
2011 |
December 31,
2010 |
Reconciliation between GAAP and Non-GAAP
income from operations: |
|
|
|
|
Income (loss) from operations
as reported |
$ 832 |
$ (1,295) |
$ 3,690 |
$ 4,015 |
Inventory write-off from
terminated product line |
-- |
-- |
361 |
-- |
Restructuring charges |
112 |
1,816 |
2,161 |
1,816 |
Gain on termination of
distribution agreement |
-- |
-- |
(735) |
-- |
Impairment charges |
-- |
417 |
83 |
485 |
|
|
|
|
|
Adjusted income from
operations |
$ 944 |
$ 938 |
$ 5,560 |
$ 6,316 |
|
|
|
|
|
|
For the three
months ended |
For the year
ended |
|
December 31,
2011 |
December 31,
2010 |
December 31,
2011 |
December 31,
2010 |
Reconciliation between GAAP and Non-GAAP
operating expenses: |
|
|
|
|
Operating expenses as
reported |
$ 8,691 |
$ 11,642 |
$ 36,537 |
$ 37,704 |
Restructuring charges |
(112) |
(1,816) |
(2,161) |
(1,816) |
Gain on termination of
distribution agreement |
-- |
-- |
735 |
-- |
Impairment charges |
-- |
(417) |
(83) |
(485) |
|
|
|
|
|
Adjusted operating
expenses |
$ 8,579 |
$ 9,409 |
$ 35,028 |
$ 35,403 |
|
|
|
|
|
Reconciliation between GAAP and Non-GAAP
sales growth for Quarterly Guidance: |
|
|
|
|
For the three months ending
March 31, 2012 |
|
|
|
|
Net sales per guidance |
$ 13,840 |
|
|
|
Impact of currency exchange
rate fluctuations |
149 |
|
|
|
Adjusted net sales |
|
$ 13,989 |
|
|
|
|
|
|
|
For the three months ending
March 31, 2011 |
14,594 |
|
|
|
Net impact of discontinued
products sales excluding currency |
(1,584) |
|
|
|
Adjusted net sales |
|
$ 13,010 |
|
|
|
|
|
|
|
Adjusted net sales increase for
the three months ending March 31, 2012 |
|
$ 979 |
8% |
|
|
|
|
|
|
Reconciliation between GAAP and Non-GAAP
sales growth for Annual Guidance: |
|
|
|
|
For the year ending December
31, 2012 |
|
|
|
|
Net sales per guidance |
$ 57,500 |
|
|
|
Impact of currency exchange
rate fluctuations |
701 |
|
|
|
Adjusted net sales |
|
$ 58,201 |
|
|
|
|
|
|
|
For the year ending December
31, 2011 |
57,685 |
|
|
|
Net impact of discontinued
products sales excluding currency |
(4,068) |
|
|
|
Adjusted net sales |
|
$ 53,617 |
|
|
|
|
|
|
|
Adjusted net sales increase for
the year ending December 31, 2012 |
|
$ 4,584 |
9% |
|
CONTACT: J.J. Pellegrino
Chief Financial Officer
LeMaitre Vascular Inc.
781- 425-1691
jpellegrino@lemaitre.com
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