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LeMaitre Vascular, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $54,819,000 from $47,411,000 in the same quarter the previous year. The increase is attributed to higher average selling prices, strong hospital procedure volumes, and additional sales representatives.
Gross profit for the quarter was $37,178,000, up from $30,815,000 in the previous year, with the increase driven by greater manufacturing efficiencies and sales price increases.
Sales and marketing expenses increased to $11,441,000 from $9,673,000, primarily due to higher sales representative headcount.
General and administrative expenses rose to $8,933,000 from $7,738,000, driven by higher headcount and related expenses.
Research and development expenses decreased to $3,656,000 from $4,224,000, with the decrease attributed to lower costs related to MDD and MDR approvals.
Net income for the quarter was $11,141,000, up from $7,502,000 in the previous year. Basic earnings per share increased to $0.50 from $0.34.
Cash provided by operating activities was $28,942,000, while cash used in investing and financing activities was $26,228,000 and $5,979,000, respectively.
LeMaitre had a working capital of $227,116,000 as of September 30, 2024. The company continues to focus on expanding its direct sales force and acquiring complementary products.
The filing also details the company's strategy for growing its business, including expanding its worldwide direct sales force and acquiring complementary devices.
LeMaitre does not anticipate any material changes to its risk factors as previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023.
The company continues to monitor the mix of profitability by tax jurisdiction and adjust its annual expected rate on a quarterly basis as needed.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the LeMaitre Vascular Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.