LeMaitre Vascular (NSDQ:LMAT) said it plans to lay off about 10% of its workforce, or about 30 employees, even as it comes off of a record sales performance during the 4th quarter.
Burlington, Mass.-based LeMaitre said it expects the layoffs plan, "intended to improve operational efficiencies," to be complete by the end of the 1st quarter. The plan is expected cost between $200,000 and $400,000 in cash this year, according to a press release.
The news comes the same day that LeMaitre, which makes medical devices used in vascular surgeries, reported record sales of $17.9 million for the 4th quarter, a 21.0% increase over Q4 2012. Profits for the 3 months ended Dec. 31, 2013, were $746,000, or 5¢ per share, up 6.9% compared with the same period in 2012.
Full-year profits also rose, by 24.5%, to $3.2 million (20¢ per share), on sales of $64.5 million, for top-line growth of 13.8% compared with 2012.
"In Q4 we grew our top- and bottom-line. Sales were up 21%, driven by Europe, China, XenoSure and Trivex, and operating income grew 45%. During Q4 we also continued to globalize, setting up shop in Australia and hiring our first Norwegian sales rep. We are now direct-to-hospital in 19 of the top 25 GDP-per-capita countries," chairman & CEO George LeMaitre said in prepared remarks.
LeMaitre Vascular said it expects to log sales of $17.1 million during the 1st quarter and $70.2 million during 2014.
