LeMaitre Vascular (NSDQ:LMAT) posted an 8% bump in profits for its 2nd quarter and raised guidance estimates for the year, but Wall Street was less than enthused.
LMAT shares closed at a 1.7% decrease at $6.83 yesterday after the device maker posted record sales during a quarter that CEO George LeMaitre called "excellent."
For the 3 months ended June 30, 2012, the medical device company posted profits of $889,000, or 6¢ per diluted share, on record sales of $16 million. That compared to last year’s Q2 profits of $824,000, or 5¢ per share, on sales of $14.4 million.
The Burlington, Mass.-based company boosted its full year guidance to $62.3 million and its XenoSure sales guidance to $7.3 million. LeMaitre expects to see $15.2 million in sales next quarter.
"Q2 2013 was excellent. We posted our 3rd straight double-digit quarter," said CEO George LeMaitre in prepared remarks.