LeMaitre Vascular Inc. (NSDQ:LMAT) ended 2009 swinging from red to black, riding strong sales in its vascular division to positive top- and bottom-line growth for the year.
The Burlington, Mass.-based peripheral vascular device maker posted sales of $13.6 million during the three months ended Dec. 31, 2009, up 13 percent compared with the $12 million in sales the company reported during the same period in 2008.
The increased sales helped the company boost its bottom line to $1.3 million, compared to a $312,000 profit for Q4 2008.
For the full year, LeMaitre narrowly beat its internal guidance, posting $51 million in sales for 2009, compared to $49 million for the same period last year. At the end of the third quarter, the company said it expected to post between $50.4 million and $50.6 million in revenues.
Net income for 2009 was $1.6 million, compared to a net loss of $3.3 million in 2008.
The company credited strong sales in its vascular division, which makes several lines of shunts and balloon catheters, for the sales growth. In 2009, the division posted a 28 percent increase to $8.7 million, compared to $6.9 million in 2008, good for about 64 percent of the company’s total sales.
LeMaitre’s endovascular segment didn’t fare as well, dropping 10 percent from 2008 to $3.7 million, compared to $4.1 million in 2008. Company officials said endovascular sales were negatively impacted by decreases in TAArget stent graft sales.
For 2010, officials issued sales guidance of $55 million for the year, with Q1 sales expected to be about $13.3 million.