LeMaitre Vascular Inc. (NSDQ:LMAT) might be saying “arrivederci” to its Brindisi, Italy, facility.
The Burlington, Mass.-based maker of stents, grafts, carotid shunts, catheters and vascular surgical tools said it is "likely to close" the plant by the end of the calendar year in a filing with the federal Securities & Exchange Commission. The plant’s 29 employees, who went on strike Oct. 4 "to demonstrate their concerns regarding the future [of the facility]," were informed of plans to shutter the facility, according to the filing.
LeMaitre officials said that 4 percent of LeMaitre‘s total revenues, or $1.2 million, were derived from products manufactured at the Brindisi operation during the six-month period ended June 30, according to the filing.
The company said that sales during that period were $28 million, a 16.7 percent increase over the same period last year.
In three months ended June 30, sales reached $14.2 million, a 12 percent bump over the same span in 2009 and topping consensus analyst opinion for the quarter by roughly $500,000. Net income was $1.5 million, a 63 percent increase from the $925,000 profit LeMaitre reported in the June 2009 quarter. Based on the positive results, the company raised its guidance for the rest of the year.
