The company reported profits of $3.2 million, or 16¢ per share, on sales of $30.5 million for the three months ended March 31, for a bottom-line loss of -9.6% sales growth of 7.3% compared with Q1 2019.
Earnings per share were 16¢, in line with the earnings consensus on The Street, where analysts were looking for sales of $30.5 million.
“COVID-19 began to affect our sales in mid-March, and we expect our results to be impacted for the balance of 2020. As a result, we’ve reduced headcount and temporarily cut base salaries. My base salary was cut 90% while our lowest earners’ hourly wages were not impacted. These actions were necessary to protect our profitability and cash position. We implemented social-distancing in our four factories and they’re generally operating at near-normal levels,” chairman and CEO George LeMaitre said in a news release.
LeMaitre Vascular withdrew its full-year 2020 financial guidance due to uncertainties surrounding the COVID-19 pandemic. The company said it is unable to estimate the overall impacts on its financial results for the rest of the year.
Shares in LMAT were down -8.92% to $25.95 apiece in mid-day trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down -1.9%.