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Home » LeMaitre Vascular swings to Q3 profits

LeMaitre Vascular swings to Q3 profits

October 29, 2009 By MassDevice staff

LeMaitre Vascular Inc. swung from red to black during the third quarter, posting substantial increases to both its bottom and top lines.

The Burlington, Mass.-based peripheral vascular device maker posted record sales of $13.3 million during the three months ended Sept. 30, up 11 percent compared with $12 million during the same period last year.

And the bottom line swung from a $136,000 net loss during the year-ago quarter to net income of $1.3 million, prompting LeMaitre to raise its full-year sales and operating income guidance.

The gains came despite increasing expenses for the company. Total Q3 operating expenses rose 6.5 percent to $8.5 million, although total expenses fell 2.7 percent as a percentage of revenues. Sales and marketing, general and administrative and research and development costs all grew during the period (by 3.1 percent, 15.3 percent and 20.4 percent, respectively), but as a percentage of revenues each decreased or stayed flat.

The positive results prompted LeMaitre to up its full-year sales forecast, from $48.3 million to $48.8 million, to $50.4 million to $50.6 million. Full-year operating income is expected to reach $1.4 million, up from its previous prediction of $250,000.

LeMaitre said it spent $92,000 buying back 26,086 shares of its own stock during the quarter, and its board increased the amount it can spend repurchasing shares from $1 million to $2 million, through the end of 2010.

Filed Under: Business/Financial News, MassDevice Earnings Roundup

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