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.
