Profits soared 120% for LeMaitre Vascular (NSDQ:LMAT) during the 1st quarter on its 2nd consecutive quarter of double-digit sales growth, as the medical device company beat Wall Street’s earnings expectations by a penny.
The Burlington, Mass.-based vascular device maker posted profits of $846,000, or 5¢ per share, on sales of $15.8 million during the 3 months ended March 31, for bottom-line growth of 119.2% on a 10.4% top-line gain.
The results beat Wall Street’s earnings-per-share expectations by 1¢, sending LMAT shares up 1.5% to a $6.15 close.
"Q1 2013 was our second consecutive quarter of double digit sales growth. Sales grew 15% internationally, as our larger sales force continues to benefit from a tightened focus on open vascular. We also improved our gross margin, despite XenoSure transfer start-up costs. Separately, our two 2013 launches have concluded their beta trials; MultiTASC and 1.5mm valvulotome are now being sold in Europe and North America," chairman & CEO George LeMaitre said in prepared remarks.
CFO J.J. Pellegrino told analysts during a conference call that sales of the XenoSure vascular patch, for which LeMaitre paid $5 million to Neovasc in October 2012, largely drove the sales gains.
"Q1 XenoSure sales grew 63%," Pellegrino said. "This growth engine was primarily responsible for our double digit growth."
LeMaitre said it expects sales of $15.6 million during the 2nd quarter and raised its full-year sales guidance to $61.7 million.
