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Home » LeMaitre Vascular’s sales slow, but Q1 losses narrow

LeMaitre Vascular’s sales slow, but Q1 losses narrow

April 29, 2009 By MassDevice staff

LeMaitre Vascular shrugged off slower sales during the first three months of 2009 to narrow its net loss, but restructuring charges kept the company out of the black.

The Burlington-based company, which makes a wide array of products and implants for vascular disease, said sales fell slightly during the first quarter, reaching $11.4 million compared with $11.8 million during the same period last year — a 4 percent slip.

Company officials blamed a steep reduction in sales through international distributors for the incremental slowdown. Overall, distribution sales were down 53 percent, a side effect from LeMaitre’s previously announced termination of a contract with
Edwards Lifesciences LLC.

LeMaitre terminated its distribution deal with Edwards in March and was forced to pay a more than $3.5 million kill fee and purchase the distributor’s customer lists for its AlboGraft polyester prosthetic graft. Overall, LeMaitre took a restructuring charge of $1.8 million for the quarter.

But the company still managed to narrow its losses, posting a $1.8 million loss for the quarter compared with a $2.5 million loss during the first quarter of 2008.

Filed Under: Business/Financial News, Vascular

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