LeMaitre Vascular announced its third-quarter 2024 financial results, reporting sales of $54.8 million, a 16% increase from Q3 2023, with organic sales also growing by 16%. This growth was primarily fueled by strong performances in grafts, which rose 24%, patches, up 13%, and carotid shunts, which increased by 18%. Geographically, APAC sales surged by 24%, EMEA by 22%, and the Americas by 12%, demonstrating broad-based strength across its global operations.
The company's profitability also saw significant improvement, with gross margin expanding to 67.8%, an increase of 280 basis points compared to Q3 2023, driven by price increases and manufacturing efficiencies. Operating income reached $13.1 million, marking a 43% rise from the prior year, resulting in an operating margin of 24%. Diluted earnings per share stood at $0.49, a 46% increase, while cash and cash equivalents grew by $10.8 million sequentially to $123.9 million.
Based on these strong results, LeMaitre Vascular increased its full-year 2024 guidance, now projecting reported sales between $219.0 million and $221.0 million, representing 13% organic growth at the midpoint. The company also anticipates full-year operating income between $52.0 million and $53.4 million, and diluted earnings per share between $1.91 and $1.96. Chairman and CEO George LeMaitre stated that 2024 is shaping up to be a year of healthy sales and profit growth, with the increased guidance implying a 2024 operating margin of 24%, up from 19% in 2023.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.