LeMaitre Vascular reported strong financial results for the fourth quarter of 2024, with sales growth driven by grafts, which increased 23%, carotid shunts, up 14%, and catheters, which rose 12%. Geographically, APAC sales increased 21%, EMEA sales grew 18%, and Americas sales were up 12%. The company also announced that its XenoSure patches received Chinese cardiac approval in December, opening a new market opportunity.
Profitability improved, with the gross margin reaching 69.3%, up from 68.1% in Q4 2023, attributed to higher average selling prices and manufacturing efficiencies. Operating income for the quarter increased by 26% to $12.9 million, despite a 12% rise in operating expenses due to sales-related compensation and personnel. The company ended the year with 152 sales representatives, a 12% increase, and 31 sales managers, up 29%.
In a move reflecting its strong financial position, the Board of Directors approved a 25% increase in the quarterly dividend to $0.20 per share, payable on March 27, 2025. Additionally, the Board authorized an expansion of the share repurchase program to $75.0 million, concluding on February 17, 2026. Chairman and CEO George LeMaitre highlighted 2024 as a productive year, with growth in sales, operating income, and EPS, noting that $300 million of cash provides strategic optionality. The company also provided initial 2025 guidance, projecting reported sales of $239 million and organic sales growth of 10%.
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