BURLINGTON, Mass., April 30 /PRNewswire-FirstCall/ -- LeMaitre Vascular, Inc. (Nasdaq: LMAT), a provider of peripheral vascular devices and implants, today announced financial results for Q1 2008. Q1 2008 revenues were $11.8 million, an increase of 20% over Q1 2007.
Q1 2008 revenues increased 5% in the Company's endovascular and dialysis access category and 31% in its vascular category, while general surgery revenues decreased 4%. Strong performance from newly acquired products and core open vascular surgery devices drove revenue in the quarter, as did the weak dollar.
The Company reported a gross margin of 71.7% in Q1 2008 versus 74.6% in the year-earlier quarter. While the Company continued to drive manufacturing efficiencies at its Massachusetts plant, the Q1 margin decrease resulted from Biomateriali sales and strong international sales. Biomateriali was acquired in December and sells through an exclusive distributor. International sales, with lower selling prices, accounted for a record 46% of the Company's Q1 revenues.
George W. LeMaitre, Chairman and CEO said, "Our revenues are diversified by both product and geography. This continued to serve us well in 2008, and I'm pleased to report 20% sales growth for the quarter. Growth was driven by strong sales from our 2007 acquisitions and from our core open vascular devices. I'm also pleased to report that our UNITE stent graft clinical trial has gathered some momentum and now has 13 operational sites and 12 enrollees."
The Q1 2008 operating loss was $2.6 million. During the quarter the
Company recorded $1.1 million of three previously disclosed special
charges: the Sorin write-down, the reduction in force ("RIF"), and the
Italian distributor non-compete. Excl
|SOURCE LeMaitre Vascular, Inc.|
Copyright©2008 PR Newswire.
All rights reserved