The Company reported a net loss of $2.6 million in Q1 2008, or $0.17 per diluted share, compared to a net loss of $0.6 million, or $0.04 per diluted share, for Q1 2007.
Mr. LeMaitre continued, "Partly in response to market conditions, we have recently heightened our focus on the bottom line. The February RIF reduced headcount from 257 at year-end to 218 at March 31, 2008, a level last seen in Q1, 2005. We have also recently undertaken a belt-tightening regime, the 2008 Expense Shave. Based on our continued sales momentum, coupled with these cost-cutting initiatives, I'm confident we will achieve our 2008 top- and bottom-line guidance."
Sales and marketing expenses for Q1 2008 increased 21% to $5.8 million from $4.8 million in 2007. Excluding the effects of the weak dollar, the increase was 15%. The start-up of our French and Italian sales forces added $0.6 million of new expenses in Q1 2008.
For Q1 2008, general and administrative expenses increased 19% to $2.8 million. Excluding the effects of the weak dollar, the G&A increase was 15% and was driven by Biomateriali's inclusion on the income statement.
R&D expenses increased $0.2 million to $1.3 million in Q1 2008. The EndoFit Thoracic Uniform TopStent launch progressed smoothly in Q1. Coupled with the recently-launched TT Introducer, this uniform TopStent is designed to substantially improve deployment accuracy.
The Company ended Q1 2008 with $17.8 million in cash and marketable
securities, compared to $22.9 million at December 31, 2007. $4.0 million of
this $5.1 million decrease is attributable to the following items: the
termination of the Italian distributor relationship ($1.2 million), 2007
annual employee bonuses ($1.1 million), inventory and accounts receivable
increases ($0.8 million), acquisition-related payments ($0.7 million),
|SOURCE LeMaitre Vascular, Inc.|
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