LeMaitre Vascular, Inc. (NASDAQ:LMAT) Q3 2022 Results Conference Call October 27, 2022 5:00 PM ET
Company Participants
J.J. Pellegrino - Chief Financial Officer
David Roberts - President
Conference Call Participants
Michael Sarcone - Jefferies
Brooks O’Neil - Lake Street Capital
Purnima Malik - Stifel
Michael Petusky - Barrington Research
James Sidoti - Sidoti & Company
Scott Henry - ROTH Capital
Javier Fonseca - Spartan Capital
Operator
Good day, and welcome to the LeMaitre Vascular Incorporated's Third Quarter 2022 Earnings Conference Call. As a reminder, today's call is being recorded.
At this time, I would like to turn the call over to Mr. J.J. Pellegrino, Chief Financial Officer of LeMaitre Vascular. Please go ahead, sir.
J.J. Pellegrino
Good afternoon and thank you for joining us on our Q3 2022 conference call. With me on today's call is our President, Dave Roberts; George LeMaitre, Chairman and CEO is unable to be on the call due to the birth of his daughter last week.
Before we begin, I'll read our safe harbor statement. Today we will make some forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. The accuracy of which is subject to risks and uncertainties. Wherever possible we will try to identify those forward-looking statements by using words such as believe, expect, anticipate, pursue, forecast and similar expressions.
Our forward-looking statements are based on our estimates and assumptions as of today, October 27th 2022, and should not be relied upon as representing our estimates or views on any subsequent date. Please refer to the cautionary statement regarding forward-looking information and the risk factors in our most recent 10-K and subsequent SEC filings, including disclosure of the factors that could cause results to differ materially from those expressed or implied.
During this call, we will discuss non-GAAP financial measures, which include organic sales growth. A reconciliation of GAAP to non-GAAP measures discussed in this call is contained in the associated press release and is available in the Investor Relations section of our website, www.lemaitre.com.
I'll now turn the call over to Dave Roberts.
David Roberts
Thanks J.J. On today's call, I'll cover three topics: first, Q3 organic sales growth of 7%; second, our continued focus on biologics; and third, hiring in two key areas. We posted sales of $39 million in Q3, a 7% organic increase. Q3 organic growth was led by APAC, up 11%, and EMEA up 8%, and the Americas was up 6%. From a product perspective Carotid Shunts up 23%, Artegraft up 12%, Allografts up 10% and Embolectomy Catheters also up 10% drove growth. Shunts benefited from a competitor exiting Europe due to the more stringent MDR CE requirements, while Embolectomy Catheters benefited from a competitor's back order. These increases were partially offset by Valvulotomes, which decreased on a reported basis, but were flat organically.