LeMaitre Vascular, Inc. (NASDAQ:LMAT) Q2 2022 Earnings Conference Call July 28, 2022 5:00 PM ET

Company Participants

J.J. Pellegrino - Chief Financial Officer

George LeMaitre - Chairman and Chief Executive Officer

David Roberts - President

Conference Call Participants

Zach Weiner - Jefferies

Brooks O’Neil - Lake Street Capital

Purnima Malik - Stifel

Matthew Mishan - KeyBanc

Michael Petusky - Barrington Research

Jim Sidoti - Sidoti & Company

Javier Fonseca - Spartan Capital

Operator

Welcome to the LeMaitre Vascular Q2 2022 Financial Results 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.

A - J.J. Pellegrino

Thank you, operator. Good afternoon and thank you for joining us on our Q2 2022 conference call. With me on today's call are our Chairman and CEO, George LeMaitre; and our President, Dave Roberts.

Before we begin, I'll read our safe harbor statement. Today, we will make some forward-looking statements within the meaning of the US 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, July 28, 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, as well as operating income, operating expense and EPS excluding the special charge in gross margin, excluding the impact of foreign exchange. 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 George LeMaitre.

George LeMaitre

Thanks, J.J. On today's call, I'll cover several topics. Number one, Q2 organic sales growth of 8%. Number two, biologics continue to drive our growth. And finally, number three, our sales footprint continues to grow. We posted record sales of $42.1 million in Q2 and 8% organic increase. Q2 organic sales growth was led by Europe, up 11% and Asia Pac, up 11%, while the Americas grew 6%. Biologics drove Q2 2022 sales growth. XenoSure was up 21%, allografts 25% and Artegraft 11%. Biologics now represent half of our sales.