LeMaitre Vascular, Inc. (NASDAQ:LMAT) Q1 2022 Earnings Conference Call April 28, 2022 5:00 PM ET
Company Participants
J.J. Pellegrino - Chief Financial Officer
George LeMaitre - Chairman and Chief Executive Officer
Dave Roberts - President
Conference Call Participants
Zach Weiner - Jefferies
Brooks O’Neil - Lake Street Capital
Mike Petusky - Barrington Research
Jim Sidoti - Sidoti
Javier Fonseca - Spartan Capital
Operator
Welcome to the LeMaitre Vascular Q1 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.
J.J. Pellegrino
Good afternoon and thank you for joining us on our Q1 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 will 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, April 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 and EPS, excluding special charges. 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 will now turn the call over to George LeMaitre.
George LeMaitre
Thanks, J.J. On today’s call, I’ll cover four topics: Q1 organic sales growth of 13%; continued sales force growth to 112 reps; going direct in Korea and the stronger U.S. dollar. Sales were $39.6 million in Q1, a 13% organic increase versus the year ago quarter. All three regions posted double-digit organic growth: the Americas, 12%; EMEA, 13%; and APAC, 15%. Due to Omicron’s February improvement, the Q1 sales ramp was steep, $10.7 million in January, $13 million in February and a record $15.9 million in March. Artegraft and XenoSure once again led growth and both posted record quarters. Artegraft was up 18% to $6.9 million in Q1 as that acquisition continues to outperform expectations. XenoSure bounced in Europe and Japanese sales growth continued. Carotid shunts, allografts and valvulotomes also contributed to Q1 growth.