LeMaitre Vascular, Inc. (NASDAQ:LMAT) Q1 2024 Earnings Conference Call May 2, 2024 5:00 PM ET

Company Participants

J.J. Pellegrino - Chief Financial Officer
George LeMaitre - Chief Executive Officer
Dave Roberts - President

Conference Call Participants

Rick Wise - Stifel
Suraj Kalia - Oppenheimer
Daniel Stauder - Citizens JMP
Michael Sarcone - Jefferies
Brett Fishbin - KeyBanc

Operator

Good day ladies and gentlemen. Welcome to the LeMaitre Vascular First Quarter 2024 Financial Results Conference Call. As a reminder, today’s call is being recorded.

At this time, I would like to turn the conference over to Mr. J.J. Pellegrino, Chief Financial Officer of LeMaitre Vascular. Please go ahead sir.

J.J. Pellegrino

Thank you, operator. Good afternoon and thank you for joining us on our Q1 2024 conference call. With me on today’s call is our 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 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, May 2nd, 2024, 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 special charges.

A reconciliation of GAAP to non-GAAP measures is 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. Q1 was an excellent quarter with 14% sales growth, a 68.6% gross margin and 62% EPS growth. We posted record sales for each of our three geographies and nine of our 12 product categories.

I'll focus my remarks on the top line, our sales force, and some regulatory updates. Artegraft were up 31% in Q1, bovine patches 13%, and carotid shunts 27%. APAC was our strongest region, up 44% in Q1, driven by $600,000 of Q1 sales growth from our new sales offices in Korea and Thailand.