Key Developments For LeMaitre Vascular, Inc.
LeMaitre Vascular, Inc. (LMAT.O) (Consolidated Issue listed on NASDAQ Global Market)
LeMaitre Vascular, Inc. Increases Share Repurchase Program; Raises FY 2009 Guidance
LeMaitre Vascular, Inc. announced that the Board of Directors has expanded the upper limits of the share repurchase program by authorizing up to $2 million of its common stock to be purchased from time to time in the open market or in privately negotiated transactions. Repurchases may be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time and will conclude no later than December 31, 2010, unless otherwise extended by the Company's Board of Directors. The program will be funded using LeMaitre Vascular's available cash and cash equivalents. The Company also announced that it has increased its fiscal 2009 sales guidance to $50.4-$50.6 million from $48.25-$48.75 million previously. The Company also increased its fiscal 2009 operating income guidance to $1.4 million from $250,000 previously. Guidance figures exclude future acquisitions, foreign exchange rate changes, distributor terminations and factory consolidations. According to Reuters Estimates, analysts were expecting the Company to report revenues of $48.6 million for fiscal 2009.
LeMaitre Vascular, Inc. Raises FY 2009 Outlook; Also Announces Stock Buyback of $1 Million
LeMaitre Vascular, Inc. announced that for fiscal 2009, it has raised sales outlook to a range of $48.25 million - $48.75 million from $48.0 million - $48.5 million. The Company also increased operating income guidance to $250,000 from break-even. According to Reuters Estimates, analysts on an average were expecting the Company to report revenue of $48.20 million for fiscal 2009. The Company also announced that it has authorized the repurchase of up to $1 million of its common stock from time to time on the open market or in privately negotiated transactions. The timing and number of any shares repurchased will be determined by the Company's management, based on their evaluation of market conditions and other factors. The repurchase program may be suspended or discontinued at any time and will conclude no later than July 31, 2010, unless otherwise extended by the Company's Board of Directors. The repurchase program will be funded using the Company's available cash and cash equivalents.
LeMaitre Vascular, Inc. Lowers FY 2009 Guidance
LeMaitre Vascular, Inc. announced that as a result of continuing currency fluctuations and general economic uncertainty, the Company revised its fiscal 2009 sales guidance to $48.0-$48.5 million. Excluding foreign exchange and acquisitions, this implies year-over-year sales growth of 2%-3%. The Company also updated its fiscal 2009 operating income guidance to break-even from $1.5 million previously, which reflects the first quarter $1.8 million AlboGraft distribution termination charge and the Company's improved gross margin. According to Reuters Estimates, analysts were expecting the Company to report revenue of $50.3 million and EBIT of $1.50 million for fiscal 2009.
LeMaitre Vascular, Inc. Issues FY 2009 Guidance Above Analysts' Estimates
LeMaitre Vascular, Inc. announced that for fiscal 2009, it expects sales of $50.0-$50.5 million and operating income of $1.5 million. Excluding foreign exchange and acquisitions, this sales guidance implies year-over-year growth of 8%-9% in fiscal 2009. This top and bottom line guidance also excludes the impact of the Edwards distribution termination. According to Reuters Estimates, analysts were expecting the Company to report revenues of $36.2 billion and EBIT of $0.42 million for the same period.
Neovasc Inc Announces Agreement With LeMaitre Vascular, Inc. For Exclusive Distribution Rights To Biological Vascular Strips
Neovasc Inc announced that it has entered into a distribution agreement with LeMaitre Vascular, Inc. for Neovasc's biological vascular strip for use in vascular surgery procedures. Under the terms of the seven year agreement, LeMaitre Vascular has exclusive rights to market and sell certain sizes of Neovasc's tissue patch products used for vascular surgery in the United States and Europe. Under the terms of the agreement, LeMaitre Vascular has the option to purchase the biologic vascular strip product technology from Neovasc after five years. LeMaitre Vascular's use of the technology after acquisition would be limited to the manufacture of strips for use in vascular procedures, and Neovasc would retain the rights to all other applications of its biological patch technology. Further details of the agreement were not disclosed.
