lmat20220630

lmat20220630_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number 001-33092


LEMAITRE VASCULAR, INC.
(Exact name of registrant as specified in its charter)

Delaware

04-2825458

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)


63 Second Avenue, Burlington, Massachusetts	01803
(Address of principal executive offices)	(Zip Code)

	(781) 221-2266
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value per share	LMAT	The Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth Company “in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The registrant had 21,962,869 shares of common stock, $.01 par value per share, outstanding as of July 29, 2022.

Table of Contents

LEMAITRE VASCULAR

FORM 10-Q

TABLE OF CONTENTS


			Page
Part I.	Financial Information:

	Item 1.	Financial Statements

		Consolidated Balance Sheets as of June 30, 2022 (unaudited) and December 31, 2021	3

		Unaudited Consolidated Statements of Operations for the three-month and six-month periods ended June 30, 2022 and 2021	4

		Unaudited Consolidated Statements of Comprehensive Income for the three-month and six-month periods ended June 30, 2022 and 2021	5

		Unaudited Consolidated Statements of Stockholders’ Equity for the three-month and six-month periods ended June 30, 2022 and 2021	6

		Unaudited Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2022 and 2021	7

		Notes to Unaudited Consolidated Financial Statements	8

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22

	Item 3.	Quantitative and Qualitative Disclosure about Market Risk	32

	Item 4.	Controls and Procedures	32

Part II.	Other Information:

	Item 1.	Legal Proceedings	34

	Item 1A.	Risk Factors	34

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37

	Item 6.	Exhibits	38

	Signatures

Table of Contents

Part I. Financial Information

Item 1. Financial Statements

LeMaitre Vascular, Inc.

Consolidated Balance Sheets

	(unaudited)
	June 30,			December 31,
	2022			2021
	(in thousands, except share data)
Assets
Current assets:
Cash and cash equivalents	$	20,788		$	13,855
Short-term marketable securities		54,895			56,104
Accounts receivable, net of allowances of $792 at June 30, 2022 and $679 at December 31, 2021		21,542			19,631
Inventory and other deferred costs		47,192			46,104
Prepaid expenses and other current assets		3,243			4,189
Assets held for sale		826			-
Total current assets		148,486			139,883

Property and equipment, net		15,753			17,059
Right-of-use leased assets		16,290			15,071
Goodwill		65,945			65,945
Other intangibles, net		49,598			52,710
Deferred tax assets		2,369			1,566
Other assets		984			568
Total assets	$	299,425		$	292,802

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	2,844		$	2,340
Accrued expenses		17,009			16,332
Acquisition-related obligations		1,758			1,271
Lease liabilities - short-term		1,794			1,870
Total current liabilities		23,405			21,813

Lease liabilities - long-term		15,420			14,067
Deferred tax liabilities		64			70
Other long-term liabilities		2,503			2,701
Total liabilities		41,392			38,651

Stockholders’ equity:
Preferred stock, $0.01 par value; authorized 3,000,000 shares; none outstanding		-			-
Common stock, $0.01 par value; authorized 37,000,000 shares; issued 23,520,888 shares at June 30, 2022, and 23,477,784 shares at December 31, 2021		235			235
Additional paid-in capital		184,605			181,630
Retained earnings		92,190			88,125
Accumulated other comprehensive loss		(6,444	)		(3,435	)
Treasury stock, at cost; 1,558,019 shares at June 30, 2022 and 1,554,905 shares at December 31, 2021		(12,553	)		(12,404	)
Total stockholders’ equity		258,033			254,151
Total liabilities and stockholders’ equity	$	299,425		$	292,802

See accompanying notes to consolidated financial statements.

Table of Contents

LeMaitre Vascular, Inc.

Consolidated Statements of Operations

(unaudited)

	Three months ended				Six months ended
	June 30,				June 30,
	2022		2021		2022		2021
	(in thousands, except per share data)				(in thousands, except per share data)

Net sales	$	42,108	$	40,670	$	81,669	$	76,553
Cost of sales		14,298		13,909		27,897		25,993

Gross profit		27,810		26,761		53,772		50,560

Sales and marketing

SEC Form 10-Q filed by LeMaitre Vascular Inc.