LeMaitre Vascular (Nasdaq: LMAT) today posted first-quarter results that beat the overall consensus on Wall Street.
Shares in LMAT were up 15.29% to $63.12 apiece at market open.
The company reported profits of $6 million, or 27¢ per share, on sales of $47.1 million for the three months ended March 31, for a sales growth of 19% compared to Q1 2022. Profits did not rise year-over-year.
Adjusted to exclude one-time items, earnings per share were 32¢, 7¢ ahead of The Street, where analysts were looking for sales of $43.54 million.
“Sales surged 22% organically as hospitals staffed up, ASP increased and we increased our rep headcount by 14% to 128. Growth was spread across most products and geographies,” CEO George LeMaitre said in a news release.
Valvulotomes (29%), carotid patches (17%), bovine grafts (22%), allografts (42%) and carotid shunts (18%) drove sales in the first quarter.
For the full-year 2022, LeMaitre Vascular projects sales to be in the range of $187.1 million to $193.1 million. Earnings per share are projected to be $1.14-$1.27.