Lemaitre Vascular (NSDQ:LMAT) posted first-quarter results that beat the revenue consensus on Wall Street and missed earnings estimates.
The Burlington, Massachusetts-based vascular device company reported profits of $6 million, or 27¢ per share on sales of $39.6 million for the three months ended March 31, for a bottom-line gain of 1.8% on sales growth of 10.25% compared with Q1 2021.
Earnings per share were 1¢ behind The Street, where analysts were looking for sales of $38.65 million.
“13% organic sales growth in Q1 enabled us to hire sales reps and direct labor employees while maintaining a 20% op. margin. Our Korea direct project as well as the French factory closure are two key Q2 projects. During Q1 we were selected to join the NASDAQ Dividend Achievers Index, becoming one of only 373 U.S. public companies that have increased their dividends for 10 consecutive years,” CEO George LeMaitre said in a news release.
LeMaitre expects 2022 full-year sales to be in the range of $160 million to $164 million to represent 5% to 8% organic growth. The company anticipates sales in Q2 to be in the range of $40.1 million to $42.1 million.
Shares in LMAT were at a standstill in premarket trading.