BURLINGTON, MA – LeMaitre Vascular Inc. (NASDAQ:LMAT), a provider of medical devices for vascular surgery, announced today the planned retirement of its Chief Financial Officer, Joseph P. Pellegrino, Jr. He is set to retire from his role as an employee and CFO on March 7, 2025, following the expected filing of the company's 2024 Fiscal Year 10-K report.
Pellegrino, who has served the company for 19 years in executive capacities, will continue to contribute to the company's strategy and governance by maintaining his position on the Board of Directors.
Pellegrino's term on the board, following his re-election in June 2024, is expected to last until June 2027. The company expressed its gratitude for Pellegrino’s long-standing service and looks forward to his continued involvement at the board level.
With Pellegrino's retirement over six months away, LeMaitre Vascular is beginning the search for a new CFO. The company anticipates that Pellegrino will play a key role in the hiring and transition process for his successor.
In addition to the retirement news, LeMaitre Vascular reaffirmed its financial guidance for the third quarter of 2024 and the full year, initially provided on August 1, 2024. This forward-looking information is based on current expectations and is subject to the usual risks and uncertainties that could cause actual results to differ from those projected.
The company underlines that undue reliance should not be placed on these statements, which are valid only as of their date. LeMaitre does not commit to updating any forward-looking statements post-publication to reflect new information, events, or unanticipated occurrences.
In other recent news, LeMaitre Vascular, a global provider of medical devices for vascular surgery, exhibited significant growth in its Q2 2024 earnings call. The company reported a 12% increase in organic sales and a notable 44% growth in earnings per share (EPS). The sales growth was widespread, with the Asia-Pacific region leading with a 20% increase. LeMaitre Vascular also revealed plans for salesforce expansion and raised its full-year 2024 sales and EPS guidance.
The company has made regulatory progress, receiving 14 out of 22 MDR CE Marks. It also anticipates approval for Artegraft, its largest American product, in Europe by June 2025. Despite a potential slight step down in gross margin in Q3 due to manufacturing efficiencies and higher costs, the company remains confident in its growth strategy.
These developments highlight LeMaitre Vascular's strategic approach to growth and its focus on regulatory approvals in key regions. The company's recent performance and future plans reflect a strong financial position and a clear vision for continued expansion and success.
InvestingPro Insights
As LeMaitre Vascular Inc. (NASDAQ:LMAT) prepares for the retirement of their CFO and affirms its financial guidance for the upcoming quarters, investors may find additional context in the company's recent performance and market metrics. According to InvestingPro data, LeMaitre boasts a market capitalization of $2.04 billion and a robust revenue growth of 16.06% over the last twelve months as of Q2 2024. This financial health is further underscored by a gross profit margin of 67.7%, indicating efficient operations and strong control over costs.
Moreover, the company has demonstrated a commitment to shareholder returns, with a dividend yield of 0.7% and a notable dividend growth of 14.29% in the same period. This aligns with one of the InvestingPro Tips highlighting that LeMaitre has raised its dividend for 13 consecutive years, reflecting a reliable income stream for investors. Another InvestingPro Tip reveals that 4 analysts have revised their earnings estimates upwards for the upcoming period, suggesting a positive outlook on the company's financial future.
Investors considering LeMaitre Vascular as part of their portfolio can explore additional insights and tips on InvestingPro, which includes a comprehensive list of 19 tips to help make informed decisions. With a strong track record and a promising financial trajectory, LeMaitre appears to be navigating its executive transition with a stable foundation and growth-oriented strategy.
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