LeMaitre Vascular, Inc. reported significant financial growth in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved net sales of $54.8 million for the third quarter, a 16% increase from $47.4 million in the same period of 2023. For the nine months ended September 30, 2024, net sales reached $164.1 million, up 14% from $144.6 million year-over-year. Key drivers of this growth included higher average selling prices, increased hospital procedure volumes, and an expanded sales force, which now comprises 146 representatives, a 7% increase from the previous year.

Gross profit for the third quarter was $37.2 million, reflecting a 21% increase compared to $30.8 million in Q3 2023, with a gross margin of 67.8%, up 280 basis points. For the nine-month period, gross profit was $112.3 million, a 20% increase from $93.8 million in the prior year. Operating income also saw a substantial rise, reaching $39.4 million for the nine months ended September 30, 2024, compared to $26.5 million for the same period in 2023.

Net income for the third quarter was $11.1 million, up from $7.5 million in Q3 2023, while net income for the nine months was $32.9 million, compared to $21.6 million in the prior year. Basic earnings per share increased to $0.50 for the third quarter and $1.46 for the nine months, compared to $0.34 and $0.97, respectively, in 2023.

Total current assets rose to $227.1 million as of September 30, 2024, from $194.6 million at the end of 2023, with total assets increasing to $377.0 million from $346.8 million. However, cash and cash equivalents decreased to $21.0 million from $24.3 million at year-end 2023, while short-term marketable securities increased to $102.9 million.

Strategically, LeMaitre has focused on expanding its product offerings and market presence. The company received regulatory approvals for several products, including the XenoSure patch in Japan and the Artegraft bovine graft in multiple countries. Additionally, the company has been actively pursuing acquisitions and partnerships, such as the exclusive U.S. distribution agreement with Elutia Inc. for cardiovascular porcine patches.

Operating expenses increased, with sales and marketing expenses rising 18% to $11.4 million in Q3 2024, driven by higher headcount. General and administrative expenses also increased by 15% to $8.9 million. Research and development expenses decreased by 13% to $3.7 million, reflecting higher costs in the prior year.

Overall, LeMaitre Vascular, Inc. continues to strengthen its position in the medical device market, focusing on niche products and expanding its global reach.