LMAT - Earnings call transcript Q4 2019

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Operator

Welcome to the LeMaitre Vascular Fourth Quarter 2019 Financial Results Conference Call.

As a reminder, today's call is being recorded.

At this time, I would like to turn the call over to Mr. JJ Pellegrino, Chief Financial Officer of LeMaitre Vascular. Please go ahead, Sir.

Joseph Pellegrino

Liz. you, Thank thank XXXX and joining on us Good call. you QX conference our afternoon, for With call on and me today's our George and President, LeMaitre; CEO, Dave Roberts. are our Chairman

statement. forward-looking Wherever I'll which to our those forward-looking begin, to is by within of Reform subject Securities meaning possible, risks words try such U.S. the will identify the Act we Before of statements safe harbor XXXX, we make using Today, will read statements believe, forecast some Private Litigation uncertainties. anticipate, expect, the and and we accuracy of expressions. similar as pursue,

views forward-looking those today, risk any refer Please cause the on forward-looking February statement Our be recent subsequent our factors of and subsequent and regarding to cautionary of XXXX assumptions to filings, and or results that should differ not or as representing XX-K based on information the are in most X, disclosure as from relied implied. date. including expressed estimates statements SEC could upon our and factors the materially estimates our

Relations call, and we A of organic growth, release well this in GAAP in associated of income, is measures, non-GAAP contained income the website, section which Investor onetime adjusted discuss our growth EBITDA. press numbers and During this www.lemaitre.com. as non-GAAP sales in as certain excluding discussed measures operating charges operating will and gains financial include to reconciliation the call is available

to I'll George the now LeMaitre. turn call over

George LeMaitre

growth. a $X.X Tru-Incise of QX acquired patches with XXXX JJ. End acquisition million, led embolectomy of in sales. and up QX recently $XX.X In July also X%. CardioCel record [dollar] patches, QX, generating catheters sales. million $XXX,XXX had sales quickly, Thanks, Biologic strong valvulotome ramped in posted we The

while X%, and had was grew up X%, Americas a record Asia-Pac up quarter, XX%. Europe The

out our In of in was have We're city bought hospital Singapore state. markets that to to person and Japan are now XX now our grew XX%, all XX%. export XX X momentum offices and while QX, direct Asia-Pac's direct Australia and direct sales by growth worldwide. in fueled million countries we China, of X distributor hospital

XX% if a Separately, on our allows expertise distributing in The the calls. allografts and Biologics patches new to while synthetics. been us launching in our prefer cardiac QX. acquisition. our is one, Vascular RestoreFlow leveraging a biologics, XXXX new for of and The sales implants not you've surgeons and to leverage U.S. theme patch earnings surgeon. biologics recent accounted seem in to biologic CardioCel gaining the we're manufacturing acquisition customer, the access currently cardiac Canada, versus

setting XXXX. also This in distribute are a first allografts us. HX RestoreFlow in We Europe for vascular be will to up

year. bounce expected. performed XXXX, X familiar and patches. Organic were XXXX bovine than back embolectomy in categories, acquisitions X% purchases the better growth and X XXXX of improved polyester was a to catheters, All valvulotomes grafts,

improved also X% income adjusted our bottom X% in We decline line with XXXX. XXXX, versus a growth op and of in

will extend in guidance We momentum XXXX XX% and we adjusted Excluding into operating of XX% strong operating grew dollar, the XXXX. expect the growth as income income with sales our indicated, growth. X% this effects

A note dividends. quick on

believe history Our cash this the our year continue If in straight XX%. and income XX-year focus for on we we underscore the well-known Board increased the of to version Dividend growth. Index. how of into to growing by XXXX, XX-year will dividends Aristocrats a I QX Achievers highlighted Index, raise the flow op has Dividend just time payout I dividends gain Xth we entry

the that, over I'll With turn to JJ. call

Joseph Pellegrino

Thanks, George.

our by decline China the the acquisitions margins Our QX X graft at lower was polyester dollar. driven margin prior XXXX higher recent stronger the year versus The gross subsidiary, X.X% sales, and down was largely XX%, period.

QX, but longer-term QX Omniflow improvement we in expect we selling then indicates, be gross by remain efficiencies gains and should margin the as margin improve products. As begin arrive driven Syntel while guidance thereafter. our should gross Burlington-manufactured flat manufacturing to

manufacturing Our Burlington. in Omniflow we factory in Australia will be will in QX, be Syntel closed and soon

our a excluding QX million, In down The an decrease XXXX, $X.X increase QX adjusted of operating dollar. margin of income increased from operating gross was effects the driven X%, income lower XX% XXXX, year XXXX. expense adjusted or was In full the strong and XX%. by X% operating the

at full the improvement Looking XXXX. an operating important of sequential $XX.X to income guidance XXXX implies forward, from midpoint, year our increase XX% an million

This deserves some explanation.

cost in at our area efforts As containment over redouble and will has been stable you know, XXXX. we this in LeMaitre the years,

in a guidance ways to and in find reduce some costs avoid from expenses XXXX, XX% down Our X% increase implies as we others.

stream the In record for on that growth. $XX full of the million our also acquisitions drive with anticipate we large growth profit coming revenue will XXXX of year, addition,

of million. in the We during The by million, expenditures million ended $XX.X QX a quarter. with $X.X acquisition-related dividends $X.X and million $XX.X million was of $XX.X of capital cash, decrease of payments decrease driven

XXXX the EBITDA million and full million. EBITDA $XX.X XXXX in was QX year for was $X.X

increase a sales of XXXX QX at million to million $XX.X Our X%. guidance midpoint year-over-year the $XX.X of represents

million We decrease X% a QX the of $X.X operating also XXXX at expect midpoint. income to of $X.X million,

midpoint Our XX%. $XXX.X full of guidance to $XXX.X year at XXXX million represents sales year-over-year the a of increase million

$XX.X income of to We XX% to million, operating expect increase million $XX.X also midpoint. at full the year an be

Europe Separately, our mark XX-Q, XXXX in for MDR our transition. a as abandoned previous we MDR from in All new testing collection support. undergoing this notified noted provider devices. are MDD the approvals refile CE to companies to QX more costly requires data with transition body most existing MDD had As our and

resolve largely any to MDR include of and lessen We've impact. this any anticipated effects have guidance. to our expect MDD sales warehouse we Frankfurt tried in overstocked interim, our to the in In HX XXXX. We

turn operator questions. it With that, I'll over the for to

Operator

the Genuity. [Operator Canaccord Instructions] Our question line of Mills from Jason comes first with

John Young

It's John on Jason. for Young

of quarterly portends in guidance coupled drivers product line. terms growth terms the Your in drivers? a Could comparisons and for leverage, or year corresponding both to launches, you and operating more XXXX load of in margin top through back-end-loaded back-ended detail year-over-year guidance other walk more with bottom

Joseph Pellegrino

would in But there. I vary a This sales of on It by is a on guess, cadence. start sort to by sales reported Sure. quarter. feels There loaded Maybe the is I even say, JJ. line, growth necessarily not that. I'll sales basis fairly reported a quarter on lot was

Although this quarter and quarter comp, this might back looking it we easier next some about an ways. way be think year, in if that

necessarily on sales would So the I say, not line.

QX static nice now, manufacturing the being we're margin talking gross in getting potentially are where about some of but QX. with On we sort line, efficiencies

to come there that there line we margin the like in maybe we pickup the and back gross maybe where in somewhere sort between of that number a down on getting year. so nice and are And for sort then of guided to

how of feels the margin go So your I gross year. as think throughout that's you sort

in then operating expenses, terms I And talked of cost about cutting.

help we that pretty year. some will your the cost a because quarters. meetings expense all going And so in And worldwide loaded time. the And and the turn year should decrease really naturally be think, decrease highly that I we're kind stuff. next QX little of bit cutting higher to through line a of we around OpEx the our over work go sales op as addition, line that audit done and But seriously, of typically fringe and throughout doing tax in and have pretty that's getting

line what and you're you improves, So looking that how for out model of just told of cadence if bottom sort can try I the you.

John Young

how your gross long-term then to Great. aspirations maintain any gross give leg in to is other forward? thoughts relative growth guidance margin and metrics, medium margin leverage? margin? operating that And such reflect or improve or trajectory specifically And your on you in important going gross to is as XXXX. down margin you my to organic much gross margin another And follow-up us QX took recovery doesn't Could of

Joseph Pellegrino

margin answer a part gross for a important pretty So metric line. us. obviously on the the is of big It's bottom

the months. eventually last as rebound had see, margin. we've facility, months, transition driven that's over acquisitions, margin on a the Burlington on that's our We'll they'll LeMaitre. acquisitions and X we'll our can typical X XX done we'll did and for down because the those important That's But do gross impact it's pretty the the bottom in a line, You while, our manufacturing hurt we've incorporate XX into deals for margins.

clearly And an so having impact. that's

So that in past sort terms a in of gross year through guide you XXXX. of given to say, of I the past you look going terms I've margin. would I'm not

I think pretty good a that's look for us.

Operator

next Stifel. Our with comes from Wise question Rick

Drew Ranieri

angle. Drew It's first, from to on of I the some just guess, understand touch Ranieri I XXXX for wanted XXXX on different headwinds. a Rick profitability tonight.

this think Just basically? calls, enhancing growth drive -- sales You've regarding some understand LeMaitre the your investments, through on bit spending? taking talked Should of read these gas but commentary R&D hires? restrained we initiatives OpEx XXXX sustaining just you them to cost-cutting about you the foot more us a limiting us before as where force help your from recent coming or the off are growth as or help can

George LeMaitre

know. the a It to like to acquisition is feel XXXX slated this you do a much that And grow expense in to I'm that with X% actually, I differently, Drew, X% that this XX% I at acquisition go grow George. little we XXXX. QX op of think is And not one a in of is did stretch. going which Admedus did, lot that is, -- bit XXXX. had

not that there, bad. cost do to have but will We get cutting it's to

use to this word, X% look 'XX; If XX% in that that, -- X% and op 'XX; in at the the X% is growth, cadence, year before is XXXX. OpEx, back 'XX; expense XX% in you our in

year, yes, doable very cutting, it's us So cost to going but to X% to to for do have get this us. we're

-- guys a you the bigger growth. when at these are you think look I income op our at XX% doing look piece, as -- well,

to something restraining call line, growth a me year. there's well the op dollar about, make bigger bit of these a next organic can't $XX we're a acquisitions on sales with dollar should the me on think $XX bit. you myself expense year. to wow, record don't top I to a getting amount that -- little million this look picture you lot but of make then little we're I the I and secret and growth the more close from million growth, But as happen was is of of I piece, growth, on next be think out, piece putting of of you for this maybe later, company dollar going We're can't bottom sort want figuring the loading silly if started that on

Drew Ranieri

you're Got pulling this be more little you it. talking it is bit it that just to bit when initiatives, is on Can is Or back a cost-cutting projects? R&D headcount? more? little about refine But -- a specific just just

George LeMaitre

I said, still growing X%. like still expense is it's No, -- op

don't now, shouldn't was that expenses op to year, want an this that's -- you be be but with I on the inside know is are probably figure have interesting to of company. kind anyone to last at bit growth, expense going but op buying that? what some don't like because a that, grow, thing that going going we little got was that number, going amount by you look So I were And It's X% XX% substantial. a growth company something draconian number, expense without better year. pulling So Did think in last back op X% we're than that deal. QX of right they big the if or the to to

Drew Ranieri

Okay. guidance a second. And XXXX then just for sticking with

single-digit from to Just low into into it's like maybe looks decelerating down it XXXX growth, X%, backing the range. organic X% maybe

And right? math that there help expectations growth of and organic dynamics are MDR-driven? for maybe is just in understand first, XXXX kind is all some that us your maybe in what Just deceleration,

George LeMaitre

Right.

Okay.

good So question.

that that is is So right yes, number pulled you the answer out.

and a it the that slowing organic growth know this of it's this piece slowing A goes down comes it about is we and So OEM you reported business our X% XX% down, company don't now. and and or is that inside growth. right know you expect couldn't is business

point I like that about pulls So X it of off feel next year.

of sales, were sort the about pulls figured a MDR about -- company. XXX And So of if furthermore, which X% stuff is not about the worth you're maybe point. out X.X EUR case, that we

of although that really outs about slowing you just you not So takes of ins the there, grow And if But to, and CE context, going it. we're wanted OEM the a and We XX% put you reported. lot have well X% in the inside -- going X.X% puts we're to we're in XXXX mark There's stuff. a to versus couple of Drew, to things growth number and a excited then you could guy. really being as as be XXXX. a down growth

takes to the we those to better? this us. Of year, next it would. it seems X from so be X% items growth with And course, we mentioned, okay Would I want

Drew Ranieri

one it. last question. then housekeeping Got And just

maybe was you top line there? in Just talk what Omniflows, RestoreFlow, any XenoSure, And anything that you growth about the can pricing quarter? give for can

George LeMaitre

Sure, we can. we how approach that. to trying about I'm think

So what you was pricing, QX, mean? pricing in

Drew Ranieri

Right.

George LeMaitre

I a cited you level, Dave, was -- close. at it think high we this said pretty

David Roberts

Sure.

in China. of were was a happened earlier then JJ So down be like Drew, also X.X%, in driven It the by X%. and quarter Units pricing by offset order TRIVEX. mix large up disposables China to X.X% mentioned about price.

that. that So was

I was up asked that in think you about RestoreFlow, QX. XX%

Drew Ranieri

XenoSure And Omniflow? Got and it.

David Roberts

have XenoSure was flat. fingertips. don't Omniflow on I my

George LeMaitre

X% organic growth for all for of XenoSure XXXX.

David Roberts

mid-single-digits. Yes. The up Omniflow was

Operator

First from Munda Our Analysis. Joe comes with next question

Joe Munda

year, of I a it So breakout the just give George, rep the you of guidance could going forward? helpful. the I end count what was would wondering like be think us looks the given at if

George LeMaitre

Sure.

So the just you like December XXXX, QX XX, we mean finished?

Joe Munda

Yes.

George LeMaitre

Okay.

that's from worldwide up up Europe, down QX; previous of in a X Asia-Pac, that's being the quarter, in and in XX the X; X; So quarter. Americas, XX of total XX end the X XXX up the from that's

Joe Munda

through slowing beginning the I right talking And your do going year? out about essentially China forward. OpEx in reps then, spend perspective of to the think XXX, we Or both that with pick forward, forward? then guess, guess, think here going at well that's to Okay. going Is as down on continue way think up the I that about as you does And essentially is that, from going the out China, down everything operationally you'll you're going with rep as shutting how thinking XXXX? craft

George LeMaitre

What It's if to to that. a about China I that. question get first a question. I'm handle the of after on and people rep sure the good lot hear question want

million X sort down went $X.X of Wall a and it feels bouncing and this last folks and as we Street this it organic, stopped China, going reported of, big XX% coronavirus, I like on be I'm as you're the call to business growth thinking grew and that And saying boundary back years in that about a the a in put is We went had is much most this are read at everyone, ago, from XX% year on then the and phone of So shutting it To mega down. know I China Journal sure level. kind year opportunity. up. a for

a it's of guys to get, buried and have it's $XXX say, going million it's at for don't certain like feel our next to X% don't but So I for We company $X.X going year, your worry I we're If be it's sales. would million, you think extent, guys it's great us, about. a level. to something you to

on So sort I Joe. hope good that's or on a explanation you, China, an of China one for

they for keep around go, where right are this And sort our reps goal year we then for And as as far of reps our to is the just the goals XXXX. printed now.

count over don't us to from to to about group a aspire years. go to X the reps think second. some you rep of about saw XXX get I But XX the we up lengths right broader I think last really this have

Operator

Our [Operator comes from question with Lake Frank line Instructions] Takkinen of Street the Capital next Markets.

Frank Takkinen

couple a for Just you here.

call think you from to you completely the I about nonorganic next? thinking be about to mentioned next that XXXX last contribution CardioCel, year, are for Admedus for your clear of, X.X% kind VascuCel. what guys, contribution on Just from X%

David Roberts

call. came we quicker. Good $X.X in But we it's little out obviously, of That's a said million gate Frank, projected of $X million Dave. question. to CardioCel bit revenue. what the Yes, October

at little at XXXX $X this more So for million around, point. over we're looking a

Joseph Pellegrino

still million, like And it's number. $X.X annualized if $X.X more FYI. incremental, you're million, That's on the an

Frank Takkinen

right just give have could And couple i's margins, things there's Okay. t's and a I for That you been year then I conversation of gross products VascuCel year. to be the overview areas. into I would just But of us fantastic. improve could makes this the us this (inaudible). if sense. crossing a give for CardioCel you're a moving different you a different integrated get were dotting know overview of you the a couple on to pieces And margin? doing of broad end broad on and different But lot around gross fully know the know at that of in you

Joseph Pellegrino

Yes.

new there's strong. and year-end number lower selling a hurting Tru-Incise, and So margin margin on a hurt then days, these sort sales as year-over-year the lot that mix-wise, cleanup the X margin we acquisitions unfavorable going gross days. a actually higher And as little CardioCel that well the in and X.X% topic with line hurt FX And us well. around these up to China that's grafts And then of as are so. we're us that's more that as well. Dacron there costs the us XX% coming well. And the had or

the ago, have year-end balance too, QX talked good I are happen more off cheaper forward, that to going those and coming we're So time. now vis-à-vis necessarily. the a Price the benefit a don't onto was cleanup made over talked obviously, while gross in sheet those getting about margin. that of guys, as P&L integrations you that. about increases, I the inventory of immediate benefit costs those

this we the so to good get going like year, In feel worth hopefully, probably And it was a past margin. guide we'll X.X% the about nice gross hike forward. pretty price year,

a So going XXXX. maybe bit little forward that you or can better in do

George LeMaitre

last with the what little a bit high But had revenue a we And I something we really Gross bought we and bit. before. sort versus so. margin of of months $XX little considerably or more in buy a the than XX million comes gross do. discounted in chime revenue level, a does I'd margin at maybe J, that J

gross And we've away that over acquisitions a something build gross gets topic long In that since at we revenues the with right these they and up down. M&A you is we've been wind this but it's that goes mix we'll it feeling doing. margin want what look last it by you up, active is all know go drag to those and beat an great, good months, XX particularly run, it's from margin we so doesn't gross that it your we to it LeMaitre. And the live learned never through, fix now, lower time. unfortunately, but buy back then issues, nothing in with these We we're When very and the margin they is. revenues, perspective

Frank Takkinen

All it. on the Congrats right. progress. Got

George LeMaitre

Thanks, Frank.

Operator

next comes from question Research. Our with Mike Petusky Barrington

Mike Petusky

Just catch it quarter the didn't for growth a valvulotome and few questions. year? you for the if I mentioned

George LeMaitre

did to We I'm up not that. we happy it pull if mention it can get quickly.

Joseph Pellegrino

Mike, quarter, don't the X%. I maybe... year, about in have it, In the

George LeMaitre

the of distinctly, I the Organic, year, given X% [indiscernible] quarter, that and that the is, for valvulotome, Tru-incise valvulotome course, we the but Mike, there, remember you difference midyear. valvulotome, the bought difference he's

and And we that? number your X%. get year, so roughly that's delta can for between X% Reported the

Joseph Pellegrino

if Reported pull year, can I up. for the this

reported. about like it's So X%

So for X% about the year, and Mike. X% the reported quarter in

Mike Petusky

right, very good. Okay. All

JJ, what's that? the rate math I XXs, there? lower for if year, looks Is sort Or your So right assumption that tax look on XX%. at XX%, of the your like guidance the assumption maybe

Joseph Pellegrino

Yes, yes, yes. it's XX%, about

Mike Petusky

yet And DuraSure, any -- or much? anecdotal -- are products, the just Okay. traction and on not info guess, the XenoSure, I Plus any on you new on guys a we're that couple XenoSure sharing real or All quick. the right.

George LeMaitre

Right. approvals. would to little talking would I a not about that generally, no, not Mike, say, from really but pivot really. cycle, product Asian Maybe speaking, generally about early the the just would I in talking yet. say, I It's bit

enrolled now. decided And the all growth. Korean Those approved enroll we So then about the has those did XXXX. that's we and really number, wanted XXX showing years Singapore talking we've past sake, for produced haven't we been been X.XX We clinical have get terrific trial We to really do the Chinese to a about well. the still safety way XXX. but and in going up revenues, ago, that approvals Australia we and got lot,

I think now. we're think we're know at -- I right the about at I don't XXX so exact And numbers,

Joseph Pellegrino

XXX.

George LeMaitre

trying to we're to get and XXX XXX.

of all to we done ways so cetera, on get in of and we still in incentives, it but And have will et are the we finish, go, That closing this year. kinds middle that. have thing to

Mike Petusky

Okay. coronavirus China But I coronavirus business. there? size everything slows the over that about I you message Or the certainly down the would the can just enrollment on took and your assume maybe talk relative of of that?

George LeMaitre

would I've I drone the been I will, know. these have all emptied in but honestly seen know. that out, I assume cities that's given don't it footage

down, will but we'll So I it see. assume slow

Mike Petusky

Last Okay. question.

for On expectation unit the X% there? growth 'XX, any and organic between breakout price growth

George LeMaitre

Yes.

think and price will we X%. about will units think X% be be about I

Operator

from Sidoti comes next Our Company. question Jim & Sidoti with

Jim Sidoti

the the Can in you you've from acquisitions and was said you CardioCel? what quarter? Cardial I what please the from repeat think -- $XXX,XXX what generated

George LeMaitre

Yes.

was CardioCel So Tru-Incise $XXX,XXX. was the and million, $X.X

Jim Sidoti

plan in XXXX And what X consolidate to you products to do Burlington?

George LeMaitre

Right.

done. So to the year. get Omniflow in intended factory being we didn't had May closed in or We but it Australia this of June December, close in just is it

strength So the Catheters. that's then our last Burlington. be we've sheep and to bought product September Syntel Medical Omniflow we one, graft the the them where line production and to purchase in Embolectomy Applied from we'd of made for We And bringing those Embolectomy on back the of probably by and Syntel in be all ready these industrial here. different start inside we'll building Burlington, up running to end And product got with Catheters getting machines acquisition. that lines X the HX, production of

Jim Sidoti

this the you in kind XXXX? year? margin gross those when something X half year? that it on by it do of Or a neutral, be impact the (inaudible) work the What will Is you second is consolidations headwind going that's gross to have out, be to that margin think of

Joseph Pellegrino

JJ. is this Jim, Yes,

the of bit were away year. in I the still a of little in benefit that to probably the will expenses in made as inventory we over selling from second half end piece occurring feel start Australia, the get through year So Omniflow like the Australia

in get some costs that. probably So Australia close -- from might that won't we as the away change of there that are but we some there's cost

we from end I Applied devices made take it's sell will bit that longer-term topic a here from Maybe start year of out is sold. as piece think year. That inventory that the we actually the following when purchased to the are beginning the Applied. of of had the little through we benefit the

Jim Sidoti

So far it's to but future that to a ahead, I a know these think to too result I consolidations. don't fair you should say gross want give the of you guidance as in to see X bump margin

Joseph Pellegrino

it mean, wouldn't that's backwards like you're which it but is acquisition if would rerun look the history, I an you been say, in I screws or asking, you company, I go over forward at that's story this been the over X, margin do and up for and than it probably costs while, get for cut a up really acquisition. here and screw margin it was before improves while, then you figure to the even an consolidate, a the it that you as and place then better you out, you

time we're would normal at X now. a It's for I that say So that's us. just answer digesting right a totally

Jim Sidoti

my follow-up Okay. was And that question. then

Or to You XX there Are done for deals? going the a and he these a Dave while to still quite have you XX little integrate few months. out home looking? over is past keep

David Roberts

here I'm business, we've we're acquisition would room, looking, say our there's Yes, very to am team. in out team, I do have for integration a open And capable out we got the but But and lot there. and hunting, a we're actually right the criteria. Jim. I

acquisition. yesterday, X been we since like it's So about yes, last though it months the it's we're -- even seems did --

So looking. we're out

Operator

from comes Investment. with Silverman question AWM Alex next Our

Alex Silverman

you a for MDR MDD, guys know and pain a that are you you JJ, spending do lot -- huge is lot this? a figure on What for for competitors. of I of guys

Joseph Pellegrino

it thinking a this probably on I'm year there's million, going bit incremental maybe topic. be spent to little more that than $X XXXX, an in about So was

Alex Silverman

Okay. the And said of resolved first -- in the sort half? see do how the you -- you

Joseph Pellegrino

topic regulatory question X Yes. MDD -- change the for the you reissuance I we're notified asked, expense so The there's One marks is think there's is much regime and spend which do us. body, involved collection, mean, that's It's of an separate, And different that. CE MDR, topics. going more just you're to topic, have to what you because but that. looking in and to new more more how for related prepare a cetera, the different to testing et in a from different. data I

And so are next or X or we expecting so. the month reissuance that over

of last time impacts And so any of that's of we hopefully, this guidance. back year, in ton ourselves where think We July, topic. from from inventory frame, that sort September middle stand from, impact Europe, we over now. of shield it But in we've sent to the a August, included sort any made to

over my said as get in body. I month, guidance, notified X, our next so or And thinking from I'm the new reissuance X we that

Alex Silverman

standards. from from in guys on thing walking last Europe that, away seeing walking that? the -- any in manufacturers the the And you away, we're hearing new markets little Are benefit different just given expense and difficulty meeting of

George LeMaitre

This we the in some these lines are, George, Yes, product definitely PTFE and Dacron, that like of Alex. grafts we make polyester, are. is here. we Yes, particularly the

a we're that. -- in definitely on seeing It's more happen commodity the are Europe. up the barriers regulatory lot. side, So This to dramatically is going going

own of who that of would us, say, people companies I they go stand these it's help assuming we through the can issues so our say, fixes own companies, here, marks, get -- -- get benefit. I all a re-upped. house I think that think, would small larger I don't that And will $X you division oh, this and want And that assuming on its to pain Vascular, just topic. LeMaitre a thing like think million CE LeMaitre -- A fixed say the lot this to they cares, have I

Operator

your Ladies now today's day. participation, you thank for that you to and would disconnect. like great gentlemen, Have concludes may I a conference. and

LeMaitre Vascular (LMAT) 7 Feb 202019 Q4 Earnings call transcript