LMAT - Earnings call transcript Q1 2021

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Operator

Welcome to the LeMaitre Vascular Q1 2021 Financial Results Conference Call. [Operator Instructions] At this time, I would like to turn the call over to Mr. J.J. Pellegrino, Chief Financial Officer of LeMaitre Vascular. Please go ahead, sir.

J.J. Pellegrino

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

Today, within the risks is of I’ll safe read Act Before Litigation Private subject and meaning make accuracy of we statements harbor to XXXX, the begin, the statement. forward-looking some we Securities our Reform U.S. uncertainties. will which of

expect, words anticipate, try to identify forward-looking such However expressions. as using believe, forecast possible, will we pursue, statements those similar and by

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

we call, financial press in George reconciliation EBITDA call non-GAAP LeMaitre. non-GAAP will non-GAAP this and call associated Relations contained available Investor to During our of release I’ll section www.lemaitre.com. now include in measures turn A is GAAP to is the outstanding of in the measures, and website, over this debt. which discussed discuss the

George LeMaitre

Artegraft’s and Thanks, our other J.J. and four, employees rebuilding COVID’s number company; On finally, number results our today’s and call, on two, three I’ll sales cover results. one, four topics: biologic impact number financial number our updates; force;

with XX still and of declined To XX infected employees at recovering. our have one has infections been recovered LeMaitre recently. COVID New having date,

this one more sales our vaccine from the personnel has to of Away our to office. our Perhaps in return helping will We lowest expect And employees XX% corner. and prompt that administrative vaccine sales. for our mean estimate a our the vaccines more will are return access. reps means the that shot. vaccine have and hospital of reps and also gain least the LeMaitre. normal greater rates force efforts country. quicker be XXX% of more force the the calls of European our for one now headquarters, sales likely turning the Massachusetts vaccines More sales at British sales of We hesitancy to of vaccination the American seem sales Canadian received

XX simultaneously up, March things As rebuilding reps, XX, sales hiring requisitions. sales we’re XX At have open we open force. our and we had rep currently

take us calls. larger in personnel and doctors force sales field also and sales nurses locations. international more that means our report Investment building in more – willingness in stocking Our to are a our inventory to showing presence physical

Tokyo. So, expanding connections three we’re should warehouse create Milan order customer England, fulfillment. This quicker in geographies, Hereford, our footprint and and tighter

eight Italy, warehouses shipping inventory Soon, U.S., UK, Australia and China. Canada, the in from Germany, we’ll be Japan, the countries,

three sales bottom broader we January, to other begun million months prior that to our level also commissions growth in grow note. due will which this hike. million also to $X unit began This per acquisition. Artegraft line, price to to million projects forward. XX% As recent add the acquisition, QX going share. sales million $XX sales largely There and we in versus to biologic the to $XX.X op contributing our $X.XX In to of Artegraft January sales estimate increase XX implies of hospital may force, has paying $XX the figure income approximately year U.S. Artegraft the were in

Chinese XXXX, RestoreFlow adding in approved in cardiac QX FDA submitting XXXX quickly, finally, are adding and succeeded ramping was Japan meeting be allografts our also we and in XXXX. to sales trial June. we $XXX,XXX perhaps cardiac we its XenoSure in number endpoints, two, Number this are of the our XenoSure $X will XXXX in And three, sales. launched approval First, Chinese million application

expect in years. three two or approval We

we of financial up expenses and for million sales and X% and $XX.X in QX posted year-over-year. generated to they XX% sales $X.XX. Americas growth. contributed results, in income of of EPS $XX.X were our Europe. bottom XX% op Sales million, in down XX% Strong AsiaPac, As and line We EBITDA in restrained $X.X in million of were the operating robust up QX,

I’ll metrics these With comparisons. the than J.J. that, were better of over turn their year-ago All to call XX%

J.J. Pellegrino

export largely By catheters strong by XX% to due up driven to largely Valvulotome sales, growth. XX%, QX Artegraft Japan due George. drove up allograft PAC the U.S., Thanks, Artegraft, to sales, sales. Geographically, product, XX%, Rim, Canada, due were Embolectomy in the sales up and and

Our the Syntel manufacturing The lines. decrease of decrease $XXX,XXX was inefficiencies, recently inventory points XX lower QX gross year-over-year. higher the margin margins write a gross by and costs down, transferred basis was allograft driven manufacturing in XX.X% TRIVEX to

begun $XX.X employees, sales were XXXX decrease. our including expenses like and X% related. by rehiring. half than Somewhat control, now force in QX more force, XXXX labor million, was COVID, which in our we’ve shrank force due fewer The XX sales year-over-year decrease of Operating to cost driven direct continued a were

we’re increasing sales size the mentioned, of now force. our George As

a the paid $XX – an by strong and down down million June to to the $XX improved June XXXX access We as debt in income down quarters. by $X.X total lower contributed Artegraft We’re QX, income was gross $XX expect of period. first, we’ve $X.X $X have and increase also driven about million $X XXXX million acquisition, increase The profit expenses. in QX gross an of quarter since We still operating margin. hiring estimate or and versus products from was operating with Since prior we this the XX% operating ending revolver the The debt. in $X.X the the areas facility. in that operating XX%. was in expenses other million increase and margin coming million, increase to acquired Operating in QX company We newly benefited our million. paid million paid the XXXX million QX sales

We $X.X XX. December expect with $X our continue a The aggressively driven debt pay to decrease million off was We from the $XX.X decrease cash, ended million million bank in largely QX repayment. by debt. to XXXX of

debt by to In issued In of this exit by increased marks. new repayment, CE notified one prior this XXXX, body engaged relation Excluding CE abrupt marking notified the in CE marking quarter. our to the from mark our XXXX, a due of CE two bodies, the needed notified CE $X.X six cash we process. in for to year, accelerate LifeSpan. marks, we February in And million these SGS bodies

carotid month and AnastoClips. shunts SGS these FX FlexCel for issue of We carotid additional products shunts, three will Pruitt in marks expect CE for sales X% Together, XXXX. accounted QX next our EMEA

sales our of the be XX% XenoSure on AlboGraft, to for continue TUV, we QX some any We accounted assurance of of given. work the XenoSure and to and our two ability of not to month, EMEA other of in referred for May, notified AlboGraft our in could If we marks CE then marks one Together, CE devices are Europe. sell which no lose expect can XXXX. by with reissued above in bodies issuance though next

March risk XXXX. information on our filed topic, in our see please factors in more For XX-K this

represents our per XXXX $X.XX XX%. increase QX I’ll to guidance million an $XX Joanna share increase to over to an turn the million million $XX QX With $XX million At of operating QX guidance midpoint, Turning XX% guidance. of sales midpoint, to represents the At EPS $X of versus XX%. an that, income guidance increase of represents of And to our QX questions. it of $X.XX XXXX our XXXX. for

Operator

Wise Rick Thank first line Stifel. you. question [Operator Instructions] from of Your from the comes

Your line is open.

Rick Wise

everybody. see afternoon to Nice solid first the Good quarter.

a that to range. sort solidly prevented Where end? – it Is and your hiring quarter lower first your you experience was you we what end, second. about start about think about to it your thoughts, guidance perhaps the thinking in thought and as the guidance? mind, just maybe sales And end, end your for And and – from it the understand second in about first more reopening? going the little about less upper just two you’re maybe understand wanted of the the Just dynamics headwind quarter the I the came into us clearly from in reaching more off, Is your upper the the the quarter but the better force? in upper gets lower of thinking end perspectives. to that with help

George LeMaitre

as you’re have. great guidance Rick, as for beat know feel could thanks your but question. George And posing here. I you it your Hey, didn’t still by $XXX,XXX, It’s question. your

QX, I think I for down. had preparing today’s issues as the would beat I stuff although, we to of think we that’s the trying And we we in question. funnel call, guidance. were our again, started if And say essence

J.J.’s continues hear Mark Cs, you script, But Mark down real from think, but issue. to if that. the three, funnel quite about The you in COVID, if into I CE will. us very gotten still haven’t can to that So we’re easy to them. is we getting had we great a as – close would them, CE felt remember, I we it issues, continues dog

I of on guidance channel still it, And loading, in what did QX, I lot We’re And a some a it it other are in about and strongly then Europe it felt this mired in C, win our would crush before, of was now, crushed companies talked let’s United Northern very talked some we reps in. to in would we we a sapped really companies final think QX February, lot QX. and last contests. all ability present the call breaking lot and in guidance. out from are more QX. well a the bit a I issue watching had trying really to little we than we are think States, say away still we Europe, it call, January but And in – We and did but is of in about companies which in I doing say. we think right the

you’re would nothing Mark, That’s the looking COVID three to at loading. So like you’re a to non looking XXXX. say, QX look at CE in like suggest, to I that And and guidance, are channel I’d as those for: the there’s our maybe Cs quarter. then

with up or whatever. to report XX% Everyone’s XX% were You’ve sales seen or that your all companies. going

between the think, projecting well, QX happens us, for we’re know, going sales rate to I up I think growth and I maybe But don’t XX%. know. what new QX, are that’s to you organic really, want be

in those May QX to so XX, you I particularly between thing five basically. the And marks very dissipating. vaccines, think supposed up is to The And get and X%. we XX% Mark, are we the then; all on I go our feel back – UK, and them CE think think back again, more to sales and which in This U.S. And it’s we’re close. track, end now we’re of going of where from geographies. to those would CE three like see we going Cs. And get located QX, feel it’s us the we two

So X/X then And stuff then to take "for finally, in loading, win your it. you usually get are if the they enough they’re It sales, be regions very QX high for will. vaccine to is of us" They sell over. QX, at for going off back going away and you channel that’s COVID sales – contest.

also more so explaining if maybe you. you three guidance for QX we by they then in Cs happened, $XXX,XXX. explain the And than didn’t will, what probably And crush why transition

Rick Wise

really or could million sort Two help is do And you $X price I in quarter? go-forward clearly, So Artegraft, first all rate how in did in quarter. to mean, how accounts contemplate first other increase impact the no, the it understand through the run you – of full didn’t if the for have it questions. quarter. about or we the it? just I us think we – think Artegraft, throughout wonder have

selling up – the growth therefore, run we mean, units – it’s I in million. it think second more quarter $X in So rate about the go-forward no how making do the Artegraft? I’m on

George LeMaitre

for there Rick, it call, – there’s number everyone that million. we year. $XX putting was think in just with I the mentioned so a And for it the we’re is $XX.X And up versus Sure. out million

the this a giving So thing is one we’re guide – long on. we’re

is So about clear we what sales going about to up of couldn’t XX%. be think we is happen, more million $XX

think think was in – script, script. we think you we as to the can we we our number run to you it? But do that we I – I know. mentioned let guys tried try how about the

price a a it just what J.J., it it’s hefty was that’s is. like, I far, XX%? hike. So hike, it price was It XX%, don’t and something Dave But know, was

J.J. Pellegrino

XX%, George. It was XX%.

George LeMaitre

will hike, say January oddly It gotten was and it. to price in was that thing hefty I really was saw one light. we QX a have So it seem was light. you

what have hikes been about it and of to price them. all the do some wondering people adjusting may And to

Canadian bag. it think a Rick, then six the that. I And way Artegraft. into that now, being to know now it it company. think part month for know I there’s commissioned, on like year. addition in upside They were And happened, in U.S. if so into reps. and non XX five price found hike, force ones U.S. will, – And Artegraft do reps, the after finally, into reps about bag. for that only our the we being were gets our from you commissioned but here, looked that, broader the really January there’s Artegraft are put We its U.S. in fully We about which they QX. reps XX think before January, being old reps whole we reps also They’re And of LeMaitre officially sales us. who And is

it North Canadian think are and XX I XX five Americans. now. American which like XX, Yes, are of was right reps

it’s your as to by, think, question, now in to adds to units. and potentially, – it broader goes adds year that we So bag, the the

Rick Wise

And every it’s to hard company. last, resist asking

that to specifically trends. on was a every challenging the for – touched I has You’ve January Artegraft. company just The month heard. I’ve reported, recent mean,

that And you? a into March the starting you to – to color experience? can February, was seem Any is most So positive sharp seen quarter Is second continuing have trends us? that for LeMaitre’s seen Is acceleration. April. be give those how

George LeMaitre

okay. Well,

I’m about because So going say into then [ph] to QX of stop already going at QX. answer we two-third question, and said what your think guiding want to I to we

we was a So January – then of of and you February a was our And organically. in conversation, down XX% I, organically. X% down continuation X% the is organic saw March, and quarter, month Rick, this increase. last

what So emerging out last channel the giving those QX. the came additional That’s your of sense cadences. load are we the three it were because how we add were all makes That’s in months to for QX. of we you to out time of some December. how And

more it thing. I COVID that but was did a just European January people was agree, and it us, from sense that some And I bad, was I hear bad made that’s January how probably back then For anyway. It other felt like into.

Rick Wise

Got you. Thank you so much.

George LeMaitre

Rick. Thanks,

Operator

next Mishan line Your Matt from Instructions] KeyBanc. question [Operator the you. Thank comes from of

Brett Fishbin

Brett, Hey again on George, J.J.,this is for today Matt. hey

I hit of think a question. Rick lot the revenue

So, the and I about might move down bit income ask margins. statement a little

So a margin the XQ a sequential gross was guidance had year-over-year. lift, but bit still little modest down

progress So can back range historical on you then there? the it any had could you pieces walk directional if through commentary there? And some moving back, the from how other to of

J.J. Pellegrino

Yes, sure.

as So XX points you the up of basis answer marginally or sequential talked sort so. about

to ASP think have room I increases a still little grow.

customers get all the of of So the and you depending you cycles stuff. don’t X, the And all quarter. first on that rerack your but on prices purchasing January kind in that

of help going, get increases, those So room that and – there’s you Maybe strong Valvulotome gross have some be seem and you a the answer Both that. margin. strong lot carrying to too. know terms still days, Artegraft to so about will you margins. these in doing ASP are think well of nice, George pretty there run strong I a talked some

in side. old us. that But inefficiencies sheet bit gross seasonally, we’ve helper off tick a of manufacturing And the margin balance coming to the down tends And so hurting QX. our sort that’s on got actually oddly, some little are

in you some devices, script. one sort of right, going with that our about transfers inventory a of dramatic medical QX talked are more as particularly had into got of X.X%. some lines. the down we’ve Python. mentioned, Year-over-year, dynamics write-offs We in I And up, product the answer, my and Syntel So some QX. those going from manufacturing applied

a And inefficiencies little a so for up starting those start-up while. feel you and Burlington, of that the can costs in line here

then It other maybe and manufacturing quarters sales few higher just wasn’t our a COVID, a And and iron be in through out. layoffs, areas. was when we we those came well. in level, and should as it it So at we’ll then did

So sit efficiencies And we sort while direct come and think feeling less efficient. made folks. for that a us on a and of labor some those now. laid we’re the to through balance that then I little the off sheet And P&L,

So to in the which back extent that up we labor we’re benefits hire should moving forward. that doing, force, we direct that some from get

Brett Fishbin

pipeline was how M&A. areas, and to more I characterize then which the opportunity? you looking could in be And you moving if particular, might is seeing wondering

Dave Roberts

here. Brett, Dave Hey it’s

pursuing time. for looks is pipeline the been acquisitions I the So LeMaitre would long say, for thing fortunate we’ve a good.

We targets. have a lot of

been congresses again, into that maybe that pretty would say because at and I so we’re have But broad we fortunate, bandwidth cuts less the set a fewer those And with bit. pursuing the targets pursuing. we’ve a margin, little travel, of we’re

endovascular of the of think surgeons. the of would because and about bull’s to I used they endovascular center so the eye say, days. at, vascular we’ve vascular disposables types got a many of implantables we’re But more what and of terms by we’re In relationships is course, the surgeon are these bit customer targets looking peripheral bulk do the with little starting

revenue surgery. get also XX% or cardiac of from We XX% our

the around a Admedus a did bit. looking couple of little We one and there doing acquisition space is we’re years So acquisition that ago, well.

is as was. same looking of there theme yes, low The markets. as rivalry sort out we’re it and So the ever here But well. we’re hunting

Brett Fishbin

and am just Actually, question. ask move backward going I to more one

is important. this kind think of I one

of be overall is less months chance pretty a Europe, next over quarter? about it of the more and headwind a sounded macro is to growth might how But into issue. that confident couple guys generally, about there thinking And resolving April? CE you the Just progressing the

George LeMaitre

Okay.

macro how the into it As QX? is the understood question, I environment was

Brett Fishbin

Yes, exactly.

For EMEA.

George LeMaitre

and thanks try your lot I have Brett, for And your in all what you and the question like don’t mind. we quarter, any QX, always I of we We Yes. you honest. macro at to limited see, March if ending environment see don’t to be I and – as sales, of to the end quarter keep questions. a XX. to – our for and add insight it quite calls up these about really a to the it’s don’t wait particular sort package

mind. don’t to if I’m with stick going So you approach, that

Brett Fishbin

No. Totally much. set. Thanks very

Operator

Thank you.

from the Street comes question next from Your of Lake Takkinen Capital. line Frank

Your is open. line

Frank Takkinen

my What specifically about bolus to on start – macro to quarter are improve Hey to feel thanks I more ramping, understand sales the to do those wanted the second expect you hire. trend better and training ask for reps like and just start coming online bit specifically, trying as see sales little of a those Can to I’m you Artegraft XX contributing we to and come the in have growth. I a then folks once significant in we us some more questions. board? forward new quarter. expected the you backdrop time guys those And come on looking taking if of remind come could

I wanted get to that just So understanding a front. little better on

George LeMaitre

George. Frank, I’ll Okay. question. it’s that handle to try

come how no And hiring company. as jotting something be been you the they hired; date. quickly or But in this we’ve of long XX wanted a there’s pick the to end question I’m quite reps sort the American five hiring question been of I that being answer. closer median they’ll up speed. think all And down U.S. as And are quarter. median eight as like hired honestly, to those then if the reps we’ve I is the traded June was date, would answering publicly for to So them by a of on

and never feel in month of are Some you them can and running a up up and get some them running. and of it,

want to in than they I in more you – pick months, that If device six at experience, or companies don’t years. reps roughly number, four sales three our mind most a would say, keeping last medical and

of have do And get most let’s they do, pretty them So six months. to it, speed to quickly. call up

things like international in the On hired, happen are feel for hiring. six being more there I just slowly side, where Europe

give your forth. and to on you got to work months two then job have notice, the old You and so so at

time I is bit July, you a lower. know, The ramp them a turnover or ramp-up maybe this would with six the do the same for you median the tend But I I So last ask is always deeper time same. and question, something didn’t maybe international like don’t could say one something say to to distinguish. rate be, wouldn’t would I those up. reps into even but or like that amount I know give July hiring would about little date they little longer. of

Frank Takkinen

secondly, then balance And sheet. on the

through down of looking assuming been we’re down have end Is half assumption and the continued this cash over it year. forward, to about of progress that in generating cutting a guys pay in cut roughly half my run you about last very clip If three keep flow? paying will clip this You debt safe aggressive you’ll aggressive on outstanding, say the the same is quarters is the this at quarters. three operating thinking

J.J. Pellegrino

is question. the This for J.J. Yes. Thanks

sort sort sales in were slower $XX I million million’s bit. over for back then and of little $X.X we’ve and our the so were this We QX to number. then is $XX.X million at income done last million the a $X We that think QX op QX down kind in or in how for came back. and and you pre mirrors we op the quarter income in million range And quarters, if paid range a look sort of the three then little story in were $X in changing with come the of income op and COVID this quarter. QX when of expenses quarter per

produced down little allowed us profitability And that more and pay to debt. a so more

quarter was income or you million think op like million, $XX.X know or that, EBITDA our I so something $XX.X our And this number. and

profitable. quite And we’re so we’re but normalizing a still bit, little

it QX, how So the but see maybe did I in we to QX. that We’ll debt. going feels we’ll in bit like think just it it did cash little don’t that a like more forward. goes, down use feels pay

Frank Takkinen

questions. Thanks Perfect. Makes my sense. taking for

Operator

you. Thank

the Your Petusky Mike next question line Research. of comes from from Barrington

Your line open. is

Mike Petusky

the somehow number? heard number was to actually miss the what revenue Artegraft op about three different times, the number. I revenue managed I but income

J.J. Pellegrino

for of off year million million. this coming $XX $XX.X

Mike Petusky

sorry. meant I’m sorry. No, I’m the for I QX.

J.J. Pellegrino

$X.XX million. $X.XX million.

Mike Petusky

I’m of got the gross What half the there? margin, issue heard items with and around other TRIVEX. write-off I what sorry, you J.J., was out I efficiency, manufacturing were $XXX,XXX then, And pointed associated

J.J. Pellegrino

So for year-over-year with what gross margin you’re looking thing? went in of quarter, the kind on

Mike Petusky

Yes.

J.J. Pellegrino

Yes.

So that actually in helped stand Sorry, Mike, up clean FX – Mike. Yes. you. were close to us my X%. – You’re Thank they going and trying Please. and yes. to no, come office,

X.X%. So then – were quarter. the Valvulotome year-over-year. significant helps from about X% with Valvulotome ASP so too, than was not helped mix increases important, more a a It and And strong

are little the gross lighter little in things that some a were in a And the lower of quarter. margin

about So well. that. was $XXX,XXX very of a But importantly, just TRIVEX product. in back sort there line performing capital of product there doesn’t had and inventory that a our related And That write-off in we forth it’s been equipment the mix.

And so, wrote equipment. bunch of pieces how those And going forward. that capital see the off we’ll of a we goes,

Mike Petusky

What’s estimate that’s the Mark CE bed? issue, hassle the to of of do quantify to cost? been of have what sort of put you’ve to getting I an just the it, you costing you? attempting it mean, If able

George LeMaitre

out But back and it’s to them, Mike. Mike. It’s is been do got exceptionally can trial for here at you extraordinary. don’t that R&D Every think Jay, Mike. need another this the Quite question. any maybe looking – tell the that. clinical we tough it’s I R&D fill a been you get you, number. another together. form to we honestly, fantastic and go can inside to that, This way number, time an and George, that’s at I put

still that sales living R&D something we’re number, this So is usually at being of It’s down. breaking X% that we but do. not and inside of based,

old marks, think But everyone We’re when tell the can tell more do maybe next will the these MDDs. of I as everyone that’s CE is slow XX. is of old bit approval, it goes not amount I the can your else is – don’t down And can’t that, that trying the that five the May But we broader you achieve a new exceptional. devices. it. marking but can European I CE is after on expect my not I there therefore, That’s – you number. not version system relief you that How is these little that place there This been is point. And ends it’s That’s on then MDRs. over, to well. give although also expenses I goes where medical think I out you some

J.J. Pellegrino

odd If you REG in want – quarter. see last was it quantify per it to $X try and range. up to to million be $X.X sort used CLIN then of even wasn’t million And it, pop like $X year, the to million and

attributable but the asking, all piece certainly it’s largely. can’t to so And you’re directly I say

million million be quarter a So of and in stuff a a around might $X there that topic. quarter on Incremental. to going $X.X

Dave Roberts

focused of had have concept. products talk have that incremental little some is is we When you about has CE those. this There’s which obviously Mike, of another the Dave. marks, them some And lapsed, expense. But operating on another Yes. operating sales we’re cost at have decline course, a derogations. bit costs, from

And in bucket. profit and qualitative so of lost just there’s well as lost sales terms a cost another as

George LeMaitre

nowhere even further, CE as is or as Mark. here that is of point a punishment because to for actual near CE an months nine had Mark the effective derogation The push so. there last sales on upside And we’ve

we COVID. to Maybe event or right in QX into doesn’t we’re one QX, QX, of we could since something believe XX look happening guiding once QX after of that. although, QX. be So in it but this could bear these, that later, a is there good bit a it on given get We little for course, baked all not now, May come

Mike Petusky

educate me could you people. other and maybe possibly George, some

sort XenoSure there kind of congrats you point, on three reputation and it in China, does from of meeting sit? the Or meantime? to So the can to between build now in two just of years happens this anything – what in do June endpoints. China that year is product’s the that And

George LeMaitre

Yes.

could So approval, but about concept Yes, you suppose trial. what happens? could without supposed medical to I talk you not market the – devices you’re an filed we the clinical that

We far. haven’t that got even

you a we’ve mad and such the foot years high the subscribed we’re was a to a now, Mike, has this to you’ve company actually we’re a And to – think stack long month, – for XX long. fully and to finish the heard give got in And has a get been three so everything of CFDA two going or that and papers and to it, this about met been clinical time were them wait. about go for again, a I then endpoints trial. the successful. This in rush happy been you’ve the been a and one following trial

to from actually start think, eight-year to six- lens to is we’re I selling we this going when finish. This to when started whole the thing in it.

about, we’re now. guess we point, maybe soften thing thinking And two the we the I So do years then for your the this start launch on just how CFDA. real to focused to soil from getting

Mike Petusky

Right.

performance flat, terms quarter, other then down? XenoSure of just And Great. QX? What the for the had in was only in question was the is that I Okay.

George LeMaitre

And comfortable it really I X%, feeling right company. trending saying, year. Japan Japan, $X this we’re again now. good on in started was the just mentioned on something with got in in here, line Japan line already – enough it think noting, and it product million going to is got but be it in call down we the worth we the I script, does in

been there. to as XenoSure It’s that’s painful help. in the can So main thing. been That’s – some from CE We’ve over I the sales, the think you feel attraction going that’s Europe. lost

lost some your And come was We to you back hope And J.J., point. some will it you me that short so But QX. Dave sales. to in got X% or could different? if in I anything we’ve at answer correct think minus question,

Dave Roberts

X%. it was think I minus

Mike Petusky

X%. Minus

Dave Roberts

Yes.

Mike Petusky

of thanks, it’s Guys, All the and year. right. congratulations, solid Thanks. start real

Dave Roberts

a Thanks lot Mike.

Operator

you any you Do closing are moment. no There have as this more questions remarks? of Thank speakers.

George LeMaitre

No. Thank you.

call. we’re I think running set. Thanks for this all

Operator

would to like I for concludes thank gentlemen ladies that today’s your you And participation. welcome. You’re conference call. and

day. now may You Have disconnect. a great

LeMaitre Vascular (LMAT) 2 May 212021 Q1 Earnings call transcript