LMAT - Earnings call transcript Q2 2022

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Operator

Welcome to the LeMaitre Vascular Q2 2022 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. J.J. Pellegrino, Chief Financial Officer of LeMaitre Vascular. sir. ahead, go Please

J.J. Pellegrino

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

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

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

EPS of associated of over GAAP section to www.lemaitre.com. turn release website, and press is the George available as During income, include organic exchange. A non-GAAP this well we measures, is operating the to in in financial which margin, the this measures growth, Relations charge as expense impact will our call, sales discussed I'll contained LeMaitre. in special of in foreign Investor discuss non-GAAP excluding call and gross call the the operating excluding reconciliation now

George LeMaitre

and to two, XXXX up growth. the And XX%, launch. continued in launch X%. and continue to end XX% the XX% growth half increase. topics. its June. allograft drove three, represent XenoSure also to Number QX up a our German UK the QX sales finally, of was by footprint growth We of to in allograft cover of led drive Canada Asia organic organic On J.J. Mark X%. QX we approval cardiac one, several growth. of saw record of Thanks, Japanese sales filing continue organic XX%. posted expectations and call, Artegraft XenoSure Biologics while by Americas Europe, we now allografts QX, X% in and the allografts grew Chinese our number grow. up QX as continues our sales Canadian in XenoSure million target Pac, QX $XX.X our The I'll and sales sales sales. biologics XX%, was Number and Omniflow the QX filing Health did launch CE received cardiac exceed XXXX. made in Biologics today's

for between XXX GX reps office. We're land as our QX Paris and sales XX, a in to remains country year-over-year. begun at France QX, XXX make also plans currently rep will open that, XXXX XX XX% we a open and requisitions, headcount prepping have We on up Artegraft filing. also Rep stood starting June best XXX only an to without CE my office We at is guess year-end.

meant go to sales we and direct extensive worldwide. network as hospitals to offices XX of to medical possible is While close is continue our our devices put

expenses be approximately to pick XXXX. were XX% In hospital our getting level, in I'll congresses to QX we're terms XXXX seeing the of over over surgical to for to up J.J. reps QX back activity turn begin seems access now up T&E call and normal.

J.J. Pellegrino

the lost on in increase sales an have sales to of basis $X.X substantial Thanks, X% been versus strengthening George. million, were in QX due X% $XX.X organically and headwinds reported we QX QX. XXXX. a XXXX dollar FX million and

margin XX.X%. of In been QX year-over-year exclude quarter. strengthening of we'll Notably, due XX%, impact points to a For increase gross we XX year gross the an estimate in million we $X.X would the the we dollar. lose if the of prior full-year have of our strong versus dollar, sales posted basis XXXX, margin XXXX the XXXX QX

The our been valvulotomes France. factory end a manufacturing we increase Chevalier the transition of factory employees to in And a special to of Etienne, St. supply has gross biologic in $X and intend against effort year Chevalier positive Burlington Dialine of June, team glue. increased manufacturer valvulotomes The should XXX gross in XXX grafts. grafts, closed and This guard chain million another this margin we and today, our force resulted and per on any labor customers have produce should an Burlington-produced the labor our disruptions polyester Dialine margin, to improve our direct have year ago XX%. should impact also and our charge year. our transitioned in This MDR transition, XX-employee from of and produced lingering Wovex polyester savings to closure approximately but We a Wovex to $X.X by over million QX, of AlboGraft scarcity. facility

million, the Excluding was XX% margin XXXX charge, operating departments. reflecting special the $X.X charge, QX of increased operating regulatory sales, and quality in as invest QX XX%. our hire Etienne continue St. Operating an to in income we special and expenses, excluding

$X.X QX QX sheet in in a of from million We The $X.X continues versus followed of on our margin increase largely guidance shows million grow. offset with QX. driven million. of million, this QX, XXXX. Our cash balance revised by reflects The by by XX% operations partially XX% an was $X.X XXXX and increase ended to $XX.X effort operating and dividends cash

at which sales and reported million, XX% we of increase $XX X% expect guidance, the Turning QX organically. of a midpoint represents $XX XXXX million to to

represents operating a of million $X.X expect XX% the which decrease to We million, $X.X income also midpoint. of at

of guidance $X.XX share $X.XX EPS XXXX QX midpoint Our per of to share. per implies a $X.XX

and are full-year the sales million, the increasing organically. increase we at $XXX.X to to XX% $XXX.X an For which guidance our X% million XXXX, of represents of midpoint

midpoint the special $XX.X to million decrease XX% of $XX.X income and million, at a excluding operating represents expect also X% which charge. We the of

it charge. EPS the XXXX of that, With to share midpoint XX% operator represents $X.XX the for X% year-over-year $X.XX I'll of per decreases questions. over guidance to back special excluding at turn the and Our

Operator

first Zach [Operator question Instructions] comes from Jefferies. Weiner Our with

is Your now open. line

Zach Weiner

Thanks taking the everyone. question. Hi, for

First us. one from

Just We've first chain being impact any chain heard through a on here is supply impacts, supply question of you impacted. companies guys? the about how earnings bit the some talking from

George LeMaitre

to lot in I for be don't to this labor the Hi, to George. employees generally on Zach. be direct think hiring say much But certain employees going talking able that's too about something of not, at call. try to Thanks general, questions. ahead I would It's looking a products. and appoint we'd be manufacturing we're

Zach Weiner

have then risk in downturn And about hiring and or just it. whatever conversations impact want use, this as forward term Got risks through plans looking, you year. years? your the more plans guys hiring around to recession, Any recession outer of will increasing talked economic -- you

George LeMaitre

I -- think can't guide deep I think into now, mean, applies for I to don't can us. XXXX. But don't I that I

see fairly now. we going think right well I things

Zach Weiner

for it. Thanks the questions. Got

George LeMaitre

Thanks, Zach.

Operator

next Instructions] [Operator question Brooks from with comes Our O'Neil Lake Street.

now Your open. is line

Brooks O’Neil

Thank EPS math right, to? little that charges? did attribute is I'm if you. special or I outside right, did in guidance the math do I the curious, I And Good the slippage there would a guess, what afternoon, you guys.

J.J. Pellegrino

question. thanks for Yes, the Brooks,

that without around of that I we've slowing last and is of on was guidance, The to the special we down higher talked I thought. a sort since down along And we're maybe So the lines couple hire than us part think the is EPS a bit. little little as would last continuing answer about always charge say, of well. quarters this. that's on topic that FX the

guidance, our line FX I since think $XXX,XXX. our top by about so, And hurt

half the line sort So of go as of that bottom well. maybe answer is into

look our were headwind QX, over for QX guide if for then about that. you So is by at we versus And there another $XXX,XXX in you. actual,

the you XX%. So if topics however, were at about. gets slippage QX notable, those that you think up, at op that if were It's our I that look all talking rebounds our QX margin in of you add guidance, you sort

some of hiring We've of bodies bunch of think So normalizes it's point. safe there cadence been really in I sort and that sort point. a some to normalizes hiring the at at that imply of

op little on to start I that QX. think in see you a margin improvement there

Brooks O’Neil

can the mentioned. that And headcount George that's see in you the numbers Yes, great.

I get So, totally that.

you're help you and advantage good of are taking who feel people, going and environment, through LeMaitre proactive people think you this forward hiring to get right? being can You really contribute

George LeMaitre

we're is at do. One XXX. course, Of XXX now three we the sales But they at separate building before back are We and pandemic were force. in pieces. the

further So on falling little a we're that. still

disruptions. margin, think as The second and ton, we're a I go folks. after pre-empt roughly labor gross piece in labor the direct mean, that folks we're would well is trying chain to direct supply up any up as I XX these be

at us, is having CE CE which better Mark you've of system, in, European XXXX. and a rate handle us then all coming seen MDD approval really backwards, Mark get CE the MDR which brand-new the we've should with that struggle to we hire and in more the So labor then middle And Mark bodies that. is clearly the on locks the also, hourly and to

of So bodies lot a of them. three types and there we're hiring

Brooks O’Neil

Yes.

Okay, good. that's

money I'm the current you curious we might Obviously, be but capital a some things there last on environment overall impressive. think acquisition attractive environment, other in is allocation? cash Obviously, to So macro the to. for the the spend very how question the pretty you buildup me. want must see, about be

David Roberts

the Brooks, obviously, in of Dave. we course, would of is Achievers the acquisitions. Index. increased certainly, Obviously, years as it's the allocation, at I which than cash Usually, led and medtech terms which private see the dividend, take we're really excess aimed ago. public Yes, saw do row, a slowly cash, firm our the But think months mentioned, are is we've Thanks balances say, X question. cash markets, there, by coming balance valuations our in be less the public lag for growing But, in capital sales. carve-outs valuations whether J.J. there out the have XX be or in may the markets the messaging valuations that we Natus for public down. We We down. between times they'd private. in PE about sellers, coming peaked a XX

So, ideally rivalry yes, or don't disposables is hunting vascular know, our as $XX I revenue and out with, million think do core we open markets. happening. implantables products, of that's team And [indiscernible] in more always for these we

and go trigger. have to the things we for a have pipeline hunting, So correctly pull -- us while to but

So still thing. doing we're our

Brooks O’Neil

comfortable of quick or think just get about fast. of is, would that. a lied. the I have and keep seek I more guys percentage total that? then up Or secondly, that Absolutely. is just One revenues stock are a you focus? I couple repurchase. how to balance creeping you biologic And you letting the real curious the

this in environment? for You got you a Do authorized. $XX lot very of cash, think much Thank questions. got repurchase these million see you all we'll you taking share

David Roberts

space. part. been sales. but say, take in I yeah, that, comfortable now representing us, On been, just this Obviously, I'll with approvals. the buyers biologics in the XX% investing we've biologic for regulatory We've biologics space, additional would we're company's been in of not we've acquiring very

course, fighting listeners I and, synthetic biologics, implants. have think infection preventing And of -- handling most than better and are properties. so better at know They

it we're we And were in thrilled XX%. said, and we're biologics. We company be will a product that doesn't mean next so, it the have has theme, as non-biologics comfortable yes, where to like or well. we at. a But with acquire That line in very been being

J.J. Pellegrino

we're my Is hand out about a repurchase did equity last tip as of repurchase, probably that to as that the your do I we -- going Brooks, question, approximately. a would $XX share ever. share to point then, course, And when share issue about at wouldn't to if summer I

David Roberts

think I $XX.

J.J. Pellegrino

$XX.

tied that of now. to up So sort right we're

the stock today, is think I $XX. at

to facility those repurchase it or action never odd and guiding for facility at I But So, selling shares a on be and a will little you'll gets it of we'll run $XX. ever just use us got as -- back topic. take buyout us the think don't a that

Brooks O’Neil

Keep – the Okay. work you up all great guys it. I lot. Thanks got a

George LeMaitre

million a Thanks Brooks.

Operator

for please moment our next question. One

will question with Wise next from Our Stifel. Mr. come

line is Your open. now

Purnima Malik

Malik on Purnima Wise. is for Rick Hi. This

George now increased XX% been in be might annual release early Given growth. has ask. organic stated the this to guidance your the second quarter, that press I to know

into However, XXXX? as do you sustainable going see this growth

George LeMaitre

Right. and question to Hey, phone call. for welcome this thanks the

guidance real You're but right to XXXX, I give to want probably outcast we're that, excited. don't into

implied cadence the the organic QX. QX is is think I for then XX% XX% and for

been we've numbers don't So of there, some nice recently, who into high to sort want that's XXXX I the in until dip of have think I but to. end I'd

Purnima Malik

of as million what And as dollar given this far XXXX, by quarter? impact currency us second the Thanks. you strong reduced I Okay. more during question. during the have $X.X one sales Can half more is tell that you expect about there

George LeMaitre

question. the Thanks for

the for it's full a ago, The And the million or couple million $X.X then your year. full basically to it about towards versus half So impact. impact feels like in $X.X QX and year, QX sales. year, year-over-year, million we year-over-year of dollars maybe specifically negative impact full to think to XXX negative year question, so a year the in sales XXX in back

So of well. your big of denominated, yen really in against hearing this a a weaker sales-ish XX% topic the as other of getting all but I'm dollar been US, for but outside sure our you've us, euro lot the companies, of that in it's the

obviously, topic obviously not is on this but line, the for an important So sales the on line, bottom too. us, just

Purnima Malik

Okay. you. Thank

George LeMaitre

Thanks a lot.

Operator

question. next One moment for please the

Mishan with from comes question next Our KeyBanc. Matthew

is now line open. Your

Matthew Mishan

the taking you questions. Good for afternoon and thank

margin really of You in your the doing in couple XXs, over margin guys tough very just environment. gross high side gross curious low kind are trajectory years? confidence XXs a back into the next that manufacturing I'm on work of good of

J.J. Pellegrino

days of be going nice I in don't the current such in One about think guided a of in gross this gotten changed of a quarter generally next margin. the couple is, on quarters. more quarters, E&O generally more what's I'll on couple and the sort sort believe our the speak going these and there's will trends years, year specifically as through but it of little think coming and I trends I on. know has

a addition, back of and is George the into mentioned, as to has in year. we've also help this margin of in the I as think So hired, of But mentioned I piece and nice. bunch that's GL my part we the sort get folks, going

we and that. so fixed And of on amount hire cost, more getting sort the more should margins same more as and we be folks make absorb they improved units of

cost with so that working the back In some goods of year. areas of important cost addition, in will line half nice COGS, we're our bear on fruit cuts the cost sold at looking in cuts some of we're and nice think different sort internally of business, and around in the some we

there. So of trends some say there's I sort that nice would

more something selling averaging forward would do know, say, Going are broadly, you or year, regularly average I price we hikes hikes. maybe a that as January, X% price in pretty X%

these think certainly Hopefully, time. going to, And as I imagine, other well. would over do trends so you can that's that, continue some of

gross we're If starting as XX.X% XX.X% margin you at our plays it for year, XX.X% through then out the saying QX look yes, at we're in QX. now and QX, for

cadence. a is it So nice

we I think to get internally we it's dynamics doable, there. and nice think have some

Matthew Mishan

change there's seeing And of of Excellent. if the remarks. on just Is on as with a last focus it, It especially that's gains some then follow-up share or Biologics. you the like synthetic? in Are kind year Okay. like the versus more like question seems so? with prepared biologics doctors, there occurred a

George LeMaitre

in secular prefer have a up XX-year or on for this, to out biologics. use synthetics They there's doctors they of the of feels sort George, is lot It's the not than it where though. -- believe biologics. that in David's the new, this to doctors nothing trend general, handle they clear following is docs for better the better much answer believe do the but and biologics. switch It it's pretty -- there like that results paperwork XX a mean I I categories, previously. Yes,

Matthew Mishan

Thank very you much.

George LeMaitre

you. Thank

Operator

please One next question. moment our for

Michael question next Our with Barrington from comes Petusky Research.

now is open. line Your

Michael Petusky

Few Hi, guys. Thanks. questions.

the your through assuming January, see that are you sort essentially, the then between Is in price now increases have price second of some gross you So the the confidence and some improvement Is at December just there I'm half. end we January. no there's the fair? of traditional J.J., get -- guys I'm margin we you what then guidance ---- positive presumably that some assuming, you gross and on in hike. contemplated way actually and of no, in some said the margin So based and looked reasons

J.J. Pellegrino

sort not, Yes, up and around, midyear been But And another has do do going we've a things lease hike could. until decided the to of something price you this with take Mike, I all continue issues and point can change. I it I topic guys, mean, inflation think they the probably sort MO we've and that. But but that's annual to and of our decided could price we'll would where say hike.

year. So think you're I in don't that going of half see the the back to

George LeMaitre

year. the maybe this big bite Mike, And was pretty

X% or that. thinking I it's about like think something we're

So took the why pretty that's bite the feel need to we again. don't big we back already, was go maybe and

Michael Petusky

the well way could That May the next what then and Okay. but incrementally? cost around And point? think to you've Is couple sort MDR. All Question that you of only that Fair hiring bodes cost that. this quarters, on to done there for number between put a not for you of enough. what then beyond right. 'XX of any you now

George LeMaitre

Sure. and that approval I'm tell our taking sales these regulatory, sure line, of QX regulatory. you of in R&D. look if I line of most is I stuff. ups X% X% 'XX, R&D XXXX, regulatory not can test place that but are to type It's you that into was are go X% 'XX tube that old-fashioned Approximately not want about at in which

quarter-over-quarter a that's -- So -- big or regulatory number. a number anyone Mike? and it's Does R&D even our that's help Maybe for have a

David Roberts

that, So was up XX%. XX% about $XXX,XXX R&D, was up or Mike, or regulatory $XXX,XXX then within our and about

goes topics. these and that up MDR other of outside bodies, piece other of lot markedly and just Mike, on around regulatory in a of And being that. outside the regulatory big as it's two, topics the there's not were so services testing they and And but well,

things of pushing those that number both are it's up. that So

George LeMaitre

we that through here. our pass that did got use approval to springboard hard last should now. now important a for been Product CE say be a bit mark, I did is if months. day of an shipping got small the to We shipping for that could June, to we XX it about pushing we hospitals The Europe is and Omniflow, finally get last we've Mike, for as what milestone MDD that.

of story, the We're old-fashioned part thing. you MDD all the that of into story, XXXX our sort geared to about. story now with that done MDR story want we're now And are up of of done, talking divide the you're the story. the So sort towards if engines which is the

Michael Petusky

Very Okay. All good. right.

I it here X% I'm to or get I as but I the X% put So in the guidance, to guys R&D of guess ask handle as a X% around or it more place just sort lot else you're guess you can really do turn have we roughly just wanting it stay -- I'm you what sort from of again, and Or and of look I'm run move you do trying after consultants whatever you into bodies not on, is, specific have does a like getting forward? XX% utilizing a does where of incrementally forward? sort

George LeMaitre

Okay.

not put probably with little number, those R&D is and to bit sure X%. in approved. I'm gross it repairing, to of you that MDRs I have force get we but upwards play as exact making the give and an company going been maybe a sales yes, money light play a growing So out from do margin the room should and is pushes feel always the We've like

a that think company. -- engineers of I on guess. the have haven't really X%, the to three at about working towards types yes, I of we sort But exact want number. thought you yes, about if So

engineers. We have manufacturing

I we are there the type out us to Oh, XXXX of of those went do We're to that plan to they're manufacturing internal saying, XX, nine, have XX And get and XX, would the because MDR. in call plan and five with should trying engineers we the nine each types nine. now get was we year get Mike, and engineers, and It's those engineers. things year into goal three R&D, sets. the be have nine, we expensive also those, of bodies We transfer XX engineers. and trying the XX, set, XX quality to help our

to relevant hard But for here. about it's sure. on So you're topic we what talking this to yes, push continue

million, $XX -- and -- can't X% is we are what our You business Asian. European XX%

go. XX% you So let can't that

You putting to just have at it. keep resources

Michael Petusky

explained forward? happened the And Got this J.J, And tax guess Got earlier, expectation you. what rate, me you. for going what's forgive I the if there? you

J.J. Pellegrino

Yes.

the we So had million -- special onetime $X.X of charge

Michael Petusky

why essentially that That's what that -- spike --

J.J. Pellegrino

benefit the Yes. Mike. We get from couldn't that,

lowered rate never benefit So tax it as but that it actually our happened. didn't was tax the effectively rate, pretax,

tax the actually higher. So rate is effective

Michael Petusky

Okay.

though, in back the you So go mid-XXs? going forward,

J.J. Pellegrino

Speakers] Yes, we we'll you later. give should Maybe normalize. [Multiple numbers

Michael Petusky

Okay.

J.J. Pellegrino

You them. want do not

Michael Petusky

No, I definitely want them.

J.J. Pellegrino

CapEx, $X.XXX, and stock-based and right. amortization, All $XXX. comp Depreciation $X.XXX

Michael Petusky

Thank you [indiscernible] so much.

George LeMaitre

bet. Mike. Thanks, You

Operator

our moment next please for One question.

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

Your line is now open.

Jim Sidoti

questions. taking for afternoon Good Hi. the and thanks

Just two for me.

charge the the related think the there into over you spilling this third at the quarter? be Or facility, On to you're could additional point? done do French of consolidation charges and fourth

J.J. Pellegrino

it just and you that, be this and we little so knew few there's them up nothing through after $XX,XXX They'll accrued wait and like drags for quarter you We basically pops Yes. don't to $XXX,XXX Jim. next quarters some $XX,XXX or about or that to that a then know to put Maybe P&L gives the a have them. maybe things everything quarter. didn't

Jim Sidoti

Is in XenoSure where to the XX-day that? take the there's mentioned with you And process similar Or could that? right. we they want China. they long filed as FDA a clock approval for as that All to

George LeMaitre

Right.

items, So the not site approval for for XX-day clock regulatory you've is FDA for clearance heard the about items.

worked there's filing. two it no, We've trial. We've clock four sense this years, now that to to that heard over years so And remember, a about for a is of rumors no there. get takes clinical

take? Our like here. is we years to three good it anyone if two asking long And so guess it's I feel feel as how partly as you're as does

Jim Sidoti

you starting contribute? procedures just Would back to like the being All picture, feels the of accelerating into done? sales hired organic big is Are on the year. the right. growth And then already it procedures, attribute to more folks half you just that

George LeMaitre

Okay.

you But would then year, also the MDD/CE the I'd a the feel now had that all about. remember gone like are now things there's COVID approval June of the slow Omniflow topic in that sales say does say of these it all are we I you procedures. thirdly, those around And are reps problems. those lifting away. So with the And XX, talked Europe last all three

we can And XX% lift, European get numbers. QX. nice American in and Americas you this numbers see than for a so in X% organic the The QX numbers, better the the in are versus

things three the those year, it's and great is us in XXs are and be to So helping a back in XXs the feeling. good

Jim Sidoti

Thank Okay. All Right. you.

George LeMaitre

Jim. Thanks,

Operator

for next question. One moment please our

Capital. next Our Javier comes Spartan question from with Fonseca

Your line is now open.

Javier Fonseca

more everyone. question. taking still far from you top -- as as of as that any there's project evening question Could provide the company, Artegraft. to there's continued Artegraft grow. largest of Good My Hi. around color for the really of forward as Thanks or this any performance as LeMai? the the seems to tailwinds there's and price -- far room increases -- acquisition still lot is could me is a going that there's show it Knowing

George LeMaitre

Sure.

Okay.

we price in year, XX% fairly So out playing well. hike this and the it's put

we're something the like for organically, that I or XX% think up year.

shot forward to never Europe. think we to that for mark is and file CE about It's be bring or brought the on been I you the big to when over thing it Europe. this do looking goal excited might

gets And to that go. body, maybe And notified XXXX, we an our get that and the DUCs ready so we're filing to making then approved the anticipate in as get in using in opportunity order this to 'XX 'XX. or filing to year,

the as on have on although And that's big there's Canada at we also topic out as a Europe. think much goal. we on I then point, fleshed haven't some our shot really plant Canadian

in filing, you're books are it a well. usually, do filing Although order your to a ready when European to do as means Canadian

Javier Fonseca

very Thanks much. Excellent.

George LeMaitre

Javier. Thanks,

Operator

by Please stand for question. our next

Our next comes Jefferies. from with question Zach Weiner

now Your line is open.

Zachary Weiner

guys. Hi,

or one the you plant ready plans be should closing additional there. numbers we Are over follow-up. in announced and plant that you for there for any next keep I the so? of six quarter last for months France out the quick closings know watching Just or the

George LeMaitre

Sure.

time, is give factories employees thanks lot. Zach, always to going only Jersey. So a like remaining, factory is before a the to two good in question. one over a about It's one not whether Wall We feel New close in or trying up been Chicago, we're Definitely heads the have Street. we've

So any all. this guys to hear, we to of they'd about be and have not the first them said anything at

nothing, we'll decision guys get then now, like but to a first we them if make and you second as and So that. for

Zach Weiner

enough. Appreciate Fair color. Thanks, the guys.

George LeMaitre

Thanks, Zach.

Operator

Ladies and like today's [Technical Difficulty] gentlemen, may conference. day. concludes great would you to and disconnect. a that Have now I

LeMaitre Vascular (LMAT) 30 Jul 222022 Q2 Earnings call transcript