LMAT - Earnings call 3 2023 | LeMaitre Vascular, Inc.

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Operator

Welcome to the LeMaitre Vascular Q3 2020 Financial Results Conference Call. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]At this time, I would like to turn the conference over to Mr. J.J. Pellegrino, Chief Financial Officer of LeMaitre Vascular. sir. ahead, go Please

Joseph Pellegrino

President, to Good to pursue, make within QX thank me XXXX identify our statement. and believe, call operator. we read begin, accuracy us of Safe the Act of forward-looking the meaning our on for XXXX, statements on by is Harbor our possible, LeMaitre; George statements our of forward-looking expect, conference we similar Wherever the CEO, is Roberts.Before those U.S. risks afternoon, you, subject using we you I'll will Private and will Today, joining today's as uncertainties. Dave some Thank call. try Securities forecast Litigation Reform such expressions. and which words and anticipate, With

this growth expense www.lemaitre.com.I'll of LeMaitre. associated website, in George discussed section release, special and measures, turn press over measures non-GAAP will we our and estimates X, as today, include available organic contained Our refer reconciliation SEC regarding to assumptions of and disclosure income, views forward-looking estimates which A is results charges. in statements subsequent XXXX, sales Please the should and upon could this materially the call that information relied the to as implied.During discuss and our Relations non-GAAP any in or statement XX-K November are cause differ as the expressed in operating representing call, Investor as from excluding well be financial cautionary our on filings, the risk factors operating the not those recent or EPS factors forward-looking is to GAAP to of our on date. and including of subsequent based now call most

George LeMaitre

year, sales in QX, growth an QX. op excellent the XX% but QX to QX bottom growth, gained with XX% in Thanks, it organic XX% QX in control XX% on was J.J. now line. expenses. similar better Through was Spending the we've the of top line, on QX was and was quarter.

up and XX%.Reported spread geographies. By the XX% As XX%, op XX% XX%, grew up was result, XX%; QX, was a APAC were growth XX%. income XX%; all and grafts sales and patches was carotid was EMEA, valvulotome up Americas, XX%. bovine XX% EPS bovine product, in in shunts QX across

elevated patch superior to bovine has shunts excel to January stents, recent and In in be due have as chain Valvulotome angioplasty CLI to as might left carotid competitors might continued, results procedures high return QX, our supply the secondary disruptions bypass Our are now vein back our have price publication of continue QX, businesses of versus best price remained as which hospital no and in of long-standing more the growth showed the promised, XXXX trial, to attracted the Xst key market. and hospitals order increase Mark a and topic. the accepted. CE the largely and become transition, inflation, been atherectomy.Hospital time

than a we and keep XXX street sales international was XX% sales in internationally, helped. We our more selling record with sales QX posted generally new presence QX Our to growth year ended also entering began XX% rates reps, higher directly and LeMaitre's opened August, Bangkok ago. have X% Thai growth We in office and units.Feet the new on as markets. growing a price XX% hospitals. we organic

expanded a our French new we're is now office Madrid in market. office HX sixth for planning We also XXXX. September, sales opened and France a largest

Artegraft and agencies and the in able XXXX, by dedicated these their and customer never with peripheral. had and country will a sales. Europe, Europe. service as expect odd all addition bit European office. will in a underway service that X be name, in approval likely hospital sales to HX This Chinese XXth For filings customer reps and reps we've the to customer respective X likely include that.In relocalization X MDR a transition and These CE regulatory Australia. RFA XXXX would with as of for It's projects at a relationships countries, filings company file we European signings our were after Artegraft Paris Frankfurt. be XenoSure their our that also regulatory sales years be French in Important centralized for tightens we'll will filings our largest of French in well dedicated our office increases serve their cardiac languages.Previously, our approval in HX Canada are it's and X now service

deadline Brussels you know, As may to has MDR extended XXXX. the

have this continued is meeting restrained so income XX% letters in XX% or conclude, XX file, resulted categories QX new product this a from the return stamp and to op increases, growth approximately and staff. We op undertaking.To growth, patients hospital sales and price expenses by considerable CE to

it on turn I'll to provides strategic and cash hand, Our optionality.With and million profitability safety of over J.J. $XX that,

Joseph Pellegrino

George. Thanks,

XXXX, HX, force George in As QX rehiring now our mantra QX it's was employees to has of hiring expense of XX% the end end up XXXX, post-COVID from ramp XXX the and growth were and the restraints and XXXX. XXX at XX% safe XXXX operating end cost XX%, to been XXX under XXXX XX% in and at operating to in slowed If our HX. XXXX theme.We at has expenses that noted, in say the containment of sales had

of $X.X was operating the In with seems notable our our on I QX.In charges, continued in year-over-year. coverage. sales margin XXXX, new EPS story. dividends points cash XX in was of improved the internal posted line throughout sales we to our special to reported income constraints, million, largely our which XX%, please $X.X offset by which organic to X $X.X of today's and of to the driven the upward of margin and since up have due an was Russia.Finally, evolved business the welcome strengthening increases manufacturing XX%, sales return was larger P&L. QX, are target like XX% come increase end This in timed guidance, up analyst of price million basis initiated to expenditures million employees. and flow QX, Kalia selling and XXXX achievable.Increased Contorno was patients of and goals In But the improvements. XXXX see LeMaitre X QX to outlook control.Separately, million.For in partially productivity guidance; guiding Units to press growth we're operating staff. XX% of surge dollar, The expense This $XXX,XXX to growth ban well the more of to retrospect, million, than we issued from operating are growth, XX%. income hospital due, orders improved U.S. average year of include, from and labor driven tighter and was increase with few the In a teams have team gross of X%. and operations $X.X $XX.X and restored would QX, to million and our This output XX% topics Suraj guidance Oppenheimer down.Cash XXX cost has export of by benefits gross an finish now sales a considerably. increase The manufacturing direct XX%, QX capital fewer excluding X% revision in quarter. by the QX are growth lowered QX, income starting One was highlights back by It efficient was at and guidance growth bottom Shaymus of hiring is QX global $XX a last September, sales constraints, release.

Danny I'll forward working turn While in David teams, the it initiated you.With that, from October, you Stauder both coverage. back for operator Turkaly over JMP to we with and and questions. look to to Thank

Operator

Capital Brooks our [Operator from Lake question Instructions] Markets. the with of line to going And come O'Neil first Street is

Brooks O'Neil

from helpful. ask be I'm the don't I medical if of you like balance some the comment are at you the robust companies talk. some M&A cash is curious of the guess -- some be me Any whom there environment? to to seems big you could may the like I'd all if out that It would on and mind, perhaps world up tasty with challenges David, freeing update morsels affecting

David Roberts

acquisitions. the million. big EBITDA, When $XX building quarter, is the balance cash helpful. that increased In thanks up very to combine we're it Yes, for pretty we the go our a to question. million and you us obviously, -- of having war chest after a cash Brooks, $XX with $X.X million, over gives

you course, less the to on of say, X. I They're companies, up than environment, sales. terms And mid-cap trading next of last EV XX% know, small call XX-month since are valuations are our about would and In August at Xx as down.

down. come have in of public valuations the multiples, So terms

we like that's sellers. I a But $XX market, sellers to of so on adjacently. to than discussions fairway, I'd vascular markets. hunting the focusing think these the ongoing the revenue. middle and various nichey with stay get of it targets We continuing targets always have and at these primarily with takes more more little we're we million the surgery $X environment.In while been a have potential probably the I are open vascular in open or in targets, But private cardiac e-mail. million little different stages say bit disciplined, terms digest which of would say yes,

little little over know while since about, it's years. deserves But X for so deal we're a a we've And done that a feel we're that out acquisition We capital. waiting an our really good hunting. we been

So pop some something the out toaster. we're see you'll at out point, hunting, and of

Operator

with next our Petusky question Instructions] [Operator from And Research. the of Barrington line Michael comes

Michael Petusky

mentioned catch the you in flow mention not ops if I sorry Did J.J., cash And from you this, did quarter? it.

Joseph Pellegrino

$XX.XXX it Yes, I million. me was $XX.X If it was. let check that, In the recall, Mike. million. quarter,

Michael Petusky

also capital Okay. question real All around materially more attractive hearing of on M&A up Brooks' Dave, And me more let well. targets, we're as Great. cost obviously, just but quick. right. up targets, is follow

Artegraft, balance repeatedly and sort you you larger about to had larger guys, the this But guys So success you larger guys open How of deals. we great even think support, with cash cost flow capital at MBAs I'm capital small suggested, than point? wondering have and or deals how maybe especially does your deals? just and how you midsized that more to hey, compute we're what Obviously, means of for a sheet deals. of cost

George LeMaitre

of the the sheet. balance $XX capital cheapest X% have say, dry it's moment, expensive. obviously, we're in million in is a money would powder. the balance form put sheet cash we I that and you $XXX on If not the the on up million earn cash return, bank when of the market near probably that And Yes. at

our of cheaper be, equity. to our would used course, I it than expensive absolutely, cash say, own but more we'll use using is first.Secondly, So it's debt than

is EBITDA Xx the And of probably that's so mentioned, to EBITDA. north we go as that excluding easily next and going that, borrow are $XX to and forma million, I you pro

be overlever do acquisitions, third, we're done So environment, this in J.J. on borrowing going color and so sheet would balance this. capacity we any the and I'm normally could then higher.Of say, add let and accretive I I'll not course, when to the

equity. issuing be a would much deal. larger have Third to That would be

our out resolve be there course, There but higher. could where I some. much, aren't are deals to have are would Of there that. There much that doing many, picture

So that, access of larger guess, would do pecking capital how would summarize I for order deals. me, we the to

Michael Petusky

share George, markets of you to Could left Okay. competitors some tease compete. mentioned you key out Great. I sort you're some guys guess, there? And whatever just which willing details you in that

George LeMaitre

they're X Dragged -- half for over Yes, old, it shunt But whole stories done sort Europe. of of down completely Dickinson course. they've Becton Europe, maybe the And here, has old. market in X.X of the one world. year maybe years by to both X left old

So they they're market. second I the or out of would competitor over And competitor there. the say either key shunt the were

XXs the So in us crazy in patch That line one in providing guy, Abbott Europe shunts countries has market, then there.And market. the various world, market. is XXs, BioIntegral in They now our over for left market approaching large product could of re-up rates called patch then the our Canadian off had we've shares the for has are more their been cardiac patch bovine over cardiac XXs in and and marks. that CE us patch, CardioCel. growth And is the taken not

is years heard cardio type of XenoSure the patch course, talking peripheral cardiac cell us also And our product. You've patch is of a Zio for in new the the more patch. that's cardiac patch. more about

Michael Petusky

Any -- and it working the X, you now, least how partnership, mentioned before Zio like since relationship? mean, commentary involved that just And is in jump quarters guess, off, how I have you X guys that, feels I been a out? I it that at couple around

David Roberts

on little take we are say probably call. it's a provided Mike, of fine. bit than couple I'll over that and Yes, sales look moment, sales patch starting last outside say -- next our this The patch will as running Dave. guidance we their as it's that. the less of the I'd organization here few is U.S. would included what going our compensated American I in quotas. be on months, quota in the their January, North really at system the

sort interested we're of see affect So the that to will revenue.

school, should see be Let's option. at as I And option whether or least doesn't you live April good acquire soonest effects way got a this. we've kill learned next X would news the how we exercise to that that revenue.But back want business we affect months never year. about The to of could that think in in is

about if But right? you're well. it's be very a surgery. We some close us which don't it, so something surgery is, not. say this. paying not or customers, it's I do helped we exercise to So But we're up hundred asking yes, about this, then a know as cardiac the spin-off of used we moment, it One it further it around would attention our to. thoughts And would customers mentioned, picked George mostly And certainly We exercise lot thinking cardiac benefit be has other sell we're I right? accretive, actually seems at going products. would couple of have of

benefits some there So spin-off as occurring well. nice are

Operator

going next the Sidoti Sidoti our come Company. with line question from is to And Jim Instructions] of [Operator &

James Sidoti

of any Are impact about Ozempic drugs names. a GLP-X few in your The the talk and you impact on its first the lot some one, last weeks other business? and other seeing on

George LeMaitre

not thanks Jim, the Hey this time. George. No, for question, at it's clearly

James Sidoti

you X do over expect X years? And next the impact Okay. any to

George LeMaitre

lot add to through My thing, run We more a happy on knew about this, stuff. some questions it's learn our but there's I'm mean to long a and is, I still sense that. won't really answers be there'd to GLP.

can you that? blurb want, give on a Would if we you I where like at. of little So came you sort

James Sidoti

Sure.

George LeMaitre

Okay.

And disease. attention in MACE, guess reductions calls. this taking some call took So in much the place headlines know them really but swing to major you recent years. just seems that GLPs, for a this, if away. those a got and understanding year over from far cardiovascular quickly Dave into I'll of on XX% PAD these which before going is elephant we'll people how these major everyone your is it GLP from to adverse we our are into device add with Street, events, start they impact George or JJ, away room I conference X.X I and adverse cardiovascular of uncertain most event course, get is, think, folks the medical CAD take really ways cardiovascular whole to are I here because this, we'll Wall at headline, turns the PAD of it. for XX% call the very thing, don't rooting revenues to most right, XX% X% take here.But it on cardiovascular very the and This brevity what events, events, headline, CAD any a will, reduce

were the for on to and that then the both then probably heart can to X/X outcome oddly people. you year. little but patients turns down or and the XX% the also the GLPs, XXX XX% company, So million of death a quickly a at Americans that get manage to get little longer.So if if would on pretty adult events of you it's per a to assuming bit quickly be the that death, grim, X%. patients the course, those companies of all revenues who to here down That's that's live to were and the the devices are because pretty for drugs, can hate get I X% -- whole roughly we great sell it's those obese if by down prevent attack technical you want reduction, XX% and X% it.You're a that mark company, into looking of headline -- that's speaking, that to And on

calls has So really never, XX these with be years to, these they a out be one putting Americans be.I know, many who think this on GLPs what for in don't number estimate that, and on will and coming we if Lipitor -- so $XX aligns know sort people on Abbott so of this is in never this drugs. going it's GLPs. keep a back come can And is it's couple it's another will million going XX to analyst about -- on to that for in you statin no the are it, going heard to be billion for think that the XXXX. of or saying, out million this. being unlikely I all years, But of us but it.Just know say revenue on revenue We've we this call none $XX be don't launched discuss X of sort that. peak comparisons, there, on this

men devices is quarter right, statin, say So And important topic statins Americans statins. GLPs lots has have on maybe I the us, of need PAD are could century. been a increased XX CAD are knows? of only are there The would over most the for of this us on that, maybe out and you that XX-year-old the and even lots statins. think who about though million another

very but drop bucket wins. and big is in is, trying maybe Jim. this they're off to that cardiovascular think I are are. of you any their the much everywhere, that's it's for us proofs some very, maybe comes bucket. They -- we bucket, cause I'll in they this GLPs It's of I might a didn't us that to quickly I -- the here. any good very say definitely are this.In Thailand over. Germany, goes of I They But all of knows.The sort don't U.S. They a know time.So swing in what And Japan to month the they ask the of in unlikely published to the indeed it death lengthy we X of this that I that. long but this. hope Jefferies we all and again, what know be and could they I a this like written but bucket close make over nice they So this so LeMaitre you think of that who talk come but GLPs all analysts here. it world. bigger happy that's October. I'm is up on about X know the mantra ramble and back disease don't are have think I from think that, in and probably fact I covering around, this, indeed and of out be the reports Jim, -- It's stealing because think don't GLP I'm XX% big with close really this this, up published I'll repeat on a #X bit a direction a know they on O-U.S. didn't report, is I go good if and long call, pieces of don't And want go away is got And to. all for the

James Sidoti

was [indiscernible]. was No, exactly asking Okay. what that I

with reps. ended the XXX said you sales You quarter

add number or in think continue You think fourth right now do you'll you're you at the quarter? to the

George LeMaitre

Right.

the we're end and year like XXX. feel between we going to So XXX

these for feeling are X it's the We're down a wrong the word, that objective these next our reps with pick us. know, world do feel for the field or not but and I'm I X don't growth definitely sales the like about oats to force reps. do now. we're grab of we're year, really maybe more, we of the good a offices vehicle growth good the we So everywhere our going continuing and -- growth to going but we're really a but around I give is growing feeling way everywhere. it's of is what and growth mean I I -- think

James Sidoti

me, do what XXXX, And up us staff, indicated build you last was operating right. want was think ]? improved. -- to going you tell the XXXX [ theme All the to be will then for for XXXX theme get for the would What one capacity the you margins to for get you

George LeMaitre

Right.

planks. of You want an copy advanced our

deep meetings the are called long in of discussion Planks, at thing trying to published We out. We bureaucratic, lots figure Jim. this

objectives X We on walls. and every it's our have year

our on visit here, If they COVID We'll you'd you that been it's see have but facility, up I everything, our know we and are posted. walls. if came all

think I last think is this Friday or next Friday meeting meeting. it's is I the its next -- actually Friday? the last

that sorted share. little have by we'll to next it's So Friday, early a all but out

Operator

And Suraj with our the Oppenheimer. next line Kalia going from question is come to of

Suraj Kalia

right? all me hear you Can

George LeMaitre

Yes.

Suraj Kalia

Perfect. Yes.

one and So contribution was things a what price the joined of the little in I quarter? forgive of key me, the -- late,

Joseph Pellegrino

a XX% and unit X% Suraj.

Suraj Kalia

shouldn't insulated I impact, a other compete a it. also X% or relatively LeMaitre at minimis? all, way, That's [ be on so be George, enough. hence commentary basis, product companies? the so Got different on cardiovascular relatively you how on all if and basis, on the wrong that I following you'll that look understand LeMaitre, segments, am pushback in at de in be on relative we and and more should categories relative the on either just and it, your than insulated the But GLP-X, should is forth. thinking should And given ] just up fair

George LeMaitre

LeMaitre Yes, and again, the by is really And categories, of is is our right? product knowing, that by O-U.S. to we're geography. you by state have thing diversified mean keep revenue that I USA. that about XX% XX% disease

I We in like diversified we're it's a seem a do company, like different think a is midcap, So think this this to million is, is only small small seem going company is devices.So a million in these But -- revenues. a The here we anyone revenues. because $XXX right? out. about knows, everywhere we're -- I right? larger act you're though very But not studies much feel $XXX.X the out our don't even like think very and guidance -- we we because because field I'm work I not all We figure down information lot of right. here we're thing again, sure all really know much. with This and come yet, has going to

Suraj Kalia

So a fair be I point it's and will the key believe studies Friday. released next

through given there'll on; things am, management going talk mitigation as your ramping seem So of buffers discussion. perspective? stretching exposure, risk various George, FX, forgive lot think a of terms and just everything geopolitical, be in of a from a risk the up O-U.S., offers O-U.S., final if do terms in for I'm just again, following it XX% kind given of to up, the us, to to me all I'm sure be I question, you just here, how maybe the just

George LeMaitre

Okay.

great law. to sort Okay. cautious Yes, I to with democracy, would get we rule pithy maybe it, the been I of to very be it would internationally, trying it's exactly call choose is question. And maybe not of follow in but a do would been I which exception British we've I choose what very a is the of to Thailand, we call, what Western about to into markets get say think, into how we've question. And that cautious, the your goes back

you'd jury.So to Canada, on where you go crime like you Singapore, to to these places up So in if places of jury think nervous, U.K., a get like type you and -- gone places you of like the most you of the to places those get be trial we've have by got be a some go you you been some wouldn't go places countries, put Japan, I places. but

is I places go stayed what, we had been U.S. fairly very is duck places thing, think and away again, Arabia. Canada. our that there, in categorize from odd in We like biggest Those so railed it that the Thailand slightly are do -- from the U.K., right one. now. we Saudi -- and I of Italy, that's Germany, off it I in We would very just a the And worth We be in Russia. safe is X a would revenue. stayed be I'd the as And XX% Africa.So like South countries France, here new, don't not Spain, the taking thoughtful. felt Japan but voting we've the a overseas, to away the we which say would democracy big distributor risk But one only drive

Operator

is And from with going our come next of question to line the Michael Sarcone Jefferies.

Michael Sarcone

Great. you And out shout before. for the thank

George LeMaitre

You're Thanks welcome. for the thoughtful. nice more than research. Very

Michael Sarcone

hear. to Great

standpoint? growth I the And have how first XQ forward, looking you a wondering guide XX% do quarter. that from a ASP sustainability about Just organic XX% of forward question, XXXX? think contribution could if what's into price this contribution then ASP the you was you comment on baked for the going into

George LeMaitre

Okay.

to to first what, break units you, is price. So be XX% that which not -- to not very the We helpful organic for to is by answer not going or we out try we're try quarter. guiding,

some now, which backwards, don't this like I feel have Looking could inferences, -- a these make but you exact logical been bit though, between I numbers X... year the units is price the has and for right stable relationship

Joseph Pellegrino

in QX in QX, now QX. in X% and XX% XX% ASP

George LeMaitre

bit play Going we'll to trying little not along to of try go question, into, forward, we a your here. which break into is always you're but which XXXX, part

where [indiscernible] markets power try LeMaitre in Be where that shunts, niche you name you markets Massachusetts. has story think markets think get in about I in I and be there. the XenoSure, you valvulotomes, been and where is pricing we're have into forward, Going #X Burlington, the to share, -- worldwide set big have player pricing market

And -- that's so gone I don't away. not

our here here. change us with You up haven't segments seen acquisitions

left the which gives markets, fleas. and pricing largely has had In off the gotten it away, the are because Becton the the too in barriers shunt that -- high market, story us smaller continues the people -- is. And to including is of power, is look up them of but to going just they and play, unchanged. regulatory I setting won't price what give the out will where much. competitors their MDRs higher That's Gore Arizona in higher Artegraft So Burlington the duke don't barriers LeMaitre to pricing a this having and like price you keep spades go keep we think years, they've -- has the put think is market you're the to power. is here, therefore, and changing segments, the to I a I about and feel X what want last been falling because over.So more And Brussels more power it these so the here lot do for about that to with project Dickinson there's power. a regulatory think good in story are PTFE we climb prices do like as I have and with they're pricing it Frankfurt, thing XXXX people you with I Brussels we've left issue.But and bit here. the like, They pricing that making if and don't

Joseph Pellegrino

Mike, J.J. this is

ways and Another sequentially of way one about on. what's many it is about to think the going we QX think

QX and And price QX, and that hikes I so at talked kind are of same for XX%. about those around the QX

and same is of in you're probably to you're thinking going do else QX what about kind then So different. the

out QX from has this FX lot. that around, to is things QX FX. where of The the kind moved a so time stuck one And

$XXX,XXX QX headwind. sequentially, QX, so from to like And a it's

a those those one And of And consideration. flow a QX thousand hundred in specific hopefully, topic extra The so you quarter to maybe Well, in dollars.There's working generally And there. year? essentially. matter. look uptick then of matters story we take restore into Thailand an the we've the slower order that's what distributor QX topic an in QX, if in is QX. Thailand QX, is our and well. take us for whatever, consideration.The that channel of we terms stories will what number as a of, this few Seasonality seasonality what be went lot as and days into sort what adds quarter, been that out it stuffed there's that sort does like in have that so we way into the get mean, QX. you a into has And there back behind QX we're will, had direct that it And so does historically? mean? We of

didn't we'll get we but them couple So thought or thousand get dollars of sales QX, the and we in that's getting a were maybe so. QX, in hundred we

the sort $XX the other going million think we topics you I get of sequentially, but as think consistent, coming of to So ASPs guided. and to can

Michael Sarcone

But of I That's it. kind and just historically, to on kind is think really about Got mentioning, historically? that price mid-single-digit algorithm that the level. the it of considerations helpful. in the think I new you're above spoken fair a follow-up given J.J., that been we've you guess, paradigm past, is And has maybe regulatory the have really that, I seen in what

Joseph Pellegrino

cycle not the This year, shunts. year. at year it's maybe but by for But too right you're in about year, talk about little can then least bit it think year, valvulotomes mostly much. think all this we'll and and we a I next I take now,

And devices, We fine. that our so brought one valvulotomes. premier it valvulotomes customers essentially was other being priced match one of and provider the of price below the of to up our said these

helps hikes really leverage in off talking valvulotomes.And shunts, the then topics with about got our George so price spaces. we share nice in was our going the market competitors other and those And certainly

Europe. particularly there, hikes in before, we in price of product was it the really this nice these floors did was think in, third put we've gotten done then pricing and year, I a forcefully we've put some it lines. did year this we but little so more And thing we And in

may you bag might mismatched the is, you get be that sales beneath the of pricing pricing are outsized not so floor extent in terms in that future. product a past, the And the extent could future, discount whatever rep, versus fixed, growth the pricing whereas floors outsized in in get we there's ASP you so the historical. use your might pricing in that X% you to have.And that you're can To lines other if

nice of pricing. in where now, see a spot we're that goes. we'll certainly terms So in right But

Operator

going to from come next Stauder with question And Securities. JMP our the line of is Daniel

George LeMaitre

up. you're Daniel, Hi

to ask want it's George. us you If the question,

Joseph Pellegrino

don't have might they Operator, in along? bad phones Francisco. move we San Why out

Operator

Alright.

is our next ROTH question Scott Capital. And please. with from of moment, line one going come to the Henry Just

Scott Henry

a Just quick couple questions. of very

you the don't mind, me First, and if give could you non-biologics? mix between biologics

Joseph Pellegrino

was of in sales XX% Biologics the quarter.

Scott Henry

QX Okay. QX. significantly -- -- revenues was kind with sales indicative was And it down then sequentially should QX or about looking that how revenues yes, to employees at should and and in up. similar on I QX, similar down Any forward? even How and and going why think to the of marketing marketing Sales numbers, from thoughts of be

Joseph Pellegrino

Yes.

has one and reasons so the first a bit, little So year sales versus part elevated through bit. were a because the strong results marketing start think I year ramp we of in as get up of And is, little to quotas. quotas selling been the the

the so quota of consistent XX% each with the a answer growth the little [ quarters, changed And versus even organic bit. in ]

down commissions down were all and conferences of There's little a where little bit. and time travel is marketing concepts [ And selling bit bit.QX and goes little best a stuff. also and a kind of that a ] so a seasonally

there well. so And as down

couple a answer reasons I so a QX, And is then in And of there's good had that. weird meeting. there for the we sales think

each sort I $XXX,XXX $XXX,XXX one main globally. And of so a, that's of geographies. There's know, the or don't for a event

to of dollars absolute to in XX.X% the sort QX. see can from you QX down from so And coming XX.X%

year. So maybe the how that throughout that's cadence works

Scott Henry

mentioned any And the there Are internationally were final products. you benefited new areas, question, in product how Great. of it losing competitors into Okay. launches some international some you and some levers forward? should any right? of countries in of term, we into the trajectory model Any factoring specific change going that the our the of kind near would that lines any be

George LeMaitre

Scott, it approval We Europe in to out some read there. it's at RFA we'll get George. get don't when the but in in But I'll they're while point, a the a script of the of regulatory longer take great these approvals, kind I'll takes the -- through -- question. something. U.K. know that. that's take We will outside add

models answer, from now, going. even that along. over Canada about we Things maybe changing approval. in, course, I change details a keeps maybe short filed smallish, want We're Europe, but on and X on my you're Artegraft like have they're haven't are that approvals in there's that years of biggie kind to timing -- regulatory for Asia-Pac the regulatory X and model little getting But get is now, nothing talk we calls going suggesting.Artegraft When we these tons here. of more in for we years the wouldn't Australia. that So I'd don't no, here the in as I'd hook we'll on get of say, from for then, anyone's in things don't machine because and but

Operator

is Barrington line next Michael Petusky our And of question with question a follow-up Research. the from

Michael Petusky

A us didn't few forgive quick you is Mark Artegraft, think ones. by it said me, I CE this but the catch point at George, I targeted Or still? if one for filing earlier, that was? year-end

George LeMaitre

in this of on long a for year, put It's XX. is our Yes. time. for by It one 'planks' to has it been December

X screen in by So radar or for so. it's and December definitely, XX, that been will on years go our

Michael Petusky

-- to Paris? I that France, then And time you're you've had Great. in correct? direct understand, what first in I Okay. the doing just make is That's sales sure folks want

George LeMaitre

treatment. But so I'm with service I [ of for time French think, give had in this reps we asking have to and is sales more the service it we're glad we've all France customer little -- going that, to since, you're customer the ] sort first can an redistinguish office hand XXXX. us, hospitals everyone. a actual No,

and we that's high them. on had We of we X have say France, we I had but have, maybe in always the X reps end would what usually or X,

Michael Petusky

that it just sort okay. confusing for Because of that, Yes. it. said Got JJ... me that, -- last it. was to And one you when the Got Okay. then was

Joseph Pellegrino

and $X.XXX $X.XXX million; Depreciation CapEx million. million, amortization, SBC $X.XXX

Michael Petusky

And Okay. then...

Joseph Pellegrino

[ Usual things ].

Michael Petusky

sort JJ, And investors is. like of being this margin feel necessarily I year. -- looks X right I have are sort bottom like not I up quarter, a end you side on forward? gross are then do feel -- on or you guys margin on flat but here, like and momentum you right gross trend, look may on I mean and make just, it mean, guess, as of that this hit for think really do we the of and I you hoping it the does probably know

Joseph Pellegrino

I devices, I fighting X the in say, sort some a would increases Yes. we to answer, say those things these focusing a the quality price efficient started X of super [ that. coming color a started give making helpful No, great want question. one the would from the benefit you through nice say seats with but getting last over Obviously, But come year-over-year lot. price on efficiencies of help years. a that's I I mean, Those it's That's I'll of lot would increased I X% are more the folks manufacturing really those. say through.And hikes course, historically. against, be I would sort costs P&L. to been it more the ], behind that and

make good on pretty inefficient the out and on of we CardioCel, move we quarters. other Omniflow as and And some before. the forward. discussed for the move and then forward as maybe that start transition be think progress can piece we And make can headway manufacturing hopefully, So through for topic those we we've those we as some would

So well. good some as might get there we answers

all year give So we'll see where guidance. that up when the for next winds we

Operator

day. you. does We may now thank Everyone, and Ladies Thank conclude you for like a great you disconnect. this would gentlemen, and have conference. today's to participating,

LeMaitre Vascular (LMAT) 1 Nov 232023 Q3 Earnings call transcript