LeMaitre Vascular, Inc. reported a 14% increase in net sales for the fiscal year ending December 31, 2024, reaching $219.9 million, compared to $193.5 million in 2023. This growth was primarily driven by higher average selling prices, increased hospital procedure volumes, and an expanded sales force, which now includes 152 representatives across North America, Europe, and Asia Pacific. The company noted that sales of grafts, patches, shunts, and catheters contributed significantly to this revenue increase, with graft sales alone rising by $11.1 million. The gross profit also saw a notable rise of 19%, totaling $150.9 million, with a gross margin improvement to 68.6%, attributed to enhanced manufacturing efficiencies and price increases.
In terms of operational changes, LeMaitre Vascular has focused on expanding its direct sales force and transitioning from distributor-based sales in certain international markets. The company successfully transitioned its sales strategy in Korea and Thailand to direct sales, which is expected to strengthen customer relationships and improve margins. Additionally, the company has been actively pursuing regulatory approvals for new products and markets, receiving multiple CE marks under the new EU Medical Device Regulation (MDR) and expanding its product offerings in Asia.
The company’s employee headcount increased to 664, with a voluntary resignation rate of 10.3% in 2024. LeMaitre Vascular has also made significant investments in its manufacturing capabilities, including the completion of a new cleanroom facility to support its allograft preservation services. This expansion is expected to enhance production quality and efficiency, further supporting the company's growth strategy.
Looking ahead, LeMaitre Vascular remains optimistic about its growth trajectory, with plans to continue expanding its product lines through acquisitions and new product development. The company is also focused on navigating the complexities of international regulations and maintaining its competitive edge in the medical device market. However, it acknowledges potential risks, including competition from larger firms and the challenges associated with integrating new acquisitions. The company’s recent issuance of $172.5 million in convertible senior notes is expected to provide additional financial flexibility to support its strategic initiatives.
About LEMAITRE VASCULAR INC
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