George W. LeMaitre, Chairman and CEO said, "This was another solid quarter for LeMaitre Vascular. We continued to post strong top-line growth while keeping operating expenses under control. Additionally, we completed a meaningful acquisition and furthered our European 'go-direct' strategy. With regard to Vascular Architects, we are happy to combine a suite of unique vascular products with our dedicated vascular surgery sales force. Going direct in Italy will allow us to control our sales channel in the fifth largest vascular market in the world."
The operating loss for Q3 2007 was $1,541,000, compared to operating income of $342,000 for Q3 2006. The Q3 2007 operating loss was due to a $1,054,000 charge related to distributor buyouts, increased sales force and R&D expenditures, and the costs associated with being a public company.
The Company reported a net loss of $1,354,000, or $0.09 per basic and diluted share for Q3 2007, compared to net income of $221,000, or $0.01 per basic and diluted share, for Q3 2006. The Q3 2007 net loss benefited from interest income of $359,000, as well as a $221,000 foreign exchange gain.
Sales and marketing expenses for Q3 2007 increased 30% to $4,583,000 from $3,525,000 for Q3 2006. The Company ended Q3 2007 with 58 sales representatives, compared to 36 at the end of Q3 2006.
For Q3 2007, general and administrative expenses increased by 52% over Q3 2006, from $1,536,000 to $2,341,000, primarily due to the higher costs associated with being a publicly traded company. Q3 2006 was the Company's last full quarter as a private company.
R & D expenses increased 42% to $1,144,000 for Q3 2007, compared to $805,000 for Q3 2006. The increase was driven largely by the hiring of additional product development engineers and related product development expenses.'/>"/>
|SOURCE LeMaitre Vascular, Inc.|
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