LeMaitre Vascular Reports Q4 2007 Revenue of $11.1 Million, a 27... ( BURLINGTON Mass. March 4 /- LeMai...)

LeMaitre Vascular Reports Q4 2007 Revenue of $11.1 Million, a 27% Increase

Date:3/4/2008

BURLINGTON, Mass., March 4 /PRNewswire-FirstCall/ -- LeMaitre Vascular, Inc. (Nasdaq: LMAT), a provider of peripheral vascular devices and implants, today announced financial results for Q4 2007 and the year ended December 31, 2007. Q4 2007 revenues were $11.1 million, an increase of 27% over Q4 2006. 2007 revenues were $41.4 million, an increase of 20% over 2006.

Q4 2007 revenues increased 52% in the Company's endovascular and dialysis access category, 17% in its vascular category, and 13% in the general surgery category. For the full year 2007, the Company's endovascular and dialysis access category increased 44%, while the vascular and general surgery categories grew 12% and 2%, respectively. The principal sales drivers in 2007 were the expansion of the sales force, the first year of European distribution of the Endologix stent graft, the weak dollar, and higher average selling prices.

For Q4 2007, the Company reported a gross margin of 73.3% versus 75.3% in the year earlier quarter. This decrease was primarily due to a $105,000 non- cash charge related to OEM inventory included in the December 2007 Biomateriali acquisition. The Company's 2007 gross margin was 74.1% versus 72.9% in 2006. The annual gross margin improvement was primarily driven by price increases and manufacturing cost reductions.

The Company ended 2007 with $22.9 million in cash and cash equivalents. This compares to $25.6 million in cash and cash equivalents at the end of Q3 2007. $2.4 million of this $2.7 million reduction was attributable to the acquisitions executed in Q4 2007.

George W. LeMaitre, Chairman and CEO said, "We had a successful 2007. We grew sales by 20% and posted a record 74.1% gross margin. We also completed four acquisit
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SOURCE LeMaitre Vascular, Inc.
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