LMAT - LeMaitre stock slumps 16% amid Q3 miss slashed outlook

LeMaitre Vascular ( NASDAQ: LMAT ) stock fell ~16% on Friday after Q3 results missed estimates and the company lowered its Q4 and FY22 outlook.

Q3 EPS declined -16.7% Y/Y to $0.25, while net sales grew ~1.7% Y/Y to $39.03M. Both metrics, however, missed analysts estimates.

The gross margin decreased to 64.2%, compared to 64.8% in Q3 2021. The company said the strong dollar reduced the gross margin by 1.7% Y/Y.

Income from operations fell -32.2% Y/Y to $6.15M.

Total operating expenses increased 19.8% Y/Y to $18.92M, driven by increased headcount, including a 28% larger salesforce and MDR-related regulatory expenses, LeMaitre noted.

Dividend : On Oct. 25, the board approved a quarterly dividend of $0.125/share, which will be paid on Dec. 1, to shareholders of record on Nov. 17.

Outlook :

FY22 : LeMaitre lowered its full year sales forecast and now expects it to be between $160.5M and $162.9M (Mid:$161.7M, +5% Y/Y, +9% Organically), prior forecast range provided during Q2 results was $162.7M to $165.3M (Mid:$164.0M, +6%, +10% Org.); Consensus revenue estimate for 2022 is $162.88M.

EPS Ex-Spec. Charge is now expected between $1.02 and $1.08 (Mid: $1.05, -16%), prior forecast range $1.14 to $1.19 (Mid: $1.17, -7%); Consensus $1.01.

Full year EPS guidance is now between $0.91 - $0.97 (Mid: $0.94, -25%), prior outlook $0.99 to $1.05 (Mid: $1.02, -19%).

Q4 : The company also cut is Q4 sales guidance and now expects it to be between $39.8M and $42.2M (Mid: $41.0mm, +4%, +9% Org.), prior forecast range was $41.2M to $43.2M (Mid: $42.2M, +7%, +11% Org.); Consensus revenue estimate for Q4 is $41.52M.

EPS outlook is now between $0.24 and $0.29 (Mid: $0.26, -5%), prior outlook $0.29 to $0.35 (Mid: $0.32, +15%).

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