$LMAT
LEMAITRE VASCULAR INC

2013 Form 10-K Financial Statement

#000119312514109881 Filed on March 21, 2014

View on sec.gov

Income Statement

Concept 2013 2012 Q4 2012 Q3
Revenue $64.55M $14.80M $13.65M
YoY Change 13.77% 10.37% -6.28%
Cost Of Revenue $19.43M $4.360M $3.630M
YoY Change 22.48% 12.08% -17.12%
Gross Profit $45.12M $10.44M $10.02M
YoY Change 10.39% 9.64% -1.62%
Gross Profit Margin 69.89% 70.52% 73.4%
Selling, General & Admin $34.72M $8.200M $7.803M
YoY Change 9.23% 10.22% 3.21%
% of Gross Profit 76.96% 78.56% 77.91%
Research & Development $5.243M $1.560M $1.261M
YoY Change 2.97% 36.84% 30.0%
% of Gross Profit 11.62% 14.95% 12.59%
Depreciation & Amortization $2.793M $600.0K $520.0K
YoY Change 25.02% 5.26% 0.0%
% of Gross Profit 6.19% 5.75% 5.19%
Operating Expenses $40.60M $9.760M $9.014M
YoY Change 10.84% 13.75% 5.67%
Operating Profit $4.518M $678.0K $1.001M
YoY Change 6.56% -27.87% -39.33%
Interest Expense $12.00K -$80.00K $50.00K
YoY Change 1100.0% 60.0% -200.0%
% of Operating Profit 0.27% -11.8% 5.0%
Other Income/Expense, Net
YoY Change
Pretax Income $4.328M $860.0K $1.055M
YoY Change 10.46% 10.26% -45.9%
Income Tax $1.126M $160.0K $392.0K
% Of Pretax Income 26.02% 18.6% 37.16%
Net Earnings $3.202M $698.0K $663.0K
YoY Change 24.54% 99.43% -45.21%
Net Earnings / Revenue 4.96% 4.72% 4.86%
Basic Earnings Per Share $0.21 $0.05 $0.04
Diluted Earnings Per Share $0.20 $0.04 $0.04
COMMON SHARES
Basic Shares Outstanding 15.32M shares 15.13M shares
Diluted Shares Outstanding 15.76M shares 15.61M shares

Balance Sheet

Concept 2013 2012 Q4 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.70M $16.40M $20.60M
YoY Change -10.37% -18.41% -10.82%
Cash & Equivalents $14.70M $16.45M $20.64M
Short-Term Investments
Other Short-Term Assets $3.200M $2.800M $2.900M
YoY Change 14.29% -6.67% -21.62%
Inventory $13.30M $10.86M $10.10M
Prepaid Expenses
Receivables $10.60M $9.048M $8.500M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $41.70M $39.13M $42.20M
YoY Change 6.65% -1.43% -1.63%
LONG-TERM ASSETS
Property, Plant & Equipment $5.800M $4.544M $4.500M
YoY Change 28.89% -3.32% 2.27%
Goodwill $13.75M
YoY Change 15.37%
Intangibles $5.191M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.800M $172.0K $200.0K
YoY Change 350.0% -57.0% -66.67%
Total Long-Term Assets $28.80M $23.93M $19.00M
YoY Change 20.0% 19.65% -5.47%
TOTAL ASSETS
Total Short-Term Assets $41.70M $39.13M $42.20M
Total Long-Term Assets $28.80M $23.93M $19.00M
Total Assets $70.50M $63.06M $61.20M
YoY Change 11.73% 5.63% -2.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.200M $1.060M $900.0K
YoY Change 9.09% 6.0% -30.77%
Accrued Expenses $7.100M $6.777M $5.700M
YoY Change 22.41% 35.54% -12.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.20M $8.394M $8.200M
YoY Change 21.43% 29.14% -17.17%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $200.0K $105.0K $100.0K
YoY Change 100.0% 5.0% 0.0%
Total Long-Term Liabilities $200.0K $105.0K $100.0K
YoY Change 100.0% 5.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.20M $8.394M $8.200M
Total Long-Term Liabilities $200.0K $105.0K $100.0K
Total Liabilities $13.90M $10.17M $9.300M
YoY Change 36.27% 33.84% -10.58%
SHAREHOLDERS EQUITY
Retained Earnings -$3.869M
YoY Change
Common Stock $165.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.669M
YoY Change
Treasury Stock Shares 1.324M shares
Shareholders Equity $56.60M $52.89M $51.90M
YoY Change
Total Liabilities & Shareholders Equity $70.50M $63.06M $61.20M
YoY Change 11.73% 5.63% -2.86%

Cashflow Statement

Concept 2013 2012 Q4 2012 Q3
OPERATING ACTIVITIES
Net Income $3.202M $698.0K $663.0K
YoY Change 24.54% 99.43% -45.21%
Depreciation, Depletion And Amortization $2.793M $600.0K $520.0K
YoY Change 25.02% 5.26% 0.0%
Cash From Operating Activities $5.388M $420.0K $1.870M
YoY Change 14.1% -240.0% -21.1%
INVESTING ACTIVITIES
Capital Expenditures $2.733M -$430.0K -$250.0K
YoY Change 126.05% -32.81% -62.69%
Acquisitions $3.291M
YoY Change -24.74%
Other Investing Activities -$3.290M -$4.100M $90.00K
YoY Change -14.99% 703.92% -93.08%
Cash From Investing Activities -$6.188M -$4.530M -$150.0K
YoY Change 19.05% 297.37% -123.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$846.0K
YoY Change -141.86%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -961.0K -60.00K -1.260M
YoY Change -69.56% -95.95% 2.44%
NET CHANGE
Cash From Operating Activities 5.388M 420.0K 1.870M
Cash From Investing Activities -6.188M -4.530M -150.0K
Cash From Financing Activities -961.0K -60.00K -1.260M
Net Change In Cash -1.761M -4.170M 460.0K
YoY Change -51.53% 42.81% -74.01%
FREE CASH FLOW
Cash From Operating Activities $5.388M $420.0K $1.870M
Capital Expenditures $2.733M -$430.0K -$250.0K
Free Cash Flow $2.655M $850.0K $2.120M
YoY Change -24.42% 150.0% -30.26%

Facts In Submission

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CY2013 dei Entity Registrant Name
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LEMAITRE VASCULAR INC
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Smaller Reporting Company
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2013
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10-K
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2013-12-31
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0.578 pure
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CY2013 us-gaap Concentration Risk Credit Risk
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<div> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; MARGIN-LEFT: 24px; MARGIN-TOP: 18px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2"><b><i>Concentrations of Credit Risk</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; MARGIN-TOP: 6px; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, accounts receivable, and notes receivable. Cash equivalents represent highly liquid investments with maturities of 90 days or less at the date of purchase. Marketable securities are investment grade, interest-earning securities and are diversified by type and industry. Credit risk related to cash, cash equivalents, and marketable securities are limited based on the creditworthiness of the financial institutions at which these funds are held. Credit risk related to notes receivable is assessed based upon the individual payor as of the original fair value determination and updated periodically as required.</font></p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; MARGIN-TOP: 0px; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">Our accounts receivable are with customers based in the United States and internationally. Accounts receivable generally are due within 30 to 90 days of invoice and are stated at amounts due from customers, net of an allowance for doubtful accounts and sales returns, other than in certain European markets where longer payment terms are customary and may range from 90 to 240 days. We perform ongoing credit evaluations of the financial condition of our customers and adjust credit limits based upon payment history and the current creditworthiness of the customers, as determined by a review of their current credit information. We continuously monitor aging reports, collections, and payments from customers, and maintain a provision for estimated credit losses based upon historical experience and any specific customer collection issues we identify.</font></p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">We closely monitor outstanding receivables for potential collection risks, including those that may arise from economic conditions, in both the U.S. and international economies. Our European sales to government-owned or supported customers such as hospitals, distributors and agents, in Southern Europe, specifically Italy and Spain may be subject to significant payment delays due to government austerity measures impacting funding and payment practices. As of December&#xA0;31, 2013 our receivables in Italy and Spain totaled $1.2 million and $0.5 million, respectively. Receivables balances with certain publicly-owned hospitals and government supported customers in these countries can accumulate over a period of time and then subsequently be settled as large lump sum payments. While we believe our allowance for doubtful accounts in these countries is adequate as of December&#xA0;31, 2013, if significant changes were to occur in the payment practices of these European governments or if government funding becomes unavailable, we may not be able to collect on receivables due to us from these customers and our write offs of uncollectible amounts may increase.</font></p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">We write off accounts receivable when they become uncollectible. Such credit losses have historically been within our expectations and allowances. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable. We review our allowance for doubtful accounts on a monthly basis and all past due balances are reviewed individually for collectability. The provision for the allowance for doubtful accounts is recorded in general and administrative expenses. 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340678
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1213000
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153000
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2234000
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23000
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154000
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CY2012 lmat Gain Loss On Divestitures
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