$LMAT
LEMAITRE VASCULAR INC

2014 Q2 Form 10-Q Financial Statement

#000119312514300126 Filed on August 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $18.16M $15.95M
YoY Change 13.85% 11.07%
Cost Of Revenue $5.785M $4.714M
YoY Change 22.72% 23.4%
Gross Profit $12.38M $11.24M
YoY Change 10.14% 6.56%
Gross Profit Margin 68.15% 70.45%
Selling, General & Admin $8.833M $8.372M
YoY Change 5.51% 5.97%
% of Gross Profit 71.37% 74.5%
Research & Development $1.137M $1.268M
YoY Change -10.33% 11.23%
% of Gross Profit 9.19% 11.28%
Depreciation & Amortization $790.0K $640.0K
YoY Change 23.44% 14.29%
% of Gross Profit 6.38% 5.7%
Operating Expenses $10.40M $9.790M
YoY Change 6.19% 8.3%
Operating Profit $1.980M $1.447M
YoY Change 36.83% -3.85%
Interest Expense $0.00 $8.000K
YoY Change -100.0% -120.0%
% of Operating Profit 0.0% 0.55%
Other Income/Expense, Net
YoY Change
Pretax Income $2.000M $1.375M
YoY Change 45.45% -3.17%
Income Tax $728.0K $486.0K
% Of Pretax Income 36.4% 35.35%
Net Earnings $1.272M $889.0K
YoY Change 43.08% 7.89%
Net Earnings / Revenue 7.0% 5.57%
Basic Earnings Per Share $0.08 $0.06
Diluted Earnings Per Share $0.08 $0.06
COMMON SHARES
Basic Shares Outstanding 16.11M shares 15.25M shares
Diluted Shares Outstanding 16.55M shares 15.70M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.50M $14.90M
YoY Change 57.72% -26.24%
Cash & Equivalents $23.51M $14.91M
Short-Term Investments
Other Short-Term Assets $3.100M $2.600M
YoY Change 19.23% 0.0%
Inventory $15.00M $11.70M
Prepaid Expenses
Receivables $11.37M $9.700M
Other Receivables $0.00 $0.00
Total Short-Term Assets $53.00M $38.80M
YoY Change 36.6% -4.67%
LONG-TERM ASSETS
Property, Plant & Equipment $5.474M $5.800M
YoY Change -5.62% 26.09%
Goodwill $15.03M
YoY Change
Intangibles $5.250M
YoY Change
Long-Term Investments
YoY Change
Other Assets $169.0K $400.0K
YoY Change -57.75% 100.0%
Total Long-Term Assets $27.53M $24.90M
YoY Change 10.58% 29.02%
TOTAL ASSETS
Total Short-Term Assets $53.00M $38.80M
Total Long-Term Assets $27.53M $24.90M
Total Assets $80.54M $63.70M
YoY Change 26.43% 6.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.021M $1.000M
YoY Change 2.1% 11.11%
Accrued Expenses $6.960M $5.100M
YoY Change 36.47% -15.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.012M $7.500M
YoY Change 20.16% 8.7%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $265.0K $400.0K
YoY Change -33.75% 300.0%
Total Long-Term Liabilities $265.0K $400.0K
YoY Change -33.75% 300.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.012M $7.500M
Total Long-Term Liabilities $265.0K $400.0K
Total Liabilities $12.75M $9.500M
YoY Change 34.24% 18.75%
SHAREHOLDERS EQUITY
Retained Earnings $398.0K
YoY Change
Common Stock $187.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $8.049M
YoY Change
Treasury Stock Shares 1.381M shares
Shareholders Equity $67.78M $54.10M
YoY Change
Total Liabilities & Shareholders Equity $80.54M $63.70M
YoY Change 26.43% 6.17%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $1.272M $889.0K
YoY Change 43.08% 7.89%
Depreciation, Depletion And Amortization $790.0K $640.0K
YoY Change 23.44% 14.29%
Cash From Operating Activities $1.620M $1.990M
YoY Change -18.59% -2.45%
INVESTING ACTIVITIES
Capital Expenditures -$110.0K -$1.500M
YoY Change -92.67% 354.55%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$110.0K -$1.490M
YoY Change -92.62% 609.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $10.50M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.490M -910.0K
YoY Change -1142.86% -26.61%
NET CHANGE
Cash From Operating Activities 1.620M 1.990M
Cash From Investing Activities -110.0K -1.490M
Cash From Financing Activities 9.490M -910.0K
Net Change In Cash 11.00M -410.0K
YoY Change -2782.93% -169.49%
FREE CASH FLOW
Cash From Operating Activities $1.620M $1.990M
Capital Expenditures -$110.0K -$1.500M
Free Cash Flow $1.730M $3.490M
YoY Change -50.43% 47.26%

Facts In Submission

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dei Entity Registrant Name
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
177000 shares
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-22000
us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-87000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
229000
us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
51000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
1068000
us-gaap Gross Profit
GrossProfit
23600000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-4000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
694000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1093000
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
193000
us-gaap Investment Income Interest
InvestmentIncomeInterest
0
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
28000
us-gaap Operating Income Loss
OperatingIncomeLoss
1749000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
7000
us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-23000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1727000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
3000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
813000
us-gaap Payments For Restructuring
PaymentsForRestructuring
225000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
3000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
7000
us-gaap Sales Revenue Net
SalesRevenueNet
34915000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
549000
us-gaap Other Restructuring Costs
OtherRestructuringCosts
19000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
10682000
us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6611000
us-gaap Inventory Write Down
InventoryWriteDown
407000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
11315000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
9610000
us-gaap Share Based Compensation
ShareBasedCompensation
543000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
24000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
8801000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
11766000
us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
340000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-749000
us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
-1248000
us-gaap Interest Expense
InterestExpense
0
us-gaap Severance Costs1
SeveranceCosts1
473000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2481000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
161000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1620000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
28000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
739000
us-gaap Restructuring Charges
RestructuringCharges
492000
us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
us-gaap Operating Expenses
OperatingExpenses
21851000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
662000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
6000
lmat Statute Of Limitation Expiration Period
StatuteOfLimitationExpirationPeriod
Until 2024
lmat Purchase Commitments Inventory Expire Year
PurchaseCommitmentsInventoryExpireYear
2015
lmat Income Tax Examination Period
IncomeTaxExaminationPeriod
The German tax authority notified our German subsidiary that the tax years 2009 through 2012 would be audited.
lmat Accrued Contingent Earn Out
AccruedContingentEarnOut
229000
CY2014Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.10 pure
CY2014Q2 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
7 Employees
CY2014Q1 us-gaap Severance Costs1
SeveranceCosts1
400000
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
CY2013Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.030
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15701000 shares
CY2013Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
451000 shares
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15250000 shares
CY2013Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
423000 shares
CY2013Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-66000
CY2013Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
965000
CY2013Q2 us-gaap Gross Profit
GrossProfit
11237000
CY2013Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
2000
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1447000
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1375000
CY2013Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
76000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
889000
CY2013Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
76000
CY2013Q2 us-gaap Sales Revenue Net
SalesRevenueNet
15951000
CY2013Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3067000
CY2013Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
4714000
CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
278000
CY2013Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
5305000
CY2013Q2 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
150000
CY2013Q2 us-gaap Interest Expense
InterestExpense
8000
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1268000
CY2013Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
272000
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
9790000
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
486000
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.08
CY2014Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.035
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16545000 shares
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
432000 shares
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.08
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16113000 shares
CY2014Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
182000 shares
CY2014Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
20000
CY2014Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
229000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1980000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
2000000
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
1248000
CY2014Q2 us-gaap Gross Profit
GrossProfit
12376000
CY2014Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
0
CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-24000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
1272000
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-24000
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
18161000
CY2014Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3296000
CY2014Q2 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
200000
CY2014Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
5785000
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
265000
CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
5537000
CY2014Q2 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
176000
CY2014Q2 us-gaap Interest Expense
InterestExpense
0
CY2014Q2 us-gaap Severance Costs1
SeveranceCosts1
89000
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1137000
CY2014Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
161000
CY2014Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
340000
CY2014Q2 us-gaap Restructuring Charges
RestructuringCharges
89000
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
10396000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
728000
CY2014Q2 lmat Additional Impairment Charge
AdditionalImpairmentCharge
300000

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