$LMAT
LEMAITRE VASCULAR INC

2018 Q2 Form 10-Q Financial Statement

#000119312518239600 Filed on August 06, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $27.02M $25.75M
YoY Change 4.92% 15.03%
Cost Of Revenue $8.028M $8.238M
YoY Change -2.55% 17.32%
Gross Profit $18.99M $17.52M
YoY Change 8.43% 13.98%
Gross Profit Margin 70.29% 68.02%
Selling, General & Admin $11.34M $10.35M
YoY Change 9.6% 3.98%
% of Gross Profit 59.7% 59.07%
Research & Development $1.988M $1.634M
YoY Change 21.66% 0.0%
% of Gross Profit 10.47% 9.33%
Depreciation & Amortization $1.060M $980.0K
YoY Change 8.16% 5.38%
% of Gross Profit 5.58% 5.59%
Operating Expenses $7.451M $11.98M
YoY Change -37.8% 3.42%
Operating Profit $11.54M $5.536M
YoY Change 108.47% 46.34%
Interest Expense $10.00K -$70.00K
YoY Change -114.29% -240.0%
% of Operating Profit 0.09% -1.26%
Other Income/Expense, Net
YoY Change
Pretax Income $11.55M $5.465M
YoY Change 111.29% 42.47%
Income Tax $2.796M $833.0K
% Of Pretax Income 24.21% 15.24%
Net Earnings $8.751M $4.632M
YoY Change 88.92% 78.29%
Net Earnings / Revenue 32.39% 17.99%
Basic Earnings Per Share $0.45 $0.25
Diluted Earnings Per Share $0.43 $0.23
COMMON SHARES
Basic Shares Outstanding 19.32M 18.82M shares
Diluted Shares Outstanding 20.26M 19.98M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $52.90M $30.10M
YoY Change 75.75% 2.73%
Cash & Equivalents $19.64M $30.12M
Short-Term Investments $33.30M
Other Short-Term Assets $3.700M $5.200M
YoY Change -28.85% 57.58%
Inventory $20.50M $20.46M
Prepaid Expenses
Receivables $15.23M $14.59M
Other Receivables $0.00 $0.00
Total Short-Term Assets $92.36M $68.09M
YoY Change 35.65% 9.08%
LONG-TERM ASSETS
Property, Plant & Equipment $12.24M $9.544M
YoY Change 28.2% 30.31%
Goodwill $23.60M $23.65M
YoY Change -0.18% 30.28%
Intangibles $7.358M $9.083M
YoY Change -18.99% 46.24%
Long-Term Investments
YoY Change
Other Assets $194.0K $179.0K
YoY Change 8.38% 1.13%
Total Long-Term Assets $44.74M $43.97M
YoY Change 1.75% 32.8%
TOTAL ASSETS
Total Short-Term Assets $92.36M $68.09M
Total Long-Term Assets $44.74M $43.97M
Total Assets $137.1M $112.1M
YoY Change 22.35% 17.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.657M $1.574M
YoY Change 5.27% 1.55%
Accrued Expenses $11.29M $7.687M
YoY Change 46.82% -1.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.12M $9.397M
YoY Change 39.57% -7.29%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.066M $2.400M
YoY Change -55.58% 177.78%
Total Long-Term Liabilities $1.066M $2.400M
YoY Change -55.58% 177.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.12M $9.397M
Total Long-Term Liabilities $1.066M $2.400M
Total Liabilities $16.36M $13.74M
YoY Change 19.01% 8.39%
SHAREHOLDERS EQUITY
Retained Earnings $38.23M $21.12M
YoY Change 81.02% 87.38%
Common Stock $95.33M $204.0K
YoY Change 46630.39% 2.51%
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.613M $8.830M
YoY Change 8.87% 3.63%
Treasury Stock Shares 1.480M shares 1.453M shares
Shareholders Equity $120.7M $98.31M
YoY Change
Total Liabilities & Shareholders Equity $137.1M $112.1M
YoY Change 22.35% 17.3%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $8.751M $4.632M
YoY Change 88.92% 78.29%
Depreciation, Depletion And Amortization $1.060M $980.0K
YoY Change 8.16% 5.38%
Cash From Operating Activities $4.880M $5.420M
YoY Change -9.96% 6.48%
INVESTING ACTIVITIES
Capital Expenditures -$800.0K -$750.0K
YoY Change 6.67% 38.89%
Acquisitions
YoY Change
Other Investing Activities -$3.270M $0.00
YoY Change -100.0%
Cash From Investing Activities -$4.070M -$750.0K
YoY Change 442.67% 41.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.370M -710.0K
YoY Change 374.65% -39.32%
NET CHANGE
Cash From Operating Activities 4.880M 5.420M
Cash From Investing Activities -4.070M -750.0K
Cash From Financing Activities -3.370M -710.0K
Net Change In Cash -2.560M 3.960M
YoY Change -164.65% 16.81%
FREE CASH FLOW
Cash From Operating Activities $4.880M $5.420M
Capital Expenditures -$800.0K -$750.0K
Free Cash Flow $5.680M $6.170M
YoY Change -7.94% 9.59%

Facts In Submission

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3859000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-26000
us-gaap Gross Profit
GrossProfit
37466000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3140000
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-107000
us-gaap Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
135000
us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
-82000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
552000
us-gaap Inventory Write Down
InventoryWriteDown
170000
us-gaap Investment Income Interest
InvestmentIncomeInterest
260000
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-23000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4587000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-3113000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
8627000
us-gaap Net Income Loss
NetIncomeLoss
12604000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-918000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-895000
us-gaap Operating Expenses
OperatingExpenses
21063000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
us-gaap Operating Income Loss
OperatingIncomeLoss
16403000
us-gaap Payments For Previous Acquisition
PaymentsForPreviousAcquisition
1142000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
2704000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
5000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1230000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
10757000
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
7400000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
738000
us-gaap Profit Loss
ProfitLoss
12604000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3813000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
53014000
us-gaap Share Based Compensation
ShareBasedCompensation
1257000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
13882000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
dei Trading Symbol
TradingSymbol
LMAT
us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
92000 shares
us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
0
us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
5000
us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
0
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20243000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19301000 shares
us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
48000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
942000 shares
lmat Provision Recovery For Doubtful Accounts
ProvisionRecoveryForDoubtfulAccounts
146000
lmat Tax Cuts And Jobs Act Of2017 Incomplete Accounting Change In Tax Rate Provisional Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncompleteAccountingChangeInTaxRateProvisionalIncomeTaxExpenseBenefit
-1000000
lmat Tax Cuts And Jobs Act Of2017 Incomplete Accounting Transition Tax For Accumulated Foreign Earnings Provisional Income Tax Expense
TaxCutsAndJobsActOf2017IncompleteAccountingTransitionTaxForAccumulatedForeignEarningsProvisionalIncomeTaxExpense
600000
lmat Increase Decrease In Inventory And Other Deferred Costs
IncreaseDecreaseInInventoryAndOtherDeferredCosts
1306000
lmat Statute Of Limitation Expiration Period
StatuteOfLimitationExpirationPeriod
2025
CY2017Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
5651000
CY2017Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
8238000
CY2017Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.23
CY2017Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.25
CY2017Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-102000
CY2017Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3747000
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
5465000
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
833000
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2018 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
750000
CY2019 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1377000
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
923000
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
713000
CY2023 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
680000
CY2020 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1122000
CY2017Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
471000
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1000 shares
CY2017Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
456000
CY2017Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.055
CY2017Q2 us-gaap Gross Profit
GrossProfit
17515000
CY2017Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
32000
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
4632000
CY2017Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1019000
CY2017Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
1019000
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
11980000
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
5535000
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1634000
CY2017Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
25753000
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
471000
CY2017Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
6599000
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19975000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18816000 shares
CY2017Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1159000 shares
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
27020000
CY2018Q2 us-gaap Share Based Compensation
ShareBasedCompensation
636000
CY2018Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
6792000
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20260000 shares
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
636000
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
214000 shares
CY2018Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
414000
CY2018Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.070
CY2018Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
7550000
CY2018Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
8028000
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.43
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.45
CY2018Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-159000
CY2018Q2 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
5876000
CY2018Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4547000
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
11547000
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2796000
CY2018Q2 us-gaap Gross Profit
GrossProfit
18992000
CY2018Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
165000
CY2018Q2 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
22000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
8751000
CY2018Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1201000
CY2018Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-1223000
CY2018Q2 us-gaap Operating Expenses
OperatingExpenses
7451000
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
11541000
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1988000
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19320000 shares
CY2018Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
940000 shares

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