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LeMaitre Vascular, Inc (LMAT) has reported 2.65 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $2.60 million, or $0.13 a share in the quarter, compared with $2.53 million, or $0.13 a share for the same period last year. Revenue during the quarter grew 13.69 percent to $23.29 million from $20.48 million in the previous year period. Gross margin for the quarter contracted 78 basis points over the previous year period to 69.54 percent. Total expenses were 83.21 percent of quarterly revenues, down from 84.92 percent for the same period last year. This has led to an improvement of 170 basis points in operating margin to 16.79 percent.
Operating income for the quarter was $3.91 million, compared with $3.09 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $4.76 million compared with $4.03 million in the prior year period. At the same time, adjusted EBITDA margin improved 76 basis points in the quarter to 20.42 percent from 19.66 percent in the last year period.
George W. LeMaitre, Chairman and Chief executive officer said, “Sales increased 14% in 2016, while operating income was up 42%. We continue to pursue 10% annual reported sales growth and 20% annual operating income growth.”
For the first-quarter 2017, LeMaitre Vascular, Inc expects revenue to be $23.50 million. The company expects operating income to be $3.90 million for the first-quarter.
For fiscal year 2017, LeMaitre Vascular, Inc expects operating income to be $20 million. The company expects revenue to be $99 million for fiscal year 2017.
Working capital increases marginally
LeMaitre Vascular, Inc has recorded an increase in the working capital over the last year. It stood at $48.54 million as at Dec. 31, 2016, up 1.52 percent or $0.73 million from $47.82 million on Dec. 31, 2015. Current ratio was at 5.63 as on Dec. 31, 2016, up from 5.61 on Dec. 31, 2015. Cash conversion cycle (CCC) has increased to 145 days for the quarter from 132 days for the last year period. Days sales outstanding were almost stable at 26 days for the quarter, when compared with the last year period.
Days inventory outstanding has increased to 127 days for the quarter compared with 115 days for the previous year period. At the same time, days payable outstanding went down to 8 days for the quarter from 10 for the same period last year.
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