LeMaitre Vascular’s (LMAT +12.8%) Q2 sales declined 16% Y/Y to $24.9M with sales in the Americas (-15%) and Europe/Middle East/Africa (-21%) due to COVID-19 pandemic. Asia/Pac sales was flat.
Gross margin decreased to 68.5% in 2Q20, compared to 68.9% a year ago primarily due to manufacturing inefficiencies offset by favorable product mix. Net income down 24% to $3.5M.
During the quarter, the company completed the acquisition of Artegraft, a processor and seller of vascular grafts derived from bovine carotid arteries, for $90M.
The company will pay a quarterly dividend of $0.095/share on September 10; record on August 27.
Further, LeMaitre Vascular expects to suspend or discontinue its $10M buyback program at any time prior to its conclusion on February 14.
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