LeMaitre Vascular, Inc.

Good day and welcome to the Lemaitre Vascular Incorporated's third quarter 2022 earnings conference call. As a reminder, today's call is being recorded. At this time, I would like to turn the call over to Mr. J.J. Pellegrino, Chief Financial Officer of Lemaitre Vascular. Please go ahead, sir.

Good afternoon and thank you for joining us on our Q3 2022 conference call. With me on today's call is our President, Dave Roberts. George LeMaitre, Chairman and CEO, is unable to be on the call due to the birth of his daughter last week. Before we begin, I'll read our safe harbor statement. Today we will make some forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, the accuracy of which is subject to risks and uncertainties. Wherever possible, we will try to identify those forward-looking statements by using words such as believe, expect, anticipate, pursue, forecast, and similar expressions. Our forward-looking statements are based on our estimates and assumptions as of today, October 27, 2022, and should not be relied upon as representing our estimates or views on any subsequent date. Please refer to the cautionary statement regarding forward-looking information and the risk factors in our most recent NK and subsequent SEC filings, including disclosure of the factors that could cause results to differ materially from those expressed or implied. During this call, we will discuss non-GAAP financial measures, which include organic sales growth. A reconciliation of GAAP to non-GAAP measures discussed in this call is contained in the associated press release and is available in the investor relations section of our website, www.lemate.com. I'll now turn the call over to Dave Roberts.

Thanks, JJ. On today's call, I'll cover three topics. First, Q3 organic sales growth of 7%. Second, our continued focus on biologics. And third, hiring in two key areas. We posted sales of $39 million in Q3, a 7% organic increase. Q3 organic growth was led by APAC, up 11%, and EMEA, up 8%, while the Americas was up 6%. From a product perspective, carotid shunts, up 23%, artographed, up 12%, allografts, up 10%, and embolectomy catheters, also up 10%, drove growth. Shunts benefited from a competitor exiting Europe due to the more stringent MDR-CE requirements. while embolectomy catheters benefited from a competitor's back order. These increases were partially offset by valvular tones, which decreased on a reported basis but were flat organically. Biologic devices grew 7% organically in the quarter and represent 50% of our sales. We continue to invest in new biologics approvals, and in Q3, we made two key regulatory filings. In Germany, we submitted our application for allografts. And in Japan, we submitted the carotid indication for Xenosure. We've also recently begun shipping Xenosure to Korea and expect our first direct-to-hospital sales there in November. On September 30th, we had 558 employees, an increase of 27% year-over-year. We focused our hiring in two key areas, sales reps and direct labor. Over the same period, our sales rep headcount increased by 28% to a record 118, while direct labor headcount increased by 54% to a record 213. These initiatives should drive sales and profitability in the quarters ahead. We expect to end the year with 125 sales reps. With that, I'll turn it over to JJ.