LeMaitre Vascular, Inc.

Welcome to the Lemaitre Vascular Q4 2024 Financial Results Conference Call. As a reminder, today's conference 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 Q4 2024 Conference Call. With me on today's call is our CEO, George LeMaitre, and our President, Dave Roberts. Before we begin, I'll read our safe harbor statement. Today, we will make some forward-looking statements with the meaning of the U.S. 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, February 27, 2025, 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 10-K 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, such as 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.lemait.com. I'll now turn the call over to George Lemaitre.

Thanks, JJ. Q4 featured growth in sales of 14%, op income of 26%, and EPS of 30%. Sales growth was led by graphs, shunts, and catheters, up 23%, 14%, and 12% respectively. By geography, APAC was up 21% in Q4, EMEA 18%, and the Americas 12%. I'll focus my remarks on three topics, the growth of our sales team, our new international sales offices, and our MDR CE mark in regulatory progress. We ended Q4 with 152 reps. up 12% year-over-year, and we're targeting 165 at 12-31-25. As rep headcount has increased, we've been building out our sales management team. We now have 31 managers, up 29%. We believe that Salesforce is our number one asset, and we will continue to invest in sales managers and offices. Just last week, we began shipping products from our new Shanghai office to Chinese customers. The timing of the Shanghai move is appropriate. as sales were up 48% in Q4 and we received our Chinese Xenosure cardiac approval in December. We look forward to launching one of our most important products in the number two medical device market. We should begin selling Xenosure in H2. As for Europe, in December we leased a Swiss office and we plan to begin shipping products to Swiss hospitals in June. Shipping from this office should reduce customs complexity and help increase sales. Switzerland is Lomate's sixth largest European subsidiary, and this will be our sixth European office. We also continue to push forward with GoDirect projects in Portugal and Czechia, where we believe direct-to-hospital sales will begin in H2. Both countries utilize the CE mark and are members of the EU. Poland might be a next logical step. Turning to regulatory, we've now received 16 of our 23 MDR CE marks. The seven remaining MDRs should be received in 2025. One of these approvals is Artographed, our largest U.S. product, which we believe will receive its inaugural CRA mark in H1. We've already received Artographed approvals in New Zealand, South Africa, Thailand, and Malaysia, and we expect to receive approvals in Australia, Canada, Singapore, and Korea by H1 2026. Also, the Irish and German RestoreFlow Allograft approvals are in process. and we anticipate at least one approval in 2025. These approvals will expedite approvals in other European countries. I'd like to thank JJ Pellegrino for his exceptional service to LaMate Vascular. This is a bittersweet moment for all of us LaMaters. We're happy to watch JJ begin to enjoy retirement, but we'll miss him. For the last 19 years, we've been able to enjoy his smarts, honesty, humor, and warmth. JJ has been one of the key architects of LaMate's success and will continue on as a board director for the foreseeable future. As the saying goes, when one door closes, another door opens. Dorian LeBlanc will step in as our new CFO starting March 10th. Dorian has previously served as CFO at Lumira DX and VP of Finance at Allure, and we're excited to welcome him. With that, I'll turn the call over to JJ for the 73rd and final time.