LeMaitre Vascular, Inc.

Welcome to the LeMaitre Vascular first quarter 2025 financial results conference call. As a reminder, today's call is being recorded. At this time, I would like to turn the call over to Mr. Dorian LeBlanc, Chief Financial Officer of LeMaitre Vascular. Please go ahead, sir.

Thank you, operator. Good afternoon, and thank you for joining us on our Q1 2025 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 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 these 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 May 1, 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 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 George Lemaitre.

Thanks, Dorian. Q1 sales were stronger than our February 27th guidance. 13% organic and 12% reported growth was led by graphs up 17% and carotid chunks up 14%. We posted sales records in all five of our categories, graphs, carotid chunks, catheters, valvetomes, and patches. By geography, EMEA was up 18%, the Americas 11%, and APAC 3%. I'll focus my remarks on three topics. First, the growth of our sales force. Second, our new international sales offices. And finally, our MDRCE marks. We currently have 164 reps on payroll, and we're now targeting 170 at year end. We also employ 34 sales managers versus 31 at our last earnings call. The sales force is our number one asset, so we continue to invest in reps, managers, and sales offices. Our new Alpine regional sales manager started on April 1 and will oversee seven sales reps in Switzerland, Austria, and Czechia. Shipping from our new Zurich office will reduce customs complexity for Swiss hospitals, and our direct offices almost always improve sales performance. Switzerland is Lomate's sixth largest European market. We expect to sign a transition agreement with our Czech distributor shortly and should log our first direct sale in August. And we are currently recruiting two Czech reps. As for Portugal, we hired our Lisbon rep on January 1st signed our distributor transition agreement on March 19th, and on May 1st became direct in Portugal. Also in Europe, we've just received our MDR CE mark for Artograph, and the European launch will begin presently. Artograph, a biologic graft used primarily in AV access and peripheral bypass, was the company's largest U.S. product in 2024 with $37 million in U.S. sales. At previous earnings calls, we've estimated Artograph's current market size to be about $8 million in Europe, and 8 million rest of world. We currently have autographed approvals in New Zealand, South Africa, Thailand, Israel, and Malaysia. We sold $180,000 of autographs internationally in Q1. We also expect to receive approvals in Australia, Canada, Singapore, and Korea by H1 2026. So this is an exciting worldwide launch with plenty of long run upside. Our New Jersey Artograph production facility is currently running a single shift and is capable of meeting this new demand. Separately, we continue to anticipate at least one RestoreFlow Allograft approval in 2025 from Ireland or Germany. As a reminder, Allografts require approval on a country-by-country basis. Approvals from either Ireland or Germany would then expedite our individual European country approvals. Anticipating the Irish approval, we'll be opening a pan-European RestoreFlow distribution facility in Dublin in H2. RestoreFlow is currently approved in the US, the UK, and Canada. Since the 2016 acquisition, RestoreFlow's sales CAGR has been 23%. In summary, Q1 sales momentum, our continued office and Salesforce build-out, and our regulatory progress allow us to increase our 2025 reported sales guidance to $245 million from 239 previously. And our organic sales guidance has advanced to 13% from 10% previously. $303 million of cash also provides strategic optionality. With that, I'll turn the call over to Dorian.