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LeMaitre Vascular to Lay Off 10%; Will Seek New Money

LeMaitre Vascular
The EndoRE Remote endarterectomy device as shown on LeMaitre's website.

Despite posting record sales of $17.9 million in the fourth quarter of 2013, LeMaitre Vascular Inc. (Burlington, MA) has told the Securities and Exchange Commission (SEC) in its Form 8-K filing that it intends to lay off about 10% of its workforce, amounting to about 30 jobs.

The company has not made any public announcement regarding the layoffs; the only indication has been a statement buried in the Form 8-K. According to the SEC form, the company has embarked on a plan "intended to improve operational efficiencies." This will include a "reduction in force of approximately 10% of the workforce and other cost-cutting measures." The filing goes on to say that the layoffs will be implemented in the first quarter, and the company anticipates that they will cost between $200,000 and $400,000  to accomplish.

LeMaitre Vascular makes a variety of products for the treatment of peripheral vascular disease, including such devices as catheters, and patches and grafts.

In its annual report, the company said that profits for the three months ended December 31 were $746,000, or 5¢ per share. This was up 6.9% compared with the same period in 2012. Full-year profits rose 24.5%, to $3.2 million, or 20¢ per share. This was on sales of $64.5 million, for top-line growth of 13.8% over the 2012 figures.

Find out more about the medical device industry and medical device components at BIOMEDevice, March 26-27, 2014 in Boston.

In a separate press release, LeMaitre Vascular announced that it would be presenting at three investor conferences during March. The release says, "Management will provide an update on the company at all three conferences." Since they aren't likely to spend the time and money to make such presentations simply to tell the venture capital world how well they're doing, it seems a near certainty that they're looking for new investors.

According to the release, posted on The Wall Street Journal website, the company will first participate in the Cowen and Company Healthcare Conference at the Boston Marriott Copley Place in Boston, MA, on Monday, March 3. The second is the ROTH Conference at The Ritz-Carlton, Laguna Niguel in Dana Point, CA, on Monday, March 10. And the third presentation  is at the BTIG Medical Technology, Diagnostics, and Healthcare IT Conference at The Cliff Lodge in Snowbird, UT, on Tuesday, March 18.

Stephen Levy is a contributor to Qmed and MPMN.

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