Lemaitre Vascular (LMAT) FY2021 results: revenue $154 million, up 19.4% on the year

Lemaitre Vascular Inc. (LMAT) reported revenue of $154 million for fiscal 2021, the year ended 31 December 2021, up 19.4% on the year before. Net income was $27 million, up 26.8%, and diluted earnings per share $1.25. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2022.

Revenue

$154 million

+19.4% on the year

FY2014FY2021

Operating margin

23.6%

22.3% a year earlier

FY2014FY2021

Net income

$27 million

+26.8% on the year

FY2014FY2021

Diluted EPS

$1.25

+20.2% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	154	129	117	+19.4%
Cost of revenue	53.0	44.7	37.4	+18.5%
Gross profit	101	84.6	79.9	+19.8%
Gross margin	65.7%	65.4%	68.1%
Research and development	11.8	10.1	9.3	+16.9%
Operating income	36.4	28.8	21.2	+26.5%
Operating margin	23.6%	22.3%	18.1%
Interest expense	2.2	1.3	0.0	+69.4%
Pre-tax income	34.3	27.4	21.7	+25.3%
Income tax	7.4	6.1	3.7	+20.3%
Effective tax rate	21.5%	22.4%	17.3%
Net income	26.9	21.2	17.9	+26.8%
Net margin	17.4%	16.4%	15.3%
Diluted EPS	$1.25	$1.04	$0.88	+20.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	35.1	34.8	14.2	+0.9%
Capital expenditure	4.9	3.0	3.8	+63.7%
Free cash flow	30.2	31.8	10.4	-5.0%
Free cash flow margin	19.6%	24.6%	8.9%
Cash from investing	-61.1	-52.9	-24.1
Cash from financing	13.7	32.2	-4.6	-57.4%
Depreciation and amortisation	11.1	8.4	5.4	+31.9%
Share-based compensation	3.5	3.0	2.6	+15.1%
Buybacks	0.8	0.6	0.7	+40.7%
Dividends paid	9.3	7.7	6.7	+21.3%
Dividend per share	$0.44	$0.38	$0.34	+15.8%
Diluted shares, weighted	21m	20m	20m	+4.9%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	254	173	148	+47.3%
Debt	0.0	38.0	0.0
Operating lease liabilities	14.1	14.8	14.0	-4.9%
Other liabilities	24.6	27.4	26.2	-10.3%
Total liabilities and equity	293	253	188	+15.8%
Fixed assets	17.1	15.0	14.9	+13.5%
Goodwill	65.9	65.9	40.0	0.0%
Intangible assets	52.7	58.9	24.9	-10.5%
Investments	56.1	0.2	20.9	+26,116.8%
Cash and equivalents	13.9	26.8	11.8	-48.2%
Receivables	19.6	19.6	16.6	+0.4%
Other assets	67.5	66.4	59.4	+1.7%
Total assets	293	253	188	+15.8%

10-K for the year ended 31 December 2021, filed 28 February 2022: the filing.