LeMaitre Vascular files for $69 million IPO

New York, April 25 - LeMaitre Vascular, Inc. is planning an initial public offering of up to $69 million of common stock, according to an S-1 filing with the Securities and Exchange Commission Tuesday.

Goldman, Sachs & Co. will be bookrunner for the offering with CIBC World Markets, Cowen & Co. and JMP Securities as co-managers.

LeMaitre, based in Burlington, Mass., is provider of innovative medical devices for the treatment of peripheral vascular disease. It makes both disposable and implantable vascular devices for use in arteries and veins outside the heart.

The company estimated the worldwide market for peripheral vascular devices at more than $3 billion including more than $500 million for its 10 current product lines.

IPO proceeds will be used to repay the company's outstanding bank debt - as of March 31 it had $1.09 million of revolver borrowings and a $0.97 million term note - with the remainder going to finance working capital needs, including hiring additional sales personnel, funding clinical studies and expanding manufacturing and research and development capabilities, and for general corporate purposes.

For the three months ending March 31, LeMaitre reported net income of $370,000 on net sales of $8.57 million. For 2005, net income was $55,000 on sales of $30.03 million.

George W. LeMaitre was the biggest shareholder with 39.4% of the stock at March 31, followed by Housatonic Partners of Boston with 14.3%, George D. LeMaitre at 6.3%, LeMaitre Family LLC at 6.2% and Cornelia LeMaitre at 5.2%, according to the SEC filing.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.