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| And I would say it feels good from all the stuff we read, we're not revealing what's going on in the business for the first eight weeks of the year, but it feels good from all the stuff we read that this “return to hospital of staff and patients seems to be stretching out into 2024, and we were happy to see it take place in 2023, and I feel like it really helped the business in 2023, so maybe more of the same procedure-wise |
| With respect to guidance, we are forecasting improved operating leverage in 2024, driven by restrained operating expense growth and an improved gross margin |
| Our allograft manufacturing team had a strong Q4 and quality costs remain in check |
| That's pretty strong growth |
| The return to hospital by staff and patients, ASP increases, ample product supply, and the growth of our sales force drove Q4 sales growth |
| This headcount control, along with our strong sales results and an improved gross margin led to a 19% operating margin in 2023 versus 17% in 2022 |
| And so we're in a very, very happy time, in my opinion, in the sales force |
| But -- so I guess for 2024, we're sensing solid pricing and mainly solid volume and tight expense control remain key priorities for you guys |
| Q4 2023 operating income increased 46% year-over-year to $10.2 million, driven by higher sales and an improved gross margin |
| Q4 was an excellent quarter with 19% sales growth, a 68.1% gross margin, and 46% op income growth |
| We're always three or four points better than our Massachusetts manufacturing colleague companies or peer companies, but major decrease in turnover |
| Both figures exceeded expectations |
| Our Chinese team is also performing well and grew 40% last year |
| 2023 was an excellent year |
| Our growing profitability and cash on hand provides safety and strategic optionality |
| To conclude, 19% sales growth and a gross margin recovery produced 46% op income growth in Q4 |
| This increase was driven by higher ASPs, productivity improvements and a weaker dollar |
| And notably with the sales force, one thing to further mention, Suraj, specifically, remember last year we had this massive surge in procedures and we grew organically 17% |
| And the ASPs, you've heard us talk about those and it was a really healthy ASP year this year |
| And then RestoreFlow had some really nice operational results on the sort of processing side as of late |
| Cash generation has been very healthy this year in 2022 and 2023 |
| This system should improve real-time reporting, streamlined financial processes and provide more sophisticated analytics |
| We posted $193 million in sales, an increase of 20% on a reported basis and 17% organically, while our operating income increased 37% on a reported basis |
| The operating margin in Q4 was 21%, up from 17% in the prior year period |
| And so to the extent that we can keep those quality costs in check, that will help the margin going forward as well |
| So obviously, it's been a while and the Artegraft deal has been successful, and I know Dave has been looking diligently |
| Very good |
| In retrospect, our manufacturing hiring surge was well timed with the global return to hospital |
| In Q4 2023, we posted a gross margin of 68.1%, up 450 basis points year-over-year |
| Yes, in the first half of the year, I feel like we got excited about the BEST-CLI study, as it relates to Valvulotome’s |
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| So there was a little bit of a retrenchment, I would say |
| I think our number was like 7.5% down from somewhere, I'm going to get it wrong, somewhere around 14% or 15% the year before |
| And then in 2023, we really slowed down a lot |
| And so as opposed to the Great Resignation, we're now into the Big Stay and LeMaitre experienced dramatically reduced turnover in last year |
| So I think we're seeing a little bit of operational leverage here |
| People are asking for more, they're never satisfied |
| We've built a couple of clean rooms in the last year or two, and those pieces come through in terms of depreciation and get us there and push the margin down a little bit |
| Notably, that was kind of the default answer this past year 2023 |
| And then what else would you like to know about what happens there? Suraj Kalia I was just curious in terms of -- I understand it's a normal process in the industry |
| So this is a considerable undertaking |
| Pellegrino I know that is the last long -- it really didn't |
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