UPDATE: Canaccord Genuity Lowers LeMaitre Vascular's PT

According to a research report published this morning, Canaccord Genuity has decreased LeMaitre Vascular's LMAT PT from $7.50 to $7.00. In the report, Canaccord Genuity said, "Q1 results were mixed. Revenue beat expectations, while operating income was lower than expected owing to weak gross margin as LMAT is still working through manufacturing inefficiencies with AlboGraft. Revenue guidance was lowered by $500K due to AlboGraft being off the market in UK and France. Encouragingly, the quarter was clean on the P&L– there were no restructuring/impairment charges – as the company has completed its key strategic initiatives that began in 2011." Canaccord Genuity maintains its Buy rating on LeMaitre Vascular, which closed yesterday at $5.35.