LeMaitre Q3 2025 Financial Results

BURLINGTON, Mass., Nov. 06, 2025 (GLOBE NEWSWIRE) -- LeMaitre Vascular, Inc. (NASDAQ:LMAT), a provider of vascular devices, implants, and services, today reported Q3 2025 results, announced a quarterly dividend of $0.20/share, and provided guidance.

Q3 2025 results include a non-recurring benefit from the Employee Retention Tax Credit. Non-GAAP adjusted figures exclude this benefit. A reconciliation of GAAP to non-GAAP results is included.

Q3 2025:

• Sales $61.0mm, +11% (+12% organic)
  
  
• Gross margin 75.3% (+750 bps), adjusted 70.8% (+300 bps)
• Op. income $20.3mm (+54%), adjusted $16.9mm (+29%)
• Op. margin 33%, adjusted 28%
• Diluted EPS $0.75 (+54%), adjusted $0.62 (+27%)
• Cash up $23.6mm sequentially to $343.1mm

Grafts (+23%) and Shunts (+18%) drove Q3 sales growth. Artegraft (+33%) growth accelerated due to the international launch. EMEA sales increased 18%, Americas 10%, and APAC 4%.

Adjusted gross margin of 70.8% (vs. 67.8% in Q3 2024) increased due to higher average selling prices and manufacturing efficiencies. Adjusted operating income of $16.9mm (+29%) benefited from moderating operating expenses. Headcount was 633 at 9/30/2025 vs. 637 at 9/30/2024.

Chairman/CEO George LeMaitre said, "2025 is shaping up to be another year of healthy sales and profit growth, and Artegraft's international launch is ahead of plan. We continue to make investments in our sales force, new international offices, and regulatory approvals. We have increased our bottom-line guidance."

Business Outlook

	Q4 2025 Guidance		Full Year Guidance
Sales	$61.8mm - $63.8mm (Mid: $62.8mm, +13%, +13% Org.)		$247mm - $249mm (Mid: $248mm, +13%, +13% Org.)
Gross Margin	71.2%		71.4% (Adjusted: 70.3%)
Op. Income	$17.3mm - $18.7mm (Mid: $18.0mm, +40%)		$66.4mm - $67.8mm (Mid: $67.1mm, +28%) (Adjusted Mid: $63.7mm, +22%)
Op. Margin (Mid)	29%		27% (Adjusted: 26%)
EPS	$0.64 - $0.69 (Mid: $0.67, +36%)		$2.48 - $2.53 (Mid: $2.51, +30%) (Adjusted Mid: $2.37, +22%)

Quarterly Dividend

On October 27, 2025, the Company's Board of Directors approved a quarterly dividend of $0.20/share of common stock. The dividend will be paid on December 4, 2025, to stockholders of record on November 20, 2025.

Share Repurchase Program

On February 18, 2025, the Company's Board of Directors authorized the repurchase of up to $75.0mm of the Company's common stock. The repurchase program may be suspended or discontinued at any time and will conclude on February 17, 2026, unless extended by the Board.

Conference Call Reminder

Management will conduct a conference call at 5:00pm ET today. The conference call will be broadcast live over the Internet. Individuals interested in listening to the webcast can log on to the Company's website at www.lemaitre.com/investor. Access to the live call is available by registering online here. All registrants will receive dial-in information and a PIN allowing them to access the live call. The audio webcast can also be accessed live or via replay through a webcast at www.lemaitre.com/investor. For individuals unable to join the live conference call, a replay will be available on the Company's website.

  

A reconciliation of GAAP to non-GAAP results is included in the tables attached to this release.

About LeMaitre

LeMaitre is a provider of devices, implants, and services for the treatment of peripheral vascular disease, a condition that affects more than 200 million people worldwide. The Company develops, manufactures, and markets disposable and implantable vascular devices to address the needs of its core customer, the vascular surgeon.

LeMaitre is a registered trademark of LeMaitre Vascular, Inc. This press release may include other trademarks and trade names of the Company.

For more information about the Company, please visit www.lemaitre.com.

Use of Non-GAAP Financial Measures

LeMaitre management believes that in order to better understand the Company's short- and long-term financial trends, investors may wish to consider certain non-GAAP financial measures as a supplement to financial performance measures prepared in accordance with GAAP. Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and do not have standardized meanings. These non-GAAP measures result from facts and circumstances that may vary in frequency and/or impact on continuing operations. Non-GAAP measures should be considered in addition to, and not as a substitute for, GAAP financial performance measures. In addition to the description provided below, reconciliation of GAAP to non-GAAP results is provided in the financial statement tables included in this press release.

In this press release, the Company has reported non-GAAP sales growth percentages after adjusting for the impact of foreign currency exchange, business development transactions, and/or other events. The Company refers to the calculation of non-GAAP sales growth percentages as "organic." The Company analyzes non-GAAP sales on a constant currency basis, net of acquisitions and other non-recurring events. Because changes in foreign currency exchange rates have a non-operating impact on net sales, and acquisitions, divestitures, product discontinuations, factory closures, and other strategic transactions are episodic in nature and are highly variable to the reported sales results, the Company believes that evaluating growth in sales on a constant currency basis net of such transactions provides an additional and meaningful assessment of sales to management. Additionally, the Company has provided figures for adjusted gross margin, adjusted operating income, adjusted operating margin and adjusted EPS in this press release. Management believes that use of these non-GAAP profitability metrics allows the Company to better measure the comparability of results between periods. The Company believes that the presentation of guidance described above for sales, operating income, and EPS provides an alternative and meaningful view of the Company's profitability.

Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures set forth in the tables captioned "Reconciliation of GAAP to Non-GAAP Financial Measures" below.

Forward-Looking Statements

The Company's current financial results, as discussed in this release, are preliminary and unaudited, and subject to adjustment. This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Statements in this press release regarding the Company's business that are not historical facts may be "forward-looking statements" that involve risks and uncertainties. Forward-looking statements are based on management's current, preliminary expectations and are subject to risks and uncertainties that could cause actual results to differ from the results expected, including, but not limited to, competition from other medical device companies and alternative medical technologies; our ability to source, acquire, and integrate acquisitions; our ability to increase the selling prices of our products; our ability to maintain historic levels of profit growth; our dependence on sole- or limited-source suppliers; our implementation of our new enterprise resource planning system; disruptions to our information technology systems or breaches of our information security systems; our ability to engage sales call points other than vascular surgeons; our ability to procure, process, and preserve human tissue and comply with relevant regulatory requirements; the impact of a disruption in our manufacturing facilities; our ability to navigate the risks inherent in operating internationally; our ability to transition to direct sales models in certain international territories; the status of our regulatory approvals and compliance with regulatory requirements to market and sell our products both domestically and internationally; the occurrence of litigation relating to product liability, employment matters, intellectual property, contract disputes, and other commercial matters; the occurrence of product defects or recalls; our ability to service and repurchase our debt; the dilutive effect of a conversion of our debt; our ability to navigate executive officer transitions and retain key personnel; our ability to protect our intellectual property; volatility in the price of our common stock; and other risks and uncertainties included under the heading "Risk Factors" in our most recent Annual Report on Form 10-K, as updated by our subsequent filings with the SEC, which are all available on the Company's investor relations website at http://www.lemaitre.com and on the SEC's website at http://www.sec.gov. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date they were made, or to reflect the occurrence of unanticipated events.

LEMAITRE VASCULAR, INC. (NASDAQ:LMAT)
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
			September 30, 2025				December 31, 2024
			(unaudited)
Assets
Current assets:
	Cash and cash equivalents		$	25,494			$	25,610
	Short-term marketable securities			317,561				274,112
	Accounts receivable, net			32,416				30,063
	Inventory and other deferred costs			70,793				64,927
	Prepaid expenses and other current assets			5,761				7,480
Total current assets				452,025				402,192
Property and equipment, net				26,464				24,800
Right-of-use leased assets				16,040				16,768
Goodwill				65,945				65,945
Other intangibles, net				31,711				35,819
Deferred tax assets				854				1,425
Other assets				5,030				4,868
Total assets			$	598,069			$	551,817
Liabilities and stockholders' equity
Current liabilities:
	Accounts payable		$	3,465			$	1,761
	Accrued expenses			26,933				24,732
	Acquisition-related obligations			95				1,433
	Lease liabilities - short-term			2,794				2,681
Total current liabilities				33,287				30,607
Convertible senior notes, net				168,424				167,772
Lease liabilities - long-term				14,414				15,232
Deferred tax liabilities				2,088				85
Other long-term liabilities				933				831
Total liabilities				219,146				214,527
Stockholders' equity
	Common stock			243				242
	Additional paid-in capital			224,145				213,760
	Retained earnings			173,670				145,090
	Accumulated other comprehensive loss			(2,912	)			(6,184	)
	Treasury stock			(16,223	)			(15,618	)
Total stockholders' equity				378,923				337,290
Total liabilities and stockholders' equity			$	598,069			$	551,817

LEMAITRE VASCULAR, INC. (NASDAQ:LMAT)
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(amounts in thousands, except per share amounts)
(unaudited)
		For the three months ended							For the nine months ended
		September 30, 2025				September 30, 2024			September 30, 2025				September 30, 2024
Net sales		$	61,046			$	54,819		$	185,149			$	164,146
Cost of sales			15,091				17,641			52,800				51,835
Gross profit			45,955				37,178			132,349				112,311
Operating expenses:
	Sales and marketing		11,923				11,441			41,030				34,111
	General and administrative		10,750				8,933			31,633				26,766
	Research and development		2,970				3,656			10,606				12,032
Total operating expenses			25,643				24,030			83,269				72,909
Income from operations			20,312				13,148			49,080				39,402
Other income (expense):
	Interest income		3,864				1,201			9,747				3,339
	Interest expense		(1,297	)			-			(3,886	)			-
	Other income (loss), net		(306	)			202			(57	)			113
Income before income taxes			22,573				14,551			54,884				42,854
Provision for income taxes			5,211				3,410			12,732				10,000
Net income		$	17,362			$	11,141		$	42,152			$	32,854
Earnings per share of common stock
	Basic	$	0.77			$	0.50		$	1.86			$	1.46
	Diluted	$	0.75			$	0.49		$	1.84			$	1.45
Weighted - average shares outstanding:
	Basic		22,660				22,476			22,615				22,433
	Diluted		24,392				22,836			22,915				22,723
Cash dividends declared per common share		$	0.20			$	0.16		$	0.60			$	0.48

LEMAITRE VASCULAR, INC. (NASDAQ:LMAT)
SELECTED NET SALES INFORMATION
(amounts in thousands)
(unaudited)
		For the three months ended												For the nine months ended
		September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
		$			%			$			%			$			%			$			%
Net Sales by Geography
	Americas	$	39,218		64	%		$	35,802		65	%		$	119,496		64	%		$	107,954		66	%
	Europe, Middle East and Africa		17,631		29	%			15,001		28	%			53,431		29	%			44,694		27	%
	Asia Pacific		4,197		7	%			4,016		7	%			12,222		7	%			11,498		7	%
Total Net Sales		$	61,046		100	%		$	54,819		100	%		$	185,149		100	%		$	164,146		100	%

LEMAITRE VASCULAR, INC. (NASDAQ:LMAT)
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
ADJUSTED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - SELECTED INFORMATION
(amounts in thousands, except per share amounts)
(unaudited)
		For the three months ended
		Reported				ERTC				Adjusted (Non-GAAP)
		September 30, 2025				Adjustment				September 30, 2025
Net sales		$	61,046			$	-			$	61,046
Cost of sales			15,091				2,713				17,804
Gross profit			45,955				(2,713	)			43,242
Gross margin			75.3	%							70.8	%

LEMAITRE VASCULAR, INC. (NASDAQ:LMAT)
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
ADJUSTED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - SELECTED INFORMATION
(amounts in thousands, except per share amounts)
(unaudited)
		For the three months ended
		Reported		ERTC		Adjusted (Non-GAAP)
		September 30, 2025		Adjustment		September 30, 2025
Total operating expenses		25,643		667		26,310

LEMAITRE VASCULAR, INC. (NASDAQ:LMAT)
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
ADJUSTED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - SELECTED INFORMATION
(amounts in thousands, except per share amounts)
(unaudited)
		For the three months ended
		Reported				ERTC				Adjusted (Non-GAAP)
		September 30, 2025				Adjustment				September 30, 2025
Income from operations			20,312				(3,380	)			16,932
Operating margin			33	%							28	%
Other income, net			2,261				(691	)			1,570
Income before income taxes			22,573				(4,071	)			18,502
Provision for income taxes			5,211				(885	)			4,326
Net income		$	17,362			$	(3,186	)		$	14,176

LEMAITRE VASCULAR, INC. (NASDAQ:LMAT)
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
ADJUSTED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - SELECTED INFORMATION
(amounts in thousands, except per share amounts)
(unaudited)
		For the three months ended
		Reported			ERTC				Adjusted (Non-GAAP)
		September 30, 2025			Adjustment				September 30, 2025
Earnings per share of common stock
	Basic	$	0.77		$	(0.14	)		$	0.63
	Diluted	$	0.75		$	(0.13	)		$	0.62

LEMAITRE VASCULAR, INC. (NASDAQ:LMAT)
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
ADJUSTED FULL YEAR GUIDANCE
(amounts in thousands, except per share amounts)
(unaudited)
		For the twelve months ended
		Full Year Guidance				ERTC				Adjusted (Non-GAAP)
		December 31, 2025				Adjustment				December 31, 2025
Net sales		$	248,000			$	-			$	248,000
Gross margin			71.4	%			-1.1	%			70.3	%
Income from operations		$	67,100			$	(3,380	)		$	63,720
Operating margin			27	%			-1	%			26	%
Earnings per share of common stock
	Diluted	$	2.51			$	(0.14	)		$	2.37

LEMAITRE VASCULAR, INC (NASDAQ:LMAT)
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(amounts in thousands)
(unaudited)
				For the three months ended								For the nine months ended
				September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Reconciliation between GAAP and Non-GAAP Adjusted EBITDA
	Net income as reported			$	17,362			$	11,141			$	42,152			$	32,854
	Employee retention tax credit, net				(3,380	)			-				(3,380	)			-
	Interest (income) expense, net				(2,567	)			(1,201	)			(5,861	)			(3,339	)
	Amortization and depreciation expense				2,612				2,426				7,812				7,192
	Provision for income taxes				5,211				3,410				12,732				10,000
	Adjusted EBITDA			$	19,238			$	15,776			$	53,455			$	46,707
	Adjusted EBITDA percentage increase								22	%							14	%

LEMAITRE VASCULAR, INC. (NASDAQ:LMAT)
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(amounts in thousands)
(unaudited)
Reconciliation between GAAP and Non-GAAP sales growth:
	For the three months ended September 30, 2025
		Net sales as reported		$	61,046
		Impact of currency exchange rate fluctuations			(950	)
		Adjusted net sales						$	60,096
	For the three months ended September 30, 2024
		Net sales as reported		$	54,819
		Net impact of divestitures excluding currency			(1,316	)
		Adjusted net sales						$	53,503
		Adjusted net sales increase for the three months ended September 30, 2025						$	6,593		12	%
Reconciliation between GAAP and Non-GAAP projected sales growth:
	For the three months ending December 31, 2025
		Net sales per guidance (midpoint)		$	62,800
		Impact of currency exchange rate fluctuations			(1,231	)
		Adjusted projected net sales						$	61,569
	For the three months ended December 31, 2024
		Net sales as reported		$	55,717
		Net impact of divestitures excluding currency			(989	)
		Adjusted net sales						$	54,728
		Adjusted projected net sales increase for the three months ending December 31, 2025						$	6,841		13	%
Reconciliation between GAAP and Non-GAAP projected sales growth:
	For the year ending December 31, 2025
		Net sales per guidance (midpoint)		$	248,000
		Impact of currency exchange rate fluctuations			(2,466	)
		Adjusted projected net sales						$	245,534
	For the year ended December 31, 2024
		Net sales as reported		$	219,863
		Net impact of divestitures excluding currency			(3,265	)
		Adjusted net sales						$	216,598
		Adjusted projected net sales increase for the year ending December 31, 2025						$	28,936		13	%

CONTACT: 
Gregory Manker
Director of Business Development and Investor Relations
+1 781-362-1260 x 419
[email protected]