LeMaitre Q4 2025 Financial Results

BURLINGTON, Mass., Feb. 25, 2026 (GLOBE NEWSWIRE) -- LeMaitre Vascular, Inc. (NASDAQ:LMAT), a provider of vascular devices, implants, and services, today reported Q4 2025 results, announced a quarterly dividend of $0.25/share (+25%), and provided guidance.

Q4 2025:

• Sales $64.5mm, +16% (+15% organic) vs. Q4 2024
• Gross margin 71.7% (+240 bps)
• Op. income $18.8mm (+47%)
• Op. margin 29%
• Diluted EPS $0.68 (+39%)
• Cash up $16.1mm sequentially to $359.1mm
  
  
  
  

Grafts (+27%), valvulotomes (+20%), and carotid shunts (+18%) drove Q4 sales growth. EMEA sales increased 29%, APAC 20%, and the Americas 10%.

Gross margin of 71.7% (+240 bps) increased due to higher average selling prices and manufacturing efficiencies. Operating income of $18.8mm (+47%) also benefited from moderate operating expense growth (+6%).

Chairman/CEO George LeMaitre said, "International Artegraft growth, higher ASPs and disciplined spending produced 16% Q4 sales growth and 47% op. income growth. Full year 2025 showed similar op. leverage: 14% sales growth & 30% op. income growth. 2026 guidance of $280mm (+12%) in sales and op. income of $77.8mm (+21% adjusted) suggests another year of healthy sales & profit growth."

Business Outlook

	Q1 2026 Guidance	Full Year Guidance
Sales	$65.6mm - $67.6mm (Mid: $66.6mm, +11%, +10% Org.)	$276mm - $284mm (Mid: $280mm, +12%, +12% Org.)
Gross Margin	72.1%	72.1%
Op. Income	$16.7mm - $18.1mm (Mid: $17.4mm, +38%)	$75.0mm - $80.7mm (Mid: $77.8mm, +15%, adj. +21%)
Op. Margin (Mid)	26%	28%
EPS	$0.64 - $0.69 (Mid: $0.66, +38%)	$2.81 - $3.01 (Mid: $2.91, +16%, adj. +22%)

Quarterly Dividend

On February 19, 2026, the Company's Board of Directors approved a 25% increase to the quarterly dividend to $0.25/share of common stock. The dividend will be paid on March 26, 2026, to stockholders of record on March 12, 2026.

Share Repurchase Program

On February 19, 2026, the Company's Board of Directors authorized the repurchase of up to $100.0mm of the Company's common stock. The repurchase program may be suspended or discontinued at any time and will conclude on February 18, 2027, 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" or "adjusted." 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 percentages for operating income and EPS guidance adjusted to exclude the effects of the employee retention tax credit received in 2025. Management believes that viewing projected growth in operating income and EPS excluding those effects provides an alternative and meaningful view of the Company's projected 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, our ability to maintain historic levels of profit growth; our ability to increase the selling prices of our products; competition from other medical device companies and alternative medical technologies; our ability to source, acquire, and integrate acquisitions; our dependence on sole- or limited-source suppliers; our ability to engage sales call points other than vascular surgeons; disruptions to our information technology systems or breaches of our information security systems; our implementation of our new enterprise resource planning system; 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 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.

CONTACT: 

Gregory Manker

Director of Business Development and Investor Relations

+1 781-362-1260 x 419

[email protected]

LEMAITRE VASCULAR, INC. (NASDAQ:LMAT)
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
			December 31, 2025				December 31, 2024
			(unaudited)
Assets
Current assets:
	Cash and cash equivalents		$	28,244			$	25,610
	Short-term marketable securities			330,876				274,112
	Accounts receivable, net			33,610				30,063
	Inventory and other deferred costs			70,422				64,927
	Prepaid expenses and other current assets			5,080				7,480
Total current assets				468,232				402,192
Property and equipment, net				26,997				24,800
Right-of-use leased assets				15,762				16,768
Goodwill				65,945				65,945
Other intangibles, net				33,089				35,819
Deferred tax assets				759				1,425
Other assets				4,906				4,868
Total assets			$	615,690			$	551,817
Liabilities and stockholders' equity
Current liabilities:
	Accounts payable		$	3,646			$	1,761
	Accrued expenses			29,411				24,732
	Acquisition-related obligations			322				1,433
	Lease liabilities - short-term			2,944				2,681
Total current liabilities				36,323				30,607
Convertible senior notes, net				168,645				167,772
Lease liabilities - long-term				14,003				15,232
Deferred tax liabilities				1,735				85
Other long-term liabilities				1,468				831
Total liabilities				222,174				214,527
Stockholders' equity
	Common stock			244				242
	Additional paid-in capital			228,407				213,760
	Retained earnings			184,715				145,090
	Accumulated other comprehensive loss			(2,411	)			(6,184	)
	Treasury stock			(17,439	)			(15,618	)
Total stockholders' equity				393,516				337,290
Total liabilities and stockholders' equity			$	615,690			$	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 year ended
		December 31, 2025				December 31, 2024				December 31, 2025				December 31, 2024
Net sales		$	64,453			$	55,717			$	249,602			$	219,863
Cost of sales			18,263				17,127				71,063				68,962
Gross profit			46,190				38,590				178,539				150,901
Operating expenses:
	Sales and marketing		13,434				12,626				54,464				46,737
	General and administrative		10,391				9,492				42,024				36,258
	Research and development		3,533				3,618				14,139				15,650
Total operating expenses			27,358				25,736				110,627				98,645
Income from operations			18,832				12,854				67,912				52,256
Other income (expense):
	Investment income		3,347				1,610				13,094				4,949
	Interest expense		(1,298	)			(205	)			(5,184	)			(205	)
	Other income (loss), net		(581	)			(238	)			(638	)			(125	)
Income before income taxes			20,300				14,021				75,184				56,875
Provision for income taxes			4,718				2,837				17,450				12,837
Net income		$	15,582			$	11,184			$	57,734			$	44,038
Earnings per share of common stock
	Basic	$	0.69			$	0.50			$	2.55			$	1.96
	Diluted	$	0.68			$	0.49			$	2.52			$	1.93
Weighted - average shares outstanding:
	Basic		22,708				22,506				22,638				22,452
	Diluted		22,968				22,902				22,929				22,779
Cash dividends declared per common share		$	0.20			$	0.16			$	0.80			$	0.64

LEMAITRE VASCULAR, INC. (NASDAQ:LMAT)
SELECTED NET SALES INFORMATION
(amounts in thousands)
(unaudited)
		For the three months ended												For the year ended
		December 31, 2025						December 31, 2024						December 31, 2025						December 31, 2024
		$			%			$			%			$			%			$			%
Net Sales by Geography
	Americas	$	40,169		62	%		$	36,629		66	%		$	159,665		64	%		$	144,583		66	%
	Europe, Middle East and Africa		19,691		31	%			15,275		27	%			73,122		29	%			59,969		27	%
	Asia Pacific		4,593		7	%			3,813		7	%			16,815		7	%			15,311		7	%
Total Net Sales		$	64,453		100	%		$	55,717		100	%		$	249,602		100	%		$	219,863		100	%

LEMAITRE VASCULAR, INC (NASDAQ:LMAT)
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(amounts in thousands)
(unaudited)
			For the three months ended								For the year ended
			December 31, 2025				December 31, 2024				December 31, 2025				December 31, 2024
Reconciliation between GAAP and Non-GAAP Adjusted EBITDA
	Net income as reported		$	15,582			$	11,184			$	57,734			$	44,038
	Employee retention tax credit, net			-				-				(3,380	)			-
	Interest (income) expense, net			(2,049	)			(1,405	)			(7,910	)			(4,744	)
	Amortization and depreciation expense			2,606				2,416				10,418				9,608
	Provision for income taxes			4,718				2,837				17,450				12,837
	Adjusted EBITDA		$	20,857			$	15,032			$	74,312			$	61,739
	Adjusted EBITDA percentage increase			39	%							20	%

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 December 31, 2025
		Net sales as reported		$	64,453
		Impact of currency exchange rate fluctuations			(1,442	)
		Adjusted net sales						$	63,011
	For the three months ended December 31, 2024
		Net sales as reported		$	55,717
		Net impact of divestitures excluding currency			(988	)
		Adjusted net sales						$	54,729
		Adjusted net sales increase for the three months ended December 31, 2025						$	8,282			15	%
Reconciliation between GAAP and Non-GAAP sales growth:
	For the year ended December 31, 2025
		Net sales as reported		$	249,602
		Impact of currency exchange rate fluctuations			(2,724	)
		Adjusted net sales						$	246,878
	For the year ended December 31, 2024
		Net sales as reported		$	219,863
		Net impact of divestitures excluding currency			(3,263	)
		Adjusted net sales						$	216,600
		Adjusted net sales increase for the year ended December 31, 2025						$	30,278			14	%
Reconciliation between GAAP and Non-GAAP projected sales growth:
	For the three months ending March 31, 2026
		Net sales per guidance (midpoint)		$	66,636
		Impact of currency exchange rate fluctuations			(2,318	)
		Adjusted projected net sales						$	64,318
	For the three months ended March 31, 2025
		Net sales as reported		$	59,871
		Net impact of divestitures excluding currency			(1,475	)
		Adjusted net sales						$	58,396
		Adjusted projected net sales increase for the three months ending March 31, 2026						$	5,922			10	%
Reconciliation between GAAP and Non-GAAP projected sales growth:
	For the year ending December 31, 2026
		Net sales per guidance (midpoint)		$	279,986
		Impact of currency exchange rate fluctuations			(3,550	)
		Adjusted projected net sales						$	276,436
	For the year ended December 31, 2025
		Net sales as reported		$	249,602
		Net impact of divestitures excluding currency			(1,839	)
		Adjusted net sales						$	247,763
		Adjusted projected net sales increase for the year ending December 31, 2026						$	28,673			12	%
Reconciliation between GAAP and Non-GAAP earnings per share growth:
	For the year ended December 31, 2025
		Earnings per share as reported		$	2.52
		Impact of employee retention credit			(0.14	)
		Adjusted earnings per share						$	2.38
	For the year ended December 31, 2024
		Earnings per share as reported		$	1.93
		Adjusted earnings per share						$	1.93
		Adjusted earnings per share increase for the year ended December 31, 2025						$	0.45			23	%

LEMAITRE VASCULAR, INC. (NASDAQ:LMAT)
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
FULL YEAR GUIDANCE
(amounts in thousands, except per share amounts)
(unaudited)
		For the twelve months ended
		Full Year Guidance December 31, 2026				Full Year December 31, 2025				ERTC Adjustment				Adjusted (Non-GAAP) December 31, 2025			Adjusted Inc/(dec)
Net sales		$	279,986			$	249,602			$	-			$	249,602
Gross margin			72.1	%			71.5	%			-1.1	%			70.4	%
Income from operations		$	77,837			$	67,912			$	(3,380	)		$	64,532		21	%
Operating margin			28	%			27	%			-1	%			26	%
Earnings per share of common stock
	Diluted	$	2.91			$	2.52			$	(0.14	)		$	2.38		22	%