lmat20250331

lmat20250331_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number 001-33092

LEMAITRE VASCULAR, INC.

(Exact name of registrant as specified in its charter)

Delaware

04-2825458

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

63 Second Avenue, Burlington, Massachusetts	01803
(Address of principal executive offices)	(Zip Code)

(781) 221-2266

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which

registered

Common stock, $0.01 par value per share

LMAT

The Nasdaq Global Market

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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company “in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 6, 2025, the registrant had 22,594,362 shares of common stock, par value $.01 per share, outstanding.

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LEMAITRE VASCULAR

FORM 10-Q

TABLE OF CONTENTS

			Page

Part I.	Financial Information:		4

	Item 1.	Financial Statements	4

		Consolidated Balance Sheets as of March 31, 2025 (unaudited) and December 31, 2024	4

		Unaudited Consolidated Statements of Operations for the three-month periods ended March 31, 2025 and 2024	5

		Unaudited Consolidated Statements of Comprehensive Income for the three-month periods ended March 31, 2025 and 2024	6

		Unaudited Consolidated Statements of Stockholders’ Equity for the three-month periods ended March 31, 2025 and 2024	7

		Unaudited Consolidated Statements of Cash Flows for the three-month periods ended March 31, 2025 and 2024	8

		Notes to Unaudited Consolidated Financial Statements	9

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20

	Item 3.	Quantitative and Qualitative Disclosure about Market Risk	28

	Item 4.	Controls and Procedures	28

Part II.	Other Information:		30

	Item 1.	Legal Proceedings	30

	Item 1A.	Risk Factors	30

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	30

	Item 5.	Other Information	31

	Item 6.	Exhibits	32

	Signatures		33

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Part I. Financial Information

Item 1. Financial Statements

LeMaitre Vascular, Inc.

Consolidated Balance Sheets

	(unaudited)
	March 31,			December 31,
	2025			2024
	(in thousands, except share data)
Assets
Current assets:
Cash and cash equivalents	$	25,340		$	25,610
Short-term marketable securities		277,209			274,112
Accounts receivable, net of allowances of $1,429 at March 31, 2025 and $1,369 at December 31, 2024		35,112			30,063
Inventory and other deferred costs		65,906			64,927
Prepaid expenses and other current assets		4,546			7,480
Total current assets		408,113			402,192

Property and equipment, net		25,106			24,800
Right-of-use leased assets		16,233			16,768
Goodwill		65,945			65,945
Other intangibles, net		34,399			35,819
Deferred tax assets		1,037			1,425
Other assets		5,173			4,868
Total assets	$	556,006		$	551,817

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	2,181		$	1,761
Accrued expenses		19,929			24,732
Acquisition-related obligations		-			1,433
Lease liabilities - short-term		2,635			2,681
Total current liabilities		24,745			30,607

Convertible senior notes, net		167,984			167,772
Lease liabilities - long-term		14,742			15,232
Deferred tax liabilities		88			85
Other long-term liabilities		875			831
Total liabilities		208,434			214,527

Stockholders’ equity:
Preferred stock, $0.01 par value; authorized 3,000,000 shares; none outstanding		-			-
Common stock, $0.01 par value; authorized 37,000,000 shares; issued 24,204,191 shares at March 31, 2025, and 24,153,165 shares at December 31, 2024		242			242
Additional paid-in capital		217,118			213,760
Retained earnings		151,584			145,090
Accumulated other comprehensive loss		(5,153	)		(6,184	)
Treasury stock, at cost; 1,609,890 shares at March 31, 2025 and 1,603,825 shares at December 31, 2024		(16,219	)		(15,618	)
Total stockholders’ equity		347,572			337,290
Total liabilities and stockholders’ equity	$	556,006		$	551,817

See accompanying notes to consolidated financial statements.

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LeMaitre Vascular, Inc.

Consolidated Statements of Operations

(unaudited)

	Three months ended
	March 31,
	2025			2024
	(in thousands, except per share data)

Net sales	$	59,871		$	53,478
Cost of sales		18,451			16,813

Gross profit		41,420			36,665

Sales and marketing		14,212			11,686
General and administrative		10,487			9,013
Research and development		4,095			4,092

Total operating expenses		28,794			24,791

Income from operations		12,626			11,874

Other income (expense):
Interest income		2,903			1,001
Interest expense		(1,290	)		-
Other income (loss), net		2			(78	)

Income before income taxes		14,241			12,797
Provision for income taxes		3,230			2,910

Net income	$	11,011		$	9,887

Earnings per share of common stock:
Basic	$	0.49		$	0.44
Diluted	$	0.48		$	0.44

Weighted-average shares outstanding:
Basic		22,570			22,365
Diluted		22,899			22,570

Cash dividends declared per common share	$	0.20		$	0.16

See accompanying notes to consolidated financial statements.

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LeMaitre Vascular, Inc.

Consolidated Statements of Comprehensive Income

(unaudited)

	Three months ended
	March 31,
	2025		2024
	(in thousands)
Net income	$	11,011	$	9,887
Other comprehensive income (loss):
Foreign currency translation adjustment, net		828		(831	)
Unrealized gain (loss) on short-term marketable securities		203		(102	)
Total other comprehensive income (loss)		1,031		(933	)

Comprehensive income	$	12,042	$	8,954

See accompanying notes to consolidated financial statements.

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LeMaitre Vascular, Inc.

Consolidated Statements of Stockholders’ Equity

(unaudited)

										Accumulated
					Additional					Other								Total
	Common Stock				Paid-in		Retained			Comprehensive			Treasury Stock					Stockholders’
	Shares		Amount		Capital		Earnings			Income (Loss)			Shares		Amount			Equity

Balance at December 31, 2024		24,153,165	$	242	$	213,760	$	145,090		$	(6,184	)		1,603,825	$	(15,618	)	$	337,290

Net income								11,011											11,011
Other comprehensive income (loss)											1,031								1,031
Issuance of common stock for stock options exercised		33,465		-		1,312													1,312
Vested restricted stock units		9,638		-															-
Vested performance-based restricted stock units		7,923		-															-
Repurchase of common stock for net settlement of equity awards														6,065		(601	)		(601	)
Stock-based compensation expense						2,046													2,046
Common stock dividend paid								(4,517	)										(4,517	)
Balance at March 31, 2025		24,204,191	$	242	$	217,118	$	151,584		$	(5,153	)		1,609,890	$	(16,219	)	$	347,572

									Accumulated
					Additional				Other								Total
	Common Stock				Paid-in		Retained		Comprehensive			Treasury Stock					Stockholders’
	Shares		Amount		Capital		Earnings		Income (Loss)			Shares		Amount			Equity

Balance at December 31, 2023		23,911,760	$	239	$	200,755	$	115,430	$	(4,625	)		1,584,512	$	(13,899	)	$	297,900

Net income								9,887										9,887
Other comprehensive income (loss)										(933	)							(933	)
Issuance of common stock for stock options exercised		107,930		1		3,985												3,986
Vested restricted stock units		9,547		-														-
Vested performance-based restricted stock units		7,063		-														-
Repurchase of common stock for net settlement of equity awards													5,850		(358	)		(358	)
Stock-based compensation expense						1,610

SEC Form 10-Q filed by LeMaitre Vascular Inc.