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 MankerDirector 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
