LeMaitre Q2 2025 Financial Results

Rhea-AI Summary

LeMaitre Vascular (Nasdaq: LMAT) reported strong Q2 2025 financial results with sales reaching $64.2 million, up 15% year-over-year. The company achieved notable performance metrics including a gross margin of 70.0% (up 110 bps), operating income of $16.1 million (up 12%), and earnings per diluted share of $0.60 (up 16%).

Growth was driven by strong performance in catheters (+27%) and grafts (+19%), with robust regional sales increases in EMEA (23%), Americas (12%), and APAC (12%). The company raised its 2025 guidance, announced a $0.20 quarterly dividend, and maintains an active $75.0 million share repurchase program through February 2026.

Positive

• Sales grew 15% to $64.2M with strong organic growth
• Gross margin improved 110 basis points to 70.0%
• Operating income increased 12% to $16.1M
• EPS grew 16% to $0.60 per share
• Strong regional growth across all markets (EMEA +23%, Americas +12%, APAC +12%)
• Raised full-year 2025 guidance for both top and bottom line
• Healthy cash position of $319.5M, up $16.9M sequentially

Negative

• None.

Insights

Financial Analyst

LeMaitre posted strong Q2 results with 15% sales growth, margin expansion, and raised 2025 guidance, demonstrating continued operational excellence.

LeMaitre Vascular delivered an impressive 15% year-over-year revenue growth in Q2 2025, reaching $64.2 million, with growth entirely organic. The company's operational excellence is evident through gross margin expansion of 110 basis points to 70.0%, driven by higher average selling prices and manufacturing efficiencies. This translated to operating income of $16.1 million, up 12%, and diluted EPS of $0.60, a robust 16% increase.

Breaking down the performance, catheters led growth at 27% followed by grafts at 19%, showing strong product mix improvement. Geographically, EMEA outperformed with 23% growth, while both Americas and APAC regions grew at 12%. The company's pricing power is particularly noteworthy, with price increases accounting for 8% of the sales growth versus 7% from volume increases – a key strength in the current inflationary environment.

The balance sheet continues to strengthen with cash increasing by $16.9 million sequentially to $319.5 million, providing significant financial flexibility. Management's confidence is reflected in their decision to raise both top and bottom-line guidance for 2025, with full-year sales now projected between $248-254 million (representing 14% growth at midpoint) and EPS guidance of $2.23-2.37 (19% growth at midpoint).

The $0.20 quarterly dividend and ongoing $75 million share repurchase program further demonstrate management's commitment to returning capital to shareholders while maintaining ample resources for operational growth and potential strategic acquisitions. The international expansion of Artegraft ahead of plan suggests successful execution of the company's growth strategy beyond its core markets.

BURLINGTON, Mass., Aug. 05, 2025 (GLOBE NEWSWIRE) -- LeMaitre Vascular, Inc. (Nasdaq: LMAT), a provider of vascular devices, implants, and services, today reported Q2 2025 results, announced a quarterly dividend of $0.20/share, and provided guidance.

Q2 2025:

• Sales $64.2mm, +15% (+15% organic)
• Gross margin 70.0%, +110 bps
• Op. income $16.1mm, +12%
• Op. margin 25%
• Earnings per diluted share $0.60, +16%
• Cash up $16.9mm sequentially to $319.5mm

Catheters (+27%) and grafts (+19%) drove Q2 sales growth. EMEA sales increased 23%, Americas 12%, and APAC 12%. Price accounted for 8% of sales growth and units 7%.

Gross margin of 70.0% (vs. 68.9% in Q2 2024) increased due to higher average selling prices and manufacturing efficiencies. Operating income was $16.1mm, up 12% in Q2 as a result of increased sales and higher gross margin. Q2 EPS was up 16% to $0.60 per fully diluted share.

Chairman/CEO George LeMaitre said, “2025 is shaping up to be another year of healthy sales and profit growth and Artegraft’s OUS launch is ahead of plan. As a result, we’re increasing our 2025 top- and bottom-line guidance.”

Business Outlook

	Q3 2025 Guidance		Full Year Guidance
Sales	$61.2mm - $63.2mm (Mid: $62.2mm, +13%, +15% Org.)		$248mm - $254mm (Mid: $251mm, +14%, +15% Org.)
Gross Margin	69.7%		69.7%
Op. Income	$14.4mm - $15.8mm (Mid: $15.1mm, +14%)		$58.8mm - $63.0mm (Mid: $60.9mm, +17%)
Op. Margin (Mid)	24%		24%
EPS	$0.54 - $0.59 (Mid: $0.57, +16%)		$2.23 - $2.37 (Mid: $2.30, +19%)

Quarterly Dividend

On July 30, 2025, the Company's Board of Directors approved a quarterly dividend of $0.20/share of common stock. The dividend will be paid on September 4, 2025, to stockholders of record on August 21, 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. The non-GAAP profitability metrics provided herein allow the company to better measure the comparability of results between periods. 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. 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.

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; and 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)
	June 30, 2025				December 31, 2024
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	27,177			$	25,610
Short-term marketable securities		292,311				274,112
Accounts receivable, net		36,537				30,063
Inventory and other deferred costs		68,385				64,927
Prepaid expenses and other current assets		5,716				7,480
Total current assets		430,126				402,192
Property and equipment, net		25,357				24,800
Right-of-use leased assets		16,515				16,768
Goodwill		65,945				65,945
Other intangibles, net		33,152				35,819
Deferred tax assets		1,455				1,425
Other assets		5,041				4,868
Total assets	$	577,591			$	551,817
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	4,914			$	1,761
Accrued expenses		22,978				24,732
Acquisition-related obligations		95				1,433
Lease liabilities - short-term		2,829				2,681
Total current liabilities		30,816				30,607
Convertible senior notes, net		168,205				167,772
Lease liabilities - long-term		14,855				15,232
Deferred tax liabilities		95				85
Other long-term liabilities		934				831
Total liabilities		214,905				214,527
Stockholders' equity
Common stock		242				242
Additional paid-in capital		220,822				213,760
Retained earnings		160,843				145,090
Accumulated other comprehensive loss		(2,998	)			(6,184	)
Treasury stock		(16,223	)			(15,618	)
Total stockholders' equity		362,686				337,290
Total liabilities and stockholders' equity	$	577,591			$	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 six months ended
	June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
Net sales	$	64,232			$	55,849			$	124,103			$	109,327
Cost of sales		19,258				17,381				37,709				34,194
Gross profit		44,974				38,468				86,394				75,133
Operating expenses:
Sales and marketing		14,895				10,984				29,107				22,670
General and administrative		10,396				8,820				20,883				17,833
Research and development		3,541				4,284				7,636				8,376
Total operating expenses		28,832				24,088				57,626				48,879
Income from operations		16,142				14,380				28,768				26,254
Other income (expense):
Interest income		2,980				1,137				5,883				2,138
Interest expense		(1,299	)			-				(2,589	)			-
Other income (loss), net		247				(11	)			249				(89	)
Income before income taxes		18,070				15,506				32,311				28,303
Provision for income taxes		4,291				3,680				7,521				6,590
Net income	$	13,779			$	11,826			$	24,790			$	21,713
Earnings per share of common stock
Basic	$	0.61			$	0.53			$	1.10			$	0.97
Diluted	$	0.60			$	0.52			$	1.08			$	0.96
Weighted - average shares outstanding:
Basic		22,614				22,458				22,592				22,412
Diluted		22,892				22,725				22,896				22,657
Cash dividends declared per common share	$	0.20			$	0.16			$	0.40			$	0.32

LEMAITRE VASCULAR, INC. (NASDAQ: LMAT)
SELECTED NET SALES INFORMATION
(amounts in thousands)
(unaudited)
	For the three months ended																For the six months ended
	June 30, 2025								June 30, 2024								June 30, 2025								June 30, 2024
	$				%				$				%				$				%				$				%
Net Sales by Geography
Americas	$	41,321				64	%		$	36,907				66	%		$	80,279				65	%		$	72,152				66	%
Europe, Middle East and Africa		18,840				29	%			15,298				27	%			35,799				29	%			29,693				27	%
Asia Pacific		4,071				7	%			3,644				7	%			8,025				6	%			7,482				7	%
Total Net Sales	$	64,232				100	%		$	55,849				100	%		$	124,103				100	%		$	109,327				100	%

LEMAITRE VASCULAR, INC (NASDAQ: LMAT)
NON-GAAP FINANCIAL MEASURES
(amounts in thousands)
(unaudited)
	For the three months ended								For the six months ended
	June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
Reconciliation between GAAP and Non-GAAP EBITDA
Net income as reported	$	13,779			$	11,826			$	24,790			$	21,713
Interest (income) expense, net		(1,681	)			(1,137	)			(3,294	)			(2,138	)
Amortization and depreciation expense		2,648				2,384				5,200				4,766
Provision for income taxes		4,291				3,680				7,521				6,590
EBITDA	$	19,037			$	16,753			$	34,217			$	30,931
EBITDA percentage increase						14	%							11	%

LEMAITRE VASCULAR, INC. (NASDAQ: LMAT)
NON-GAAP FINANCIAL MEASURES
(amounts in thousands)
(unaudited)
Reconciliation between GAAP and Non-GAAP sales growth:
For the three months ended June 30, 2025
Net sales as reported	$	64,232
Net impact of divestitures excluding currency		(47	)
Impact of currency exchange rate fluctuations		(1,039	)
Adjusted net sales					$	63,146
For the three months ended June 30, 2024
Net sales as reported	$	55,849
Net impact of divestitures excluding currency		(960	)
Adjusted net sales					$	54,889
Adjusted net sales increase for the three months ended June 30, 2025					$	8,257				15	%
Reconciliation between GAAP and Non-GAAP projected sales growth:
For the three months ending September 30, 2025
Net sales per guidance (midpoint)	$	62,200
Impact of currency exchange rate fluctuations		(817	)
Adjusted projected net sales					$	61,383
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 projected net sales increase for the three months ending September 30, 2025					$	7,880				15	%
Reconciliation between GAAP and Non-GAAP projected sales growth:
For the year ending December 31, 2025
Net sales per guidance (midpoint)	$	250,503
Impact of currency exchange rate fluctuations		(2,361	)
Adjusted projected net sales					$	248,142
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					$	31,544				15	%

CONTACT: 
Gregory Manker
Director of Business Development and Investor Relations
+1 781-362-1260 x 419
gmanker@lemaitre.com

FAQ

What were LeMaitre's (LMAT) Q2 2025 earnings results?

LeMaitre reported Q2 2025 sales of $64.2 million (up 15%), operating income of $16.1 million (up 12%), and earnings per share of $0.60 (up 16%). The company achieved a gross margin of 70.0%, up 110 basis points year-over-year.

What is LeMaitre's (LMAT) dividend payment for Q2 2025?

LeMaitre declared a quarterly dividend of $0.20 per share, payable on September 4, 2025, to stockholders of record as of August 21, 2025.

What is LeMaitre's (LMAT) full-year 2025 guidance?

LeMaitre expects full-year 2025 sales of $248-254 million (14% growth), operating income of $58.8-63.0 million (17% growth), and EPS of $2.23-2.37 (19% growth), with a projected gross margin of 69.7%.

How much cash does LeMaitre (LMAT) have on its balance sheet?

As of Q2 2025, LeMaitre reported cash of $319.5 million, representing an increase of $16.9 million from the previous quarter.

What were LeMaitre's (LMAT) strongest performing product categories in Q2 2025?

LeMaitre's strongest performing categories were catheters with 27% growth and grafts with 19% growth in Q2 2025.