LeMaitre Q4 2025 Financial Results
Rhea-AI Summary
LeMaitre Vascular (Nasdaq: LMAT) reported Q4 2025 results with $64.5mm sales (+16%, +15% organic), gross margin 71.7% (+240 bps), operating income $18.8mm (+47%) and diluted EPS $0.68 (+39%). Cash rose to $359.1mm. The board approved a 25% dividend increase to $0.25/share and a $100mm repurchase authorization. Management guided FY2026 sales to a $276–$284mm range (mid $280mm, +12%) and mid op income of $77.8mm (adj. +21%).
Q4 growth was broad-based with grafts, valvulotomes and carotid shunts up and international strength in EMEA and APAC. Q1 2026 mid-sales guidance is $66.6mm (+11%).
Positive
- Sales +16% in Q4 2025 ($64.5mm)
- Gross margin +240 bps to 71.7%
- Operating income +47% to $18.8mm
- Cash balance increased by $16.1mm to $359.1mm
- Board approved 25% dividend increase to $0.25/share
- $100mm share repurchase authorization
- FY2026 guidance: $280mm mid-point (+12% sales)
Negative
- None.
Key Figures
Market Reality Check
Peers on Argus
LMAT was down 0.69% while key peers like XRAY (+3.96%), NVST (+1.62%) and BLCO (+1.88%) traded higher, pointing to a stock-specific reaction rather than a sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 06 | Quarterly earnings | Positive | +1.4% | Strong Q3 2025 growth, higher margins, raised guidance, dividend and buyback. |
| Aug 05 | Quarterly earnings | Positive | +8.9% | Q2 2025 sales up 15%, margin expansion, EPS growth and guidance raise. |
| May 01 | Quarterly earnings | Positive | -12.8% | Q1 2025 double‑digit growth, higher EPS and guidance, strong cash. |
| Feb 27 | Quarterly earnings | Positive | -8.1% | Q4 2024 solid growth, margin gains, higher dividend and notes issuance. |
| Oct 31 | Quarterly earnings | Positive | +7.3% | Q3 2024 strong revenue growth, margin expansion and raised full‑year guidance. |
Earnings have generally been strong, but price reactions are mixed, with both rallies and notable selloffs on positive results.
Over the last five earnings reports, LeMaitre has consistently delivered double‑digit sales growth and expanding margins, often accompanied by dividend increases and buyback authorizations. For example, Q3 2025 sales were $61.0mm with EPS of $0.75, and Q2 2025 sales reached $64.2mm with a 70.0% gross margin. Despite this, price reactions have been uneven, with moves ranging from a +8.91% gain (Q2 2025) to a -12.79% drop (Q1 2025), underscoring that strong fundamentals have not always translated into immediate upside.
Historical Comparison
In the past year, LMAT released 5 earnings updates with an average move of -0.64%. Reactions have ranged from double‑digit gains to double‑digit declines, so modest post‑earnings moves have been typical.
Recent earnings show a progression of double‑digit sales growth and steadily rising gross margins, with recurring dividend increases and active repurchase programs reinforcing a consistent capital return strategy.
Market Pulse Summary
This announcement highlights robust Q4 2025 performance, with sales of $64.5mm, gross margin of 71.7%, and EPS up 39%. The company paired these results with higher 2026 guidance, a 25% dividend increase to $0.25/share, and a new $100.0mm repurchase authorization. Compared with prior quarters, it extends a pattern of double‑digit growth and capital returns. Investors may focus on whether future results track the $280mm 2026 sales outlook and margin targets.
AI-generated analysis. Not financial advice.
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
Q4 2025:
- Sales
$64.5m m, +16% (+15% organic) vs. Q4 2024 - Gross margin
71.7% (+240 bps) - Op. income
$18.8m m (+47% ) - Op. margin
29% - Diluted EPS
$0.68 (+39% ) - Cash up
$16.1m m sequentially to$359.1m m
Grafts (+
Gross margin of
Chairman/CEO George LeMaitre said, “International Artegraft growth, higher ASPs and disciplined spending produced
Business Outlook
| Q1 2026 Guidance | Full Year Guidance | |
| Sales | (Mid: | (Mid: |
| Gross Margin | ||
| Op. Income | (Mid: | (Mid: |
| Op. Margin (Mid) | ||
| EPS | (Mid: | (Mid: |
Quarterly Dividend
On February 19, 2026, the Company's Board of Directors approved a
Share Repurchase Program
On February 19, 2026, the Company's Board of Directors authorized the repurchase of up to
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
gmanker@lemaitre.com
| 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 | % | |||||||
FAQ
What were LeMaitre (LMAT) Q4 2025 revenue and EPS results?
When is the LeMaitre (LMAT) quarterly dividend payment and how much is it?
What is the scope of LeMaitre's $100mm share repurchase program (LMAT)?
What guidance did LeMaitre (LMAT) give for full-year 2026 sales and operating income?
How did margins and regional sales perform for LeMaitre (LMAT) in Q4 2025?
