LeMaitre Vascular preliminary Q3 EPS falls to $0.65

The B. Braun products recorded $9.4 million in 2025 sales outside North America, with channel transition expected over 18–24 months.

Available on EDGAR 11/04/2026 - 04:40 PM EST Accepted by SEC EDGAR 11/04/2026 - 04:40 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

LeMaitre Vascular (LMAT) reported preliminary, unaudited Q3 2026 net sales of $67.970 million, versus $61.046 million a year earlier. Organic sales growth was 12%, comprising 7% price and 5% unit growth. Net income was $15.024 million versus $17.362 million, and diluted EPS was $0.65 versus $0.75. Gross margin was 71.7%, up 90 basis points from adjusted Q3 2025; operating expenses rose 18% against the adjusted prior-year comparison. Adjusted EBITDA was $20.498 million, up 7%.

In October, LeMaitre acquired certain vascular assets from B. Braun for $19.2 million. The products recorded $9.4 million in 2025 sales, all outside North America. Sales will transition to LeMaitre’s channel over 18–24 months as customer contracts conclude or transfer; during the transition, LeMaitre will receive a portion of profits on B. Braun-originated sales. Full-year 2026 guidance is $274.8–$276.8 million in sales and $2.77–$2.82 EPS. The board approved a $0.25-per-share quarterly dividend, payable December 3, 2026, to holders of record November 19, 2026.

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Positive

• Moderate pointQ3 organic sales growth reached 12%.

Negative

• Moderate pointQ3 net income was $15.024 million, versus $17.362 million a year earlier.

Filing Explained

The release says the board authorized a share-repurchase program on February 19, 2026; it may be suspended or discontinued at any time and expires February 18, 2027 unless extended, so this sets repurchase capacity rather than a fixed purchase commitment.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net sales: $67.970 million Net income: $15.024 million Diluted EPS: $0.65 +5 more

8 metrics

Net sales $67.970 million Three months ended September 30, 2026

Net income $15.024 million Three months ended September 30, 2026; $17.362 million in the prior-year period

Diluted EPS $0.65 Three months ended September 30, 2026; $0.75 in the prior-year period

Organic sales growth 12% Q3 2026; 7% price and 5% units

Gross margin 71.7% Q3 2026; up 90 basis points versus adjusted Q3 2025

Adjusted EBITDA $20.498 million Q3 2026; up 7% from Q3 2025

Full-year sales guidance $274.8 million–$276.8 million 2026 guidance

Full-year EPS guidance $2.77–$2.82 2026 guidance

Key Terms

organic, Adjusted EBITDA, employee retention tax credit, convertible senior notes

4 terms

organic financial

"12% organic growth was comprised of 7% price and 5% units"

Adjusted EBITDA financial

"Adjusted EBITDA percentage increase"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

employee retention tax credit financial

"Employee retention tax credit, net"

A government payroll tax credit that lets eligible employers offset or receive refunds for a portion of wages paid to keep employees on the payroll during qualifying disruptions. Think of it like a rebate or coupon on wage costs that improves short‑term cash flow and can show up as a one‑time boost to reported earnings or reduced payroll expenses. Investors watch it because claiming the credit affects company cash, profitability and signals how much government help a business used to retain workers.

convertible senior notes financial

"Convertible senior notes, net"

Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.

Earnings Snapshot

Net sales: $67.970 million · Guidance included

Q3 2026

Net sales $67.970 million Compared with $61.046 million in Q3 2025

Net income $15.024 million Compared with $17.362 million in Q3 2025

Diluted EPS $0.65 Compared with $0.75 in Q3 2025

Gross margin 71.7% Up 0.9 percentage points from adjusted Q3 2025 gross margin of 70.8%

Adjusted EBITDA $20.498 million Up 7% from Q3 2025

Guidance

Q4 2026: sales $69.9 million–$71.9 million, operating income $18.8 million–$20.2 million, and EPS $0.70–$0.75. Full-year 2026: sales $274.8 million–$276.8 million, operating income $74.6 million–$76.1 million, and EPS $2.77–$2.82.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were LMAT’s Q3 2026 sales and earnings?

LeMaitre reported preliminary, unaudited Q3 2026 net sales of $67.970 million, compared with $61.046 million a year earlier. Net income was $15.024 million versus $17.362 million, and diluted EPS was $0.65 versus $0.75. Organic sales growth was 12%, including 7% from price and 5% from units.

What is LMAT’s 2026 sales and EPS guidance?

Full-year 2026 sales guidance is $274.8 million to $276.8 million, and EPS guidance is $2.77 to $2.82. The stated midpoints are $275.8 million in sales and $2.80 EPS; midpoint growth rates are 11% for sales and 11% for EPS, or 18% for adjusted EPS.

What did LMAT acquire from B. Braun?

In October, LeMaitre acquired certain vascular assets from B. Braun for $19.2 million, including polyester and silver-coated grafts, valve cutters and vein strippers. The products recorded $9.4 million in 2025 sales, all outside North America. Sales will transition to LeMaitre’s channel over 18–24 months as customer contracts conclude or transfer.

When will LMAT pay its quarterly dividend?

The $0.25-per-share quarterly dividend is payable December 3, 2026, to stockholders of record November 19, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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LEMAITRE VASCULAR INC false 0001158895 0001158895 2026-11-04 2026-11-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

Current Report

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 4, 2026

LeMaitre Vascular, Inc.

(Exact name of registrant as specified in its charter)

Commission File Number: 001-33092

Delaware		04-2825458
(State or other jurisdiction of incorporation)		(IRS Employer Identification No.)

63 Second Avenue

Burlington, MA 01803

(Address of principal executive offices, including zip code)

781-221-2266

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class		Trading symbol		Name of exchange on which registered
Common stock, $0.01 par value per share		LMAT		The Nasdaq Global Market

Indicate by checkmark whether the company is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02. Results of Operations and Financial Condition.

On November 4, 2026, LeMaitre Vascular, Inc. (the “Company”) issued a press release regarding its preliminary financial and operational results for the quarter ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Report.

The information in this Item 2.02, including Exhibit 99.1 attached hereto, is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.

Disclaimer on Forward-Looking Statements

This current report on Form 8-K contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Statements 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 predicted. These risks and uncertainties include risks and uncertainties included under the heading “Risk Factors” in the Company’s most recent Annual Report on Form 10-K, as updated by its subsequent filings with the SEC, all of which are 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.

Item 9.01. Financial Statements and Exhibits.

The following exhibits are furnished or filed as part of this Report, as applicable:

(d) Exhibits.

Exhibit No.		Description
99.1		Press release issued by LeMaitre Vascular, Inc. on November 4, 2026.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

Signature(s)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						LeMaitre Vascular, Inc.
Date: November 4, 2026				By:		Dorian P. LeBlanc /s/ DORIAN P. LEBLANC
						Chief Financial Officer

Exhibit Index

Exhibit No.		Description
99.1		Press release issued by LeMaitre Vascular, Inc. on November 4, 2026.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

Exhibit 99.1

LeMaitre Q3 2026 Financial Results

BURLINGTON, MA, November 4, 2026 – LeMaitre Vascular, Inc. (Nasdaq: LMAT), a provider of vascular devices, implants, and services, today reported Q3 2026 results, announced a quarterly dividend of $0.25/share, and provided guidance.

Q3 2026:

• Sales $68.0mm, +11% (+12% organic) vs. Q3 2025

• Gross margin 71.7% (-360bps, +90 bps vs. adjusted)

• Op. expenses $31.0mm (+21%, +18% vs. adjusted)

• Op. income $17.7mm (-13%, +5% vs. adjusted)

• Op. margin 26%

• EPS $0.65 (-14%, +5% vs. adjusted)

• Cash up $13.5mm sequentially to $390mm at 9/30/2026

Grafts (+20%) and shunts (+14%) drove Q3 growth. Artegraft sales increased 18%. EMEA sales increased by 18%, Americas 9%, and APAC 5%. 12% organic growth was comprised of 7% price and 5% units.

Gross margin of 71.7% was up 90 bps (vs. adjusted) due to higher ASPs and operational efficiencies. Operating expenses increased 18% (vs. adjusted) due to Q3 2025 belt-tightening. Headcount of 678 increased 7% versus 9/30/2025 while rep count increased 13% to 171.

In October, the company acquired certain vascular assets from B. Braun for $19.2mm. These polyester and silver-coated grafts, valve cutters and vein strippers recorded sales of $9.4mm in 2025, all outside of North America. Sales will transition into LeMaitre’s channel over the next 18-24 months as B. Braun’s customer contracts conclude or transfer to LeMaitre. During this transition, LeMaitre will receive a portion of the profits on B. Braun-originated sales.

Chairman/CEO George LeMaitre said, “We expect 2026 to be another year of healthy sales (+11%) and EPS growth (+18%). Biologics continue to drive sales due to Artegraft’s international launch and the continued growth of RestoreFlow Allografts. The acquired B. Braun products will strengthen our core vascular portfolio while leveraging our expanding 31-country sales force.”

Business Outlook

		Q4 2026 Guidance		Full Year 2026 Guidance
Sales		$69.9mm - $71.9mm (Mid $70.9mm, +10%, +11% org.)		$274.8mm - $276.8mm (Mid $275.8mm, +11%, +11% org.)
Gross Margin		72.1%		72.1%
Op. Income		$18.8mm - $20.2mm (Mid $19.5mm, +4%)		$74.6mm - $76.1mm (Mid $75.4mm, +11%, +17% adj.)
Op. Margin (Mid)		27%		27%
EPS		$0.70 - $0.75 (Mid $0.73, +7%)		$2.77 - $2.82 (Mid $2.80, +11%, +18% adj.)

* The top- and bottom-line impacts of the newly acquired B. Braun products are reflected in this Business Outlook. LeMaitre anticipates recording ~$150,000 of Q4 2026 B. Braun product sales and break-even operating income impact.

** 2025 results include a Q3 non-recurring benefit from the Employee Retention Tax Credit. Non-GAAP adjusted figures exclude this benefit. A reconciliation of GAAP to non-GAAP measures is included.

Quarterly Dividend

On October 27, 2026, the Company’s Board of Directors approved a quarterly dividend of $0.25/share of common stock. The dividend will be paid on December 3, 2026, to stockholders of record on November 19, 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 Q3 2026 operating income, gross margin, operating expense and EPS, as well as operating income and EPS guidance, adjusted to exclude the effects of the employee retention tax credit received in 2025. Management believes that viewing growth in these measures excluding those effects provides an alternative and meaningful view of the Company’s 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; the status of our regulatory approvals, compliance with regulatory requirements, and the potential for adverse regulatory findings or enforcement actions arising from inspections, audits, or other regulatory reviews, affecting our ability to market and sell our products domestically and internationally; our ability to source, acquire, and integrate acquisitions; our dependence on sole- or limited-source suppliers; competition from other medical device companies and alternative medical technologies; 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 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:

ir@lemaitre.com

LEMAITRE VASCULAR, INC. (NASDAQ: LMAT)

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

		September 30, 2026				December 31, 2025
		(unaudited)
Assets
Current assets:
Cash and cash equivalents		$	27,493			$	28,244
Short-term marketable securities			362,228				330,876
Accounts receivable, net			35,876				33,610
Inventory and other deferred costs			71,272				70,422
Prepaid expenses and other current assets			8,642				5,080
Total current assets			505,511				468,232
Property and equipment, net			30,465				26,997
Right-of-use leased assets			18,503				15,762
Goodwill			65,945				65,945
Other intangibles, net			29,295				33,089
Deferred tax assets			746				759
Other assets			5,567				4,906
Total assets		$	656,032			$	615,690
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable		$	4,159			$	3,646
Accrued expenses			26,686				29,411
Acquisition-related obligations			583				322
Lease liabilities - short-term			3,192				2,944
Total current liabilities			34,620				36,323
Convertible senior notes, net			169,317				168,645
Lease liabilities - long-term			16,342				14,003
Deferred tax liabilities			2,167				1,735
Other long-term liabilities			1,455				1,468
Total liabilities			223,901				222,174
Stockholders’ equity
Common stock			245				244
Additional paid-in capital			238,938				228,407
Retained earnings			215,324				184,715
Accumulated other comprehensive loss			(4,460	)			(2,411	)
Treasury stock			(17,916	)			(17,439	)
Total stockholders’ equity			432,131				393,516
Total liabilities and stockholders’ equity		$	656,032			$	615,690

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 nine months ended
		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Net sales		$	67,970			$	61,046			$	204,903			$	185,149
Cost of sales			19,265				15,091				57,038				52,800
Gross profit			48,705				45,955				147,865				132,349
Operating expenses:
Sales and marketing			14,506				11,923				43,429				41,030
General and administrative			12,083				10,750				35,239				31,633
Research and development			4,421				2,970				13,328				10,606
Total operating expenses			31,010				25,643				91,996				83,269
Income from operations			17,695				20,312				55,869				49,080
Other income (expense):
Investment income			3,365				3,864				10,075				9,747
Interest expense			(1,304	)			(1,297	)			(3,906	)			(3,886	)
Other income (loss), net			(82	)			(306	)			(503	)			(57	)
Income before income taxes			19,674				22,573				61,535				54,884
Provision for income taxes			4,650				5,211				13,782				12,732
Net income		$	15,024			$	17,362			$	47,753			$	42,152
Earnings per share of common stock
Basic		$	0.66			$	0.77			$	2.09			$	1.86
Diluted		$	0.65			$	0.75			$	2.07			$	1.84
Weighted - average shares outstanding:
Basic			22,871				22,660				22,844				22,615
Diluted			23,071				24,392				23,064				22,915
Cash dividends declared per common share		$	0.25			$	0.20			$	0.75			$	0.60

LEMAITRE VASCULAR, INC. (NASDAQ: LMAT)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(amounts in thousands)

(unaudited)

		For the nine months ended
		September 30, 2026				September 30, 2025
Operating activities
Net income		$	47,753			$	42,152
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization			8,170				7,813
Stock-based compensation			6,056				5,730
Amortization of issuance costs on convertible notes			672				653
Non-cash investment income			(253	)			—
Provision for inventory write-downs			2,548				1,893
Provision for credit losses			675				455
Foreign currency transaction effect on income			316				(79	)
Changes in operating assets and liabilities:
Accounts receivables			(3,347	)			(1,403	)
Inventory and other deferred costs			(3,584	)			(6,805	)
Prepaid expenses and other assets			(4,244	)			1,639
Accounts payable and other liabilities			(636	)			5,327
Accrued interest			(1,078	)			719
Net cash provided by operating activities			53,048				58,094
Investing activities
Purchases of short-term marketable securities			(390,987	)			(43,015	)
Purchases of property and equipment			(7,429	)			(5,006	)
Payments related to acquisitions, net of cash acquired			(194	)			(95	)
Proceeds from short-term marketable securities			358,201				—
Net cash used in investing activities			(40,409	)			(48,116	)
Financing activities
Proceeds from stock option exercises			4,473				4,657
Deferred payments for acquisitions			(95	)			(1,433	)
Payment of withholding taxes in connection with net settlement of equity awards			(477	)			(605	)
Common stock cash dividend paid			(17,144	)			(13,572	)
Net cash used in financing activities			(13,243	)			(10,953	)
Effect of exchange rate changes on cash and cash equivalents			(147	)			859
Net (decrease) increase in cash and cash equivalents			(751	)			(116	)
Cash and cash equivalents at beginning of period			28,244				25,610
Cash and cash equivalents at end of period		$	27,493			$	25,494

LEMAITRE VASCULAR, INC. (NASDAQ: LMAT)

SELECTED NET SALES INFORMATION

(amounts in thousands)

(unaudited)

		For the three months ended																For the nine months ended
		September 30, 2026								September 30, 2025								September 30, 2026								September 30, 2025
		$				%				$				%				$				%				$				%
Net Sales by Geography
Americas		$	42,713				63	%		$	39,218				64	%		$	127,763				62	%		$	119,496				64	%
Europe, Middle East and Africa			20,830				31	%			17,631				29	%			63,254				31	%			53,431				29	%
Asia Pacific			4,427				6	%			4,197				7	%			13,886				7	%			12,222				7	%
Total Net Sales		$	67,970				100	%		$	61,046				100	%		$	204,903				100	%		$	185,149				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 nine months ended
		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Reconciliation between GAAP Net Income and Non-GAAP Adjusted EBITDA
Net income as reported		$	15,024			$	17,362			$	47,753			$	42,152
Employee retention tax credit, net			—				(3,380	)			—				(3,380	)
Interest (income) expense, net			(2,061	)			(2,567	)			(6,169	)			(5,861	)
Amortization and depreciation expense			2,885				2,612				8,170				7,812
Provision for income taxes			4,650				5,211				13,782				12,732
Adjusted EBITDA		$	20,498			$	19,238			$	63,536			$	53,455
Adjusted EBITDA percentage increase			7	%											19	%

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 September 30, 2026
Net sales as reported		$	67,970
Impact of currency exchange rate fluctuations			439
Adjusted net sales						$	68,409
For the three months ended September 30, 2025
Net sales as reported		$	61,046
Adjusted net sales						$	61,046
Adjusted net sales increase for the three months ended September 30, 2026						$	7,363				12	%
Reconciliation between GAAP and Non-GAAP gross margin growth:
For the three months ended September 30, 2026
Gross margin as reported			71.7	%
Adjusted gross margin							71.7	%
For the three months ended September 30, 2025
Gross margin as reported			75.3	%
Employee Retention Tax Credit impact			-4.5	%
Adjusted gross margin							70.8	%
Adjusted gross margin increase for the three months ended September 30, 2026											0.9	%
Reconciliation between GAAP and Non-GAAP operating expense growth:
For the three months ended September 30, 2026
Operating expense as reported		$	31,010
Adjusted operating expense						$	31,010
For the three months ended September 30, 2025
Operating expense as reported		$	25,643
Employee Retention Tax Credit impact			667
Adjusted operating expense						$	26,310
Adjusted operating expense increase for the three months ended September 30, 2026						$	4,700				18	%
Reconciliation between GAAP and Non-GAAP operating income growth:
For the three months ended September 30, 2026
Operating income as reported		$	17,695
Adjusted operating income						$	17,695
For the three months ended September 30, 2025
Operating income as reported		$	20,312
Employee Retention Tax Credit impact			(3,380	)
Adjusted operating income						$	16,932
Adjusted operating income increase for the three months ended September 30, 2026						$	763				5	%
Reconciliation between GAAP and Non-GAAP earnings per share growth:
For the three months ended September 30, 2026
Earnings per share as reported		$	0.65
Adjusted earnings per share						$	0.65
For the three months ended September 30, 2025
Earnings per share as reported		$	0.75
Employee Retention Tax Credit impact			(0.13	)
Adjusted earnings per share						$	0.62
Adjusted earnings per share increase for the three months ended September 30, 2026						$	0.03				5	%

LEMAITRE VASCULAR, INC. (NASDAQ: LMAT)

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(amounts in thousands)

(unaudited)

Reconciliation between GAAP and Non-GAAP projected sales growth:
For the three months ending December 31, 2026
Net sales per guidance (midpoint)		$	70,900
Impact of currency exchange rate fluctuations			507
Adjusted projected net sales						$	71,407
For the three months ended December 31, 2025
Net sales as reported		$	64,453
Adjusted net sales						$	64,453
Adjusted projected net sales increase for the three months ending December 31, 2026						$	6,954				11	%
Reconciliation between GAAP and Non-GAAP projected sales growth:
For the year ending December 31, 2026
Net sales per guidance (midpoint)		$	275,800
Impact of currency exchange rate fluctuations			(1,433	)
Adjusted projected net sales						$	274,367
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						$	26,604				11	%
Reconciliation between GAAP and Non-GAAP projected operating income growth:
For the year ending December 31, 2026
Operating income per guidance (midpoint)		$	75,400
Projected operating income						$	75,400
For the year ended December 31, 2025
Operating income as reported		$	67,912
Impact of employee retention credit			(3,380	)
Adjusted operating income						$	64,532
Adjusted projected operating income increase for the year ending December 31, 2026						$	10,868				17	%
Reconciliation between GAAP and Non-GAAP earnings per share growth:
For the year ending December 31, 2026
Earnings per share per guidance (midpoint)		$	2.80
Projected earnings per share						$	2.80
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
Adjusted projected earnings per share increase for the year ending December 31, 2026						$	0.42				18	%

Filing Exhibits & Attachments

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