LeMaitre Q2 2026 Financial Results

BURLINGTON, Mass., Aug. 04, 2026 (GLOBE NEWSWIRE) -- LeMaitre Vascular, Inc. (Nasdaq: LMAT), a provider of vascular devices, implants, and services, today reported Q2 2026 results, announced a quarterly dividend of $0.25/share, and provided guidance.

Q2 2026:

• Sales $70.4mm, +10% (+10% organic) vs. Q2 2025
  
• Gross margin 72.1% (+210 bps)
  
• Op. income $20.4mm (+26%) 
  
• Op. margin 29%
  
• EPS $0.74 (+23%)
  
• Cash up $9.0mm sequentially to $376.2mm
  
  

Artegraft sales increased 34% in the quarter. Grafts (+23%), carotid shunts (+18%), and patches (+4%) each posted records, as did EMEA (+18%), APAC (+18%) and the Americas (+5%). Catheters were down 11% in the quarter due to recall-driven overstocking in Q2 2025. Q2 organic growth was 12% excluding catheters.

Gross margin of 72.1% was up 210 bps due to higher prices, mix shift, and operational efficiencies. Operating income of $20.4mm (+26%) also benefited from headcount restraint: 660 at 6/30/2026 vs. 658 at 6/30/2025.

Chairman/CEO George LeMaitre said, “Our focus on the Artegraft international launch paid off in Q2. The product is now approved in 56 countries, accounting for 21% of sales. So our largest product is now our fastest-growing product. To underpin the Artegraft launch and pave the way for RFA, we continue to build our sales force, go direct in new countries and we’re now undertaking six international warehouse expansions. $376m of cash provides strategic optionality.”

Business Outlook

 Q3 2026 GuidanceQ4 2026 GuidanceFull Year GuidanceSales$66.3mm - $68.3mm
(Mid $67.3mm, +10%, +11% org.)$71.1mm - $73.1mm
(Mid $72.1mm, +12%, +12% org.)$274.3mm - $278.3mm
(Mid $276.3mm, +11%, +11% org.)Gross Margin72.2%72.6%72.4%Op. Income$17.3mm - $18.8mm
(Mid $18.1mm, -11%, +7% adj.)$19.8mm - $21.2mm
(Mid $20.5mm, +9%)$75.3mm - $78.2mm
(Mid $76.8mm, +13%, +19% adj.)Op. Margin (Mid)27%29%28%EPS$0.66 - $0.71
(Mid $0.69, -9%, +11% adj.)$0.75 - $0.81
(Mid $0.78, +15%)$2.84 - $2.94
(Mid $2.89, +15%, +21% adj.)

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

Quarterly Dividend

On July 28, 2026, the Company's Board of Directors approved a quarterly dividend of $0.25/share of common stock. The dividend will be paid on September 3, 2026, to stockholders of record on August 20, 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; 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; 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 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
[email protected]

LEMAITRE VASCULAR, INC. (NASDAQ: LMAT)    CONDENSED CONSOLIDATED BALANCE SHEETS   (amounts in thousands)                   June 30, 2026 December 31, 2025   (unaudited)  Assets          Current assets:     Cash and cash equivalents $26,625  $28,244  Short-term marketable securities  349,615   330,876  Accounts receivable, net  35,682   33,610  Inventory and other deferred costs  70,503   70,422  Prepaid expenses and other current assets  5,872   5,080 Total current assets  488,297   468,232       Property and equipment, net  29,591   26,997 Right-of-use leased assets  19,998   15,762 Goodwill  65,945   65,945 Other intangibles, net  30,544   33,089 Deferred tax assets  734   759 Other assets  5,440   4,906       Total assets $640,549  $615,690             Liabilities and stockholders' equity          Current liabilities:     Accounts payable $3,236  $3,646  Accrued expenses  22,880   29,411  Acquisition-related obligations  380   322  Lease liabilities - short-term  3,439   2,944 Total current liabilities  29,935   36,323       Convertible senior notes, net  169,091   168,645 Lease liabilities - long-term  17,724   14,003 Deferred tax liabilities  1,998   1,735 Other long-term liabilities  1,459   1,468 Total liabilities  220,207   222,174       Stockholders' equity     Common stock  245   244  Additional paid-in capital  236,161   228,407  Retained earnings  206,017   184,715  Accumulated other comprehensive loss  (4,165)  (2,411) Treasury stock  (17,916)  (17,439)Total stockholders' equity  420,342   393,516       Total liabilities and stockholders' equity $640,549  $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 six months ended  June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025         Net sales$70,382  $64,232  $136,933  $124,103 Cost of sales 19,618   19,258   37,773   37,709          Gross profit 50,764   44,974   99,160   86,394          Operating expenses:        Sales and marketing 14,408   14,895   28,923   29,107  General and administrative 11,110   10,396   23,156   20,883  Research and development 4,847   3,541   8,907   7,636 Total operating expenses 30,365   28,832   60,986   57,626          Income from operations 20,399   16,142   38,174   28,768          Other income (expense):        Investment income 3,386   2,980   6,710   5,883  Interest expense (1,302)  (1,299)  (2,602)  (2,589) Other income (loss), net (294)  247   (421)  249          Income before income taxes 22,189   18,070   41,861   32,311          Provision for income taxes 5,139   4,291   9,132   7,521          Net income$17,050  $13,779  $32,729  $24,790          Earnings per share of common stock        Basic$0.75  $0.61  $1.43  $1.10  Diluted$0.74  $0.60  $1.42  $1.08          Weighted - average shares outstanding:        Basic 22,858   22,614   22,830   22,592  Diluted 24,531   22,892   24,505   22,896                   Cash dividends declared per common share
$0.25  $0.20  $0.50  $0.40          

LEMAITRE VASCULAR, INC. (NASDAQ: LMAT)    CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS    (amounts in thousands)    (unaudited)       For the six months ended   June 30, 2026 June 30, 2025      Operating activities    Net income $32,729  $24,790 Adjustments to reconcile net income to net cash provided by operating activities    Depreciation and amortization  5,285   5,200  Stock-based compensation  4,027   3,990  Amortization of issuance costs on convertible notes  446   433  Non-cash investment income  (805)  -  Provision for inventory write-downs  1,548   1,030  Provision for credit losses  333   337  Foreign currency transaction effect on income  145   (279)Changes in operating assets and liabilities:     Accounts receivables  (2,877)  (5,299) Inventory and other deferred costs  (1,935)  (3,454) Prepaid expenses and other assets  (1,363)  1,676  Accounts payable and other liabilities  (6,475)  (1,250) Accrued interest  -   2,156 Net cash provided by operating activities  31,058   29,330       Investing activities    Purchases of short-term marketable securities  (231,434)  (17,849)Purchases of property and equipment  (5,096)  (2,725)Payments related to acquisitions, net of cash acquired  (158)  (95)Proceeds from short-term marketable securities  212,489   - Net cash used in investing activities  (24,199)  (20,669)      Financing activities    Proceeds from stock option exercises  3,728   3,072 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  (11,427)  (9,037)Net cash used in financing activities  (8,271)  (8,003)      Effect of exchange rate changes on cash and cash equivalents  (207)  909 Net (decrease) increase in cash and cash equivalents  (1,619)  1,567 Cash and cash equivalents at beginning of period  28,244   25,610 Cash and cash equivalents at end of period $26,625  $27,177       

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, 2026 June 30, 2025 June 30, 2026 June 30, 2025  $ % $ % $ % $ %Net Sales by Geography                Americas$43,454 62% $41,321 64% $85,050 62% $80,279 65% Europe, Middle East and Africa 22,137 31%  18,840 29%  42,424 31%  35,799 29% Asia Pacific 4,791 7%  4,071 7%  9,459 7%  8,025 6%Total Net Sales$70,382 100% $64,232 100% $136,933 100% $124,103 100%                 

LEMAITRE VASCULAR, INC (NASDAQ: LMAT)        RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES      (amounts in thousands)        (unaudited)                       For the three months ended For the six months ended    June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025Reconciliation between GAAP and Non-GAAP Adjusted EBITDA         Net income as reported $17,050  $13,779  $32,729  $24,790  Interest (income) expense, net  (2,084)  (1,681)  (4,108)  (3,294) Amortization and depreciation expense  2,662   2,648   5,285   5,200  Provision for income taxes  5,139   4,291   9,132   7,521             Adjusted EBITDA $22,767  $19,037  $43,038  $34,217             Adjusted EBITDA percentage increase  20%      26%           

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 June 30, 2026          Net sales as reported $70,382        Impact of currency exchange rate fluctuations (352)       Adjusted net sales    $70,030               For the three months ended June 30, 2025          Net sales as reported $64,232        Net impact of divestitures excluding currency (365)       Adjusted net sales    $63,867                Adjusted net sales increase for the three months ended June 30, 2026    $6,163 10%           Reconciliation between GAAP and Non-GAAP sales growth (excluding catheters):         For the three months ended June 30, 2026          Net sales as reported $70,382        Catheter net sales as reported (6,895)       Impact of currency exchange rate fluctuations (352)       Adjusted net sales    $63,135               For the three months ended June 30, 2025          Net sales as reported $64,232        Catheter net sales as reported (7,754)       Adjusted net sales    $56,478                Adjusted net sales increase (excluding catheters) for the three months ended June 30, 2026
    $6,657 12%           Reconciliation between GAAP and Non-GAAP projected sales growth:         For the three months ending September 30, 2026          Net sales per guidance (midpoint) $67,300        Impact of currency exchange rate fluctuations 489        Adjusted projected net sales    $67,789               For the three months ended September 30, 2025          Net sales as reported $61,046        Adjusted net sales    $61,046                Adjusted projected net sales increase for the three months ending September 30, 2026    $6,743 11%           Reconciliation between GAAP and Non-GAAP projected sales growth:         For the three months ending December 31, 2026          Net sales per guidance (midpoint) $72,100        Impact of currency exchange rate fluctuations 162        Adjusted projected net sales    $72,262               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    $7,809 12%           Reconciliation between GAAP and Non-GAAP projected sales growth:         For the year ending December 31, 2026          Net sales per guidance (midpoint) $276,300        Impact of currency exchange rate fluctuations (1,749)       Adjusted projected net sales    $274,551               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    $26,788 11%           Reconciliation between GAAP and Non-GAAP projected operating income growth:         For the three months ending September 30, 2026          Operating income per guidance (midpoint) $18,100        Projected operating income    $18,100               For the three months ended September 30, 2025          Operating income as reported $20,312        Impact of employee retention credit (3,380)       Adjusted operating income    $16,932                Adjusted projected operating income increase for the three months ending September 30, 2026    $1,168 7%           Reconciliation between GAAP and Non-GAAP projected operating income growth:         For the year ending December 31, 2026          Operating income per guidance (midpoint) $76,800        Projected operating income    $76,800               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    $12,268 19%           Reconciliation between GAAP and Non-GAAP earnings per share growth:         For the three months ending September 30, 2026          Earnings per share per guidance (midpoint) $0.69        Projected earnings per share    $0.69               For the three months ended September 30, 2025          Earnings per share as reported $0.75        Impact of employee retention credit (0.13)       Adjusted earnings per share    $0.62                Adjusted projected earnings per share increase for the three months ending September 30, 2026    $0.07 11%           Reconciliation between GAAP and Non-GAAP earnings per share growth:         For the year ending December 31, 2026          Earnings per share per guidance (midpoint) $2.89        Projected earnings per share    $2.89               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    $0.51 21%