BURLINGTON, Mass., May 05, 2026 (GLOBE NEWSWIRE) -- LeMaitre Vascular, Inc. (Nasdaq: LMAT), a provider of vascular devices, implants, and services, today reported Q1 2026 results, announced a quarterly dividend of $0.25/share, and provided guidance.
Q1 2026:
- Sales $66.6mm, +11% (+10% organic) vs. Q1 2025
- Gross margin 72.7% (+350 bps)
- Op. income $17.8mm (+41%)
- Op. margin 27%
- EPS $0.68 (+42%)
- Cash up $8.1mm sequentially to $367.2mm
Artegraft grew 36% worldwide in Q1, bolstered by its international launch. Grafts (+20%), valvulotomes (+15%), and carotid shunts (+11%) each posted record sales. The three geographies also posted records: EMEA (+20%), APAC (+18%), and the Americas (+7%).
Gross margin of 72.7% (+350 bps) increased due to higher pricing as well as manufacturing efficiencies. Q1 operating income of $17.8mm (+41%) also benefited from moderate operating expense growth (+6%).
Chairman/CEO George LeMaitre said, “Higher ASPs, geographic expansion and disciplined spending produced 11% sales growth and 42% EPS growth in Q1. Full year 2026 shows op. leverage too - increased guidance implies 12% sales growth and 26% (adjusted) EPS growth.”
Business Outlook
Q2 2026 GuidanceFull Year GuidanceSales$70.5mm - $72.5mm(Mid $71.5mm, +11%, +11% org.)$277mm - $283mm
(Mid $280mm, +12%, +12% org.)Gross Margin72.1%
72.3%
Op. Income$20.8mm - $22.3mm
(Mid $21.6mm, +34%)$77.6mm - $82.0mm
(Mid $79.8mm, +18%, +24% adj.)Op. Margin (Mid)30%
29%
EPS$0.79 - $0.84
(Mid $0.81, +35%.)$2.93 - $3.08
(Mid $3.00, +19%, +26% adj.)
Quarterly Dividend
On April 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 June 4, 2026, to stockholders of record on May 21, 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. The Company’s EPS guidance assumes no dilution from the Company’s convertible notes. Dilution from convertible notes is included in GAAP EPS if the average stock price during the period exceeds the conversion price and the effect is dilutive.
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.
LEMAITRE VASCULAR, INC. (NASDAQ: LMAT) CONDENSED CONSOLIDATED BALANCE SHEETS (amounts in thousands) March 31, 2026 December 31, 2025 (unaudited) Assets Current assets: Cash and cash equivalents$26,851 $28,244 Short-term marketable securities 340,382 330,876 Accounts receivable, net 35,770 33,610 Inventory and other deferred costs 70,820 70,422 Prepaid expenses and other current assets 3,998 5,080 Total current assets 477,821 468,232 Property and equipment, net 28,543 26,997 Right-of-use leased assets 19,832 15,762 Goodwill 65,945 65,945 Other intangibles, net 31,674 33,089 Deferred tax assets 741 759 Other assets 4,970 4,906 Total assets$629,526 $615,690 Liabilities and stockholders' equity Current liabilities: Accounts payable$4,180 $3,646 Accrued expenses 25,268 29,411 Acquisition-related obligations 475 322 Lease liabilities - short-term 3,446 2,944 Total current liabilities 33,369 36,323 Convertible senior notes, net 168,867 168,645 Lease liabilities - long-term 17,502 14,003 Deferred tax liabilities 1,855 1,735 Other long-term liabilities 1,311 1,468 Total liabilities 222,904 222,174 Stockholders' equity Common stock 245 244 Additional paid-in capital 233,450 228,407 Retained earnings 194,683 184,715 Accumulated other comprehensive loss (3,857) (2,411) Treasury stock (17,899) (17,439)Total stockholders' equity 406,622 393,516 Total liabilities and stockholders' equity$629,526 $615,69014,515 14,212 General and administrative
12,046 10,487 Research and development
4,060 4,095 Total operating expenses 30,621 28,794 Income from operations 17,775 12,626 Other income (expense): Investment income
3,324 2,903 Interest expense
(1,300) (1,290)Other income (loss), net
(127) 2 Income before income taxes 19,672 14,241 Provision for income taxes 3,993 3,230 Net income$15,679 $11,011 Earnings per share of common stock Basic
$0.69 $0.49 Diluted
$0.68 $0.48 Weighted - average shares outstanding: Basic
22,801 22,570 Diluted
23,031 22,899 Cash dividends declared per common share$0.25 $0.20