LeMaitre Vascular (LMAT) Q1 2026 earnings summary

Executive summary

• Q1 2026 sales rose 11% year-over-year to $66.6 million, with 10% organic growth and record results across all major product lines and geographies, notably Artegraft (+36%) and biologics now over 50% of sales.

• Gross margin improved to 72.7%, up 350 basis points, driven by higher ASPs, favorable product mix, and manufacturing efficiencies.

• EPS grew 42% to $0.68, with net income up 42% to $15.7 million and operating income up 41% to $17.8 million.

• Direct-to-hospital sales accounted for 96% of net sales, and the global sales force expanded to 160 reps, supporting direct sales in 31 countries.

• Maintains #1 or #2 share in 9 of 12 niche vascular device markets, generating 85% of sales from these segments.

Financial highlights

• Americas, EMEA, and APAC sales grew 7%, 20%, and 18% respectively, all at record levels.

• Adjusted EBITDA for Q1 2026 was $20.3 million, up 34% year-over-year; adjusted EBITDA for the last twelve months reached $79.4 million.

• Cash and securities totaled $367 million at Q1 end, up $8.1 million sequentially; CapEx was $2.8 million; $5.7 million paid in dividends.

• Dividend per share increased to $0.25, marking 15 consecutive years of growth.

• Board authorized a $100 million share repurchase program; $172.5 million in convertible senior notes outstanding, maturing in 2030.

Outlook and guidance

• Full-year 2026 revenue guidance is $280 million (12% organic growth), with gross margin guidance midpoint at 72.3–75% and operating income at $79.8 million (24% growth over adjusted 2025).

• Annual diluted EPS guidance raised to $3.00 (26% growth over adjusted 2025); Q2 2026 revenue expected at $71.5 million with a 30% operating margin.

• Guidance assumes constant euro/USD exchange rate and no dilutive impact from convertible debt.

• Historical guidance achievement rates: 66% for sales, 70% for operating income.

• Management expects to fund operations and capital needs from existing cash, equivalents, and securities for at least the next twelve months.