LeMaitre Vascular (LMAT) Q1 2025 earnings summary

Executive summary

• Q1 2025 sales reached $59.9 million, up 13% organic and 12% reported, with record results across all five product categories and strong growth in grafts (+17%) and carotid shunts (+14%).

• Gross margin improved to 69.2% (+60 bps year-over-year), with operating income up 6% to $12.6 million and EPS rising 10% to $0.48.

• Sales force expanded to 164 reps, targeting 170 by year-end, with new direct offices in Switzerland, Czechia, and Portugal enhancing European presence.

• Artegraft received MDR CE mark, enabling imminent European launch; international sales of Artegraft reached $180,000 in Q1.

• RestoreFlow Allograft approvals anticipated in Ireland or Germany in 2025, with a new Dublin distribution facility planned.

Financial highlights

• Americas net sales increased 11%, EMEA up 18%, and APAC up 3% year-over-year.

• Net income for Q1 2025 was $11.0 million, up 11% year-over-year; EBITDA rose 7% to $15.2 million.

• Cash and equivalents increased $2.8 million to $302.5 million; total assets at $556.0 million as of March 31, 2025.

• Paid $4.5 million in dividends and made a $1.4 million deferred acquisition payment.

• $172.5 million in convertible senior notes due 2030 issued in December 2024, with a 2.5% coupon and initial conversion price of $119.67 per share.

Outlook and guidance

• Full-year 2025 sales guidance raised to $245 million (midpoint), up from $239 million, with organic sales growth guidance increased to 13% from 10%.

• Gross margin guidance set at 69.6%, operating income at $57.7 million, and EPS midpoint at $2.16.

• Guidance incorporates the exit from the Elutia patch distribution and tariff impacts, with price increases in China to offset some tariff costs.

• Q2 2025 sales guidance: $61.5M–$63.5M; EPS guidance: $0.55–$0.59.

• Company expects continued growth through direct sales expansion, new product launches, and acquisitions.