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 categories and geographies, notably driven by higher average selling prices, increased unit volumes, and successful product launches.

• Artegraft became the largest product, with global sales up 36% and international sales of $2.1M in Q1, and is approved in 52 markets.

• Biologic implants now represent over 50% of sales, with a shift toward products used by cardiac surgeons.

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

• Direct-to-hospital sales accounted for 96% of total net sales.

Financial highlights

• Q1 2026 gross margin was 72.7%, up 350 bps year-over-year, with operating income up 41% to $17.8M and net income up 42% to $15.7M; diluted EPS was $0.68.

• Cash and securities totaled $367M at quarter end, up $8M sequentially; cash from operations was $15.1M, CapEx $2.8M.

• Dividend per share increased to $0.25, with $5.7M paid in Q1 2026, marking 15 consecutive years of dividend growth.

• Adjusted EBITDA for Q1 2026 was $20.3M, a 34% increase year-over-year.

• Americas accounted for 63% of Q1 2026 sales; EMEA and APAC grew 20% and 18%, respectively.

Outlook and guidance

• Affirmed full-year 2026 revenue guidance of $280M (12% organic growth), with Q2 revenue expected at $71.5M and operating margin guidance of 30%.

• Raised annual gross margin guidance to 72.3%–75% and operating income to $79.8M (24% growth over adjusted 2025).

• Increased annual EPS guidance to $3 (26% growth over adjusted 2025); 2025 adjusted EPS was $2.38.

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

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