LeMaitre Vascular (LMAT) Q2 2026 earnings summary

Executive summary

• Q2 2026 sales reached $70.4M, up 10% year-over-year, with organic growth also at 10%; Artegraft sales surged 34% and now account for 21% of total sales, with EMEA and APAC both up 18% and Americas up 5%.

• EPS increased 23% to $0.74, with operating margin at 29% and ROE at 17%.

• Net income for Q2 was $17.1M, up 24% year-over-year.

• Gross margin improved to 72.1%, up 210 bps, driven by higher prices, favorable mix, and operational efficiencies.

• Full-year guidance updated to 11% organic sales growth and 21% EPS growth.

Financial highlights

• Operating income reached $20.4M in Q2, up 26% year-over-year.

• Adjusted EBITDA for Q2 2026 was $22.77M, up from $19.04M year-over-year.

• Cash and equivalents at quarter-end were $26.6M, with total cash and securities at $376M.

• Net cash from operations was $31.1M for the first half; $2.3M in capex and $5.7M in dividends paid in Q2.

• Dividend per share increased to $0.25 in 2026.

Outlook and guidance

• Full-year 2026 sales guidance: $274.3M–$278.3M (midpoint $276.3M, +11% reported and organic).

• Organic revenue growth guidance reduced from 12% to 11% due to FX, export delays, and supply constraints.

• Full-year gross margin expected at 72.4%, up 200 bps from adjusted 2025.

• Adjusted full-year operating income expected to grow 19% year-over-year; adjusted EPS to rise 21%.

• Management expects to fund operations and capital needs from existing cash and securities for at least the next 12 months.