LeMaitre Vascular (LMAT) Q3 2026 earnings summary

Executive summary

• Q3 net sales were $67.970M, up 11% reported and 12% organically; organic growth comprised 7% price and 5% unit growth.

• Adjusted operating income and EPS each increased 5% YoY; FY 2026 guidance midpoint calls for 11% sales growth and 18% adjusted EPS growth.

• 9M sales rose 11% to $204.903M; net income was $47.753M versus $42.152M.

Financial highlights

• Q3 operating income was $17.695M versus $20.312M; net income was $15.024M versus $17.362M.

• Q3 gross margin was 71.7%, down 360 bps reported but up 90 bps excluding the $0.5M FAS-TIP inventory reserve; operating expenses rose 18% adjusted.

• Diluted EPS was $0.65, down 14% reported and up 5% adjusted; adjusted EBITDA was $20.498M.

• 9M operating income was $55.869M versus $49.080M; gross profit was $147.9M, up 12%.

• 9M operating cash flow was $53.0M versus $58.1M; working capital used $12.9M, chiefly from prepaid expenses, inventory and receivables.

Outlook and guidance

• FY 2026 sales guidance is $274.8M-$276.8M, midpoint $275.8M; organic growth 11%, gross margin 72.1%, operating income midpoint $75.4M and diluted EPS midpoint $2.80.

• EPS guidance of $2.80 represents 18% growth from adjusted 2025; guidance includes a modest B. Braun acquisition impact.

• Q4 sales guidance is $69.9M-$71.9M, midpoint $70.9M (+11% organic); gross margin 72.1%, operating income midpoint $19.5M and EPS midpoint $0.73.

• Q4 guidance includes $150K of B. Braun product sales and break-even operating income impact; FY gross-margin guidance was reduced 30 bps from August, reflecting reserve, FX, fixed-cost leverage and RestoreFlow transfer timing.

• Allograft tissue processing transfer from Fox River Grove to Burlington is expected to be substantially complete by year-end 2026.