LeMaitre Vascular (LMAT) Q4 2025 earnings summary

Executive summary

• Q4 2025 delivered 16% sales growth, 71.7% gross margin, and 47% operating income growth, with strong contributions from grafts, valvulotomes, and shunts.

• International expansion continued, notably with Artegraft approvals in 52 countries and direct sales initiatives in Poland and other European markets.

• 2025 saw 14% sales growth and 30% operating income growth, with 2026 guidance projecting 12% sales growth and 21% adjusted operating income growth.

• The company remains focused on organic growth, direct-to-hospital sales, targeted M&A, and operational efficiency.

• Cash increased by $16.1 million sequentially, totaling $359.1 million at year-end 2025.

Financial highlights

• Q4 organic revenue grew 15% (9% price, 6% unit), with broad-based growth across geographies and products.

• Q4 gross margin rose 240 bps year-over-year to 71.7%, driven by higher ASPs and manufacturing efficiencies.

• Q4 operating income reached $18.8 million (up 47% YoY), with a 29% operating margin.

• Q4 EPS was $0.68, up 39% YoY, including a $0.5 million one-time investment loss.

• 2025 full-year organic revenue grew 14% (9% price, 5% unit), adjusted gross margin was 70.4% (+180 bps), and adjusted EPS grew 23%.

Outlook and guidance

• 2026 revenue guidance: $280 million, with 12% organic sales growth.

• Gross margin expected at 72.1%, operating income at $77.8 million (+21% adjusted), and EPS at $2.91 (+22% adjusted).

• CapEx to increase to ~$11 million due to facility consolidation and warehouse expansion.

• Guidance assumes a constant EUR/USD rate of 1.18 and a 4% yield on invested cash.

• Q1 2026 sales guidance: $65.6–$67.6 million (midpoint $66.6 million, +11% YoY).