LeMaitre Vascular (LMAT) Q4 2025 earnings summary

Executive summary

• Q4 2025 delivered 16% sales growth to $64.5 million, 71.7% gross margin, and 47% operating income growth year-over-year, with 15% organic growth.

• Full year 2025 saw 14% sales growth to $249.6 million and 30% operating income growth, with strong performance across product lines and geographies.

• Artegraft international sales exceeded expectations, reaching $4 million in 2025, with $10 million targeted for 2026.

• The company continues to expand direct sales presence, notably in Poland and several European countries.

• A cyber incident in January 2026 was contained with minimal disruption and no material financial impact.

Financial highlights

• Q4 organic revenue grew 15% (9% price, 6% unit), with broad-based growth by geography and product.

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

• Q4 operating income was $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.

• Ended 2025 with $359 million in cash and securities; free cash flow for 2025 was $74.5 million.

Outlook and guidance

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

• 2026 gross margin expected at 72.1%; operating income guided at $77.8 million (up 21% adjusted).

• 2026 EPS guidance: $2.91 (up 22% adjusted).

• CapEx for 2026 projected at $11 million, reflecting facility consolidation and warehouse expansion.

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