LeMaitre Q3 2025 Financial Results

BURLINGTON, Mass., Nov. 06, 2025 (GLOBE NEWSWIRE) -- LeMaitre Vascular, Inc. (Nasdaq: LMAT), a provider of vascular devices, implants, and services, today reported Q3 2025 results, announced a quarterly dividend of $0.20/share, and provided guidance. Q3 2025 results include a non-recurring benefit from the Employee Retention Tax Credit. Non-GAAP adjusted figures exclude this benefit. A reconciliation of GAAP to non-GAAP results is included. Q3 2025: Sales $61.0mm, +11% (+12% organic) Gross margin 75.3% (+750 bps), adjusted 70.8% (+300 bps)Op. income $20.3mm (+54%), adjusted $16.9mm (+29%)Op. margin 33%, adjusted 28%Diluted EPS $0.75 (+54%), adjusted $0.62 (+27%)Cash up $23.6mm sequentially to $343.1mm Grafts (+23%) and Shunts (+18%) drove Q3 sales growth. Artegraft (+33%) growth accelerated due to the international launch. EMEA sales increased 18%, Americas 10%, and APAC 4%. Adjusted gross margin of 70.8% (vs. 67.8% in Q3 2024) increased due to higher average selling prices and manufacturing efficiencies. Adjusted operating income of $16.9mm (+29%) benefited from moderating operating expenses. Headcount was 633 at 9/30/2025 vs. 637 at 9/30/2024. Chairman/CEO George LeMaitre said, “2025 is shaping up to be another year of healthy sales and profit growth, and Artegraft’s international launch is ahead of plan. We continue to make investments in our sales force, new international offices, and regulatory approvals. We have increased our bottom-line guidance.” Business Outlook Q4 2025 GuidanceFull Year GuidanceSales$61.8mm - $63.8mm (Mid: $62.8mm, +13%, +13% Org.)$247mm - $249mm (Mid: $248mm, +13%, +13% Org.)Gross Margin71.2% 71.4% (Adjusted: 70.3%)Op. Income$17.3mm - $18.7mm (Mid: $18.0mm, +40%)$66.4mm - $67.8mm (Mid: $67.1mm, +28%) (Adjusted Mid: $63.7mm, +22%)Op. Margin (Mid)29% 27% (Adjusted: 26%)EPS$0.64 - $0.69 (Mid: $0.67, +36%)$2.48 - $2.53 (Mid: $2.51, +30%) (Adjusted Mid: $2.37, +22%) Quarterly Dividend On October 27, 2025, the Company's Board of Directors approved a quarterly dividend of $0.20/share of common stock. The dividend will be paid on December 4, 2025, to stockholders of record on November 20, 2025. Share Repurchase Program On February 18, 2025, the Company's Board of Directors authorized the repurchase of up to $75.0mm of the Company’s common stock. The repurchase program may be suspended or discontinued at any time and will conclude on February 17, 2026, unless extended by the Board. Conference Call Reminder Management will conduct a conference call at 5:00pm ET today. The conference call will be broadcast live over the Internet. Individuals interested in listening to the webcast can log on to the Company's website at www.lemaitre.com/investor. Access to the live call is available by registering online here. All registrants will receive dial-in information and a PIN allowing them to access the live call. The audio webcast can also be accessed live or via replay through a webcast at www.lemaitre.com/investor. For individuals unable to join the live conference call, a replay will be available on the Company's website. A reconciliation of GAAP to non-GAAP results is included in the tables attached to this release. About LeMaitre LeMaitre is a provider of devices, implants, and services for the treatment of peripheral vascular disease, a condition that affects more than 200 million people worldwide. The Company develops, manufactures, and markets disposable and implantable vascular devices to address the needs of its core customer, the vascular surgeon. LeMaitre is a registered trademark of LeMaitre Vascular, Inc. This press release may include other trademarks and trade names of the Company. For more information about the Company, please visit www.lemaitre.com. Use of Non-GAAP Financial Measures LeMaitre management believes that in order to better understand the Company's short- and long-term financial trends, investors may wish to consider certain non-GAAP financial measures as a supplement to financial performance measures prepared in accordance with GAAP. Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and do not have standardized meanings. These non-GAAP measures result from facts and circumstances that may vary in frequency and/or impact on continuing operations. Non-GAAP measures should be considered in addition to, and not as a substitute for, GAAP financial performance measures. In addition to the description provided below, reconciliation of GAAP to non-GAAP results is provided in the financial statement tables included in this press release. In this press release, the Company has reported non-GAAP sales growth percentages after adjusting for the impact of foreign currency exchange, business development transactions, and/or other events. The Company refers to the calculation of non-GAAP sales growth percentages as "organic." The Company analyzes non-GAAP sales on a constant currency basis, net of acquisitions and other non-recurring events. Because changes in foreign currency exchange rates have a non-operating impact on net sales, and acquisitions, divestitures, product discontinuations, factory closures, and other strategic transactions are episodic in nature and are highly variable to the reported sales results, the Company believes that evaluating growth in sales on a constant currency basis net of such transactions provides an additional and meaningful assessment of sales to management. Additionally, the Company has provided figures for adjusted gross margin, adjusted operating income, adjusted operating margin and adjusted EPS in this press release. Management believes that use of these non-GAAP profitability metrics allows the Company to better measure the comparability of results between periods. The Company believes that the presentation of guidance described above for sales, operating income, and EPS provides an alternative and meaningful view of the Company’s profitability. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures set forth in the tables captioned “Reconciliation of GAAP to Non-GAAP Financial Measures” below. Forward-Looking Statements The Company's current financial results, as discussed in this release, are preliminary and unaudited, and subject to adjustment. This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Statements in this press release regarding the Company's business that are not historical facts may be "forward-looking statements" that involve risks and uncertainties. Forward-looking statements are based on management's current, preliminary expectations and are subject to risks and uncertainties that could cause actual results to differ from the results expected, including, but not limited to, competition from other medical device companies and alternative medical technologies; our ability to source, acquire, and integrate acquisitions; our ability to increase the selling prices of our products; our ability to maintain historic levels of profit growth; our dependence on sole- or limited-source suppliers; our implementation of our new enterprise resource planning system; disruptions to our information technology systems or breaches of our information security systems; our ability to engage sales call points other than vascular surgeons; our ability to procure, process, and preserve human tissue and comply with relevant regulatory requirements; the impact of a disruption in our manufacturing facilities; our ability to navigate the risks inherent in operating internationally; our ability to transition to direct sales models in certain international territories; the status of our regulatory approvals and compliance with regulatory requirements to market and sell our products both domestically and internationally; the occurrence of litigation relating to product liability, employment matters, intellectual property, contract disputes, and other commercial matters; the occurrence of product defects or recalls; our ability to service and repurchase our debt; the dilutive effect of a conversion of our debt; our ability to navigate executive officer transitions and retain key personnel; our ability to protect our intellectual property; volatility in the price of our common stock; and other risks and uncertainties included under the heading "Risk Factors" in our most recent Annual Report on Form 10-K, as updated by our subsequent filings with the SEC, which are all available on the Company's investor relations website at http://www.lemaitre.com and on the SEC's website at http://www.sec.gov. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date they were made, or to reflect the occurrence of unanticipated events. LEMAITRE VASCULAR, INC. (NASDAQ: LMAT) CONDENSED CONSOLIDATED BALANCE SHEETS (amounts in thousands) September 30, 2025 December 31, 2024 (unaudited) Assets Current assets: Cash and cash equivalents $25,494 $25,610 Short-term marketable securities 317,561 274,112 Accounts receivable, net 32,416 30,063 Inventory and other deferred costs 70,793 64,927 Prepaid expenses and other current assets 5,761 7,480 Total current assets 452,025 402,192 Property and equipment, net 26,464 24,800 Right-of-use leased assets 16,040 16,768 Goodwill 65,945 65,945 Other intangibles, net 31,711 35,819 Deferred tax assets 854 1,425 Other assets 5,030 4,868 Total assets $598,069 $551,817 Liabilities and stockholders' equity Current liabilities: Accounts payable $3,465 $1,761 Accrued expenses 26,933 24,732 Acquisition-related obligations 95 1,433 Lease liabilities - short-term 2,794 2,681 Total current liabilities 33,287 30,607 Convertible senior notes, net 168,424 167,772 Lease liabilities - long-term 14,414 15,232 Deferred tax liabilities 2,088 85 Other long-term liabilities 933 831 Total liabilities 219,146 214,527 Stockholders' equity Common stock 243 242 Additional paid-in capital 224,145 213,760 Retained earnings 173,670 145,090 Accumulated other comprehensive loss (2,912) (6,184) Treasury stock (16,223) (15,618)Total stockholders' equity 378,923 337,290 Total liabilities and stockholders' equity $598,069 $551,817 LEMAITRE VASCULAR, INC. (NASDAQ: LMAT) CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (amounts in thousands, except per share amounts) (unaudited) For the three months ended For the nine months ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net sales$61,046 $54,819 $185,149 $164,146Cost of sales 15,091 17,641 52,800 51,835 Gross profit 45,955 37,178 132,349 112,311 Operating expenses: Sales and marketing 11,923 11,441 41,030 34,111 General and administrative 10,750 8,933 31,633 26,766 Research and development 2,970 3,656 10,606 12,032Total operating expenses 25,643 24,030 83,269 72,909 Income from operations 20,312 13,148 49,080 39,402 Other income (expense): Interest income 3,864 1,201 9,747 3,339 Interest expense (1,297) - (3,886) - Other income (loss), net (306) 202 (57) 113 Income before income taxes 22,573 14,551 54,884 42,854 Provision for income taxes 5,211 3,410 12,732 10,000 Net income$17,362 $11,141 $42,152 $32,854 Earnings per share of common stock Basic$0.77 $0.50 $1.86 $1.46 Diluted$0.75 $0.49 $1.84 $1.45 Weighted - average shares outstanding: Basic 22,660 22,476 22,615 22,433 Diluted 24,392 22,836 22,915 22,723 Cash dividends declared per common share $0.20 $0.16 $0.60 $0.48 LEMAITRE VASCULAR, INC. (NASDAQ: LMAT) SELECTED NET SALES INFORMATION (amounts in thousands) (unaudited) For the three months ended For the nine months ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 $ % $ % $ % $ %Net Sales by Geography Americas$39,218 64% $35,802 65% $119,49664% $107,95466% Europe, Middle East and Africa 17,631 29% 15,001 28% 53,431 29% 44,694 27% Asia Pacific 4,197 7% 4,016 7% 12,222 7% 11,498 7%Total Net Sales$61,046 100% $54,819 100% $185,149 100% $164,146 100% LEMAITRE VASCULAR, INC. (NASDAQ: LMAT) RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES ADJUSTED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - SELECTED INFORMATION(amounts in thousands, except per share amounts) (unaudited) For the three months ended Reported ERTC Adjusted (Non-GAAP) September 30, 2025 Adjustment September 30, 2025 Net sales$61,046 $- $61,046 Cost of sales 15,091 2,713 17,804 Gross profit 45,955 (2,713) 43,242 Gross margin 75.3% 70.8% LEMAITRE VASCULAR, INC. (NASDAQ: LMAT) RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES ADJUSTED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - SELECTED INFORMATION(amounts in thousands, except per share amounts) (unaudited) For the three months ended Reported ERTC Adjusted (Non-GAAP) September 30, 2025 Adjustment September 30, 2025 Total operating expenses25,643 667 26,310 LEMAITRE VASCULAR, INC. (NASDAQ: LMAT) RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES ADJUSTED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - SELECTED INFORMATION(amounts in thousands, except per share amounts) (unaudited) For the three months ended Reported ERTC Adjusted (Non-GAAP) September 30, 2025 Adjustment September 30, 2025 Income from operations 20,312 (3,380) 16,932 Operating margin 33% 28% Other income, net 2,261 (691) 1,570 Income before income taxes 22,573 (4,071) 18,502 Provision for income taxes 5,211 (885) 4,326 Net income$17,362 $(3,186) $14,176 LEMAITRE VASCULAR, INC. (NASDAQ: LMAT) RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES ADJUSTED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - SELECTED INFORMATION(amounts in thousands, except per share amounts) (unaudited) For the three months ended Reported ERTC Adjusted (Non-GAAP) September 30, 2025 Adjustment September 30, 2025 Earnings per share of common stock Basic$0.77 $(0.14) $0.63 Diluted$0.75 $(0.13) $0.62 LEMAITRE VASCULAR, INC. (NASDAQ: LMAT) RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES ADJUSTED FULL YEAR GUIDANCE (amounts in thousands, except per share amounts) (unaudited) For the twelve months ended Full Year Guidance ERTC Adjusted (Non-GAAP) December 31, 2025 Adjustment December 31, 2025 Net sales$248,000 $- $248,000 Gross margin 71.4% -1.1% 70.3%Income from operations$67,100 $(3,380) $63,720 Operating margin 27% -1% 26% Earnings per share of common stock Diluted$2.51 $(0.14) $2.37 LEMAITRE VASCULAR, INC (NASDAQ: LMAT) RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (amounts in thousands) (unaudited) For the three months ended For the nine months ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024Reconciliation between GAAP and Non-GAAP Adjusted EBITDA Net income as reported $17,362 $11,141 $42,152 $32,854 Employee retention tax credit, net (3,380) - (3,380) - Interest (income) expense, net (2,567) (1,201) (5,861) (3,339) Amortization and depreciation expense 2,612 2,426 7,812 7,192 Provision for income taxes 5,211 3,410 12,732 10,000 Adjusted EBITDA $19,238 $15,776 $53,455 $46,707 Adjusted EBITDA percentage increase 22% 14% LEMAITRE VASCULAR, INC. (NASDAQ: LMAT) RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (amounts in thousands) (unaudited) Reconciliation between GAAP and Non-GAAP sales growth: For the three months ended September 30, 2025 Net sales as reported $61,046 Impact of currency exchange rate fluctuations (950) Adjusted net sales $60,096 For the three months ended September 30, 2024 Net sales as reported $54,819 Net impact of divestitures excluding currency (1,316) Adjusted net sales $53,503 Adjusted net sales increase for the three months ended September 30, 2025 $6,593 12% Reconciliation between GAAP and Non-GAAP projected sales growth: For the three months ending December 31, 2025 Net sales per guidance (midpoint) $62,800 Impact of currency exchange rate fluctuations (1,231) Adjusted projected net sales $61,569 For the three months ended December 31, 2024 Net sales as reported $55,717 Net impact of divestitures excluding currency (989) Adjusted net sales $54,728 Adjusted projected net sales increase for the three months ending December 31, 2025 $6,841 13% Reconciliation between GAAP and Non-GAAP projected sales growth: For the year ending December 31, 2025 Net sales per guidance (midpoint) $248,000 Impact of currency exchange rate fluctuations (2,466) Adjusted projected net sales $245,534 For the year ended December 31, 2024 Net sales as reported $219,863 Net impact of divestitures excluding currency (3,265) Adjusted net sales $216,598 Adjusted projected net sales increase for the year ending December 31, 2025 $28,936 13%  CONTACT: Gregory Manker Director of Business Development and Investor Relations +1 781-362-1260 x 419 [email protected]