LeMaitre Vascular (LMAT) Q1 2026 earnings summary

Executive summary

• Q1 2026 sales rose 11% year-over-year to $66.6 million, with 10% organic growth, driven by higher average selling prices, increased unit volumes, and successful product launches, especially in Europe and APAC.

• Gross margin improved to 72.7%, a 350 basis point increase, due to favorable product mix, higher pricing, and manufacturing efficiencies.

• EPS grew 42% to $0.68, with net income at $15.7 million, supported by strong operating income and a lower effective tax rate.

• All major product categories and geographies posted record sales, with Artegraft becoming the largest product and international sales reaching $2.1M in Q1.

• Direct-to-hospital sales accounted for 96% of total net sales.

Financial highlights

• Americas, EMEA, and APAC sales grew 7%, 20%, and 18% year-over-year, respectively.

• Operating income rose 41% to $17.8 million, with operating margin at 27% (vs. 21% in Q1 2025).

• Adjusted EBITDA for Q1 2026 was $20.3 million, a 34% increase year-over-year.

• Cash and securities ended at $367.2 million, up $8.1 million sequentially.

• Quarterly dividend increased to $0.25 per share, with $5.7 million paid in Q1 2026.

Outlook and guidance

• Affirmed full-year 2026 revenue guidance of $280 million, representing 12% organic growth.

• Annual EPS guidance raised to $3.00, or 26% growth from adjusted 2025.

• Operating income for 2026 guided at $79.8 million (24% growth over adjusted 2025).

• Q2 2026 revenue expected at $71.5 million with a 30% operating margin.

• Guidance assumes constant EUR/USD rate and no dilution from convertible debt.