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 international expansion and product launches.

• Artegraft and RFA Cardiac products drove significant growth, with Artegraft international sales outperforming expectations.

• The company continues to expand direct sales channels, notably in Poland and across Europe.

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

Financial highlights

• Q4 organic revenue grew 15% (9% price, 6% unit); gross margin rose 240 bps to 71.7%.

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

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

• Full-year 2025 sales grew 14% to $249.6M, operating income up 30%, and adjusted EBITDA for Q4 was $20.9M, up 39% YoY.

• Dividend increased 25% to $0.25 per share; $0.80 per share paid for the year.

Outlook and guidance

• 2026 revenue expected at $280M, with 12% organic sales growth.

• Gross margin guided at 72.1%; operating income at $77.8M, up 21% adjusted YoY.

• EPS guidance for 2026 is $2.91, up 22% adjusted.

• CapEx to increase to ~$11M due to facility consolidation and new warehouse.

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