LeMaitre Vascular Inc (LMAT) Q4 2025 Earnings Call Highlights: Robust Growth and Strategic …

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Thu, February 26, 2026 at 2:03 PM GMT+9 4 min read

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**Revenue Growth:** 16% sales growth in Q4 2025.

**Gross Margin:** 71.7% in Q4 2025, a 240 basis point increase year over year.

**Operating Income Growth:** 47% increase year over year to $18.8 million in Q4 2025.

**Operating Margin:** 29% in Q4 2025.

**EPS:** $0.68 in Q4 2025, a 39% increase year over year.

**Organic Revenue Growth:** 15% in Q4 2025, with 9% price growth and 6% unit growth.

**Operating Expenses:** $27.4 million in Q4 2025, a 6% year over year increase.

**Cash and Securities:** $359 million at the end of 2025.

**Free Cash Flow:** $74.5 million in 2025.

**2026 Revenue Guidance:** $280 million, with 12% organic sales growth.

**2026 Gross Margin Guidance:** 72.1%.

**2026 Operating Income Guidance:** $77.8 million, up 21% adjusted.

**2026 EPS Guidance:** $2.91 per share, up 22% adjusted.

**Share Repurchase Program:** New $100 million program approved.

**Dividend Increase:** Q1 2026 dividend of $0.25 per share, a 25% increase year over year.

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Release Date: February 25, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

LeMaitre Vascular Inc (NASDAQ:LMAT) reported a strong Q4 with 16% sales growth, a 71.7% gross margin, and 47% operating income growth.

The company saw significant growth in specific product lines: grafts up 27%, valvulomes up 20%, and shunts up 18%.

International sales are expanding, with autograft sales expected to contribute $6 million in sales growth for 2026.

The company is expanding its direct sales model, planning to go direct in Poland and other European countries, enhancing market penetration.

LeMaitre Vascular Inc (NASDAQ:LMAT) has a strong cash position with $359 million in cash and securities, supporting potential M&A activities and share repurchase programs.

Negative Points

The company experienced a cyber incident in January 2026, which affected certain systems and data, though it claims minimal disruption.

There is a potential headwind from the manufacturing transfer of the Restore Flow business from Chicago to Burlington, which may impact margins in 2026.

The company faces challenges in the Chinese market, with limited impact from the Xenosure cardiac approval despite previous efforts.

The carotid artery stenting business may face challenges due to the CREST 2 trial results, which could impact future sales.

LeMaitre Vascular Inc (NASDAQ:LMAT) is cautious about providing detailed quarterly guidance for specific product lines, reflecting uncertainty in market dynamics.

 






Story Continues  

Q & A Highlights

Q: Can you rank the factors that will be key to achieving the operating growth that’s north of the sales growth rate? A: George LeMaitre, CEO, explained that the company has been effective at maintaining a stable headcount and increasing sales pricing. The company has also improved manufacturing efficiencies, which contributed to the operating leverage seen in the past year, with 14% sales growth and 30% profit growth. They expect similar results in the coming year.

Q: You mentioned an 8% price increase for this year. Why was this year’s transition smoother than in the past, and is 8% the target for future price increases? A: George LeMaitre, CEO, noted that sending the price list out earlier in November instead of December allowed more time for preparation, resulting in a smoother transition. Historically, price increases have been around 6% to 8%, and this year’s increase is considered business as usual.

Q: What is the setup for M&A in 2026, and how important is it to you now? A: George LeMaitre, CEO, and David Roberts, President, emphasized that while the company has proven its ability to grow organically, they are actively pursuing M&A opportunities. They are in discussions with several targets in the open vascular and cardiac surgery fields, focusing on acquisitions that align with their strategic goals.

Q: Can you unpack the stellar performance of the Autograph product in the quarter, and is the TAM bigger than previously thought? A: George LeMaitre, CEO, acknowledged that the TAM for Autograph is now estimated at $30 million, up from the previous $8 million. The product has exceeded expectations, with strong uptake in Europe, particularly in Central Europe, and the company is optimistic about its long-term growth potential.

Q: What impact do you envision the CREST 2 trial in carotid revascularization to have on your carotid artery stenting business? A: David Roberts, President, stated that while the CREST 2 trial results could impact the US market, the company’s carotid shunt business is well-positioned due to its geographic diversification. The trial’s exclusion criteria make it an apples-to-oranges comparison, and the company’s OUS business is expected to remain resilient.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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