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LeMaitre Q2 2025 Financial Results

1. Q2 2025 sales increased by 15% to $64.2 million. 2. Gross margin improved to 70%, up from 68.9% in Q2 2024. 3. Quarterly dividend of $0.20/share announced for Sept 2025 payment. 4. CEO optimistic, increasing sales and profit guidance for 2025. 5. Significant growth driven by catheters and grafts sales.

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$93.2308/06 11:04 PM EDTLatest Updated
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FAQ

Why Bullish?

The increase in sales and margins is a strong indicator of company health. Recent historical data shows that substantial growth figures often lead to stock price increases in similar companies.

How important is it?

The consistent revenue growth and dividend announcement are likely to attract more investment interest in LMAT, potentially affecting its stock price positively.

Why Short Term?

The immediate positive results can shift investor sentiment quickly. Stock prices have historically reacted favorably to favorable quarterly reports like this one.

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ABTCRYMDT
BURLINGTON, Mass., Aug. 05, 2025 (GLOBE NEWSWIRE) -- LeMaitre Vascular, Inc. (Nasdaq: LMAT), a provider of vascular devices, implants, and services, today reported Q2 2025 results, announced a quarterly dividend of $0.20/share, and provided guidance. Q2 2025: Sales $64.2mm, +15% (+15% organic)Gross margin 70.0%, +110 bpsOp. income $16.1mm, +12%Op. margin 25%Earnings per diluted share $0.60, +16%Cash up $16.9mm sequentially to $319.5mm Catheters (+27%) and grafts (+19%) drove Q2 sales growth. EMEA sales increased 23%, Americas 12%, and APAC 12%. Price accounted for 8% of sales growth and units 7%. Gross margin of 70.0% (vs. 68.9% in Q2 2024) increased due to higher average selling prices and manufacturing efficiencies. Operating income was $16.1mm, up 12% in Q2 as a result of increased sales and higher gross margin. Q2 EPS was up 16% to $0.60 per fully diluted share. Chairman/CEO George LeMaitre said, “2025 is shaping up to be another year of healthy sales and profit growth and Artegraft’s OUS launch is ahead of plan. As a result, we’re increasing our 2025 top- and bottom-line guidance.” Business Outlook  Q3 2025 GuidanceFull Year GuidanceSales$61.2mm - $63.2mm(Mid: $62.2mm, +13%, +15% Org.)$248mm - $254mm(Mid: $251mm, +14%, +15% Org.)Gross Margin69.7%69.7%Op. Income$14.4mm - $15.8mm(Mid: $15.1mm, +14%)$58.8mm - $63.0mm(Mid: $60.9mm, +17%)Op. Margin (Mid)24%24%EPS$0.54 - $0.59(Mid: $0.57, +16%)$2.23 - $2.37(Mid: $2.30, +19%) Quarterly Dividend On July 30, 2025, the Company's Board of Directors approved a quarterly dividend of $0.20/share of common stock. The dividend will be paid on September 4, 2025, to stockholders of record on August 21, 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. The non-GAAP profitability metrics provided herein allow the company to better measure the comparability of results between periods. 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. 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. 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; and 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)            June 30, 2025 December 31, 2024 (unaudited)  Assets       Current assets:   Cash and cash equivalents$27,177  $25,610 Short-term marketable securities 292,311   274,112 Accounts receivable, net 36,537   30,063 Inventory and other deferred costs 68,385   64,927 Prepaid expenses and other current assets 5,716   7,480 Total current assets 430,126   402,192     Property and equipment, net 25,357   24,800 Right-of-use leased assets 16,515   16,768 Goodwill 65,945   65,945 Other intangibles, net 33,152   35,819 Deferred tax assets 1,455   1,425 Other assets 5,041   4,868     Total assets$577,591  $551,817         Liabilities and stockholders' equity       Current liabilities:   Accounts payable$4,914  $1,761 Accrued expenses 22,978   24,732 Acquisition-related obligations 95   1,433 Lease liabilities - short-term 2,829   2,681 Total current liabilities 30,816   30,607     Convertible senior notes, net 168,205   167,772 Lease liabilities - long-term 14,855   15,232 Deferred tax liabilities 95   85 Other long-term liabilities 934   831 Total liabilities 214,905   214,527     Stockholders' equity   Common stock 242   242 Additional paid-in capital 220,822   213,760 Retained earnings 160,843   145,090 Accumulated other comprehensive loss (2,998)  (6,184)Treasury stock (16,223)  (15,618)Total stockholders' equity 362,686   337,290     Total liabilities and stockholders' equity$577,591  $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 six months ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024        Net sales$64,232  $55,849  $124,103  $109,327 Cost of sales 19,258   17,381   37,709   34,194         Gross profit 44,974   38,468   86,394   75,133         Operating expenses:       Sales and marketing 14,895   10,984   29,107   22,670 General and administrative 10,396   8,820   20,883   17,833 Research and development 3,541   4,284   7,636   8,376 Total operating expenses 28,832   24,088   57,626   48,879         Income from operations 16,142   14,380   28,768   26,254         Other income (expense):       Interest income 2,980   1,137   5,883   2,138 Interest expense (1,299)  -   (2,589)  - Other income (loss), net 247   (11)  249   (89)        Income before income taxes 18,070   15,506   32,311   28,303         Provision for income taxes 4,291   3,680   7,521   6,590         Net income$13,779  $11,826  $24,790  $21,713         Earnings per share of common stock       Basic$0.61  $0.53  $1.10  $0.97 Diluted$0.60  $0.52  $1.08  $0.96         Weighted - average shares outstanding:       Basic 22,614   22,458   22,592   22,412 Diluted 22,892   22,725   22,896   22,657                 Cash dividends declared per common share$0.20  $0.16  $0.40  $0.32  LEMAITRE VASCULAR, INC. (NASDAQ: LMAT)SELECTED NET SALES INFORMATION(amounts in thousands)(unaudited)  For the three months ended For the six months ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 $ % $ % $ % $ %Net Sales by Geography               Americas$41,321   64% $36,907   66% $80,279   65% $72,152   66%Europe, Middle East and Africa 18,840   29%  15,298   27%  35,799   29%  29,693   27%Asia Pacific 4,071   7%  3,644   7%  8,025   6%  7,482   7%Total Net Sales$64,232   100% $55,849   100% $124,103   100% $109,327   100% LEMAITRE VASCULAR, INC (NASDAQ: LMAT)NON-GAAP FINANCIAL MEASURES(amounts in thousands)(unaudited)         For the three months ended For the six months ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024Reconciliation between GAAP and Non-GAAP EBITDA       Net income as reported$13,779  $11,826  $24,790  $21,713 Interest (income) expense, net (1,681)  (1,137)  (3,294)  (2,138)Amortization and depreciation expense 2,648   2,384   5,200   4,766 Provision for income taxes 4,291   3,680   7,521   6,590         EBITDA$19,037  $16,753  $34,217  $30,931         EBITDA percentage increase   14%    11% LEMAITRE VASCULAR, INC. (NASDAQ: LMAT)NON-GAAP FINANCIAL MEASURES(amounts in thousands)(unaudited)        Reconciliation between GAAP and Non-GAAP sales growth:       For the three months ended June 30, 2025       Net sales as reported$64,232     Net impact of divestitures excluding currency (47)    Impact of currency exchange rate fluctuations (1,039)    Adjusted net sales    $63,146           For the three months ended June 30, 2024       Net sales as reported$55,849     Net impact of divestitures excluding currency (960)    Adjusted net sales    $54,889           Adjusted net sales increase for the three months ended June 30, 2025    $8,257   15%                Reconciliation between GAAP and Non-GAAP projected sales growth:       For the three months ending September 30, 2025       Net sales per guidance (midpoint)$62,200     Impact of currency exchange rate fluctuations (817)    Adjusted projected net sales    $61,383           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 projected net sales increase for the three months ending September 30, 2025    $7,880   15%                Reconciliation between GAAP and Non-GAAP projected sales growth:       For the year ending December 31, 2025       Net sales per guidance (midpoint)$250,503     Impact of currency exchange rate fluctuations (2,361)    Adjusted projected net sales    $248,142           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 $31,544   15%      

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