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 bps
Op. 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 Guidance	Full Year Guidance
Sales	$61.2mm - $63.2mm (Mid: $62.2mm, +13%, +15% Org.)	$248mm - $254mm (Mid: $251mm, +14%, +15% Org.)
Gross Margin	69.7%	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, 2024
Reconciliation 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	%

CONTACT: 
Gregory Manker
Director of Business Development and Investor Relations
+1 781-362-1260 x 419
gmanker@lemaitre.com

LeMaitre Q2 2025 Financial Results