LMAT · LeMaitre Vascular, Inc.

LeMaitre Vascular delivered a strong Q1 2026, with sales of $66.6 million (+11% reported, +10% organic) driven by broad-based strength across product lines and geographies. Artegraft led with 36% worldwide growth, fueled by its international launch. Grafts (+20%), valvulotomes (+15%), and carotid shunts (+11%) each posted record sales. Geographically, EMEA (+20%), APAC (+18%), and the Americas (+7%) all set records. Gross margin expanded 350 basis points to 72.7%, benefiting from higher average selling prices and manufacturing efficiencies. Operating income rose 41% to $17.8 million, with operating margin of 27%, as operating expense growth was contained at 6%. Net income increased 42% to $15.7 million, and diluted EPS grew 42% to $0.68, exceeding consensus estimates. Management highlighted higher ASPs, geographic expansion, and disciplined spending as key drivers. The company raised full-year 2026 guidance, now expecting sales of $277-283 million (+12% organic), gross margin of 72.3%, operating income of $77.6-82.0 million (+18% GAAP, +24% adjusted), and EPS of $2.93-3.08 (+19% GAAP, +26% adjusted). For Q2 2026, guidance implies sales of $70.5-72.5 million (+11% organic), gross margin of 72.1%, operating income of $20.8-22.3 million, and EPS of $0.79-0.84. Additionally, the board declared a quarterly dividend of $0.25 per share and authorized a $100 million share repurchase program through February 2027. The strong operational performance and raised guidance underscore the company's momentum and profitability trajectory.