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Lemaitre Vascular Inc
LeMaitre Q2 2025 Financial Results
Business
Aug 5 2025
11 min read

LeMaitre Q2 2025 Financial Results

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