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LeMaitre Q1 2025 Financial Results

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LeMaitre Vascular, Inc.
LeMaitre Vascular, Inc.

BURLINGTON, Mass., May 01, 2025 (GLOBE NEWSWIRE) -- LeMaitre Vascular, Inc. (Nasdaq: LMAT), a provider of vascular devices, implants, and services, today reported Q1 2025 results, announced a quarterly dividend of $0.20/share, and provided guidance.

Q1 2025:

  • Sales $59.9mm, +12% (+13% organic)

  • Gross margin 69.2%, +60 bps

  • Op. income $12.6mm, +6%

  • Op. margin 21%

  • Earnings per diluted share $0.48, +10%

  • Cash up $2.8mm sequentially to $302.5mm

Grafts (+17%) and carotid shunts (+14%) drove sales growth. EMEA sales increased 18%, Americas 11%, and APAC 3%.

Gross margin was 69.2% (vs. 68.6% in Q1 2024), due to higher average selling prices and manufacturing efficiencies.

Operating income of $12.6mm was up 6% in Q1. Operating expenses grew 16% largely due to personnel expenses. The Company currently employs 164 sales representatives and 34 sales managers.

Artegraft received its MDR CE Mark on April 29, and the European launch will begin presently. Artegraft, a biologic graft used in AV access and peripheral bypass, is the Company’s largest U.S. product, with $37mm in U.S. sales in 2024.

The Company ended its Elutia (formerly known as Aziyo Biologics) porcine patch distribution agreement on April 30. U.S. hospital sales were $5.0mm in 2024.

Chairman/CEO George LeMaitre said, “Q1 sales momentum allows us to increase our 2025 reported ($245mm) and organic (+13%) sales guidance, up from prior guidance of $239mm and 10%. $303mm of cash also provides strategic optionality.”

Business Outlook

 

Q2 2025 Guidance

Full Year Guidance

Sales

$61.5mm - $63.5mm
(Mid: $62.5mm, +12%, +12% Org.)

$242mm - $249mm
(Mid: $245mm, +12%, +13% Org.)

Gross Margin

69.5%

69.6%

Op. Income

$14.6mm - $16.0mm
(Mid: $15.3mm, +7%)

$55.1mm - $60.3mm
(Mid: $57.7mm, +10%)

Op. Margin (Mid)

24%

24%

EPS

$0.55 - $0.59
(Mid: $0.57, +10%)

$2.07 - $2.24
(Mid: $2.16, +12%)

Quarterly Dividend

On April 29, 2025, the Company's Board of Directors approved a quarterly dividend of $0.20/share of common stock. The dividend will be paid on May 29, 2025, to stockholders of record on May 15, 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.