LeMaitre Vascular, Inc. (LMAT) Earnings
LeMaitre Vascular, Inc. is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $0.81. LMAT has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +2.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $0.66 | $0.68 | +3.0% | $67M | -0.2% |
| Feb 25, 2026 | $0.67 | $0.68 | +1.5% | $64M | -2.5% |
| Nov 6, 2025 | $0.56 | $0.62 | +9.9% | $61M | -1.8% |
| May 1, 2025 | $0.50 | $0.48 | -4.0% | $60M | +3.9% |
| Feb 27, 2025 | $0.49 | $0.49 | +0.0% | $56M | -0.5% |
| Oct 31, 2024 | $0.44 | $0.49 | +11.4% | $55M | -2.1% |
| Aug 1, 2024 | $0.47 | $0.52 | +10.6% | $56M | +1.6% |
| May 2, 2024 | $0.39 | $0.44 | +12.8% | $53M | +3.8% |
| Feb 27, 2024 | $0.36 | $0.38 | +5.6% | $49M | -0.3% |
| Nov 1, 2023 | $0.30 | $0.33 | +10.0% | $47M | -0.4% |
| Aug 1, 2023 | $0.32 | $0.36 | +12.5% | $50M | +4.2% |
| May 2, 2023 | $0.25 | $0.27 | +8.0% | $47M | +8.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 5, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Q1 featured 11% sales growth, 72.7% gross margin, and 42% EPS growth. Artographs are largest product with growth initiatives. RFA grew 25%. Operating expenses in Q1 2026 were 30.6 million, increase of 6% vs Q1 2025. Overall company headcount decreased 3%. Q1 2026 operating income increased 41% to $17.8 million, operating margin 27%. Fully diluted earnings per share $0.68, up 42%. Cash from operations $15 million in Q1 2026. Paid $5.7 million in dividends. Ended Q1 2026 with $367 million in cash and securities. Affirming full-year revenue guidance of $280 million, 12% organic growth. Increasing annual guidance for gross margin to 72.3%, operating income to $79.8 million, diluted earnings per share to $3.
Guidance
Affirming full-year revenue guidance of $280 million, representing 12% organic growth. Increasing annual guidance for gross margin to 72.3% and operating to $79.8 million, representing 24% growth over adjusted 2025 operating income. Increasing annual guidance for diluted earnings per share to $3, or 26% growth from adjusted 2025. Expecting revenue of $71.5 million and an operating margin of 30% in Q2. Current guidance assumes a constant euro-U.S. dollar exchange rate of 1.17 and no dilutive impact from our convertible debt.
Segment performance
Q1 featured 11% sales growth, a 72.7% gross margin, and 42% EPS growth. Graphs were up 20%, Valvatone's 15%, and Karate Chunk's 11%, as each category posted record sales. Our three geographies also posted record sales: EMEA was up 20%, APAC 18%, and the Americas 7%. Artographs have become our largest product, with worldwide autograph sales growing 36% in Q1. International autograph sales in Q1 were $2.1 million, and we expect 2026 sales to be $10 million versus $4 million in 2025. Health Canada has approved autographs with launch planned for H2 2026. Additional autograph approvals expected in 2027 for Korea, Brazil, Vietnam, and India. We're working to make longer autographs available, planning filings in U.S. and Europe in H2 2026 for longer sizes. RFA grew 25% in Q1, led by strong US results; German implants begin in Q2, Irish approval expected in H2; filed for Australian approval in April and plan filings in several European countries in 2026; tissue processing ramping up in Burlington, expected to complete by year-end; ended Q1 with 158 sales reps, plan to end 2026 with 170 to 180; ended Q1 with 35 RSMs and country managers, up 13% year over year; expect to go direct in Poland in Q4.
Risks & headwinds
Potential impact of transportation cost increases; risk of international market approvals not proceeding as expected; risk of M&A progress not meeting expectations; risk of foreign exchange rate fluctuations affecting financial performance; risk of operational efficiency improvements not meeting expectations.
Analyst Q&A
Q: Kind of a high-level question here on the pricing side of things.
A: George Lemaitre discussed pricing flexibility in Europe and U.S., with more room in Europe.
Q: Any impact from Middle East problems?
A: Not large, didn't ship $175,000 worth of export towards Middle East at end of quarter but not much impact otherwise.
Q: Commentary on M&A?
A: Active, looking for targets in open vascular and cardiac surgery, waiting for right fit at right price.
Q: Frame volume opportunity for QuickStick claim?
A: Dave Roberts said QuickStick indication will help in U.S., market big enough to justify investment but regulatory path long.
Q: ASP bumps for longer autographs?
A: Longer autographs will have premium pricing, similar to OmniFlow product.
Q: Split of gross margin improvement?
A: Dorian LeBlanc said price and positive mix helped, manufacturing efficiencies from lean projects and warehouse footprint.
Q: Thoughts on European RFA market opportunity?
A: Autograph took center stage, RFA regulatory focus slow, German launch has supply issues, Irish approval and supply also slower.
Q: Market opportunity for longer autographs?
A: Clinically needed for peripheral vascular disease, European adoption highlights need, expands TAM.
Q: Capital allocation and product categories?
A: Dave Roberts said open vascular still center, cardiac surgery has niche markets, looking for differentiated products.
Q: RestoreFlow German launch ramp?
A: Cautious with guidance as supply and regulatory issues exist.
Q: Distributor swings and direct to market?
A: April sales growth 13% indicates distributor swings back, export business has high CAGR, plan to go direct in Poland and others.
Q: Autograph R&D projects?
A: Low-risk, obvious projects, may transition to more internal R&D.
Q: Business development in cardiac space?
A: Dave Roberts said depends on product crossover, long-term view on cardiac acquisitions.