Lemaitre Vascular Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 5 May 2026: press release. Guidance figures: 4 raised, 5 new, 1 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Sales rose 11% on higher ASPs: Net sales were $66.6mm against $59.9mm a year earlier, +10% organic after currency and divestiture adjustments. Management attributed the growth to higher average selling prices, geographic expansion and spending discipline. Source
• Operating income rose 41%: Income from operations was $17.8mm against $12.6mm, giving a 27% operating margin. The release says operating expenses grew moderately, by 6%. Source
• Artegraft sales rose worldwide: Management said Artegraft sales grew worldwide in the quarter and linked the growth to its international launch. Source
• Gross margin rose 350 basis points: Gross margin was 72.7%, up 350 bps. The release attributes the increase to higher pricing and manufacturing efficiencies. Source
• Full-year operating income raised: Management said the increased full-year guidance implies 12% sales growth and 26% adjusted EPS growth. Operating income, operating margin, EPS and gross margin ranges were all raised. Source
• Full-year EPS range raised: The full-year diluted EPS range moved up at both ends. The release states that its EPS guidance assumes no dilution from the convertible notes. Source
• Q2 guidance given for first time: The release gives Q2 2026 ranges for sales, gross margin, operating income and EPS. The prior release gave Q1 2026 guidance. Source

“Higher ASPs, geographic expansion and disciplined spending produced 11% sales growth and 42% EPS growth in Q1.”

George LeMaitre, Chairman/CEO

Guidance

What changed from last quarter

• Guidance raised: Full-year operating income range raised; the midpoint moved from $77.8mm to $79.8mm. Source
• Guidance raised: Full-year diluted EPS range raised; the midpoint moved from $2.91 to $3.00. Source
• Guidance raised: Full-year gross margin guidance moved from 72.1% to 72.3%. Source
• Guidance raised: Full-year operating margin midpoint moved from 28% to 29%. Source
• Guidance kept: Full-year sales range narrowed; the $280mm midpoint is unchanged from the prior release. Source
• New guidance: The release gives Q2 2026 guidance for sales, gross margin, operating income and EPS; the prior release gave Q1 2026 guidance. Source

Results and growth drivers

• Sales rose 11% on higher ASPs: Net sales were $66.6mm against $59.9mm a year earlier, +10% organic after currency and divestiture adjustments. Management attributed the growth to higher average selling prices, geographic expansion and spending discipline. Source
• Operating income rose 41%: Income from operations was $17.8mm against $12.6mm, giving a 27% operating margin. The release says operating expenses grew moderately, by 6%. Source
• EPS grew 42% to $0.68: Diluted EPS was $0.68 against $0.48 a year earlier, on 23.0 million diluted weighted-average shares against 22.9 million. Source

Regions and sales mix

• All three regions posted records: The release says the three geographies all posted record sales, with EMEA up 20%, APAC up 18% and the Americas up 7%. Source
• Americas share of sales eased: The Americas were 63% of net sales against 65% a year earlier. EMEA rose to 30% from 28%, and APAC held at 7%. Source
• EMEA added the most dollars: EMEA net sales were $20.3mm against $17.0mm, the largest dollar increase among the three regions. Source

“Full year 2026 shows op. leverage too - increased guidance implies 12% sales growth and 26% (adjusted) EPS growth.”

George LeMaitre, Chairman/CEO

Products and customers

• Artegraft sales rose worldwide: Management said Artegraft sales grew worldwide in the quarter and linked the growth to its international launch. Source
• Three product lines posted records: Grafts, valvulotomes and carotid shunts each posted record quarterly sales, according to the release. Source
• Core customer is vascular surgeon: The company describes its products as disposable and implantable vascular devices for peripheral vascular disease, aimed at the vascular surgeon. Source

Margins and operating costs

• Gross margin rose 350 basis points: Gross margin was 72.7%, up 350 bps. The release attributes the increase to higher pricing and manufacturing efficiencies. Source
• Operating expenses rose moderately: Total operating expenses were $30.6mm against $28.8mm. General and administrative rose to $12.0mm from $10.5mm, while research and development was flat at $4.1mm. Source
• Investment income and tax rose: Investment income was $3.3mm against $2.9mm. Interest expense was $1.3mm in both periods. The tax provision was $4.0mm against $3.2mm. Source
• Adjusted EBITDA up 34%: Adjusted EBITDA, a non-GAAP measure reconciled in the release, was $20.3mm against $15.2mm. Source

Guidance for Q2 and full year

• Full-year operating income raised: Management said the increased full-year guidance implies 12% sales growth and 26% adjusted EPS growth. Operating income, operating margin, EPS and gross margin ranges were all raised. Source
• Full-year EPS range raised: The full-year diluted EPS range moved up at both ends. The release states that its EPS guidance assumes no dilution from the convertible notes. Source
• Full-year sales midpoint held: The full-year sales range narrowed at both ends. The midpoint was unchanged, and reported and organic growth were both 12%. Source
• Q2 guidance given for first time: The release gives Q2 2026 ranges for sales, gross margin, operating income and EPS. The prior release gave Q1 2026 guidance. Source
• Q2 operating margin midpoint 30%: The Q2 2026 operating margin midpoint is 30%, compared with a full-year midpoint of 29%. Source
• Adjusted growth excludes 2025 credit: Adjusted operating income and EPS growth exclude the 2025 employee retention tax credit, which was $3.4mm of operating income and $0.14 per share. Source

Cash, debt and shareholder returns

• Cash and securities up $8.1mm: Cash and cash equivalents were $26.9mm and short-term marketable securities were $340.4mm at March 31, 2026, up $8.1mm in the quarter to $367.2mm combined. Source
• Quarterly dividend held at $0.25: The board approved a quarterly dividend of $0.25 per share on April 28, 2026. Dividends declared were $0.25 per share, against $0.20 a year earlier. Source
• $100mm buyback authorization in place: The board authorized repurchases of up to $100.0mm of common stock on February 19, 2026. The release gives no repurchase amount for the quarter. Source
• Interest expense and convertible notes: Convertible senior notes, net, were $168.9mm at March 31, 2026, against $168.6mm at December 31, 2025. Source

Coming up, as management said on 5 May 2026

• Dividend paid June 4: The $0.25 dividend is payable June 4, 2026, to stockholders of record on May 21, 2026. Source
• Buyback runs to February 2027: The $100.0mm repurchase program may be suspended or discontinued at any time and concludes February 18, 2027 unless the Board extends it. Source

Figures management reported

Earlier plans management reported on

• Not stated: The prior release gave this range. Q1 net sales were reported at $66.6mm. Management did not state whether the range was met.

Other quarters

• Q2 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 earnings call
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.