LeMaitre Vascular (NASDAQ:LMAT) management highlighted fourth-quarter and full-year 2025 operating leverage, strong international growth, and an expanding commercial footprint during the company’s Q4 2025 results call held Feb. 25, 2026.
Q4 results: growth across product lines and regions
CEO George LeMaitre said the fourth quarter “featured 16% sales growth, a 71.7% gross margin, and 47% op income growth.” He pointed to grafts (up 27%), valvulotomes (up 20%), and shunts (up 18%) as leading product categories in the quarter.
CFO Dorian LeBlanc added that Q4 organic revenue growth was 15%, driven by 9% price growth and 6% unit growth. He attributed the quarter’s 240-basis-point gross margin improvement to 71.7% to higher average selling prices and manufacturing efficiencies. Operating expenses were $27.4 million, up 6% year-over-year, while operating income increased to $18.8 million, representing a 29% operating margin.
Fully diluted Q4 earnings per share were $0.68, up 39% year-over-year. LeBlanc noted the quarter included a one-time $0.5 million loss related to a mark-to-market adjustment in the investment portfolio for an investment that has since been sold.
Full-year 2025: operating leverage and cash generation
For 2025, LeBlanc reported 14% organic revenue growth, consisting of 9% price growth and 5% unit growth. Adjusted gross margin was 70.4%, an improvement of 180 basis points from 2024. The company’s adjusted operating margin was 26%, and adjusted EPS grew 23%.
LeMaitre ended 2025 with $359 million in cash and securities and generated $74.5 million of free cash flow (cash from operations less CapEx) during the year, according to LeBlanc.
2026 guidance: pricing, margin expansion, and investment
Management guided to 2026 revenue of $280 million, representing 12% organic sales growth. LeBlanc said the company expects a 72.1% gross margin and operating income of $77.8 million, which he described as up 21% on an adjusted basis versus 2025. EPS guidance was $2.91 per share, up 22% on an adjusted basis.
CEO George LeMaitre said the company expects another year of operating leverage, similar to 2025, pointing to stable headcount management, pricing, and manufacturing efficiency as contributors. He also said the 2026 U.S. price list reflects a blended 8% increase across the portfolio, implemented Jan. 1, and early feedback indicated hospital acceptance. He added that the company sent price lists to customers earlier than in prior years (Nov. 1 instead of Dec. 1), which management believes helped the transition. George LeMaitre also walked through prior U.S. “rack rate” increases, which he said were 6.1% in 2022, 5.6% the next year, 5.8% the next year, 8.1% the next year, and 8.3% this year.
On the expense and investment side, LeBlanc said 2026 CapEx is expected to rise to about $11 million, driven by the transfer of RestoreFlow processing from Chicago to Burlington and the opening of a new 34,000-square-foot warehouse. Management said the manufacturing transfer is expected to be a slight headwind to margins in 2026 as operations ramp in one location while winding down in another, with costs “fully baked” into guidance.
Guidance assumes a constant euro/U.S. dollar exchange rate of 1.18 and an anticipated 4% yield on invested cash, LeBlanc said.
Artegraft and RestoreFlow: international rollout and shifting procedure mix
Management repeatedly highlighted Artegraft’s performance and expanding international availability. George LeMaitre said Artegraft grew 29% worldwide in Q4 and that the company now has approvals to sell Artegraft in 52 countries. International Artegraft sales were $1.9 million in Q4 and $4.0 million for full-year 2025. The company expects to sell approximately $10 million of Artegraft internationally in 2026, contributing about $6 million of sales growth for the year.
During Q&A, George LeMaitre said the company’s previous estimate of an $8 million total addressable market (TAM) in Europe was too low and suggested a revised figure of “$30 million now instead of $8 million.” He said early strength has been concentrated in Central Europe, including the DACH region (Germany, Austria, Switzerland) and the Netherlands, with ramp-up underway in Italy and Spain and less progress so far in the U.K. He also described current international demand as “mostly a European and South African thing right now.”
On RestoreFlow (RFA), management said Q4 saw RFA Vascular grow 19% and RFA Cardiac grow 90%. George LeMaitre attributed cardiac growth to greater commercial focus, including a training course at Mount Sinai in October and increased attention to procedures such as the Ross procedure. Management said RFA tissues are currently distributed in three countries (the U.S., Canada, and the U.K.), with German distribution expected to begin in Q2 and Irish approval now expected in Q3 after a delayed filing. The company also plans to file for approval in Austria, the Netherlands, Belgium, Spain, and Switzerland in 2026.
Capital allocation, operations, and other updates
LeMaitre’s board approved a new $100 million share repurchase program and a Q1 2026 dividend of $0.25 per share, up 25% year-over-year, according to LeBlanc. He said it marks the company’s 15th consecutive year of dividend increases.
LeBlanc also disclosed that in January 2026 the company experienced a cyber incident affecting certain systems and data. He said the company securely restored critical systems and saw “minimal to no disruption” to sales or manufacturing releases, adding that management does not believe the incident has had a material financial impact and believes the company has adequate insurance coverage. He said the estimated impact is reflected in 2026 guidance, while the review remains ongoing.
Commercially, George LeMaitre said the company ended 2025 with 160 sales reps, up 5% year-over-year, and plans to end 2026 with 170 to 180. He also said the company expects to go direct in Poland in Q4, including establishing local infrastructure and hiring, noting that Poland would become the 32nd country where LeMaitre sells direct to hospitals.
On M&A, President Dave Roberts said the company continues to focus on open vascular surgery, which represents about 80% of revenue, and described “about 22 targets” in that area. He said LeMaitre has also been looking at acquisition targets in cardiac surgery, which he said is about 12% of revenue. Roberts characterized the target revenue “sweet spot” as roughly $15 million to $150 million and said management remains focused on “the right acquisition” rather than deploying cash for its own sake.
About LeMaitre Vascular (NASDAQ:LMAT)
LeMaitre Vascular, Inc is a specialty medical device company focused on the development, manufacture and marketing of products for the treatment of peripheral vascular disease. Headquartered in Burlington, Massachusetts, the company’s offerings include a broad portfolio of vascular surgical instruments, grafts, patches, catheters and embolic protection devices. LeMaitre’s product lines address key areas such as arterial reconstruction, endovascular repair and vascular access, serving the needs of cardiovascular surgeons and interventional specialists.
Founded in 1983 by George D.
