EX-99.1 2 ex_848389.htm EXHIBIT 99.1 ex_848389.htm

Exhibit 99.1

 

LeMaitre Q2 2025 Financial Results

 

BURLINGTON, MA, August 5, 2025 – 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.

 

CONTACT: 

Gregory Manker

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

 

 

 

 

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 %