10-Q · May 6, 2026
LeMaitre Vascular, Inc. reported mixed results for Q1 2026 with revenues of $66.6 million, slightly under the consensus estimate of $66.7 million, while EPS came in at $0.68, exceeding expectations of $0.66. Notably,…
Earnings analysis · 10-Q
LMAT earnings analysis
Filed August 5, 2026 · Our reading of the company's report
The latest report
LeMaitre delivered solid Q2 operating execution: revenue grew 10% year over year to $70.382 million, gross margin expanded 210 basis points to 72.1%, and operating margin reached 29.0%. EPS of $0.74 improved from $0.60…
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LeMaitre delivered solid Q2 operating execution: revenue grew 10% year over year to $70.382 million, gross margin expanded 210 basis points to 72.1%, and operating margin reached 29.0%. EPS of $0.74 improved from $0.60 a year ago and $0.68 sequentially, but missed the $0.81 consensus estimate. Growth was broad-based geographically and led by grafts, while the filing highlights FDA remediation at Artegraft, higher transition-related R&D costs, and a larger working-capital cash use.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.74
What stood out
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Revenue grew 10% year over year
Q2 revenue rose $6.150 million, or 10%, year over year to $70.382 million. This was also up from $66 million in Q1 2026, driven by higher selling prices, higher shipment volumes and the European Artegraft launch.
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Gross and operating margins improved
Gross margin expanded 210 basis points year over year to 72.1%, while operating margin increased to 29.0% from 25.1% (derived from $20.399 million operating income on $70.382 million sales). Margin also remained strong versus Q1's 72.7% gross margin and 26.7% operating margin.
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Grafts and biologics led product growth
Graft sales increased $5.1 million, shunt sales rose $1.1 million, and patch sales increased $0.6 million in Q2. Biologics accounted for 55% of worldwide sales.
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International markets outgrew Americas
All geographic regions expanded: Americas sales rose $2.133 million to $43.454 million, EMEA increased $3.297 million to $22.137 million, and APAC gained $0.720 million to $4.791 million.
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Cash generation and liquidity remained solid
Six-month operating cash flow increased $1.728 million year over year to $31.058 million. Liquidity totaled $376.225 million at June 30, comprising $26.625 million cash and $349.600 million short-term marketable securities.
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EPS rose sequentially and year over year
Reported diluted EPS of $0.74 increased from $0.60 in Q2 2025 and $0.68 in Q1 2026, although it was below the $0.81 consensus estimate.
What to watch
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Artegraft FDA warning and new observations
The updated risk factor cites FDA actions at the Artegraft facility: an August 2025 warning letter followed an April 2025 inspection, and a June 2026 reinspection identified additional observations. Management expects ongoing remediation costs and another FDA inspection, despite no sales disruption to date.
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Catheter sales faced a difficult comparison
Catheter sales declined $0.9 million year over year in Q2 as the prior-year period benefited from volumes tied to the April 2025 notification concerning TufTex and Pruitt catheter packaging seals.
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Working-capital use increased materially
Working capital consumed $12.7 million of cash in the first six months, including a $2.9 million accounts-receivable increase, $1.9 million inventory/deferred-cost increase and $6.5 million decline in accounts payable and other liabilities.
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Facility-transition costs pressured opex
Research and development expense rose $1.306 million, or 37%, to $4.847 million in Q2, primarily including $0.9 million related to moving allograft processing to Burlington and $0.4 million of Billerica warehouse start-up costs.
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Convertible debt adds interest and dilution exposure
The company has $172.5 million principal amount of 2.50% convertible senior notes due February 1, 2030, and paid $2.2 million of interest during the first six months of 2026. The conversion price was approximately $119.30 per share as of June 2026.
Management's outlook
The 10-Q contains no quantitative revenue or EPS outlook. Management states that cash, cash equivalents and short-term marketable securities should fund operating expenses, capital expenditures and convertible-note interest for at least 12 months after the filing.
Earlier filings 4
10-K · February 26, 2026
LeMaitre Vascular reported a stronger 2025 with full-year revenue of approximately $249.0M (Q1–Q4 sum) versus $220.0M in 2024, driven by product mix and direct sales expansion. Gross margin expanded to ~71.5% and…
10-Q · November 7, 2025
LeMaitre reported Q3 net sales of $61,046,000 and GAAP diluted EPS of $0.75, driven by a gross profit of $45,955,000 (gross margin ~75.3%) and operating income of $20,312,000 (operating margin ~33.3%). The quarter…
10-Q · May 8, 2025
LeMaitre reported Q1 net sales of $59,871,000 (vs. $53,478,000 in Q1 2024), driving net income of $11,011,000 and diluted EPS of $0.48 (vs. $0.44). Gross margin was steady at 69.2% while operating margin narrowed to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.