LMAT earnings analysis
What we found in LMAT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.74
- Gross margin
- 72.1%
- Operating margin
- 29.0%
- Segment
- Americas revenue: $43.454 million, up $2.133 million (5%) year over year
- Segment
- EMEA revenue: $22.137 million, up $3.297 million (18%) year over year
- Segment
- APAC revenue: $4.791 million, up $0.720 million (18%) year over year
What they said about what is next.
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.
The filing reads about the same as the one before it.
What came before.
- 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,…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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