LeMaitre Guides To 11% Sales Growth In 2026, Led By Grafts And Higher Selling Prices
The vascular device maker's third-quarter sales rose 11% to $68.0 million, while reported EPS fell 14% against a year-earlier tax credit.
LeMaitre Vascular, which makes vascular devices and offers human tissue cryopreservation services, said third-quarter sales rose 11% to $68.0 million, or 12% on an organic basis, and guided to 11% sales growth for 2026. An 8-K filed Wednesday carried the results.
Grafts and shunts lead the quarter
The company split its 12% organic growth into 7 points from price and 5 from units. Grafts grew 20% and shunts 14%, while Artegraft sales rose 18%.
By region, sales in Europe, the Middle East and Africa climbed 18%, the Americas rose 9% and Asia Pacific rose 5%. Gross margin was 71.7%, up 90 basis points from an adjusted year-earlier figure because of higher average selling prices and operating efficiencies.
Reported earnings per share were $0.65, down 14%, because the year-earlier quarter included a one-time Employee Retention Tax Credit benefit. Excluding that item, earnings per share rose 5%, and operating income of $17.7 million was up 5% on the same adjusted basis. Operating expenses rose 18% on that basis, which the company tied to belt-tightening in the third quarter of 2025.
A $19.2 million B. Braun purchase
In October, LeMaitre bought certain vascular assets from B. Braun for $19.2 million: polyester and silver-coated grafts, valve cutters and vein strippers. They recorded $9.4 million of sales in 2025, all outside North America.
Sales will move into LeMaitre's channel over 18 to 24 months as B. Braun's customer contracts end or transfer. Until then, LeMaitre receives a portion of the profits on B. Braun-originated sales. The company expects about $150,000 of fourth-quarter sales from the products and break-even operating income.
Chairman and CEO George LeMaitre said the products "will strengthen our core vascular portfolio while leveraging our expanding 31-country sales force." Headcount of 678 rose 7% from a year earlier, and the rep count rose 13% to 171.
Guidance and the dividend
Full-year 2026 guidance calls for sales of $274.8 million to $276.8 million and earnings per share of $2.77 to $2.82. The fourth-quarter outlook is $69.9 million to $71.9 million in sales and $0.70 to $0.75 per share.
The company expects earnings per share growth of 18% for the year on an adjusted basis. Cash rose $13.5 million from the prior quarter to $390 million at September 30.
The board approved a $0.25 quarterly dividend, payable December 3 to holders of record on November 19. A repurchase authorization of up to $100.0 million runs through February 18, 2027, unless extended.
Management held a conference call at 5:00 p.m. ET on Wednesday to discuss the results.
Sources
- 8-K Filing — LEMAITRE VASCULAR INC (LMAT) — SEC EDGAR
- Exhibit d171050dex991.htm — LEMAITRE VASCULAR INC 8-K exhibit — SEC EDGAR
- LeMaitre Q3 2026 Financial Results — globenewswire.com
