LeMaitre Vascular (LMAT) Earnings Date & Reports

Key Takeaways

• LeMaitre Vascular reported third-quarter 2026 revenue of $67.97 million, up 11.3% year over year and slightly above consensus estimates of roughly $67.4 million.
• GAAP (Generally Accepted Accounting Principles) diluted earnings per share came in at $0.65, below the consensus estimate of $0.69.
• Organic revenue grew 12% year over year, a modest beat driven by strength in biologics products.
• Fourth-quarter 2026 revenue guidance of about $70.9 million at the midpoint fell below analysts' expectations of around $72.2 million.
• Full-year 2026 earnings per share guidance of roughly $2.80 at the midpoint also came in below consensus.
• Shares fell sharply in after-hours trading following the release.
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Earnings Context and Why It Matters

LeMaitre Vascular is a provider of vascular devices, implants, and services used by surgeons to treat peripheral vascular disease. Its third-quarter report carries weight because the company has delivered a multi-year streak of double-digit revenue growth and expanding profitability, making it a closely watched name among small-cap healthcare investors. Prior quarters were marked by double-digit organic growth, record operating income, and rapid expansion of the Artegraft and RestoreFlow biologics franchises. This report tests whether that momentum can continue amid currency headwinds, Middle East export disruptions, and a year-ago period that benefited from a one-time employee retention tax credit, which makes direct year-over-year profit comparisons more challenging.

Reported Results

LeMaitre Vascular reported third-quarter 2026 net sales of $67.97 million, an increase of 11.3% from $61.05 million in the prior-year period. Organic revenue, which adjusts for currency and other factors, rose 12% year over year. Reported revenue came in slightly above the consensus estimate of approximately $67.4 million.

On the bottom line, the company posted GAAP diluted earnings per share of $0.65, which fell short of the consensus estimate of $0.69 by roughly 5%. Operating income was $17.7 million, producing a 26% operating margin, down from 27.7% a year earlier. Net income was $15.0 million, and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) was approximately $20.5 million.

It is worth noting that the prior-year quarter included a one-time employee retention tax credit of about $3.4 million, which inflated year-ago profitability and makes the reported year-over-year earnings comparison less favorable on a GAAP basis.

For the fourth quarter, management guided revenue to a range of $69.9 million to $71.9 million, with a midpoint of about $70.9 million, which came in below consensus. Full-year 2026 earnings per share guidance was set to a midpoint of roughly $2.80. The company also declared a quarterly dividend of $0.25 per share.

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Market Reaction and Investor Sentiment

Shares of LeMaitre Vascular fell sharply in after-hours trading, declining roughly 12% to around $77 after the release. The negative reaction was driven primarily by guidance rather than the quarter's top-line results. While revenue and organic growth modestly exceeded expectations, the company's fourth-quarter revenue outlook and full-year earnings per share guidance both landed below Wall Street consensus. Investors also appeared to weigh a slight compression in operating margin and a lower free cash flow margin relative to the prior-year quarter. The mix of a narrow revenue beat, an earnings miss, and a softer forward outlook created a cautious tone heading into the final stretch of 2026.

Forward Outlook and Key Factors to Monitor

Looking ahead, investors should focus on whether LeMaitre Vascular can sustain its organic growth trajectory while navigating several near-term pressures. Management reiterated full-year organic revenue growth guidance of roughly 11%, but the reported revenue outlook was trimmed to reflect a strengthening U.S. dollar and continued export disruptions tied to Middle East shipping delays.

The biologics segment remains a central growth driver. Artegraft's international launch and the continued expansion of RestoreFlow Allografts are expected to support sales, while the recently acquired B. Braun product portfolio is anticipated to have a modest financial impact in the fourth quarter before ramping over time.

Margin trends also warrant attention. Operating expenses rose in the third quarter as the company added sales representatives and increased research and development spending, which could temper near-term operating leverage. Watch for progress on the company's sales force buildout, international distribution expansion, and any updates on the B. Braun integration, as these factors will shape the trajectory of revenue growth and profitability into 2027.

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