LeMaitre Vascular, Inc. Q3 2026 Earnings Recap

LeMaitre shares fell 5.0% after earnings, despite 12% organic sales growth. The likely concern is the cost of growth: operating expenses rose 18%, faster than sales, while full-year guidance calls for 11% organic growth—below Q3’s pace.

Key Takeaways

• Q3 organic sales grew 12%, comprising 7% price and 5% unit growth; reported sales growth was 11%, including a $440,000 negative FX impact.
• Gross margin was 71.7%, up 90 basis points year over year; excluding a $0.5 million inventory reserve tied to the FAS-TIP discontinuation, it was 72.4%, up 160 basis points.
• Operating expenses increased 18% to $31 million, with rep count up 13% to 171 and R&D spending up $1.1 million year over year. Operating margin was 26%.
• Net income was $15 million and diluted EPS was $0.65. Free cash flow was $19.7 million, and cash and investments totaled $390 million at quarter-end.
• Full-year guidance implies 11% organic sales growth and 18% EPS growth. LeMaitre also acquired B. Braun vascular assets for $19.2 million, including a portfolio with $9.4 million in 2025 sales.