LeMaitre Vascular posts 10% sales growth in Q2 2026
LeMaitre Vascular has reported second-quarter 2026 revenues of $70.4 million, a 10% increase on the same period a year earlier, with organic growth matching that figure on a constant-currency basis. Operating income rose 26% to $20.4 million, and diluted earnings per share came in at $0.74, up 23% year on year.
The standout performer was Artegraft, the company's bovine carotid artery graft for peripheral vascular reconstruction, which posted 34% sales growth in the quarter. Chairman and chief executive George LeMaitre attributed the result directly to the product's international expansion programme: "Our focus on the Artegraft international launch paid off in Q2. The product is now approved in 56 countries, accounting for 21% of sales. So our largest product is now our fastest-growing product."
Product and geography breakdown
Grafts grew 23%, carotid shunts 18%, and patches 4%, each reaching quarterly sales records. Geographically, EMEA and APAC both rose 18%, while the Americas grew 5%. The one soft spot was the catheter line, which fell 11% owing to inventory overstocking at distributors that had built up excess stock during a recall-related disruption in Q2 2025. Stripping out catheters, organic growth was 12%.
Gross margin of 72.1% expanded 210 basis points, driven by higher average selling prices, a favourable product mix, and operational efficiencies. Headcount remained essentially flat at 660 employees, versus 658 a year earlier, contributing to operating leverage. The company held $376.2 million in combined cash and short-term marketable securities at the end of June, up $9 million sequentially.
Outlook and strategic context
For the full year, LeMaitre guided to revenues of $274.3 million to $278.3 million, representing roughly 11% reported growth and 11% organic growth at the midpoint. Full-year operating income guidance midpoint is $76.8 million, with diluted EPS guided to $2.89 at the midpoint, implying 15% reported growth and 21% on an adjusted basis that strips out a non-recurring Employee Retention Tax Credit benefit recorded in 2025. The board also approved a quarterly dividend of $0.25 per share, payable 3 September, up from $0.20 in the comparable prior-year quarter.
LeMaitre operates in a niche but expanding segment of the medical device market. Peripheral vascular disease affects more than 200 million people globally, and demand for open surgical vascular repair devices has proved resilient alongside the broader growth in endovascular procedures. Unlike many device companies that depend on a small number of large hospital systems, LeMaitre's model centres on direct relationships with vascular surgeons across a wide international footprint, a strategy that insulates it somewhat from payer and GPO pricing pressure.
The company noted it is undertaking six international warehouse expansions to support the Artegraft rollout and is also building its direct sales force in new markets as it prepares for the commercial launch of radiofrequency ablation products. With a substantial cash position and no near-term acquisition disclosed, LeMaitre described its balance sheet as providing "strategic optionality," language that typically signals readiness for bolt-on deals or further geographic expansion rather than a transformative transaction. Investors will be watching catheter recovery, sustained Artegraft momentum in newer markets, and the timing of any RFA launch announcement as the key near-term milestones.