LeMaitre Vascular posts 11% Q1 sales growth on Artegraft expansion
LeMaitre Vascular has reported first-quarter 2026 revenues of $66.6 million, an 11% increase on the same period last year (10% on an organic, constant-currency basis), driven by record performances across multiple product lines and all three of its trading geographies.
Operating income for the quarter reached $17.8 million, up 41% year-on-year, while diluted earnings per share came in at $0.68, a 42% improvement. Gross margin expanded by 350 basis points to 72.7%, which the Burlington, Massachusetts company attributed to higher average selling prices and ongoing manufacturing efficiencies. Operating expenses grew by a comparatively modest 6%, delivering meaningful operating leverage.
Product and geographic performance
The standout performer in the quarter was Artegraft, the company's bovine carotid artery graft, which grew 36% worldwide, aided by its international rollout. Three further product categories — grafts (+20%), valvulotomes (+15%), and carotid shunts (+11%) — each posted record quarterly sales figures. Geographically, all three regions achieved records: EMEA grew 20%, Asia-Pacific 18%, and the Americas 7%. The Americas remains the largest segment by revenue, accounting for 63% of net sales, but the faster growth rates in EMEA and APAC signal that LeMaitre's international diversification strategy is gaining traction.
Chairman and chief executive George LeMaitre said higher average selling prices, geographic expansion, and disciplined cost management had "produced 11% sales growth and 42% EPS growth in Q1," and noted that the full-year 2026 outlook implies continued operating leverage.
Guidance and capital allocation
LeMaitre raised its full-year 2026 revenue guidance to a midpoint of $280 million, implying 12% reported and organic growth. Full-year operating income guidance has a midpoint of $79.8 million, representing 18% reported growth or 24% on an adjusted basis that strips out a one-off employee retention tax credit received in 2025. Adjusted full-year EPS growth is guided at 26%, with a midpoint of $3.00.
For the second quarter, the company guided for sales of $70.5–$72.5 million (midpoint $71.5 million, +11%), operating income of $20.8–$22.3 million, and diluted EPS of $0.79–$0.84.
The board approved a quarterly dividend of $0.25 per share, payable on 4 June 2026 to shareholders of record on 21 May. A $100 million share repurchase programme, authorised in February, remains active through February 2027.
Market context
LeMaitre occupies a defensible niche within the broader vascular surgery device market, focusing on peripheral vascular disease — a condition the company estimates affects more than 200 million people globally. The segment is less contested than coronary or structural heart, where larger medtech players compete more intensively, and LeMaitre's relatively narrow customer base of vascular surgeons has historically allowed it to maintain pricing discipline.
The 350-basis-point gross margin expansion reported this quarter reflects both that pricing power and the operational benefits of concentrating manufacturing at established facilities. Investors will watch whether EMEA momentum can be sustained as the Artegraft international launch matures, and whether the share buyback programme is deployed aggressively enough to provide meaningful EPS support into 2027.