Company Overview - LeMaitre Vascular, Inc. is a provider of devices, implants, and services for the treatment of peripheral vascular disease, which affects over 200 million people globally [3] - The company develops, manufactures, and markets both disposable and implantable vascular devices aimed at vascular surgeons [3] Financial Results Announcement - LeMaitre Vascular will release its second quarter 2025 financial results on August 5, 2025, after market close [1] - A conference call is scheduled for 5:00 PM EDT on the same day to discuss the financial results, business highlights, and company outlook [1] Access to Conference Call - Access to the live conference call requires online registration, after which registrants will receive dial-in information and a PIN [2] - The audio webcast will be available live and for replay through the company's investor relations website [2]

Part I. Financial Information [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) LeMaitre Vascular, Inc.'s unaudited consolidated financial statements for Q1 2025 are presented, showing a 12% increase in net sales and an 11% rise in net income year-over-year [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets increased to $556.0 million, total liabilities decreased to $208.4 million, and total stockholders' equity grew to $347.6 million Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $25,340 | $25,610 | | Short-term marketable securities | $277,209 | $274,112 | | Total current assets | $408,113 | $402,192 | | Total assets | $556,006 | $551,817 | | **Liabilities & Equity** | | | | Total current liabilities | $24,745 | $30,607 | | Convertible senior notes, net | $167,984 | $167,772 | | Total liabilities | $208,434 | $214,527 | | Total stockholders' equity | $347,572 | $337,290 | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) For Q1 2025, LeMaitre Vascular reported a 12% increase in net sales to $59.9 million and an 11% rise in net income to $11.0 million, resulting in a diluted EPS of $0.48 Q1 2025 vs. Q1 2024 Performance (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Net sales | $59,871 | $53,478 | +12.0% | | Gross profit | $41,420 | $36,665 | +13.0% | | Income from operations | $12,626 | $11,874 | +6.3% | | Net income | $11,011 | $9,887 | +11.4% | | Diluted EPS | $0.48 | $0.44 | +9.1% | - Cash dividends declared per common share increased by **25%** to **$0.20** in Q1 2025 from **$0.16** in Q1 2024[12](index=12&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For Q1 2025, net cash provided by operating activities significantly increased to $9.0 million, while investing activities used $4.3 million and financing activities used $5.2 million, resulting in a net decrease in cash of $0.3 million Cash Flow Summary (in thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $9,039 | $5,071 | | Net cash used in investing activities | ($4,320) | ($2,361) | | Net cash (used in) provided by financing activities | ($5,239) | $39 | | Net (decrease) increase in cash | ($270) | $2,326 | [Notes to Unaudited Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) The notes detail accounting policies and financial statement components, covering business operations, convertible senior notes, stock-based compensation, and a subsequent event regarding new U.S. tariffs announced in April 2025 - The company operates in a single segment, developing, manufacturing, and marketing medical devices and implants for vascular surgery[23](index=23&type=chunk) - In December 2024, the company issued **$172.5 million** in **2.50% convertible senior notes** due 2030, with net proceeds of approximately **$167.7 million**[44](index=44&type=chunk)[45](index=45&type=chunk) - On April 2, 2025, the U.S. government announced new tariffs on a range of imported goods, effective June 15, 2025. The company is assessing the potential impact on its business[68](index=68&type=chunk)[69](index=69&type=chunk) - The company's Board of Directors authorized a share repurchase program of up to **$75.0 million** on February 18, 2025, with no repurchases made to date under this program[56](index=56&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's Q1 2025 financial performance, including a 12% increase in net sales to $59.9 million, strategic initiatives, and operational updates like MDR CE mark progress and ERP system implementation [Overview](index=24&type=section&id=Overview) LeMaitre Vascular's overview details its three-pronged growth strategy, the significant contribution of biologic products to sales, and progress in regulatory approvals and ERP system implementation - The company's three-pronged growth strategy involves a focused call point, competing in low-rivalry niche markets, and expanding the direct sales force alongside acquisitions[72](index=72&type=chunk) - Biologic offerings represented **52%** of worldwide sales in Q1 2025[75](index=75&type=chunk) - As of May 1, 2025, the company has obtained **17 MDR CE marks** for selling devices in the European Union and expects to hold **23** by the end of 2025[82](index=82&type=chunk) - A new ERP system (Microsoft Dynamics D365) was implemented in the U.S. in February 2024 and in the UK in February 2025 to improve operations[89](index=89&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Q1 2025 net sales grew 12% to $59.9 million, gross margin improved to 69.2%, and operating expenses rose 16% to $28.8 million, primarily due to increased headcount and compensation Net Sales by Geography (in thousands) | Region | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Americas | $38,958 | $35,245 | +11% | | Europe, Middle East and Africa | $16,959 | $14,395 | +18% | | Asia Pacific | $3,954 | $3,838 | +3% | | **Total** | **$59,871** | **$53,478** | **+12%** | - Gross margin increased by **60 basis points** to **69.2%** in Q1 2025, up from **68.6%** in Q1 2024, due to manufacturing efficiencies, lower obsolescence charges, and price increases[105](index=105&type=chunk)[106](index=106&type=chunk) - Sales and marketing expenses increased **22%** to **$14.2 million**, and General and administrative expenses increased **16%** to **$10.5 million**, primarily due to higher headcount and compensation[107](index=107&type=chunk)[108](index=108&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, the company held $25.3 million in cash and $277.2 million in marketable securities, with $9.0 million net cash from operations, and believes its resources are sufficient for the next twelve months - As of March 31, 2025, the company had **$25.3 million** in cash and cash equivalents and **$277.2 million** in short-term marketable securities[116](index=116&type=chunk) Q1 2025 Cash Flow Summary (in thousands) | Activity | Amount | | :--- | :--- | | Cash from Operating Activities | $9,039 | | Cash used in Investing Activities | ($4,320) | | Cash used in Financing Activities | ($5,239) | - A quarterly cash dividend of **$0.20 per share** was paid in Q1 2025, totaling **$4.5 million**. A similar dividend was approved for Q2 2025[133](index=133&type=chunk) - The company believes its existing cash, investments, and future cash flows will be sufficient to fund operating expenses, capital expenditures, and convertible note payments for at least the next twelve months[124](index=124&type=chunk) [Quantitative and Qualitative Disclosure about Market Risk](index=35&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosure%20about%20Market%20Risk) The company is exposed to market risks from interest rate and foreign currency exchange rate fluctuations, with no material changes reported since the 2024 year-end report - The company is exposed to interest rate and foreign currency exchange risks. There has been no material change in this risk profile since the 2024 Form 10-K[137](index=137&type=chunk) [Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, while noting ongoing changes to internal controls due to ERP system implementation - Management concluded that as of March 31, 2025, the company's disclosure controls and procedures were effective at the reasonable assurance level[140](index=140&type=chunk) - The phased implementation of a new ERP system, which began in February 2024, is expected to continue to cause changes to internal controls over financial reporting[141](index=141&type=chunk) Part II. Other Information [Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal matters but anticipates no material adverse effect on its financial position, results, or cash flows from current proceedings - The company states that there are no ongoing legal matters that are expected to have a material adverse effect on its financial condition or operations[144](index=144&type=chunk) [Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) This section supplements 2024 10-K risk factors, highlighting potential negative impacts from global economic conditions, tariffs, and product recalls, including a recent immaterial packaging seal issue - Adverse global economic conditions, including tariffs and trade tensions, could negatively affect the company's business and financial results[146](index=146&type=chunk) - In April 2025, the company voluntarily notified regulatory bodies and customers of an inadequate packaging seal on certain catheter products, which may result in a compromised sterile barrier. The financial impact is expected to be immaterial[148](index=148&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered equity sales, repurchased 6,065 shares for employee tax obligations, and has a $75.0 million authorized share repurchase program with no purchases made to date - In Q1 2025, the company repurchased **6,065 shares** to cover employee taxes on vested equity awards[150](index=150&type=chunk) - A **$75.0 million share repurchase program** was authorized on February 18, 2025, and remains fully available as no shares have been repurchased under it to date[150](index=150&type=chunk) [Other Information](index=39&type=section&id=Item%205.%20Other%20Information) Chairman and CEO George W. LeMaitre adopted a Rule 10b5-1 trading plan on March 10, 2025, for the potential sale of up to 250,000 shares of common stock through March 10, 2027 - Chairman and CEO George W. LeMaitre adopted a Rule 10b5-1 trading plan on March 10, 2025, for the sale of up to **250,000 shares of common stock** through March 10, 2027[151](index=151&type=chunk) [Exhibits](index=40&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL data files

Company Overview - LeMaitre Vascular, Inc. is a provider of devices, implants, and services for the treatment of peripheral vascular disease, which affects over 200 million people globally [2] - The company develops, manufactures, and markets both disposable and implantable vascular devices tailored to the needs of vascular surgeons [2] Upcoming Event - David Roberts, the President of LeMaitre, will present at the Bank of America Securities 2025 Healthcare Conference on May 13, 2024, at 5:00 PM PDT in Las Vegas, NV [1]

Group 1 - LeMaitre Vascular reported quarterly earnings of $0.48 per share, missing the Zacks Consensus Estimate of $0.50 per share, but showing an increase from $0.44 per share a year ago, resulting in an earnings surprise of -4% [1] - The company posted revenues of $59.87 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 3.59%, compared to year-ago revenues of $53.48 million [2] - Over the last four quarters, LeMaitre has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] Group 2 - The stock's immediate price movement will depend on management's commentary during the earnings call, with LeMaitre shares losing about 1.5% since the beginning of the year, while the S&P 500 declined by -5.3% [3] - The current consensus EPS estimate for the coming quarter is $0.59 on revenues of $61.31 million, and for the current fiscal year, it is $2.25 on revenues of $240.41 million [7] - The Zacks Industry Rank indicates that the Medical - Products sector is currently in the bottom 28% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

Financial Data and Key Metrics Changes - Q1 2025 sales showed stronger performance than previously guided, with 13% organic growth and 12% reported growth, driven by grafts (up 17%) and carotid shunts (up 14%) [6][13] - Gross margin for Q1 2025 was 69.2%, a 60 basis point increase year-over-year, attributed to higher average selling prices (ASPs) and lower inventory scrap [14][15] - Operating income increased 6% year-over-year to $12.6 million, with an operating margin of 21% [16] - Fully diluted EPS rose to $0.48, reflecting a 10% increase [16] - Cash and securities at the end of Q1 2025 totaled $302.5 million, up $2.8 million from the previous quarter [16] Business Line Data and Key Metrics Changes - Record sales were achieved across all five product categories: grafts, carotid shunts, catheters, valvulotomes, and patches [6][14] - Organic sales growth of 13% was driven by a 9% increase in average selling prices and a 4% increase in units sold [14] Market Data and Key Metrics Changes - By geography, EMEA sales increased by 18%, the Americas by 11%, and APAC by 3% [6] - The autograft product, which had $37 million in U.S. sales in 2024, is expected to have a market size of approximately $8 million in Europe and the rest of the world [9][10] Company Strategy and Development Direction - The company is focusing on expanding its sales force, with a target of 170 sales representatives by year-end, up from 164 [7][30] - New international sales offices are being established, including a direct office in Portugal and a new office in Zurich to enhance sales performance [8][9] - The company plans to open a pan-European RestoreFlow distribution facility in Dublin in H2 2025 [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in increasing guidance for 2025 sales to $245 million, up from $239 million, due to strong Q1 performance and successful price increases [13][21] - The company anticipates that exiting the Aleutia distribution agreement will improve organic growth and gross margin [17][95] - Management remains optimistic about long-term prospects in China despite current trade tensions, indicating a commitment to the market [20][38] Other Important Information - The company has received 17 out of 23 MDR CE marks, with ongoing efforts to secure additional approvals [126] - The company is implementing price increases in China to offset tariff impacts, expecting to recover about 50% of additional costs [91] Q&A Session Summary Question: What factors contributed to the increased guidance? - Management cited strong Q1 performance, better-than-expected price increases, and the positive impact of exiting the Aleutia business as key factors for increased guidance [26][30] Question: Any updates on M&A activity? - The M&A pipeline remains strong, focusing on open vascular surgery and adjacent cardiac surgery markets, with a preference for larger deals [34][77] Question: How does the company view the impact of tariffs? - Management believes the company is well-positioned due to its U.S.-only manufacturing footprint and limited reliance on imports, with plans to raise prices to offset potential tariff impacts [18][20] Question: What is the outlook for gross margins? - Management expects gross margins to be slightly lower than previous guidance but maintains a strong operating margin outlook due to sales growth and exiting lower-margin products [65][84] Question: How will the new sales representatives impact growth? - Management indicated that new sales representatives are expected to contribute to sales growth more quickly than in the past, with a ramp-up time that has improved [73][75]

Financial Data and Key Metrics Changes - Q1 2025 sales showed a 13% organic growth and a 12% reported growth, exceeding previous guidance [6][13] - Gross margin for Q1 2025 was 69.2%, a 60 basis point increase year-over-year, driven by higher average selling prices (ASPs) and lower inventory scrap [14][15] - Operating income increased 6% year-over-year to $12.6 million, with an operating margin of 21% [16] - Fully diluted EPS rose to $0.48, up 10% from the previous year [16] - Cash and securities at the end of Q1 2025 totaled $302.5 million, reflecting a $2.8 million increase during the quarter [16] Business Line Data and Key Metrics Changes - Sales records were achieved in all five categories: grafts, carotid shunts, catheters, valvulotomes, and patches [6] - Grafts sales increased by 17%, while carotid shunts grew by 14% [6] - The company anticipates a significant contribution from the autograft product, which had $37 million in U.S. sales in 2024 [9][10] Market Data and Key Metrics Changes - By geography, EMEA sales increased by 18%, the Americas by 11%, and APAC by 3% [6] - The autograft market size in Europe is estimated at $8 million, with similar expectations for the rest of the world [10] Company Strategy and Development Direction - The company is focusing on expanding its sales force, targeting 170 sales representatives by year-end, up from 164 [7][13] - New international sales offices are being established, including a direct office in Portugal and a new office in Zurich to enhance sales performance [8] - The company is transitioning away from the porcine patch distribution agreement to focus on its own biologics, which is expected to improve organic growth and gross margin [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in increasing guidance due to strong Q1 performance, effective price increases, and the positive impact of new sales representatives [28][30] - The company remains optimistic about its position regarding tariffs, as it manufactures 100% of its products in the U.S. and has limited exposure to import tariffs [18][20] - Management anticipates continued growth in the RestoreFlow allograft segment, with a 23% CAGR since acquisition [11] Other Important Information - The company is preparing for the European launch of the autograft product following the receipt of the MDR CE mark [9] - The company plans to open a pan-European RestoreFlow distribution facility in Dublin in the second half of 2025 [12] Q&A Session Summary Question: What gives the company confidence to raise guidance early in the year? - Management cited strong Q1 performance, better-than-expected price increases, and the positive impact of exiting the Aleutia business as key factors [28][30] Question: Any updates on M&A activity? - The pipeline remains strong, focusing on open vascular surgery and adjacent cardiac surgery markets, with a preference for larger deals [34][36] Question: Concerns regarding XenoSure in China? - Management acknowledged challenges but remains committed to the long-term potential in China, expecting to continue pursuing provincial approvals [40][41] Question: Clarification on gross margin performance? - The allograft product's strong performance contributed to the gross margin miss, with management adjusting expectations slightly for the full year [63][65] Question: How will the sales force ramp-up impact operating leverage? - Management indicated that new sales representatives are expected to contribute to operating income growth, with a projected 14% increase in H2 [72][73] Question: Status of the share buyback program? - Management confirmed that no shares have been repurchased as of the date of the call [86]

Financial Data and Key Metrics Changes - Q1 2025 sales showed a 13% organic growth and a 12% reported growth, exceeding previous guidance [5] - Gross margin for Q1 2025 was 69.2%, a 60 basis point increase year-over-year, driven by higher average selling prices (ASPs) and lower inventory scrap [13][14] - Operating income increased 6% year-over-year to $12.6 million, with an operating margin of 21% [15] - Fully diluted EPS rose to $0.48, up 10% [15] - Cash and securities at the end of Q1 2025 totaled $302.5 million, an increase of $2.8 million during the quarter [15] Business Line Data and Key Metrics Changes - Sales records were achieved in all five categories: grafts (up 17%), carotid shunts (up 14%), catheters, valvulotomes, and patches [5] - The autograft, a biologic graft, was the largest U.S. product in 2024 with $37 million in sales, and the European market size is estimated at $8 million [8][9] Market Data and Key Metrics Changes - By geography, EMEA sales increased by 18%, Americas by 11%, and APAC by 3% [5] - International sales of autografts reached $180,000 in Q1, with expectations for approvals in Australia, Canada, Singapore, and Korea by H1 2026 [9] Company Strategy and Development Direction - The company is focusing on expanding its sales force, targeting 170 representatives by year-end, up from 164 [6] - A new distribution facility in Dublin is planned to support pan-European distribution of RestoreFlow [11][106] - The company aims to improve organic growth and gross margin by winding down the porcine patch distribution agreement with Eulsha [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in increasing guidance due to strong Q1 performance, effective price increases, and the positive impact of new sales representatives [26][30] - The company anticipates that trade tensions will not significantly impact its operations due to its U.S.-only manufacturing footprint [19][20] Other Important Information - The company has raised its full-year revenue guidance to $245 million, reflecting robust sales performance and a weaker U.S. dollar [21] - The anticipated gross margin for the full year is now 69.6%, with operating income projected at $57.7 million [21] Q&A Session Summary Question: What gives confidence to increase guidance early in the year? - Management cited strong Q1 performance, better-than-expected price increases, and the positive impact of exiting the Aleutia business as key factors [26][30] Question: Any updates on M&A activity? - The pipeline is strong, focusing on open vascular surgery and adjacent cardiac surgery markets, with a preference for larger deals [33] Question: Concerns regarding XenoSure in China? - Management acknowledged challenges but remains committed to the market, expecting to continue pursuing provincial approvals [38] Question: Clarification on gross margin performance? - The allograft product's strong performance contributed to the gross margin miss, with expectations for improved margins in the second half of the year [60][62] Question: How will the sales force ramp-up impact operating leverage? - Management indicated that new sales representatives are expected to contribute to operating income growth, with a projected 14% increase in H2 [70] Question: Impact of tariffs on guidance? - Tariffs have been factored into guidance, with price increases planned to offset costs associated with tariffs [88] Question: How does exiting the Aleutia agreement impact organic growth? - Exiting the agreement is expected to improve organic growth as the product was declining in sales [91][92]

[Q1 2025 Performance Highlights](index=1&type=section&id=Q1%202025%20Performance%20Highlights) LeMaitre reported strong Q1 2025 results with a 12% increase in sales to $59.9 million, driven by Grafts (+17%) and carotid shunts (+14%), with notable growth in the EMEA region (+18%), while gross margin improved to 69.2% and diluted EPS increased 10% to $0.48 despite a 16% rise in operating expenses Q1 2025 Key Financial Metrics | Metric | Value | Change (YoY) | | :--- | :--- | :--- | | Sales (in millions) | $59.9 | +12% (+13% organic) | | Gross Margin (%) | 69.2% | +60 bps | | Operating Income (in millions) | $12.6 | +6% | | Operating Margin (%) | 21% | - | | Earnings per Diluted Share (USD) | $0.48 | +10% | | Cash (in millions) | $302.5 | +$2.8 | - Sales growth was primarily driven by **Grafts (+17%)** and **carotid shunts (+14%)** - Geographically, EMEA sales increased by **18%**, the Americas by **11%**, and APAC by **3%**[4](index=4&type=chunk) - The gross margin increased to **69.2%** from **68.6%** in Q1 2024, attributed to higher average selling prices and improved manufacturing efficiencies[4](index=4&type=chunk) - Operating expenses grew by **16%**, largely due to increased personnel expenses, with the company now employing **164 sales representatives** and **34 sales managers**[4](index=4&type=chunk) [Key Business Updates](index=1&type=section&id=Key%20Business%20Updates) The company achieved a significant regulatory milestone with the receipt of the MDR CE Mark for Artegraft, its largest U.S. product, paving the way for its European launch, while concurrently terminating its distribution agreement with Elutia for its porcine patch product - Artegraft, a biologic graft and the company's largest U.S. product with **$37 million** in 2024 U.S. sales, received its MDR CE Mark on April 29, enabling an imminent European launch[5](index=5&type=chunk) - The distribution agreement for the Elutia (formerly Aziyo Biologics) porcine patch was terminated on April 30, with this product having U.S. hospital sales of **$5.0 million** in 2024[5](index=5&type=chunk) [Business Outlook](index=1&type=section&id=Business%20Outlook) Following strong Q1 sales, LeMaitre raised its full-year 2025 guidance, now expecting sales between $242 million and $249 million with 13% organic growth, and projecting Q2 2025 sales of $61.5 million to $63.5 million and diluted EPS of $0.55 to $0.59 - The company increased its 2025 reported sales guidance to a midpoint of **$245 million** (up from **$239 million**) and organic sales growth guidance to **+13%** (up from **10%**)[6](index=6&type=chunk) Q2 2025 and Full Year 2025 Guidance | | Q2 2025 Guidance | Full Year 2025 Guidance | | :--- | :--- | :--- | | **Sales (in millions)** | $61.5 - $63.5 | $242 - $249 | | | (Mid: $62.5, +12%, +12% Org.) | (Mid: $245, +12%, +13% Org.) | | **Gross Margin (%)** | 69.5% | 69.6% | | **Operating Income (in millions)** | $14.6 - $16.0 | $55.1 - $60.3 | | | (Mid: $15.3, +7%) | (Mid: $57.7, +10%) | | **EPS (USD)** | $0.55 - $0.59 | $2.07 - $2.24 | | | (Mid: $0.57, +10%) | (Mid: $2.16, +12%) | [Capital Return Program](index=1&type=section&id=Capital%20Return%20Program) The company continues its commitment to shareholder returns, declaring a quarterly dividend of $0.20 per share and maintaining an active $75.0 million share repurchase program [Quarterly Dividend](index=1&type=section&id=Quarterly%20Dividend) The Board of Directors approved a quarterly cash dividend of $0.20 per share of common stock, an increase from the $0.16 per share dividend in the prior year's quarter, scheduled to be paid on May 29, 2025, to stockholders of record as of May 15, 2025 - A quarterly dividend of **$0.20 per share** was approved on April 29, 2025, payable on May 29, 2025, to stockholders of record on May 15, 2025[7](index=7&type=chunk) [Share Repurchase Program](index=1&type=section&id=Share%20Repurchase%20Program) On February 18, 2025, the Board of Directors authorized a share repurchase program for up to $75.0 million of the company's common stock, set to conclude on February 17, 2026, unless extended, and can be suspended at any time - A share repurchase program of up to **$75.0 million** was authorized on February 18, 2025, and will conclude on February 17, 2026[8](index=8&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) This section presents the unaudited condensed consolidated financial statements as of March 31, 2025, and for the three months then ended, including the Balance Sheets, Statement of Operations, a geographical breakdown of net sales, and reconciliations of GAAP to non-GAAP financial measures [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, the company's total assets stood at $556.0 million, with total liabilities at $208.4 million, cash, cash equivalents, and short-term marketable securities totaling $302.5 million, and total stockholders' equity increasing to $347.6 million from $337.3 million at the end of 2024 Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $408,113 | $402,192 | | **Total assets** | $556,006 | $551,817 | | **Total current liabilities** | $24,745 | $30,607 | | **Total liabilities** | $208,434 | $214,527 | | **Total stockholders' equity** | $347,572 | $337,290 | [Condensed Consolidated Statement of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Operations) For the first quarter of 2025, LeMaitre generated net sales of $59.9 million, up from $53.5 million in Q1 2024, with gross profit increasing to $41.4 million, and net income for the quarter at $11.0 million, or $0.48 per diluted share, compared to $9.9 million, or $0.44 per diluted share, in the prior-year period Statement of Operations (in thousands, except per share data) | Account | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net sales | $59,871 | $53,478 | | Gross profit | $41,420 | $36,665 | | Income from operations | $12,626 | $11,874 | | Net income | $11,011 | $9,887 | | Diluted EPS | $0.48 | $0.44 | [Selected Net Sales Information](index=6&type=section&id=Selected%20Net%20Sales%20Information) In Q1 2025, the Americas remained the largest market, contributing 65% of total net sales with $39.0 million, while the Europe, Middle East, and Africa (EMEA) region accounted for 28% of sales at $17.0 million, and the Asia Pacific region contributed the remaining 7% with $4.0 million Net Sales by Geography - Q1 2025 vs Q1 2024 (in thousands) | Geography | Q1 2025 Sales | % of Total | Q1 2024 Sales | % of Total | | :--- | :--- | :--- | :--- | :--- | | Americas | $38,958 | 65% | $35,245 | 66% | | EMEA | $16,959 | 28% | $14,395 | 27% | | Asia Pacific | $3,954 | 7% | $3,838 | 7% | | **Total Net Sales** | **$59,871** | **100%** | **$53,478** | **100%** | [Non-GAAP Financial Measures Reconciliation](index=7&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) The company provided reconciliations for non-GAAP metrics, with non-GAAP EBITDA for Q1 2025 at $15.2 million, a 7% increase from Q1 2024, and organic sales growth showing a 13% increase for Q1 2025 after adjusting for currency fluctuations, with projected organic sales growth for the full year 2025 also at 13% Reconciliation of Net Income to EBITDA (in thousands) | Account | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income as reported | $11,011 | $9,887 | | Adjustments | $4,169 | $4,291 | | **EBITDA** | **$15,180** | **$14,178** | Reconciliation of GAAP to Non-GAAP (Organic) Sales Growth | Period | Reported Growth (%) | Organic Growth (%) | | :--- | :--- | :--- | | Q1 2025 (Actual) | 12% | 13% | | Q2 2025 (Projected) | 12% | 12% | | FY 2025 (Projected) | 12% | 13% |

Core Viewpoint - LeMaitre Vascular, Inc. reported strong Q1 2025 results with significant sales growth driven by grafts and carotid shunts, and provided an optimistic sales guidance for the year ahead [1][5]. Financial Performance - Q1 2025 net sales reached $59.9 million, reflecting a 12% increase compared to Q1 2024, with organic growth at 13% [10][21]. - Gross margin improved to 69.2%, up from 68.6% in Q1 2024, attributed to higher average selling prices and manufacturing efficiencies [3][10]. - Operating income was $12.6 million, a 6% increase year-over-year, while operating expenses grew by 16% primarily due to personnel costs [3][10]. - Net income for Q1 2025 was $11.0 million, compared to $9.9 million in Q1 2024, with diluted earnings per share at $0.48, up 10% [21][22]. Sales Growth Drivers - Sales growth was driven by a 17% increase in grafts and a 14% increase in carotid shunts, with regional sales growth of 18% in EMEA, 11% in the Americas, and 3% in APAC [3][10]. - Artegraft, the largest U.S. product, generated $37 million in sales in 2024 and received its MDR CE Mark on April 29, 2025, with a European launch imminent [4]. Guidance and Strategic Initiatives - The company raised its 2025 sales guidance to $245 million, with an organic growth forecast of 13%, up from previous guidance of $239 million and 10% organic growth [5]. - Q2 2025 guidance includes projected sales of $61.5 million to $63.5 million, with a gross margin of 69.5% and operating income between $14.6 million and $16.0 million [5]. Dividend and Share Repurchase - A quarterly dividend of $0.20 per share was approved, to be paid on May 29, 2025 [7]. - The company has authorized a share repurchase program of up to $75 million, which may be suspended or discontinued at any time [8].

Company Overview - LeMaitre Vascular (LMAT) shares increased by 7.7% to close at $83.90, following a relief rally in global markets due to a 90-day pause on tariff hikes by the United States [1] - The stock had previously experienced a 5.4% decline over the past four weeks [1] Earnings Expectations - LeMaitre is projected to report quarterly earnings of $0.50 per share, reflecting a year-over-year increase of 13.6% [2] - Expected revenues for the upcoming quarter are $57.8 million, which is an 8.1% increase compared to the same quarter last year [2] Stock Performance and Trends - The consensus EPS estimate for LeMaitre has remained unchanged over the last 30 days, indicating a lack of upward revisions in earnings estimates [3] - The stock currently holds a Zacks Rank of 2 (Buy), suggesting positive sentiment among analysts [3] Industry Context - LeMaitre operates within the Zacks Medical - Products industry, which includes other companies like AtriCure (ATRC) [3] - AtriCure's consensus EPS estimate has also remained unchanged at -$0.25, with a Zacks Rank of 3 (Hold) [4]