LeMaitre Vascular(LMAT) - 2025 Q3 - Quarterly Results

Financial Performance - Q3 2025 sales reached $61.0 million, an increase of 11% year-over-year, with organic growth of 12%[4] - Adjusted operating income for Q3 2025 was $16.9 million, a 29% increase compared to the previous year[4] - Net income for the three months ended September 30, 2025, was $17,362,000, compared to $11,141,000 for the same period in 2024, marking a 55.7% increase[20] - Adjusted EBITDA for the three months ended September 30, 2025, was $19,238,000, reflecting a 22% increase compared to $15,776,000 in the same period of 2024[27] - Basic earnings per share for the three months ended September 30, 2025, was $0.77, up from $0.50 in the same period of 2024[20] - The company reported an operating margin of 33% for the three months ended September 30, 2025, down from 27% in the previous year[24] Sales and Growth - Grafts and Shunts sales grew by 23% and 18% respectively, with Artegraft experiencing a 33% growth due to international launch[4] - The company provided Q4 2025 sales guidance of $61.8 million to $63.8 million, representing a 13% increase year-over-year[5] - Full year 2025 sales guidance is set at $247 million to $249 million, also reflecting a 13% increase[5] - The company projects full-year net sales guidance for 2025 at $248,000,000, with an adjusted projected net sales increase of 13% for the year[26] - The Americas accounted for 64% of net sales in Q3 2025, with sales of $39,218,000, up from $35,802,000 in Q3 2024[21] Profitability and Margins - Adjusted gross margin improved to 70.8%, up from 67.8% in Q3 2024, driven by higher average selling prices and manufacturing efficiencies[4] - Gross profit for the three months ended September 30, 2025, was $45,955,000, representing a gross margin of 75.3%[22] - Total operating expenses for the three months ended September 30, 2025, were $25,643,000, compared to $24,030,000 in Q3 2024[20] - Cash dividends declared per common share increased to $0.20 for the three months ended September 30, 2025, compared to $0.16 in the same period of 2024[20] Financial Position - Cash reserves increased by $23.6 million sequentially to $343.1 million[8] - Total assets increased to $598,006,900 from $551,817,000[19] - Current assets totaled $452,025,400, with cash and cash equivalents at $254,949[19] - Total liabilities amounted to $219,146,221, up from $155,181,717[19] - Accounts receivable net reached $324,163,630, reflecting a significant increase[19] - Goodwill remained stable at $65,945,656, indicating no impairment[19] - Total current liabilities were $332,873,060, with accounts payable at $346,565[19] - Retained earnings stood at $173,670,145, showing a positive growth trend[19] - The company reported a total stockholders' equity of $378,923,333, up from $372,929,900[19] - The net inventory and other deferred costs were reported at $70,793,936[19] - The company has maintained a strong cash position with short-term marketable securities at $317,561,127[19] Shareholder Actions - The company announced a quarterly dividend of $0.20 per share, payable on December 4, 2025[6] - A share repurchase program of up to $75.0 million was authorized, set to conclude on February 17, 2026[7] Investment and Growth Strategy - The company is investing in its sales force, new international offices, and regulatory approvals to support growth[5]