LeMaitre Q1 2025 Financial Results

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].