Key Highlights

  • Net sales rose 11% to USD 67.97 million in the third quarter, or 12% organic, driven by price up 7% and units up 5%, with grafts up 20% and shunts up 14%.
  • Diluted EPS was USD 0.65 against USD 0.75, which the company says is 5% higher once a 2025 employee retention tax Credit benefit is excluded.
  • Gross Margin was 71.7%, down 360 basis points from the prior year but up 90 basis points on an adjusted basis, while Operating Income was USD 17.7 million.
  • Cash and marketable securities were about USD 390 million, and the company bought vascular Assets from B. Braun in October for USD 19.2 million.

Grafts and Shunts Lead an 11% Sales Increase

LeMaitre Vascular (NASDAQ:LMAT) reported third-quarter results on November 4, 2026. Net sales were USD 67.97 million against USD 61.05 million. Artegraft sales rose 18%, EMEA sales rose 18%, the Americas 9% and Asia Pacific 5%. The company is a provider of devices and implants for peripheral vascular disease, selling mainly to vascular surgeons. Management credits Artegraft's international launch and RestoreFlow Allografts for Biologics growth. Headcount was 678, up 7%, and the sales rep count rose 13% to 171. The nine-month figure was USD 204.9 million, up from USD 185.1 million. Sales and Marketing spending rose to USD 14.5 million, general and administrative costs to USD 12.1 million and Research and Development to USD 4.4 million.

An Easier 2025 Comparison Explains the EPS Drop

Reported EPS fell because the 2025 quarter included a non-recurring employee retention tax credit benefit. Operating income was USD 17.7 million against USD 20.3 million, a 26% margin, and Net Income was USD 15.0 million against USD 17.4 million. Operating expenses rose to USD 31.0 million from USD 25.6 million, up 21% reported and 18% adjusted, which the release links to belt-tightening in the 2025 quarter. Diluted shares were 23.07 million against 24.39 million. Nine-month diluted EPS rose to USD 2.07 from USD 1.84, on net income of USD 47.8 million, so the year is still ahead. Investment income was USD 3.4 million, and convertible senior notes carried on the Balance Sheet were USD 169.3 million.

B. Braun Asset Purchase, Dividend and 2026 Guidance

In October the company paid USD 19.2 million for polyester and silver-coated grafts, valve cutters and vein strippers that had sales of USD 9.4 million in 2025, all outside North America. Sales will move into its channel over 18 to 24 months, and it expects about USD 150,000 of fourth-quarter sales and break-even operating income from them. Full-year guidance calls for sales of USD 274.8 million to USD 276.8 million and EPS of USD 2.77 to USD 2.82. Fourth-quarter sales are guided at USD 69.9 million to USD 71.9 million. A quarterly dividend of USD 0.25 a share, up from USD 0.20 declared a year earlier, is payable December 3, 2026 to holders of record on November 19, 2026.

Where Things Stand

The EPS drop is a comparison effect, not a sign of weaker sales. LeMaitre Vascular (NASDAQ:LMAT) grew sales 11% on price and units, but the prior-year quarter held a one-off tax credit benefit, so reported EPS fell to USD 0.65 while the adjusted measure rose 5%. Guidance implies fourth-quarter EPS of USD 0.70 to USD 0.75. Watch the integration of the B. Braun products, Operating Expense growth and the USD 100.0 million repurchase program, which runs to February 18, 2027. The release gives no stock reaction or consensus comparison.