LeMaitre Lowers Fourth-Quarter Sales and Profit Outlook

The Tip Desk · November 10, 2026 · 3 min read

Third-quarter sales were $68.0 million, up 11%, as the company cut fourth-quarter sales guidance to a $69.9 million–$71.9 million range.

LeMaitre Vascular, Inc. (LMAT), a provider of vascular devices, implants, and services, reported third-quarter sales of $68.0 million, up 11% from a year earlier and 12% on an organic basis, and lowered its fourth-quarter sales and profit outlook.

Grafts rose 20% and shunts 14%, the company said, with Artegraft sales up 18% after a 34% increase in the second quarter. Organic growth comprised 7% from price and 5% from units.

By region, EMEA sales increased 18%, the Americas 9%, and APAC 5%.

Gross margin was 71.7%, down 360 basis points from a year earlier. The company said the margin was up 90 basis points versus an adjusted year-ago figure after excluding a 2025 employee retention tax credit, citing higher average selling prices and operational efficiencies.

Operating expenses were $31.0 million, up 21%, or 18% versus an adjusted year-ago figure the company attributed to 2025 belt-tightening. Operating income was $17.7 million, down 13%, or up 5% versus adjusted. Operating margin was 26%. Diluted earnings were $0.65 a share, down 14%, or up 5% versus adjusted.

Headcount was 678, up 7% versus September 30, 2025, while the sales force grew 13% to 171 representatives.

Cash and cash equivalents plus short-term marketable securities rose $13.5 million sequentially to $390 million at September 30, 2026.

In October, the company acquired certain vascular assets from B. Braun for $19.2 million. The polyester and silver-coated grafts, valve cutters, and vein strippers recorded $9.4 million of sales in 2025, all outside North America. Sales are expected to move into LeMaitre’s channel over the next 18 to 24 months as B. Braun customer contracts conclude or transfer. During that transition, LeMaitre will receive a portion of profits on B. Braun-originated sales.

Chairman and Chief Executive Officer George LeMaitre said the company expects 2026 to be another year of healthy sales growth of 11% and EPS growth of 18%, with biologics continuing to drive sales through Artegraft’s international launch and RestoreFlow Allografts. He said the acquired B. Braun products will strengthen the core vascular portfolio while leveraging an expanding 31-country sales force.

Fourth-quarter 2026 sales guidance is $69.9 million to $71.9 million, a midpoint of $70.9 million, or 10% growth and 11% organic, versus prior guidance of $71.1 million to $73.1 million, a midpoint of $72.1 million, or 12% and 12% organic. Fourth-quarter operating income is guided at $18.8 million to $20.2 million, a midpoint of $19.5 million, or 4% growth, versus a prior midpoint of $20.5 million, or 9%. Fourth-quarter EPS is $0.70 to $0.75, a midpoint of $0.73, or 7% growth, versus a prior midpoint of $0.78, or 15%. Gross margin is guided at 72.1%.

The company said the top- and bottom-line impacts of the newly acquired B. Braun products are reflected in that outlook, and it anticipates recording about $150,000 of fourth-quarter B. Braun product sales and a break-even operating income impact.

Full-year 2026 sales guidance is $274.8 million to $276.8 million, a midpoint of $275.8 million, or 11% growth and 11% organic, versus a prior midpoint of $276.3 million. Full-year operating income is $74.6 million to $76.1 million, a midpoint of $75.4 million, or 11% growth and 17% adjusted, versus a prior midpoint of $76.8 million, or 13% and 19% adjusted. Full-year EPS is $2.77 to $2.82, a midpoint of $2.80, or 11% growth and 18% adjusted, versus a prior midpoint of $2.89, or 15% and 21% adjusted.

The board approved a quarterly dividend of $0.25 a share, payable December 3, 2026, to stockholders of record on November 19, 2026. A $100.0 million share-repurchase authorization remains in place through February 18, 2027, unless extended.