LeMaitre Vascular, Inc.

Q2 2026 revenue figures were not stated on the call, but management said organic sales grew 10% year over year, or 12% excluding catheters, with 7% from price and 3% from units. Gross margin was 72.1%, up 210 basis points year over year; operating income was a record $20.4 million, up 26%, with a 29% operating margin; net income was $17.1 million, up 24%; and fully diluted EPS was $0.74, up 23%. Full-year 2026 guidance was updated to $276.3 million in revenue, 11% reported revenue growth, 72.4% gross margin, $76.8 million in operating income, a 28% operating margin, and $2.89 in diluted EPS, up 21% from adjusted 2025.

George LeMaitre emphasized that Artegraft, European expansion and disciplined spending were driving the quarter, while also framing the company’s warehouse and localization buildout as a long-term strategic advantage. He said the company is investing in Artegraft approvals, longer sizes and sales infrastructure, and described the relocalization strategy as lowering shipping costs and improving customer connections, especially in Europe. His tone was upbeat on the core business and Europe, but more cautious on Quick Stick, which he said needs time for the team to decide whether to pursue a clinical-trial path.

Dorian LeBlanc highlighted that Q2 gross margin was 72.1%, up 210 basis points year over year, driven by higher ASPs, reduced shipping costs and product mix, especially Artegraft. Operating expenses were $30.4 million, up 5%, while operating income reached a record $20.4 million; cash from operations was $16 million; capital expenditures were $2.3 million; dividends were $5.7 million; and cash and securities ended at $376 million, up $9 million in the quarter. He explained the full-year revenue and EPS guidance cut as largely FX-related, plus continued Middle East export disruption and slower RFA growth due to supply constraints, while noting better investment income and a still-beneficial tax rate with some quarter-to-quarter variability from stock-based comp and option exercises.

Analysts focused on Quick Stick, RFA supply constraints, Americas performance, Europe/Artegraft momentum, warehouse expansion and the guidance cut. Management said Quick Stick now likely needs a clinical trial and the timeline would be measured in years; on RFA, they are prioritizing fixing U.S. supply and moving tissue processing to Burlington, while saying an overseas processing buildout is not near-term. They also said the Americas weakness was largely tied to the catheter comp and recall-related stocking in last year’s quarter, and stressed that Europe is benefiting from relocalization and strong Artegraft adoption.