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What were the key takeaways from Lemaitre Vascular's earnings call?

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What is the revenue and EPS growth rate for Lemaitre Vascular year over year?

What factors drove the changes in Lemaitre Vascular's revenue and profit?

What is the market's earnings forecast for Lemaitre Vascular next quarter?

Did Lemaitre Vascular beat or miss consensus estimates last quarter?

What guidance did Lemaitre Vascular's management provide for the next earnings period?

- **Top Line Growth**: 12% organic sales driven by grafts (23%) and shunts (18%), with 10% price contribution.
- **Autograft Success**: Q3 sales $1.4M, Q4 guidance $2M, targeting 2026 European approvals.
- **Margin Expansion**: Adjusted gross margin 70.8% (up 300bps YoY), operating margin 28%.
- **Strategic Moves**: 34,000 sq ft distribution center opening, 8% U.S. price list increase.
- **Risk Note**: FDA warning letter with no production impact, FX headwinds in Q4.

**【CEO Summary Section】**
- **Organic Sales Growth**: 12% YoY, driven by 23% grafts and 18% shunts. Price contributed 10%, units 2%. Excluding catheters, growth was 14%.
- **Autograft Performance**: Q3 sales $1.4M (vs. Q2 $0.42M), Q4 guidance $2M. Global growth 33%, targeting 2026 approvals in Canada, Korea, and Irish distribution.
- **Salesforce Expansion**: 152 reps at quarter-end, 23 open roles, targeting 165 by year-end. 55% North American revenue subject to price floors.
- **International Strategy**: 8% U.S. price list increase, 34,000 sq ft distribution center opening Q1 2026. Direct sales expansion in Europe (e.g., Ireland, Czechia).

**【CFO Financial Commentary】**
- **Financial Results**: GAAP net income $17.4M, operating margin 33%. Adjusted gross margin 70.8% (up 300bps YoY). Operating expenses $26.3M (+9% YoY), guided for H2 decrease.
- **Guidance Update**: Full-year revenue $248M (+13%), adjusted EPS $2.37 (+22%). Gross margin 70.3%, operating margin 26%.
- **One-Time Impact**: $4.8M employee retention tax credit reduced COGS by $2.7M, operating expenses by $0.7M.
- **FDA Update**: New Jersey facility received warning letter, no production disruption.

**【Q&A Highlights】**
- **Growth Drivers**: Autograft Europe rollout, South Africa AV access adoption. FX (euro weakness) reduced Q4 guidance by $0.6M.
- **Gross Margin**: Pricing, mix (Autograft, Z-Medica exit), manufacturing efficiencies. 2026 focus on biologics (e.g., XenoSure).
- **M&A Strategy**: No immediate M&A, maintaining standards. Cash balance $343M, dividend $4.5M.
- **R&D Spend**: 2026 R&D as % of sales may increase, balancing op margin growth.
- **Salesforce Management**: Performance-based hiring, 8 reps exited for underperformance.


LeMaitre Vascular, Inc. (LMAT) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

LMAT

LMAT fundamentals

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