Revenue grew 9.6% sequentially to $70.4M in Q2 2026 with gross margin at 72.1% and operating margin at 29.0%, reflecting strong pricing power and operating leverage despite a decline from Q3 2025's 33.3% peak.
LeMaitre Vascular, Inc. (LMAT) annual income statement — 22-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Sales/Revenue | 262.43M | 249.6M | 219.86M | 193.48M | 161.65M | 154.42M | 129.37M | 117.23M | 105.57M | 100.87M | 89.15M | 78.35M | 71.1M | 64.55M | 56.73M | 57.69M | 56.06M | 50.91M | 48.72M | 41.45M | 34.63M | 30.73M | 26.18M |
| Revenue Growth % | 11.85% | 13.53% | 13.63% | 19.69% | 4.68% | 19.37% | 10.35% | 11.05% | 4.66% | 13.14% | 13.78% | 10.2% | 10.14% | 13.77% | -1.65% | 2.9% | 10.12% | 4.49% | 17.55% | 19.69% | 12.7% | 17.35% | - |
| Cost of Goods Sold | 71.13M | 71.06M | 68.96M | 66.44M | 56.76M | 53.04M | 44.75M | 37.38M | 31.63M | 30.17M | 26.21M | 24.19M | 22.67M | 19.43M | 15.87M | 17.46M | 14.34M | 13.6M | 14.82M | 10.74M | 9.37M | 8.93M | 7.78M |
| COGS % of Revenue | - | 28.47% | 31.37% | 34.34% | 35.11% | 34.35% | 34.59% | 31.88% | 29.96% | 29.91% | 29.41% | 30.87% | 31.88% | 30.11% | 27.97% | 30.26% | 25.58% | 26.72% | 30.41% | 25.91% | 27.05% | 29.05% | 29.71% |
| Gross Profit | 191.31M | 178.54M | 150.9M | 127.05M | 104.9M | 101.38M | 84.62M | 79.85M | 73.94M | 70.7M | 62.94M | 54.17M | 48.43M | 45.12M | 40.87M | 40.23M | 41.72M | 37.3M | 33.9M | 30.71M | 25.26M | 21.8M | 18.4M |
| Gross Margin % | 72.9% | 71.53% | 68.63% | 65.66% | 64.89% | 65.65% | 65.41% | 68.12% | 70.04% | 70.09% | 70.59% | 69.13% | 68.12% | 69.89% | 72.03% | 69.74% | 74.42% | 73.28% | 69.59% | 74.09% | 72.95% | 70.95% | 70.29% |
| Gross Profit Growth % | - | 18.32% | 18.77% | 21.12% | 3.47% | 19.81% | 5.97% | 8% | 4.59% | 12.33% | 16.19% | 11.84% | 7.35% | 10.39% | 1.59% | -3.58% | 11.84% | 10.03% | 10.41% | 21.56% | 15.88% | 18.46% | - |
| Operating Expenses | 113.99M | 110.63M | 98.64M | 90.34M | 78.07M | 64.96M | 55.83M | 58.67M | 53.2M | 49.59M | 46.6M | 43.01M | 41.34M | 40.6M | 36.88M | 35.03M | 35.4M | 33.47M | 35.09M | 33.58M | 25.68M | 20.38M | 16.81M |
| OpEx % of Revenue | - | 44.32% | 44.87% | 46.69% | 48.29% | 42.06% | 43.16% | 50.05% | 50.4% | 49.17% | 52.27% | 54.9% | 58.14% | 62.89% | 65% | 60.72% | 63.15% | 65.75% | 72.02% | 81.01% | 74.17% | 66.33% | 64.21% |
| Selling, General & Admin | 98.58M | 96.49M | 83M | 72.89M | 61.67M | 53.16M | 46.2M | 49.39M | 45.01M | 42.96M | 40.46M | 36.79M | 35.98M | 34.72M | 31.78M | 30.6M | 29.91M | 27.56M | 29.76M | 28.98M | 22.29M | 17.36M | 14.69M |
| SG&A % of Revenue | - | 38.66% | 37.75% | 37.67% | 38.15% | 34.42% | 35.71% | 42.13% | 42.63% | 42.59% | 45.38% | 46.95% | 50.6% | 53.79% | 56.02% | 53.05% | 53.36% | 54.14% | 61.09% | 69.92% | 64.36% | 56.51% | 56.11% |
| Research & Development | 15.41M | 14.14M | 15.65M | 16.97M | 13.29M | 11.8M | 10.1M | 9.28M | 8.2M | 6.64M | 6.14M | 5.48M | 4.67M | 5.24M | 5.09M | 4.42M | 5.49M | 5.91M | 5.33M | 4.59M | 3.3M | 3.02M | 2.12M |
| R&D % of Revenue | - | 5.66% | 7.12% | 8.77% | 8.22% | 7.64% | 7.81% | 7.91% | 7.76% | 6.58% | 6.89% | 6.99% | 6.57% | 8.12% | 8.98% | 7.67% | 9.79% | 11.61% | 10.94% | 11.08% | 9.53% | 9.81% | 8.1% |
| Other Operating Expenses | 0 | 0 | 0 | 485K | 3.11M | 0 | -470K | 0 | 235K | 3K | -94K | -89K | -4K | -182K | -324K | 0 | 0 | 0 | 0 | 7K | 94K | 0 | 0 |
| Operating Income | 77.32M | 67.91M | 52.26M | 36.71M | 26.83M | 36.42M | 28.79M | 21.18M | 28.21M | 21.1M | 16.34M | 11.51M | 6.34M | 4.52M | 4.24M | 3.69M | 4.01M | 1.95M | -2.93M | -4.28M | -679K | 422K | 1.16M |
| Operating Margin % | 29.46% | 27.21% | 23.77% | 18.97% | 16.6% | 23.59% | 22.25% | 18.07% | 26.72% | 20.92% | 18.32% | 14.69% | 8.92% | 7% | 7.47% | 6.4% | 7.16% | 3.83% | -6.01% | -10.33% | -1.96% | 1.37% | 4.42% |
| Operating Income Growth % | - | 29.96% | 42.34% | 36.84% | -26.34% | 26.53% | 35.9% | -24.91% | 33.67% | 29.18% | 41.89% | 81.59% | 40.33% | 6.56% | 14.91% | -8.09% | 106% | 166.52% | 31.59% | -530.78% | -260.9% | -63.53% | - |
| EBITDA | 90.89M | 78.33M | 61.93M | 46.23M | 36.26M | 45.9M | 37.01M | 26.6M | 32.53M | 25.16M | 19.93M | 14.91M | 9.67M | 7.31M | 6.47M | 5.73M | 5.39M | 3.37M | -1.34M | -2.89M | 629K | 1.63M | 2.12M |
| EBITDA Margin % | 34.63% | 31.38% | 28.17% | 23.89% | 22.43% | 29.72% | 28.61% | 22.69% | 30.82% | 24.94% | 22.35% | 19.03% | 13.61% | 11.33% | 11.41% | 9.93% | 9.62% | 6.62% | -2.74% | -6.97% | 1.82% | 5.3% | 8.11% |
| EBITDA Growth % | 40.1% | 26.49% | 33.96% | 27.48% | -21% | 24.01% | 39.15% | -18.24% | 29.31% | 26.26% | 33.68% | 54.09% | 32.32% | 12.93% | 13.04% | 6.23% | 60.07% | 351.91% | 53.72% | -559.3% | -61.41% | -23.26% | - |
| D&A (Non-Cash Add-back) | 13.57M | 10.42M | 9.67M | 9.52M | 9.43M | 9.47M | 8.22M | 5.42M | 4.32M | 4.06M | 3.59M | 3.39M | 3.33M | 2.79M | 2.23M | 2.04M | 1.38M | 1.42M | 1.59M | 1.39M | 1.31M | 1.21M | 967K |
| EBIT | 83.75M | 80.37M | 57.08M | 39.48M | 27.49M | 36.51M | 28.67M | 21.68M | 28.45M | 21.11M | 16.26M | 11.42M | 6.33M | 4.34M | 3.99M | 3.75M | 4.03M | 2.24M | -2.76M | -2.87M | -422K | 1.42M | 1.59M |
| Net Interest Income | 5.34M | 7.91M | 4.74M | 3.08M | 986K | -2.02M | -1.1M | 698K | 629K | 158K | 67K | 13K | -4K | -8K | 77K | 11K | 26K | 12K | 469K | 0 | 0 | 0 | 0 |
| Interest Income | 10.54M | 13.09M | 4.95M | 3.08M | 986K | 197K | 207K | 698K | 631K | 179K | 81K | 13K | 1K | 4K | 78K | 11K | 31K | 38K | 530K | 0 | 0 | 0 | 0 |
| Interest Expense | 5.2M | 5.18M | 205K | 0 | 0 | 2.22M | 1.31M | 0 | 2K | 21K | 14K | 0 | 5K | 12K | 1K | 0 | 5K | 26K | 61K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 7.42M | 7.27M | 4.62M | 2.76M | 661K | -2.14M | -1.43M | 496K | 235K | 3K | -94K | -89K | -20K | -190K | -247K | 62K | 10K | 266K | 109K | 1.58M | 159K | -842K | -451K |
| Pretax Income | 84.73M | 75.18M | 56.88M | 39.48M | 27.49M | 34.29M | 27.36M | 21.68M | 28.44M | 21.11M | 16.24M | 11.42M | 6.32M | 4.33M | 3.99M | 3.75M | 4.03M | 2.21M | -2.82M | -2.7M | -520K | 578K | 1.14M |
| Pretax Margin % | 32.29% | 30.12% | 25.87% | 20.4% | 17.01% | 22.2% | 21.15% | 18.49% | 26.94% | 20.92% | 18.22% | 14.58% | 8.89% | 6.71% | 7.04% | 6.5% | 7.18% | 4.35% | -5.79% | -6.52% | -1.5% | 1.88% | 4.36% |
| Income Tax | 19.06M | 17.45M | 12.84M | 9.37M | 6.85M | 7.38M | 6.14M | 3.75M | 5.5M | 3.93M | 5.65M | 3.67M | 2.4M | 1.13M | 1.42M | 1.61M | -1.99M | 617K | 493K | 232K | 652K | 523K | 214K |
| Effective Tax Rate % | 22.5% | 23.21% | 22.57% | 23.74% | 24.93% | 21.52% | 22.43% | 17.27% | 19.34% | 18.62% | 34.8% | 32.09% | 38.05% | 26.02% | 35.61% | 42.88% | -49.39% | 27.86% | -17.48% | -8.59% | -125.38% | 90.48% | 18.76% |
| Net Income | 65.67M | 57.73M | 44.04M | 30.11M | 20.64M | 26.91M | 21.22M | 17.93M | 22.94M | 17.18M | 10.59M | 7.76M | 3.92M | 3.2M | 2.57M | 2.14M | 6.01M | 1.6M | -3.31M | -2.93M | -1.17M | 55K | 927K |
| Net Margin % | 25.02% | 23.13% | 20.03% | 15.56% | 12.77% | 17.42% | 16.4% | 15.3% | 21.73% | 17.03% | 11.88% | 9.9% | 5.51% | 4.96% | 4.53% | 3.72% | 10.73% | 3.14% | -6.8% | -7.08% | -3.38% | 0.18% | 3.54% |
| Net Income Growth % | 39.39% | 31.1% | 46.28% | 45.89% | -23.31% | 26.8% | 18.32% | -21.83% | 33.57% | 62.2% | 36.5% | 98.16% | 22.27% | 24.54% | 19.97% | -64.36% | 276.28% | 148.22% | -12.95% | -150.34% | -2230.91% | -94.07% | - |
| Net Income (Continuing) | 65.67M | 57.73M | 44.04M | 30.11M | 20.64M | 26.91M | 21.22M | 17.93M | 22.94M | 17.18M | 10.59M | 7.76M | 3.92M | 3.2M | 2.57M | 2.14M | 6.01M | 1.6M | -3.31M | -2.93M | -1.17M | 55K | 927K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.68 | 2.52 | 1.93 | 1.34 | 0.93 | 1.25 | 1.04 | 0.88 | 1.13 | 0.86 | 0.55 | 0.42 | 0.23 | 0.20 | 0.16 | 0.13 | 0.37 | 0.10 | -0.21 | -0.19 | -0.12 | 0.01 | 0.10 |
| EPS Growth % | 38.35% | 30.57% | 44.03% | 44.09% | -25.6% | 20.19% | 18.18% | -22.12% | 31.4% | 56.36% | 30.95% | 82.61% | 15% | 25% | 23.08% | -64.86% | 270% | 147.62% | -10.53% | -58.33% | -1300% | -90% | - |
| EPS (Basic) | - | 2.55 | 1.96 | 1.36 | 0.94 | 1.27 | 1.05 | 0.91 | 1.18 | 0.91 | 0.57 | 0.44 | 0.24 | 0.21 | 0.17 | 0.14 | 0.38 | 0.10 | -0.21 | -0.19 | -0.12 | 0.01 | 0.10 |
| Diluted Shares Outstanding | 24.53M | 22.93M | 22.78M | 22.42M | 22.17M | 21.48M | 20.48M | 20.33M | 20.24M | 20.03M | 19.24M | 18.32M | 17.01M | 15.76M | 15.64M | 15.99M | 16.11M | 15.92M | 15.57M | 15.4M | 9.9M | 8.7M | 8.35M |
| Basic Shares Outstanding | 22.86M | 22.64M | 22.45M | 22.22M | 21.98M | 21.16M | 20.25M | 19.81M | 19.43M | 18.96M | 18.48M | 17.76M | 16.61M | 15.32M | 15.19M | 15.46M | 15.63M | 15.69M | 15.57M | 15.4M | 9.9M | 8.25M | 7.94M |
| Dividend Payout Ratio | - | 31.37% | 32.65% | 41.35% | 53.25% | 34.7% | 36.26% | 37.56% | 23.73% | 24.33% | 31.38% | 36.67% | 58.95% | 57.4% | 59.04% | 57.72% | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying LMAT stock.
For fiscal year 2025, LeMaitre Vascular, Inc. (LMAT) reported total revenue of $249.6M. This represents a 853.3% increase compared to $26.2M in 2004.
LeMaitre Vascular, Inc. (LMAT) is profitable, generating $57.7M in net income for the fiscal year ending 2025 with a net profit margin of 23.1%.
LeMaitre Vascular, Inc. (LMAT) reported an operating income of $67.9M, resulting in an operating profit margin of 27.2%. This margin reflects the operational efficiency of the business before interest and taxes.
LeMaitre Vascular, Inc. (LMAT) generated $178.5M in gross profit for the year, representing a gross profit margin of 71.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Sales force wage inflation
Metrics are mathematically derived from official filings.
Double-Digit Growth Momentum
LMAT's revenue grew 13.5% YoY TTM, with Q2 2026 up 9.6% sequentially, driven by Artegraft international expansion and consistent price increases, per recent financial disclosures.
Revenue has accelerated from 11.4% YoY in Q2 2024 to 15.7% in Q4 2025, with Q2 2026 maintaining 9.6% sequential growth. The growth appears organic, supported by Artegraft's 21% of sales and expansion into 56 countries, suggesting durable demand for niche vascular products. However, the sequential moderation from Q1 to Q2 may reflect seasonality, and investors should monitor whether international investments sustain this pace.
Gross Margin Expansion Supported by Niche Pricing
Gross margin improved from 68.6% in Q1 2024 to 72.1% in Q2 2026, reflecting pricing power in niche vascular markets, as reported in quarterly filings.
The 350 basis point gross margin expansion over ten quarters indicates sustained pricing power, likely due to the lack of low-cost alternatives in open vascular surgery niches. The Q3 2025 spike to 75.3% suggests favorable product mix or one-time benefits, but the trend remains upward. This structural advantage appears protected by the high cost for competitors to displace LMAT's specialized sales force.
Operating Leverage Emerging Despite Investment
Operating margin rose from 22.2% in Q1 2024 to 29.0% in Q2 2026, with SG&A as a percentage of revenue declining from 38.7% to 36.2%, per income statement data.
Despite increased spending on sales force and warehouse expansions, operating income has scaled faster than revenue, indicating that the direct sales model is achieving efficiency. The Q3 2025 operating margin of 33.3% suggests peak leverage, but Q2 2026's 29.0% reflects ongoing investment. If wage inflation persists, this leverage could reverse, warranting close monitoring of SG&A growth relative to revenue.
High-Quality Earnings with Minimal SBC Dilution
Net income grew 23.3% YoY in Q2 2026, with EPS of $0.74 beating consensus by $0.08, while stock-based compensation remained modest at $1.9M, per recent earnings release.
Earnings quality appears high, as SBC is only 2.7% of revenue, and net margin expanded to 24.2% from 21.2% a year earlier. The Q4 2025 zero SBC is unusual and may indicate a one-time adjustment, but overall SBC is stable. The tax rate appears consistent, and non-operating items are minimal, suggesting reported EPS is a reliable indicator of operational performance.
SG&A Dominates Cost Structure
SG&A is the largest cost line, averaging 38% of revenue over the past ten quarters, while R&D remains modest at ~6%, reflecting the direct sales model's intensity, as per financial statements.
The cost structure is heavily weighted toward SG&A, which is typical for a specialized sales force. R&D spending has increased from $4.1M in Q1 2024 to $4.8M in Q2 2026, but remains low relative to revenue, indicating a focus on niche product extensions rather than breakthrough innovation. Management's expense discipline is evident in the stable SG&A ratio, but wage inflation for sales reps could pressure this line.
2025 Q3 Margin Inflection
Q3 2025 marked a peak operating margin of 33.3% and gross margin of 75.3%, driven by a favorable product mix and cost controls, as reported in quarterly results.
This quarter represents the highest profitability in the dataset, with net margin reaching 28.4%. The subsequent decline in Q4 2025 and Q2 2026 suggests the peak was not sustained, possibly due to increased investments. The lasting impact is a higher baseline margin, as operating margin has not fallen below 25% since, indicating structural improvements.
Wage Inflation and Investment Risks
Rising wage inflation for specialized sales reps and six warehouse expansions could compress operating margins, which fell from 33.3% in Q3 2025 to 29.0% in Q2 2026, per recent filings.
The elevated investment phase may cause operating leverage to lag revenue growth, as seen in the sequential margin decline. If SG&A growth outpaces revenue, the 27.2% operating margin could erode. Additionally, the reliance on price increases rather than volume growth may face limits if competitors or reimbursement pressures intensify. Investors should monitor whether Artegraft's international expansion generates sufficient scale to offset these costs.