LeMaitre’s second quarter saw a strong market reaction, reflecting outperformance across key segments and positive investor sentiment. Management attributed the results to robust sales growth in catheters and grafts, with notable contributions from international markets such as EMEA and Asia-Pacific. CEO George LeMaitre cited the successful European launch of Artegraft and increased adoption of RestoreFlow, particularly in cardiac applications, as primary growth drivers. The quarter also benefited from higher average selling prices and improved manufacturing efficiency, supporting both top-line and margin expansion.
Is now the time to buy LMAT? Find out in our full research report (it’s free).
LeMaitre (LMAT) Q2 CY2025 Highlights:
- Revenue: $64.23 million vs analyst estimates of $62.58 million (15% year-on-year growth, 2.6% beat)
- EPS (GAAP): $0.60 vs analyst estimates of $0.57 (5.8% beat)
- Adjusted EBITDA: $20.34 million vs analyst estimates of $17.89 million (31.7% margin, 13.7% beat)
- The company lifted its revenue guidance for the full year to $251 million at the midpoint from $245.5 million, a 2.2% increase
- EPS (GAAP) guidance for the full year is $2.30 at the midpoint, beating analyst estimates by 6.8%
- Operating Margin: 25.1%, in line with the same quarter last year
- Organic Revenue rose 15% year on year vs analyst estimates of 12.1% growth (290.1 basis point beat)
- Market Capitalization: $2.14 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From LeMaitre’s Q2 Earnings Call
- Michael Anthony Sarcone (Jefferies) asked about the impact of late-quarter stocking orders on catheter sales. CEO George LeMaitre estimated the effect at approximately $800,000, attributing it to a packaging-related recall and noting this spike is unlikely to repeat in Q3.
- Michael John Petusky (Barrington Research) inquired about sustained unit volume growth and the drivers beyond catheter restocking. CEO George LeMaitre and President Dave Roberts cited strong contributions from Artegraft in Europe, XenoSure in Europe, and RestoreFlow in cardiac applications, with Artegraft unit growth at 10% and XenoSure at 9% in Europe.
- Brett Adam Fishbin (KeyBanc) questioned the expected trajectory of Artegraft sales in the back half of the year. CEO George LeMaitre confirmed the $2 million target for international Artegraft, emphasizing successful launches in Europe and South Africa and a cautious approach to quarterly phasing.
- Unidentified Analyst (Stifel) asked about sales force expansion and focus areas. CEO George LeMaitre stated the company is on track for around 165 reps by year-end, with growth balanced across the U.S., Europe, and Asia-Pacific, each carrying the full product portfolio.
- Suraj Kalia (Oppenheimer & Company) probed the pricing strategy in different markets given tariff uncertainty. CEO George LeMaitre explained that pricing leverage depends on market share and niche positioning, using targeted increases where LeMaitre holds leading positions and entering less competitive international markets to maintain pricing flexibility.
Catalysts in Upcoming Quarters
In coming quarters, the StockStory team will focus on (1) the pace of Artegraft’s adoption in new international markets and the success of ongoing regulatory filings; (2) progress and market response to the pending RestoreFlow launch in Europe, including new distribution capabilities; and (3) sustained organic growth from the expanded sales organization. Additional signposts include updates on regulatory approvals in Asia-Pacific and the impact of evolving tariff and trade dynamics.
LeMaitre currently trades at $94.30, up from $85.94 just before the earnings. Is there an opportunity in the stock?The answer lies in our full research report (it’s free).
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