LeMaitre’s second quarter was marked by strong organic revenue gains, led by robust growth in its Artegraft line and continued expansion across Europe and Asia. However, the quarter fell short of Wall Street’s revenue and profit expectations, which contributed to a negative market reaction. Management attributed the underperformance to a combination of adverse currency impacts, ongoing Middle East export delays, and supply constraints in cardiac allografts. CEO George LeMaitre highlighted that, despite these headwinds, the company saw record sales in key segments and continued to invest in international expansion.
Is now the time to buy LMAT? Find out in our full research report (it’s free for active Edge members).
LeMaitre (LMAT) Q2 CY2026 Highlights:
- Revenue: $70.38 million vs analyst estimates of $71.61 million (9.6% year-on-year growth, 1.7% miss)
- EPS (GAAP): $0.70 vs analyst expectations of $0.81 (13.8% miss)
- Adjusted EBITDA: $24.37 million vs analyst estimates of $24.2 million (34.6% margin, 0.7% beat)
- The company dropped its revenue guidance for the full year to $276.3 million at the midpoint from $280 million, a 1.3% decrease
- EPS (GAAP) guidance for the full year is $2.89 at the midpoint, missing analyst estimates by 3.7%
- Operating Margin: 29%, up from 25.1% in the same quarter last year
- Organic Revenue rose 10% year on year (miss)
- Market Capitalization: $1.86 billion
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is 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 Sarcone (Jefferies) asked about the timeline and resource allocation for the Quick Stick clinical trial. CEO George LeMaitre replied the company is still evaluating next steps, noting, “We’re not really a clinical trial company historically, but we have aspirations to get a little bit more R&D focused.”
- Brett Fishbin (KeyBanc) questioned softness in the Americas, particularly with catheter sales. CEO LeMaitre explained the decline was due to last year’s recall-driven overstocking and described the impact as “transient.”
- Anna Ponsi (Stifel) inquired about Artegraft’s tender process in Europe and its impact on the outlook. CEO LeMaitre said recent quarters have seen expansion beyond Central Europe, with strong performance in Southern European and U.K. tender markets.
- Daniel Stauder (Citizens) probed the dynamics behind lower operating income guidance despite stable margins. CFO Dorian LeBlanc attributed it to FX headwinds, Middle East export delays, and slower cardiac allograft growth—all flowing through to the bottom line.
- James Sidoti (Sidoti & Co.) asked about strategies to address allograft supply shortages. CEO LeMaitre pointed to relocating tissue processing and potentially expanding recovery group partnerships as key steps.
Catalysts in Upcoming Quarters
Looking forward, key upcoming catalysts include (1) the success of Artegraft expansion in new and existing international markets, (2) progress on resolving cardiac allograft supply constraints via operational changes and partnerships, and (3) the impact of warehouse relocalization on margin improvement and customer satisfaction. Updates on regulatory approvals and new product development timelines will also be important for tracking execution.
LeMaitre currently trades at $81.25, down from $105.78 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free).
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