Medical device company LeMaitre Vascular (NASDAQ:LMAT) met Wall Street’s revenue expectations in Q1 CY2026, with sales up 11.2% year on year to $66.55 million. The company expects next quarter’s revenue to be around $71.5 million, close to analysts’ estimates. Its GAAP profit of $0.68 per share was 2.9% above analysts’ consensus estimates.
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LeMaitre (LMAT) Q1 CY2026 Highlights:
- Revenue: $66.55 million vs analyst estimates of $66.72 million (11.2% year-on-year growth, in line)
- EPS (GAAP): $0.68 vs analyst estimates of $0.66 (2.9% beat)
- Adjusted EBITDA: $20.27 million vs analyst estimates of $20.19 million (30.5% margin, in line)
- The company reconfirmed its revenue guidance for the full year of $280 million at the midpoint
- EPS (GAAP) guidance for the full year is $3.01 at the midpoint, beating analyst estimates by 3.5%
- Operating Margin: 26.7%, up from 21.1% in the same quarter last year
- Organic Revenue rose 10% year on year (miss)
- Market Capitalization: $2.55 billion
Company Overview
Founded in 1983 and named after a pioneering vascular surgeon, LeMaitre Vascular (NASDAQGM:LMAT) develops and manufactures specialized medical devices used by vascular surgeons to treat peripheral vascular disease and other circulatory conditions.
Revenue Growth
A company’s long-term performance is an indicator of its overall quality. Even a bad business can shine for one or two quarters, but a top-tier one grows for years. Luckily, LeMaitre’s sales grew at a solid 13.7% compounded annual growth rate over the last five years. Its growth beat the average healthcare company and shows its offerings resonate with customers.
We at StockStory place the most emphasis on long-term growth, but within healthcare, a half-decade historical view may miss recent innovations or disruptive industry trends. LeMaitre’s annualized revenue growth of 13.2% over the last two years aligns with its five-year trend, suggesting its demand was predictably strong. 
We can dig further into the company’s sales dynamics by analyzing its organic revenue, which strips out one-time events like acquisitions and currency fluctuations that don’t accurately reflect its fundamentals. Over the last two years, LeMaitre’s organic revenue averaged 13.4% year-on-year growth. Because this number aligns with its two-year revenue growth, we can see the company’s core operations (not acquisitions and divestitures) drove most of its results. 
This quarter, LeMaitre’s year-on-year revenue growth was 11.2%, and its $66.55 million of revenue was in line with Wall Street’s estimates. Company management is currently guiding for a 11.3% year-on-year increase in sales next quarter.
Looking further ahead, sell-side analysts expect revenue to grow 11.5% over the next 12 months, a slight deceleration versus the last two years. Despite the slowdown, this projection is commendable and indicates the market is forecasting success for its products and services.
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Operating Margin
LeMaitre has been an efficient company over the last five years. It was one of the more profitable businesses in the healthcare sector, boasting an average operating margin of 22.4%.
Looking at the trend in its profitability, LeMaitre’s operating margin rose by 4.2 percentage points over the last five years, as its sales growth gave it operating leverage. This performance was mostly driven by its recent improvements as the company’s margin has increased by 6.8 percentage points on a two-year basis.
In Q1, LeMaitre generated an operating margin profit margin of 26.7%, up 5.6 percentage points year on year. This increase was a welcome development and shows it was more efficient.
Earnings Per Share
Revenue trends explain a company’s historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth – for example, a company could inflate its sales through excessive spending on advertising and promotions.
LeMaitre’s EPS grew at 18.1% compounded annual growth rate over the last five years, higher than its 13.7% annualized revenue growth. This tells us the company became more profitable on a per-share basis as it expanded.
Diving into the nuances of LeMaitre’s earnings can give us a better understanding of its performance. As we mentioned earlier, LeMaitre’s operating margin expanded by 4.2 percentage points over the last five years. This was the most relevant factor (aside from the revenue impact) behind its higher earnings; interest expenses and taxes can also affect EPS but don’t tell us as much about a company’s fundamentals.
In Q1, LeMaitre reported EPS of $0.68, up from $0.48 in the same quarter last year. This print beat analysts’ estimates by 2.9%. Over the next 12 months, Wall Street expects LeMaitre’s full-year EPS of $2.67 to grow 11.4%.
Key Takeaways from LeMaitre’s Q1 Results
We were impressed by how significantly LeMaitre blew past analysts’ EPS guidance for next quarter expectations this quarter. We were also glad its full-year EPS guidance outperformed Wall Street’s estimates. On the other hand, its organic revenue slightly missed and its revenue guidance for next quarter was in line with Wall Street’s estimates. Overall, this print was mixed but still had some key positives. The stock remained flat at $111.80 immediately after reporting.
Should you buy the stock or not? What happened in the latest quarter matters, but not as much as longer-term business quality and valuation, when deciding whether to invest in this stock. We cover that in our actionable full research report which you can read here (it’s free).