$LMAT

LEMAITRE VASCULAR INC

CIK:0001158895|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Net sales	$ 70,382	$ 64,232	$ 136,933	$ 124,103
Cost of sales	19,618	19,258	37,773	37,709
Gross profit	50,764	44,974	99,160	86,394
Sales and marketing	14,408	14,895	28,923	29,107
General and administrative	11,110	10,396	23,156	20,883
Research and development	4,847	3,541	8,907	7,636
Total operating expenses	30,365	28,832	60,986	57,626
Income from operations	20,399	16,142	38,174	28,768
Other income (expense):
Investment income	3,386	2,980	6,710	5,883
Interest expense	(1,302)	(1,299)	(2,602)	(2,589)
Other (loss) income, net	(294)	247	(421)	249
Income before income taxes	22,189	18,070	41,861	32,311
Provision for income taxes	5,139	4,291	9,132	7,521
Net income	$ 17,050	$ 13,779	$ 32,729	$ 24,790
Earnings per share of common stock:
Basic (in dollars per share)	$ 0.75	$ 0.61	$ 1.43	$ 1.1
Diluted (in dollars per share)	$ 0.74	$ 0.6	$ 1.42	$ 1.08
Weighted-average shares outstanding:
Basic (in shares)	22,858	22,614	22,830	22,592
Diluted (in shares)	24,531	22,892	24,505	22,896
Cash dividends declared per common share (in dollars per share)	$ 0.25	$ 0.2	$ 0.5	$ 0.4

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 32,729	$ 24,790
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,285	5,200
Stock-based compensation	4,027	3,990
Amortization of issuance costs on convertible senior notes	446	433
Non-cash investment income	(805)	0
Provision for inventory write-downs	1,548	1,030
Provision for credit losses	333	337
Foreign currency transaction effect on income	145	(279)
Changes in operating assets and liabilities:
Accounts receivable	(2,877)	(5,299)
Inventory and other deferred costs	(1,935)	(3,454)
Prepaid expenses and other assets	(1,363)	1,676
Accounts payable and other liabilities	(6,475)	(1,250)
Accrued interest	0	2,156
Net cash provided by operating activities	31,058	29,330
Investing activities
Purchases of short-term marketable securities	(231,434)	(17,849)
Purchases of property and equipment	(5,096)	(2,725)
Payments related to acquisitions, net of cash acquired	(158)	(95)
Proceeds from short-term marketable securities	212,489	0
Net cash used in investing activities	(24,199)	(20,669)
Financing activities
Proceeds from stock option exercises	3,728	3,072
Deferred payments for acquisitions	(95)	(1,433)
Payment of withholding taxes in connection with net settlement of equity awards	(477)	(605)
Common stock cash dividend paid	(11,427)	(9,037)
Net cash used in financing activities	(8,271)	(8,003)
Effect of exchange rate changes on cash and cash equivalents	(207)	909
Net (decrease) increase in cash and cash equivalents	(1,619)	1,567
Cash and cash equivalents at beginning of period	28,244	25,610
Cash and cash equivalents at end of period	26,625	27,177
Non-cash operating activities
Right-of-use assets obtained in exchange for new operating lease obligations	6,233	788
Supplemental cash flow information
Cash paid for amounts included in the measurement of operating lease laibilities	2,683	1,580
Cash paid for interest	2,156	0
Cash paid for income taxes	$ 11,251	$ 6,671

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 26,625	$ 28,244
Short-term marketable securities	349,615	330,876
Accounts receivable, net of allowances of $1,327 at June 30, 2026 and $1,400 at December 31, 2025	35,682	33,610
Inventory and other deferred costs	70,503	70,422
Prepaid expenses and other current assets	5,872	5,080
Total current assets	488,297	468,232
Property and equipment, net	29,591	26,997
Right-of-use leased assets	19,998	15,762
Goodwill	65,945	65,945
Other intangibles, net	30,544	33,089
Deferred tax assets	734	759
Other assets	5,440	4,906
Total assets	640,549	615,690
Current liabilities:
Accounts payable	3,236	3,646
Accrued expenses	22,880	29,411
Acquisition-related obligations	380	322
Lease liabilities - short-term	3,439	2,944
Total current liabilities	29,935	36,323
Convertible senior notes, net	169,091	168,645
Lease liabilities - long-term	17,724	14,003
Deferred tax liabilities	1,998	1,735
Other long-term liabilities	1,459	1,468
Total liabilities	220,207	222,174
Stockholders’ equity:
Preferred stock, $0.01 par value; 3,000,000 shares authorized; none issued and outstanding	0	0
Common stock, $0.01 par value; 37,000,000 shares authorized, 24,494,202 and 24,396,904 shares issued, 22,864,935 and 22,772,607 shares outstanding, respectively	245	244
Additional paid-in capital	236,161	228,407
Retained earnings	206,017	184,715
Accumulated other comprehensive loss	(4,165)	(2,411)
Treasury stock, at cost; 1,629,267 and 1,624,297 shares, respectively	(17,916)	(17,439)
Total stockholders’ equity	420,342	393,516
Total liabilities and stockholders’ equity	$ 640,549	$ 615,690