LeMaitre Vascular Reports 12% Net Sales Increase to $59.9 Million in Q1 2025

LeMaitre Vascular, Inc. reported a net sales increase of 12% for the first quarter of 2025, reaching $59.9 million compared to $53.5 million in the same period of 2024. The growth was primarily driven by higher average selling prices and increased unit volumes, particularly in grafts, patches, shunts, and valvulotomes. The company also noted that foreign exchange fluctuations negatively impacted sales by approximately $0.8 million. Gross profit for the quarter rose to $41.4 million, a 13% increase from $36.7 million, with gross margin improving to 69.2% from 68.6% year-over-year.

Operating expenses increased by 16% to $28.8 million, with sales and marketing expenses rising 22% to $14.2 million, largely due to higher compensation costs associated with an expanded sales force. General and administrative expenses also grew by 16% to $10.5 million, reflecting increased headcount and wage adjustments. Research and development expenses remained stable at $4.1 million. The company reported an operating income of $12.6 million, up from $11.9 million in the prior year, and a net income of $11.0 million, compared to $9.9 million in Q1 2024.

In terms of strategic developments, LeMaitre Vascular has been actively expanding its product offerings and geographic reach. The company has received multiple regulatory approvals for its products in various international markets, including recent approvals for the XenoSure patch in Japan and the Pruitt Irrigation Occlusion Catheter in China. The company is also transitioning to a direct sales model in several countries, including Portugal, which is expected to enhance customer relationships and sales efficiency.

As of March 31, 2025, LeMaitre Vascular had cash and cash equivalents of $25.3 million, slightly down from $25.6 million at the end of 2024. The company also holds $277.2 million in short-term marketable securities. In February 2025, the Board of Directors authorized a stock repurchase program of up to $75 million, although no repurchases have been made to date. Looking ahead, the company anticipates continued growth driven by its strategic initiatives, including product innovation and market expansion, while also monitoring potential impacts from new tariffs on imported goods set to take effect in June 2025.