Short answer

LEMAITRE VASCULAR INC (LMAT) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $250M (+13.5% year over year) and net income of $58M.

Top risk flagged: Regulatory risk: ASC 606 revenue recognition standard requires judgment in estimating sales returns, impacting reported revenue and allowances

FY2025 key financial metrics · XBRL

Revenue: $250M; +13.5% YoY
Net income: $58M; +31.1% YoY
Operating margin: 27.2%; +3.4 pp YoY
Gross margin: 71.5%; +2.9 pp YoY
EPS (diluted): $2.52; +30.6% YoY
ROE: 14.7%; +1.6 pp YoY
Operating cash flow: $81M; +84.1% YoY

Source: XBRL data from the LEMAITRE VASCULAR INC (LMAT) FY2025 10-K on SEC EDGAR. USD.

LEMAITRE VASCULAR INC FY2025 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

Core business model: global medical devices and human tissue cryopreservation services focused on treating peripheral vascular, end-stage renal, and cardiovascular diseases
New product emphasis: launch of PhasTIPP Powered Phlebectomy System in US (H1 2024) and marketing of Artegraft biologic graft in EU after April 2025 CE mark approval
Strategic shift: increased focus on adjacent cardiac surgeon market and expanded direct sales force (160 reps as of 12/31/2025) covering 95% of net sales
Notable metric: biologic product sales represent 53% of total revenues in 2025, up from 51% in 2023; sales force steady at 160 representatives globally
Unique fact: FDA issued warning letter in August 2025 on North Brunswick facility following April audit; company addressed eight observations, pending reinspection

Management Discussion & Analysis

Revenue $249.6M in 2025, up 14% YoY (+$29.7M from $219.9M in 2024) with highest growth in EMEA (+22%, +$13.2M)
Gross margin 71.5% in 2025 vs 68.6% in 2024, up 290bps; driven by Employee Retention Credit, manufacturing efficiencies, and price increases
Best segment EMEA net sales +$13.2M (22%); worst impact from product line wind-downs totaling ~$3M in 2025 revenues
Cash and equivalents $28.2M (+$2.6M), short-term marketable securities $330.9M (+$56.8M); new $100M share repurchase authorized, no buys yet
Management highlights growth via sales force expansion, acquisitions (e.g., Andramed for $1.8M), and new regulatory approvals; risks include product transitions and foreign exchange impacts

Risk Factors

Regulatory risk: ASC 606 revenue recognition standard requires judgment in estimating sales returns, impacting reported revenue and allowances
Macroeconomic threat: $9.1 million inventory purchase commitments expose business to supply cost fluctuations through 2026
Operational vulnerability: inventory write-offs provisioning driven by product expiration and inaccurate future demand forecasts affect margins
Market disruption risk: contingent consideration liabilities from acquisitions subject to performance criteria remeasured quarterly affect earnings volatility
Financial risk: $167.8 million net proceeds from 2024 Convertible Notes issuance increase leverage and interest expense exposure

Generated from the filing text; verify against the original. How to read a 10-K

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