Slides
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LMAT Investor Presentation
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Unaudited Financial Results The quarterly financial results in this document are unaudited. Forward-Looking Statements This document contains certain forward-looking statements, within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Actual results and events may differ significantly from results and events described in forward- looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those described in “Risk Factors” in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date the statements were made. Non-GAAP Financial Measures This document contains non-GAAP financial measures. Non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles and may not be comparable to similar non-GAAP financial measures used by other companies. The most directly comparable financial measures calculated in accordance with GAAP and a reconciliation of GAAP to non-GAAP financial measures are provided at the end of this document. Other Unless otherwise specified, all information contained herein is provided as of December 31, 2025, except that all guidance is as of February 25, 2026. This document is not a reaffirmation of guidance. Disclaimers
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Overview of LeMaitre Track Record of Accretive Acquisitions; $359mm Cash On Hand #1 or #2 Share Positions in Niche Markets Attractive Op. Margin, Cash Generation, and Dividend Growth Large and Growing Global Sales Force Portfolio of Medical Devices Used Primarily by Vascular Surgeons
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Core Competencies Strong Customer Relationships • 160 sales reps • 5,300 hospital accounts • 12K vascular surgeon users Capital Efficiency • Prudent expense control • $187mm net cash balance • 15 years of dividend growth >50% Biologic Implants • Broad patch & graft offering • Tissue processing expertise • Niche markets Executive Team Retention • Top 4 Executives: 23 years • Exec. Committee: 19 years • CEO ownership: 7.3%
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Growing Global Sales of Devices Used by Vascular Surgeon Sales Vascular Surgeon 80%Cardiac Surgeon 12% Other 8% † LeMaitre management estimate $0 $25 $50 $75 $100 $125 $150 $175 $200 $225 $250 $275 $300 2022 2023 2024 2025 2026* Millions 5-Yr. CAGR (2021-26): 13% *Midpoint of guidance range provided 2/25/26 Note: Historical quarterly sales guidance achievement rate is 67% 2025Q4 Sales by Physician User† 2025Q4 Sales by Region Americas 62% EMEA 31% APAC 7% >50% of the 23K vascular surgeons worldwide use LeMaitre products
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Diversified Product Offering: Single-Use Devices & Implants Largest Category (20% of total sales) These 8 product categories represent 91% of total sales
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Mix Shift to Biologics & Products Used by Cardiac Surgeon 48% 49% 51% 52% 53% 8% 7% 7% 7% 7% 44% 44% 42% 41% 40% 0% 20% 40% 60% 80% 100% 2021 2022 2023 2024 2025 Biologic Implants Synthetic Implants Single-Use Devices 9% 9% 12% 14% 12% 9% 9% 8% 8% 8% 82% 82% 80% 78% 80% 0% 20% 40% 60% 80% 100% 2021 2022 2023 2024 2025 Cardiac Surgeon Other Vascular Surgeon Sales by Device Type Sales by Physician User
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#1 or #2 Share in 9 of 12 Markets $0 $50 $100 $150 $200 $250 $300 WW Market Revenue (Millions) Aggregate Market Revenue: $1 Billion Markets in Which LeMaitre Has #1 or #2 Share • LeMaitre generates 85% of total company sales in these markets
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Sales Growth Drivers Sales Force Expansion Pricing Power Acquisitions Organic Inorganic Distributor Buyouts Regulatory Approvals
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Direct Selling in 31 Countries Represents 94% of Total Sales Sales Office Direct Country Americas: 75 Reps 16 Managers EMEA: 55 Reps 12 Managers APAC: 30 Reps 8 Managers
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Growing Sales Force: 160 Reps at 12/31/2025, +5% YoY 52 65 66 74 75 36 45 48 52 55 16 22 23 29 30 104 132 137 155 160 175 0 20 40 60 80 100 120 140 160 180 200 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2026 Americas EMEA APAC Guide - Mid
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Regulatory Approvals Are an Ongoing Investment Activity 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% US Canada EU UK Japan Korea China Thailand Australia Approved Submitted % of WW Sales That Products Approved in Geography Represent Artegraft XenoSure (vascular)
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Pricing Power (including Pricing Floors) 0% 2% 4% 6% 8% 10% 12% 14% 2021 2022 2023 2024 2025 LeMaitre WW Increase US Consumer Price Index • Differentiated, premium products • #1 or #2 share in niche markets • $44K average annual spend per hospital • Modest average price per unit • Hospital DRG reimbursement Weighted Average Price Increase Price Increase Drivers
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* Win/loss determination based on factors including but not limited to: sales growth, gross margin, operating contribution margin & ROI ** Full value of contingent and deferred consideration † Discontinued/Divested 25 Acquisitions Completed in Last 28 Years 49 66 165 $0 $50 $100 $150 $200 $250 $300 Millions Internally Developed Products Acquired Sales Growth of Acquired Sales Contribution of Acquisitions to Sales 2026 Total Sales (midpoint of guidance range provided 2/25/26) Year Product Purch. Price ($mm) 1998 VascuTape (manufacturing) 0.2 1999 TufTex 1.7 2001 Pruitt F3 5.7 2004 AnastoClip 1.0 2007 LeverEdge† 0.4 2010 LifeSpan 4.0 2012 XenoSure 4.6 2013 Balloon Catheters, Carotid Shunts 1.1 2014 Omniflow II 6.7 2014 PeriVu† 0.4 2015 Eze-Sit (OUS) 1.4 2016 RestoreFlow 13.0 2018 Syntel, Python 14.0 2019 Eze-Sit (US) 7.9 2019 CardioCel, VascuCel 17.8 2020 Artegraft 72.5 Total 152.4 Year Product Purch. Price ($mm) 2003 Expedial† 1.9 2005 EndoFit†, TAArget† 4.1 2007 EndoRE† 2.9 2007 UnBalloon† 0.6 2007 AlboGraft 3.8 2013 TRIVEX† 2.5 2016 ProCol† 3.0 2018 Wovex & Dialine II†, Chevalier, Cardial Glue† 1.9 Total 20.8 Win* (16) Loss (8) Year Product Purch. Price ($mm) 2025 AndraValvulotome 2.3** Total 2.3 TBD (1)
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Gross Margin Results & Opportunities • Average price increases • Direct labor efficiency • Inventory turnover improvement initiatives • Automation and other process improvements • Factory consolidations (Announced Fox River Grove, IL facility transition to Burlington, MA) Gross Margin 50% 55% 60% 65% 70% 75% 2022 2023 2024 2025 2026* Gross Margin Opportunities *Midpoint of Gross Margin guidance range provided 2/25/26 2025 Gross Margin is adjusted to exclude impact of Employee Retention Tax Credit Note: Historical quarterly gross margin guidance achievement rate is 49%
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Operating Income & Operating Margin Operating Income *Midpoint of Operating Income guidance range provided 2/25/26 2025 is adjusted to exclude impact of the Employee Retention Tax Credit Special charges related to St. Etienne factory closure Note: Historical quarterly operating income guidance achievement rate is 70% $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 2022 2023 2024 2025 2026* Millions Operating Margin† 10% 15% 20% 25% 30% 2022† 2023 2024 2025 2026† † 2022 value is before impact of St. Etienne factory closure, and 2026 value is based on sales and operating income guidance 2025 is adjusted to exclude impact of the Employee Retention Tax Credit 5-Yr. CAGR (2021-26): 16%
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Capital Allocation, Cash Balance & Adjusted EBITDA $0 $10 $20 $30 $40 $50 $60 2021 2022 2023 2024 2025 Millions Dividends CapEx Acquisition Payments Acquisition Debt Repayment Selected Uses of Cash $0 $10 $20 $30 $40 $50 $60 $70 $80 2021 2022 2023 2024 2025 Millions Adjusted EBITDA $0 $50 $100 $150 $200 $250 $300 $350 $400 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 Millions Cash & Investments Convertible Note Cash and Debt Balances Adjusted EBITDA reconciliation provided at end of deck
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EPS & Dividend $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 $2.00 2022 2023 2024 2025 2026 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 2022 2023 2024 2025 2026* *Midpoint of EPS guidance range provided 2/25/26 2025 adjusted to exclude impact of the Employee Retention Tax Credit Special charges related to St. Etienne factory closure Note: Historical quarterly EPS guidance achievement rate is 74% Fully Diluted EPS Dividend per Share • Increased 15 straight years • Last increase (Q1 2026): 25% • 10-Yr. CAGR (2015-25): 17% • LMAT is part of the NASDAQ US Broad Dividend Achievers Index Q1 2026 dividend of $0.25 per share will be paid 3/26/26
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Key Recent Developments Sales • Artegraft OUS launch: Guided $10mm for 2026FY sales • RestoreFlow Allografts drive organic growth • Continued focus on commercial expansion Operations • Commenced transition of RestoreFlow Allograft manufacturing to Burlington, MA HQ • Commenced opening of 34,000 square-foot US distribution center near HQ Regulatory • Artegraft approved in Canada and Singapore • XenoSure approved for cardiac indications in Europe • Received final MDR CE mark, completing multi-year MDR approval process Investor Conferences Leerink Global Healthcare Conference 3/10/2026 Citizens JMP Life Sciences Conference 3/11/2026 Barclays Global Healthcare Conference 3/12/2026 Oppenheimer Virtual Healthcare Conference 3/18/2026
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GAAP to Non-GAAP Reconciliations
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GAAP to Non-GAAP EBITDA Reconciliation Reconciliation between GAAP and Non-GAAP EBITDA 2021 2022 2023 2024 2025 Net income as reported $26,907 20,636$ 30,105$ 44,038$ 57,734$ Employee retention tax credit, net 0 0 0 0 (3,380) Net Interest Expense/(Income) 2,022 (986) (3,077) (4,744) (7,910) Amortization and depreciation expense 9,475 9,433 9,515 9,608 10,418 Provision for income taxes 7,380 6,854 9,370 12,837 17,450 Adjusted EBITDA $45,784 $35,937 $45,913 $61,739 $74,312
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2022 St. Etienne Factory Closure Adjustments: Operating Income and EPS
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2025 FY Reconciliation of Reported and Adjusted Metrics LEMAITRE VASCULAR, INC. (NASDAQ: LMAT) RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES FULL YEAR GUIDANCE (amounts in thousands, except per share amounts) (unaudited) Full Year Guidance Full Year ERT C Adjusted (Non-GAAP) Adjusted December 31, 2026 December 31, 2025 Adjustment December 31, 2025 Inc/(dec) Net sales 280,243$ 249,602$ -$ 249,602$ Gross margin 72.0% 71.5% -1.1% 70.4% Income from operations 77,759$ 67,912$ (3,380)$ 64,532$ 20% Operating margin 28% 27% -1% 26% Earnings per share of common stock Diluted 2.91$ 2.52$ (0.14)$ 2.38$ 22% For the twelve months ended
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LMAT Investor Presentation