LeMaitre Vascular, Inc.

Hello, good day. This is RG, your conference operator today, and we welcome you to the Lumetri Vascular Q3 2025 Financial Results Conference Call. As a reminder, today's call is being recorded. At this time, I would like to turn the call over to Mr. Dorian LeBlanc, Chief Financial Officer of Lumetri Vascular. Please go ahead, sir.

Thank you. Good afternoon, and thank you for joining us on our Q3 2025 conference call. With me on today's call is our CEO, George LeMaitre, and our President, Dave Roberts. Before we begin, I'll read our safe harbor statement. Today, we'll be making some forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, the accuracy of which is subject to risks and uncertainties. Wherever possible, we will try to identify those forward-looking statements by using words such as believe, expect, anticipate, pursue, forecast, and similar expressions. Our forward-looking statements are based on our estimates and assumptions as of today, November 6, 2025, and should not be relied upon as representing our estimates or views on any subsequent date. Please refer to the cautionary statement regarding forward-looking information and the risk factors in our most recent 10-K and subsequent SEC filings. including disclosure of the factors that could cause results to differ materially from those expressed or implied. During this call, we will discuss non-GAAP financial measures. For example, during the quarter recorded a non-recurring benefit from the receipt of the Employee Retention Tax Credit. Non-GAAP adjusted financial measures discussed in our remarks exclude the benefit of the tax credit. A reconciliation of GAAP to non-GAAP measures discussed in this call is contained in the associated press release, and will be available in the Industrial Relations section of our website, www.lemate.com. I'll now turn the call over to George Lemaitre.

Thanks, Dorian. Q3 featured organic sales growth of 12% and a better-than-expected gross margin. Excluding the one-time tax benefit, we also posted several bottom-line records, op income, EBITDA, EPS, and cash generation. Q3 sales were led by graphs up 23% and shunts up 18%. EMEA grew 18%, the Americas 10%, and APAC 4%. Price accounted for 10% of Q3 growth with 2% from units. The April recall led to some customers front-loading catheter purchases into Q2, reducing Q3 organic and unit growth. X catheters Q3 organic growth was 14%. Our international autograph launch continues to exceed expectations. Q2 sales were 420,000, Q3 sales were 1.4 million, and now we expect Q4 sales of 2 million. Autograph grew 33% worldwide in Q3. We expect 2026 autograph approvals in Canada and Korea. We received German approval for RestoreFlow in October and anticipate distribution beginning in Q2 2026 as we build German-specific inventory. Inventory for other EU markets will likely not need to be country-specific and can be drawn from our worldwide stock. Irish approval is expected in H1 2026. German and Irish approvals should accelerate other EU approvals. To support the launches, we recently leased a European RFA distribution facility in Dublin. As we look to understand the size of the European market, it's notable that we distributed $2.7 million of tissues in the UK over the last 12 months. We ended Q3 with 152 reps after implementing a performance-based reduction of eight sales reps. We currently have 23 open rep hiring requisitions and expect to have 165 reps at year end. On November 1st, we published our 2026 US hospital price list, reflecting an 8% increase. This is consistent with recent years. As usual, there will be a gap between the price list and prices realized. 55% of our North American revenue is now subject to price floors. Our 2026 international price lists are still being finalized. To support our growth, in Q1, we're opening a 34,000-square-foot distribution center near our Burlington headquarters. This is our first meaningful Massachusetts real estate expansion since 2020. 2025 is shaping up to be another year of healthy sales and profit growth. We continue to make investments in our sales force, new international offices, and regulatory approvals. We're now guiding 40% op income growth in Q4 and a 29% op margin. I'll now turn the call over to Dorian.