LeMaitre Vascular, Inc.

Welcome to the LeMaitre Vascular Q4 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 LeMaitre Vascular. Please go ahead, sir.

Thank you. Good afternoon, and thank you for joining us on our Q4 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, February 25, 2026, 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 may discuss non-GAAP financial measures. 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 investor relations section of our website, www.limate.com. I'll now turn the call over to George Limate.

Thanks, Dorian. Q4 featured 16% sales growth, a 71.7% gross margin, and 47% off-income growth. Q4 sales were led by graph, up 27%, Valvetomes up 20%, and Schuntz up 18%. EMEA grew 29%, APAC 20%, and the Americas 10%. Artograph grew 29% worldwide in Q4 as our OUS launch continues. We now have approvals to sell Artograph in 52 countries. International sales were 1.9 million in Q4 and 4 million in full year 2025. We expect to sell approximately $10 million of Autographed internationally in 2026, contributing $6 million of sales growth for the year. In Q4, RFA vascular grew 19% and RFA cardiac grew 90%. As a reminder, we currently distribute RFA tissues in just three countries, the US, Canada, and the UK. German distribution should begin in Q2, and we now expect to receive Irish approval in Q3. We also plan to file for approval in Austria, Holland, Belgium, Spain, and Switzerland this year. On a related note, we will be consolidating our Chicago RFA facility into Burlington in 2026 as we seek to simplify operations and reduce costs. We ended 2025 with 160 sales reps, up 5% year over year, and we plan to end 2026 with 170 to 180. We also expect to go direct in Poland in Q4. We've begun hiring a Polish general manager. This project will include an office, warehouse, customer service team, and several sales reps. We currently sell approximately $650,000 a year to our Polish distributor. And this will be the 32nd country where LaMate sells direct to hospitals. As mentioned on our November call, the 2026 US price list reflects a blended 8% increase across the portfolio. On January 1, the price increase was installed and early results indicate hospital acceptance. Our US customer service team tells us that this year's transition has been smoother than in years past. Our European customer service team also reports positive customer acceptance to a similar January 1st price increase. 2025 was another year of operating leverage at LeMaitre. Sales were up 14% and op income was up 30%. And our 2026 guidance indicates another nice year on the horizon. 12% sales growth, and 21% adjusted up income growth. We recently hung our five-year goals on the conference room wall. We call them the 2030 planks. Our playbook remains simpler. Produce quality devices, build our vascular sales force, go direct in new countries, acquire niche products, and focus on profitability, cash flow, and dividends. I will now turn the call over to Dorian.