LeMaitre Vascular, Inc.

Welcome to LeMaitre Vascular Q2 2026 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.

Good afternoon, and thank you for joining us for our Q2 2026 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 will make 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, might, and similar expressions. Our forward-looking statements are based on our estimates and assumptions as of today, August 4, 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 will discuss non-GAAP financial measures, such as organic sales growth, A reconciliation of gap to non-gap measures discussed in this call is contained in the associated press release and is available in the investor relations section of our website, www.lemaitre.com. I'll turn the call over to George LeMaitre.

Thanks, Dorian. Artigraph grew 34% in Q2, accounting for 21% of sales. Graphs up 23%, shunts up 18%, and patches up 4% each posted records. As did EMEA, up 18%, APAC, up 18%, and the Americas, up 5%. Sales grew 10% organically in Q2, 7% from price and 3% from units. Catheters were down 11% in Q2 due to recall-driven overstocking in the year earlier quarter. Excluding catheters, Q2 2026 organic growth was 12%, 7% from price and 5% from units. Notably, we underperformed our Q2 2026 sales guidance by $1.1 million for three reasons, each with roughly the same impact in the quarter. The strengthening of the dollar after we gave guidance on May 5th, the impact of the Middle East war continued to delay export revenues, and cardiac allograft sales have been hampered by supply. Our guidance reflects these three items continuing to hamper sales in H2. Turning to the positive, Artographs has become our fastest and largest product, and we're investing in the product in several ways. Number one, more international approvals. Number two, longer sizes for leg bypasses, particularly for Europe. And finally, number three, building out our sales force and our commercial infrastructure. International Artograph sales advanced sequentially from 2.1 million in Q1 to 2.8 million in Q2, and we now expect sales of 11 million in 2026, versus 4 million in 2025. Artegrats approvals were received in Vietnam, Morocco, and Turkey in Q2, and were now approved in 56 countries. We also expect three large approvals in 2027, Korea, Brazil, and India. In July, we met face-to-face with Japan's PMDA, and the initial response was positive. We might receive approval for the AV indication by 2029-2030 without a clinical trial. Canada approved Autograph last year, and the launch is set to occur this September. We're also working to make longer Autographs available. Because European surgeons use Autograph for leg bypasses, our longest Autograph, which is 50 centimeters, is now in high demand. But the Autograph packaging tube is just 53 centimeters long. So we plan to make approval filings for longer tubes in the U.S. and Europe in Q4 2026. for sales of these longer bovine grafts could start in H2 2027. Here's an update on the QuickStick project. We made a pre-submission filing to the FDA for this indication. Unfortunately, we now believe that a clinical trial is likely. If we like to follow this path, the timeline would be measured in years, not quarters. As a follow-up to the 2025 warning letter, the FDA re-audited our New Jersey facility in June 2026. At this audit, We believe that we adequately addressed three-fourths of their 2025 observations. On June 25th, the FDA provided us an additional set of quality systems observations. As per standard practice, we responded on July 16th. The observations from these audits have not disrupted our ability to produce, ship, or invoice. As for RFA, allograft revenues grew 17% in Q2. We now distribute these cadaver tissues in four countries, the U.S., Canada, the UK, and Germany. German surgeons have recently performed three implants. Our German sales force reports high levels of interest from German surgeons due to the quality and availability of our tissues. In Ireland, we have just responded to our first set of questions from the Irish Tissue Authority, and we await an inspection of our Dublin facility. Current expectations are for an Irish approval in H1 2027. Long term, the Dublin facility is expected to be used for Irish as well as pan-European RFA distribution. And here's the timeline for when we expect to begin distributing tissues in several other countries. H1, 2027, Austria, Holland, and Spain. H2, 2027, Australia and Switzerland. As always, we continue to hire sales reps and build out our commercial infrastructure. We ended Q2 with 163 sales reps, and we still plan to end the year with 170 to 180 reps. Nine reps have signed and are set to start in Q3, and 13 requisitions are currently open. In July, we signed a Polish go-direct term sheet and expect to sell direct to hospital from a Warsaw warehouse this December. In addition to Dublin and Warsaw, we have five other warehouse projects underway. Our primary warehouse has tripled and moved to Billerica, Massachusetts. Madrid has doubled and now ships all products. Paris is doubling in Q3 and will ship all products. Toronto is moving and tripling in Q3. And finally, Hereford, UK is moving to the London area in Q4. In total, that's seven new or larger warehouses opening in 2026-2027. We believe these infrastructure projects will help make a tighter connection between LeMaitre and its worldwide hospital customers. Higher ASPs, geographic expansion, and discipline spending produced 10% sales growth and 23% EPS growth in Q2 2026. Our 29% op margin in Q2, as well as our 17% ROE, underscores the strength and profitability of our business. Full year guidance implies 11% organic sales growth and 21% EPS growth. I'll now turn the call over to Dorian.