Acme United (NYSE American: ACU) delivered a record Q2 2026 with $62.7M in net sales (+16% year-over-year) and $5.05M in net income (+6%), the third consecutive quarter of double-digit organic-plus-acquisition growth at a small Connecticut-based safety products and cutting tools platform that is in the middle of its most ambitious deal-making stretch in a decade. The quarter was anchored by the United States segment's 17% top-line expansion (U.S. First Aid/Medical sales ex-My Medic grew 10% on the company's own disclosure), a 19%-in-local-currency European rebound that was obscured by the U.S. dollar translation, and a 42.6% consolidated gross margin (versus 41.0% prior year) lifted by the January 15 acquisition of the My Medic tactical-and-trauma direct-to-consumer brand. The combination of three moving pieces - a still-running tariff drag in cost of goods sold ($6.1M of tariff-related accruals sitting in other current liabilities at quarter-end), a leverage build tied to the My Medic and Germany deals (long-term debt up to $22.6M from $11.9M at year-end 2025, and a brand-new $65M syndicated revolver signed July 15 to replace the legacy HSBC bilateral), and a fourth-quarter-loaded My Medic earnings curve - defines the equity for the next six months. The investment question is no longer whether My Medic was a fair price; it is whether Acme can clear the post-acquisition growth integration without the tariff drag causing a H2 2026 earnings miss that would invalidate the 24-times trailing earnings multiple the market has already priced in.