LeMaitre Vascular, Inc.
- Open
- 81.33
- Day high
- 82.94
- Day low
- 80.97
- Prev close
- 81.08
- Volume
- 248K
- Mkt cap
- $1.9B
- P/E (TTM)
- 28.2
- EPS (TTM)
- $2.90
- P/B
- 4.4
- P/S
- 7.1
- Yield
- 1.16%
- Per share
- $0.95
LeMaitre Vascular, Inc. (LMAT) is a Healthcare company listed on NASDAQ. The stock is down 13% over the past year. Drillr has 1 published research article covering LMAT.
LeMaitre Vascular, Inc. (LMAT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
LMAT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 4, 2026 | $0.81 | $0.74 | -8.3% | $70M | -1.5% |
| May 5, 2026 | $0.66 | $0.68 | +3.0% | $67M | -0.2% |
| Feb 25, 2026 | $0.67 | $0.68 | +1.5% | $64M | -2.5% |
| Nov 6, 2025 | $0.56 | $0.62 | +9.9% | $61M | -1.8% |
| May 1, 2025 | $0.50 | $0.48 | -4.6% | $60M | +3.6% |
| Feb 27, 2025 | $0.49 | $0.49 | -0.4% | $56M | -0.5% |
| Oct 31, 2024 | $0.44 | $0.49 | +11.1% | $55M | -2.0% |
| Aug 1, 2024 | $0.47 | $0.52 | +10.4% | $56M | +1.2% |
| May 2, 2024 | $0.39 | $0.44 | +13.1% | $53M | +3.3% |
| Feb 27, 2024 | $0.36 | $0.38 | +6.1% | $49M | -0.1% |
| Nov 1, 2023 | $0.30 | $0.33 | +10.4% | $47M | +0.1% |
| Aug 1, 2023 | $0.32 | $0.36 | +12.9% | $50M | +4.5% |
LMAT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 5, 2026 | LeMaitre George Wdirector, officer: Chairman and CEO | Grant | 4 | — |
| Jun 5, 2026 | LeMaitre George Wdirector, officer: Chairman and CEO | Grant | 10 | — |
| Jun 5, 2026 | LeMaitre George Wdirector, officer: Chairman and CEO | Grant | 11 | — |
| Jun 5, 2026 | Kamke Trent Gofficer: Senior V. P., Operations | Grant | 2 | — |
| Jun 5, 2026 | LeMaitre George Wdirector, officer: Chairman and CEO | Grant | 8 | — |
| Jun 5, 2026 | Roberts David Bdirector, officer: President and Director | Grant | 3 | — |
| Jun 5, 2026 | Jasinski Lawrence Jdirector | Grant | 1 | — |
| Jun 5, 2026 | Pellegrino Joseph P JRdirector | Grant | 3 | — |
| Jun 5, 2026 | LeMaitre George Wdirector, officer: Chairman and CEO | Grant | 17 | — |
| Jun 5, 2026 | Jasinski Lawrence Jdirector | Grant | 1 | — |
| Jun 5, 2026 | Pellegrino Joseph P JRdirector | Grant | 4 | — |
| Jun 5, 2026 | LeMaitre George Wdirector, officer: Chairman and CEO | Grant | 7 | — |
| Jun 5, 2026 | Roberts David Bdirector, officer: President and Director | Grant | 2 | — |
| Jun 5, 2026 | SHADAN MARTHAdirector | Grant | 1 | — |
| Jun 5, 2026 | Roush John Adirector | Grant | 1 | — |
Source: LMAT SEC Form 4 filings, latest Jun 5, 2026. For informational purposes only — not investment advice.
See the full LMAT insider & 13F page →LeMaitre Vascular, Inc. company profile
Overview
LeMaitre Vascular, Inc. (NASDAQ:LMAT) is a specialized medical device company founded in 1983 and headquartered in Burlington, Massachusetts. Originally incorporated as Vascutech, Inc., the company changed its name to LeMaitre Vascular in April 2001 and went public in October 2006. LeMaitre has evolved from a small medical device manufacturer into a global leader in peripheral vascular surgery devices, operating in 25 direct markets with 12 offices worldwide and employing over 590 people as of 2024.
Business
LeMaitre Vascular operates in the specialized medical device industry, focusing exclusively on peripheral vascular disease treatment. Peripheral vascular disease affects blood vessels outside the heart and brain, commonly involving blockages or damage to arteries and veins in the arms, legs, and other extremities. This condition often requires surgical intervention to restore proper blood flow, which is where LeMaitre's products become essential. The company's product portfolio spans several critical categories for vascular surgery: 1. Vascular Grafts and Patches (approximately 51% of revenue): These include biological grafts like RestoreFlow Allograft (human tissue-derived grafts) and XenoSure (bovine patches) used to bypass diseased arteries or repair vessel walls after surgical procedures. The company also distributes synthetic grafts and patches for vessel closure and repair. 2. Surgical Catheters: A comprehensive range including embolectomy catheters for removing blood clots, thrombectomy catheters for venous clot removal, perfusion catheters for fluid delivery, and occlusion catheters for temporarily blocking blood flow during procedures. 3. Carotid Surgery Products: Specialized devices for carotid endarterectomy procedures, including carotid shunts that temporarily redirect blood flow to the brain while surgeons remove plaque from carotid arteries, and Pruitt carotid shunts which are among the company's flagship products. 4. Surgical Instruments and Accessories: Including valvulotomes for preparing veins to function as arterial bypasses, angioscopies (fiber-optic catheters for vessel visualization), and radiopaque tape for surgical navigation. 5. Closure Systems: Innovative titanium clip systems that allow surgeons to connect vessels without traditional sutures, streamlining surgical procedures. The company's products are essential tools in open vascular surgery, a field that requires highly specialized devices due to the critical nature of blood vessel repair and the need for biocompatible materials that integrate with human tissue.
Revenue model
LeMaitre Vascular operates on a direct product sales model, generating revenue primarily through selling medical devices and implants to hospitals, surgical centers, and healthcare providers. The company employs a hybrid distribution strategy, combining direct sales forces with distributor partnerships across different geographic markets. The company's revenue streams include: 1. Direct Device Sales: The primary revenue driver, with products sold directly to hospitals and surgical centers through a global sales force of 164 representatives (as of Q1 2025). The company targets approximately 170 sales reps by year-end 2025. 2. Geographic Revenue Distribution: The Americas represent the largest market, followed by EMEA (Europe, Middle East, Africa) and APAC (Asia-Pacific). Recent growth has been strongest in international markets, with EMEA growing 18% and APAC growing 24% in recent quarters. 3. Pricing Strategy: LeMaitre has successfully implemented aggressive pricing strategies, achieving approximately 6-10% annual price increases across key product lines, significantly above the historical 3% increases. This pricing power stems from the company's strong market positions in niche product categories. Several factors influence LeMaitre's profitability and margins: Positive Margin Drivers: The company benefits from limited competition in specialized vascular surgery niches, allowing for premium pricing. Regulatory barriers create high switching costs for hospitals once they adopt specific devices. The company's focus on biologics (51% of sales) provides higher margins due to the specialized nature of tissue-based products. International expansion into higher-growth markets like Asia-Pacific also supports margin expansion. Margin Pressures: Healthcare cost containment pressures from hospitals and insurance providers can limit pricing flexibility. Regulatory compliance costs, particularly the transition to European MDR (Medical Device Regulation) requirements, create ongoing operational expenses. Manufacturing scale limitations compared to larger medical device companies can impact cost efficiency. Currency fluctuations affect international revenue translation, and potential competition from larger medical device conglomerates poses long-term margin risks. The company's gross margins have improved significantly, reaching 69.3% in Q4 2024, up from historical levels in the mid-60s, primarily driven by successful pricing strategies and product mix optimization toward higher-margin biologics.
Competitive moat
LeMaitre Vascular possesses a moderate but defensible moat built primarily on specialized market positioning and regulatory barriers, though it faces vulnerabilities from its relatively small scale compared to medical device giants. The company's competitive advantages include: Niche Market Leadership: LeMaitre dominates several specialized segments of peripheral vascular surgery, particularly in carotid shunts and specific biological grafts. These markets are too small to attract major medical device companies but large enough to support LeMaitre's focused approach. The company's deep expertise in these niches creates strong relationships with vascular surgeons who rely on consistent, high-quality products for critical procedures. Regulatory Barriers: Medical device approvals require extensive clinical data, regulatory submissions, and time-intensive approval processes. LeMaitre's established product portfolio with existing CE marks, FDA approvals, and international certifications creates switching costs for hospitals and provides barriers to new entrants. The company's ongoing transition to European MDR compliance demonstrates its ability to navigate complex regulatory environments. Surgeon Relationships and Training: Vascular surgeons develop preferences for specific devices based on training, familiarity, and clinical outcomes. LeMaitre's direct sales force of 164 representatives builds strong relationships with key opinion leaders in vascular surgery, creating customer loyalty that extends beyond pure price competition. Biological Product Expertise: The company's specialization in biological grafts and patches requires sophisticated tissue processing, sterilization, and quality control capabilities that are difficult to replicate. These products often have superior clinical outcomes compared to synthetic alternatives, supporting premium pricing. However, LeMaitre's moat faces several challenges: Scale Limitations: With approximately $220 million in annual revenue, LeMaitre lacks the scale advantages of companies like Medtronic, Boston Scientific, or Abbott. Larger competitors could potentially enter LeMaitre's markets through acquisition or internal development if market opportunities become sufficiently attractive. Technology Disruption: Advances in endovascular procedures (minimally invasive treatments) could potentially reduce demand for open vascular surgery, though LeMaitre's management believes many conditions will continue requiring open surgical approaches. Limited Innovation Pipeline: While LeMaitre has strong existing products, the company's R&D spending and new product development appear limited compared to larger medical device companies, potentially creating long-term competitive vulnerabilities. Overall, LeMaitre's moat is stronger than a typical small-cap company due to its specialized market focus and regulatory advantages, but it remains vulnerable to well-funded competition and technological shifts in vascular treatment approaches.
Risks & safety
LeMaitre Vascular demonstrates strong financial safety with minimal solvency risk and conservative capital structure, though current valuation metrics suggest limited margin of safety for investors. • Liquidity and Debt: Excellent liquidity position with $302.5 million in cash and securities as of Q1 2025, providing substantial financial flexibility. Debt-to-equity ratio of 0.53 is manageable, and current ratio of 16.5 indicates strong short-term liquidity coverage. • Cash Generation: Consistent positive free cash flow generation of $37.2 million in 2024, with operating cash flow of $44.1 million. No significant cash burn concerns, with the company self-funding growth initiatives and potential acquisitions. • Valuation Metrics: Current valuation appears stretched with P/E ratio of 43.0, EV/EBITDA of 40.7, and price-to-book ratio of 5.4. Graham number of $13.00 suggests significant overvaluation at current price of $81.50. • Other Considerations: Strong gross margins of 69.3% provide operational cushion, but high valuation multiples leave little room for execution missteps or market disappointments. The company's niche market focus provides some recession resilience, as vascular procedures are typically non-deferrable medical necessities.
Recent development
Over the past few years, LeMaitre Vascular has executed a comprehensive international expansion and product development strategy. The company has aggressively expanded its direct sales presence, growing from 131 sales representatives in 2022 to 164 in Q1 2025, with plans to reach 170 by year-end. This expansion has been accompanied by geographic diversification, with the company opening new offices in Seoul, Bangkok, Paris, and Shanghai, while transitioning from distributor relationships to direct sales in markets like Portugal and potentially Czechia. Regulatory achievements have been substantial, with the company successfully navigating the European Medical Device Regulation (MDR) transition, obtaining 16 of 23 required CE marks by Q1 2025. The anticipated Artegraft CE mark approval represents a significant milestone for European market expansion, with management projecting €350,000 in sales for the remainder of 2025 and long-term European market potential of $8 million. Product portfolio expansion has focused heavily on biological products, which now represent 51% of total sales. The RestoreFlow Allograft has shown exceptional growth, increasing 47% in 2024, while the company has expanded XenoSure approvals internationally, including recent cardiac approval in China. The company has also implemented aggressive pricing strategies, achieving 6-10% annual price increases compared to historical 3% increases, contributing significantly to margin expansion. Strategic capital allocation has been notable, with the company raising $168 million through a convertible bond offering in Q4 2024, bringing total cash and securities to over $300 million. This capital provides ammunition for potential acquisitions in the $15-150 million revenue range, focusing on open vascular and cardiac surgery markets. The company has also invested in operational infrastructure, including new ERP systems and expanded manufacturing capabilities to support growth.
LMAT company profile · for informational purposes only — not investment advice.
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