olivLaw · US equity research
LeMaitre Vascular, Inc. LMAT
Surgical & Medical Instruments & Apparatus · SIC 3841 · Vertical: Surgical & Medical Instruments & Apparatus (SIC 3841)
LeMaitre Vascular designs, manufactures and markets vascular devices and human tissue cryopreservation services, used mainly by vascular surgeons. The company has grown sales steadily, and biologics now make up a large part of the business, with net sales of 70.4 million USD in the second quarter of 2026.
At the close of 04 Nov 2026, LeMaitre Vascular, Inc. (LMAT) stock was 87.92 USD (+9.08% on the day), with market capitalisation 2.0 bn USD, P/E 30.9 on diluted EPS of 2.85 USD over the last 12 months, dividend yield 1.02%, beta 0.63, 52-week range 78.80–117.39 USD. Latest reported quarter (Q2 2026): revenue of 70.4 m USD (+9.6% YoY), net income of 17.1 m USD (+23.7% YoY), diluted EPS 0.74 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 62.0
- strong (55–70)
- Bollinger (20, 2)
- 78.96 – 86.79
- above the upper band · %B 1.14 · band width 9.5%
- SMA 50 / 200
- 81.38 / 94.41
- mixed trend
- MACD (12, 26, 9)
- 0.56 / 0.44
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.6% | −2.0% | +10.5 pp | — |
| 3 months | +11.3% | −2.2% | +13.5 pp | — |
| 6 months | −20.2% | +4.3% | −24.5 pp | — |
| Year to date | +8.4% | +10.6% | −2.2 pp | — |
| 1 year | +0.8% | +10.5% | −9.7 pp | −5.6% |
| 3 years | +81.3% | +73.7% | +7.7 pp | +6.7% |
| 5 years | +60.9% | +61.7% | −0.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 54.8 m | 55.7 m | 59.9 m | 64.2 m | 61.0 m | 64.5 m | 66.6 m | 70.4 m |
| Cost of revenue | 17.6 m | 17.1 m | 18.5 m | 19.3 m | 15.1 m | 18.3 m | 18.2 m | 19.6 m |
| Gross profit | 37.2 m | 38.6 m | 41.4 m | 45.0 m | 46.0 m | 46.2 m | 48.4 m | 50.8 m |
| Research & development | 3.7 m | 3.6 m | 4.1 m | 3.5 m | 3.0 m | 3.5 m | 4.1 m | 4.8 m |
| Operating income | 13.1 m | 12.9 m | 12.6 m | 16.1 m | 20.3 m | 18.8 m | 17.8 m | 20.4 m |
| Depreciation & amortisation | 2.4 m ≈ | 2.4 m | 2.6 m | 2.6 m ≈ | 2.6 m ≈ | 2.6 m | 2.6 m | 2.7 m ≈ |
| Interest expense | 0 | 205.0 k | 1.3 m | 1.3 m | 1.3 m | 1.3 m | 1.3 m | 1.3 m |
| Pre-tax income | 14.6 m | 14.0 m | 14.2 m | 18.1 m | 22.6 m | 20.3 m | 19.7 m | 22.2 m |
| Income tax | 3.4 m | 2.8 m | 3.2 m | 4.3 m | 5.2 m | 4.7 m | 4.0 m | 5.1 m |
| Net income | 11.1 m | 11.2 m | 11.0 m | 13.8 m | 17.4 m | 15.6 m | 15.7 m | 17.1 m |
| Diluted EPS | 0.49 | 0.49 ≈ | 0.48 | 0.60 | 0.75 | 0.68 ≈ | 0.68 | 0.74 |
| Operating cash flow | 14.2 m ≈ | 15.2 m | 9.0 m | 20.3 m ≈ | 28.8 m ≈ | 23.2 m | 15.1 m | 16.0 m ≈ |
| Capex | 1.7 m ≈ | 2.0 m | 1.4 m | 1.3 m ≈ | 2.3 m ≈ | 1.8 m | 2.8 m | 2.3 m ≈ |
| Dividends paid | 3.6 m ≈ | 3.6 m | 4.5 m | 4.5 m ≈ | 4.5 m ≈ | 4.5 m | 5.7 m | 5.7 m ≈ |
| Share repurchases | 1.0 k ≈ | 1.4 m | 601.0 k | 4.0 k ≈ | 0 ≈ | 1.2 m | 460.0 k | 17.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 10 percentile of its own 39-quarter history (min 20.9, median 40.9, max 59.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 105.6 m | 117.2 m | 129.4 m | 154.4 m | 161.7 m | 193.5 m | 219.9 m | 249.6 m |
| Revenue YoY | +4.7% | +11.0% | +10.4% | +19.4% | +4.7% | +19.7% | +13.6% | +13.5% |
| Net income | 22.9 m | 17.9 m | 21.2 m | 26.9 m | 20.6 m | 30.1 m | 44.0 m | 57.7 m |
| Net income YoY | +33.6% | −21.8% | +18.3% | +26.8% | −23.3% | +45.9% | +46.3% | +31.1% |
| Diluted EPS | 1.13 | 0.88 | 1.04 | 1.25 | 0.93 | 1.34 | 1.93 | 2.52 |
| Diluted EPS YoY | +31.4% | −22.1% | +18.2% | +20.2% | −25.6% | +44.1% | +44.0% | +30.6% |
| net % | 21.7% | 15.3% | 16.4% | 17.4% | 12.8% | 15.6% | 20.0% | 23.1% |
| Free cash flow | 16.5 m | 10.4 m | 31.8 m | 30.2 m | 22.1 m | 29.5 m | 37.2 m | 74.5 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 28.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 393.5 m USD
- Total assets
- 615.7 m USD
- Debt / equity
- unavailable
- Current ratio
- 12.89x
- ROE
- 15.8%
- ROA
- 9.9%
- FCF margin
- 29.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 129.4 m | 154.4 m | 161.7 m | 193.5 m | 219.9 m | 249.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 44.7 m | 53.0 m | 56.8 m | 66.4 m | 69.0 m | 71.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 84.6 m | 101.4 m | 104.9 m | 127.0 m | 150.9 m | 178.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | 10.1 m | 11.8 m | 13.3 m | 17.0 m | 15.7 m | 14.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 28.8 m | 36.4 m | 26.8 m | 36.7 m | 52.3 m | 67.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 8.4 m | 11.1 m | 9.4 m | 9.5 m | 9.6 m | 10.4 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 37.2 m ≈ | 47.5 m ≈ | 36.3 m ≈ | 46.2 m ≈ | 61.9 m ≈ | 78.3 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 1.3 m | 2.2 m | 0 | 0 | 205.0 k | 5.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 27.4 m | 34.3 m | 27.5 m | 39.5 m | 56.9 m | 75.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 6.1 m | 7.4 m | 6.9 m | 9.4 m | 12.8 m | 17.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 21.2 m | 26.9 m | 20.6 m | 30.1 m | 44.0 m | 57.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 1.04 | 1.25 | 0.93 | 1.34 | 1.93 | 2.52 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 20.5 m | 21.5 m | 22.2 m | 22.4 m | 22.8 m | 22.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 0.38 | 0.44 | 0.50 | 0.56 | 0.64 | 0.80 | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 26.8 m | 13.9 m | 19.1 m | 24.3 m | 25.6 m | 28.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 19.6 m | 19.6 m | 22.0 m | 25.1 m | 30.1 m | 33.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 94.3 m | 139.9 m | 161.7 m | 194.6 m | 402.2 m | 468.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 15.0 m | 17.1 m | 17.9 m | 21.8 m | 24.8 m | 27.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 65.9 m | 65.9 m | 65.9 m | 65.9 m | 65.9 m | 65.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 58.9 m | 52.7 m | 46.5 m | 41.7 m | 35.8 m | 33.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 252.8 m | 292.8 m | 310.5 m | 346.8 m | 551.8 m | 615.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 2.4 m | 2.3 m | 2.9 m | 3.7 m | 1.8 m | 3.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 25.1 m | 21.8 m | 25.3 m | 29.9 m | 30.6 m | 36.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 80.2 m | 38.7 m | 42.3 m | 48.9 m | 214.5 m | 222.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 172.6 m † | 254.2 m † | 268.2 m † | 297.9 m † | 337.3 m † | 393.5 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 34.8 m | 35.1 m | 25.4 m | 36.8 m | 44.1 m | 81.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 3.0 m | 4.9 m | 3.2 m | 7.3 m | 7.0 m | 6.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 31.8 m ≈ | 30.2 m ≈ | 22.1 m ≈ | 29.5 m ≈ | 37.2 m ≈ | 74.5 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -52.9 m | -61.1 m | -10.4 m | -24.7 m | -200.1 m | -64.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 32.2 m | 13.7 m | -9.2 m | -7.1 m | 158.1 m | -14.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 7.7 m | 9.3 m | 11.0 m | 12.4 m | 14.4 m | 18.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 570.0 k | 802.0 k | 642.0 k | 853.0 k | 1.7 m | 1.8 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 79 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation53
- Returns49
- Quality97
- Balance sheet100
- Growth100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 10.51 – 93.62 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E41.83 – 93.62 (Mid 63.46)11 companies used · median multiple 22.3x · quartiles 14.7x – 32.9xBSX, DXCM, EMBC, GCTK, GMED, MMM, MMSI, RMD, SOLV, SYK, WST
- Dividend discount (DDM)10.51 – 14.14 (Mid 12.06)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 79/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 25.0% | 95 (vs peers) | 9% |
| FCF conversion · Quality | 112.4% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 15.6% | 100 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | 39.4% | 100 (on a fixed band) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 14.9x | 100 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 16.3x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 30.9x | 59 (vs peers) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.7% | 46 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 1.1% | 16 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 27.8% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality97/100 · 2/3 factors with a value
- Returns49/100 · 2/2 factors with a value
- Valuation53/100 · 2/3 factors with a value
Memo
LEMAITRE VASCULAR, INC. (LMAT). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 249.6 m USD in 2025; YoY growth 13.5%; net margin 25.0%; ROE 16.8%.
The estimated value range is 26.17–53.88 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 37.76 USD, the price of 87.92 USD leaves a potential of -57.1% (value / price − 1) and a margin of safety of -132.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 79/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 25.0%
- FCF conversion: 112.4%
- Revenue CAGR 3Y: 15.6%
- EPS CAGR 3Y: 39.4%
- Interest coverage: 14.9x
- Current ratio: 16.3x
- Payout ratio (FCF): 27.8%
What contradicts it
- Shareholder yield (distributions): 1.1%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Surgical & Medical Instruments & Apparatus (SIC 3841) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYKStryker Corp | 118.2 bn | 33.1 | 16.0% | 13.8% | +11.2% | −16% / +5% |
| MMM3m Company | 91.5 bn | 26.4 | 80.8% | 14.0% | +1.5% | +3% / +114% |
| BSXBoston Scientific Corporation | 63.1 bn | 18.4 | 14.3% | 16.6% | +19.9% | −57% / −22% |
| BDXBecton, Dickinson And Company | 54.0 bn | 59.8 | 3.8% | 4.0% | +8.2% | +30% / +7% |
| RMDResMed Inc. | 31.9 bn | 20.7 | 26.4% | 27.8% | +9.9% | −11% / +44% |
| DXCMDexcom, Inc. | 30.9 bn | 32.7 | 37.7% | 19.4% | +15.6% | +31% / −28% |
| WSTWest Pharmaceutical Services, Inc. | 28.4 bn | 45.7 | 21.2% | 18.8% | +6.3% | +47% / +16% |
| SOLVSolventum Corporation | 15.2 bn | 10.9 | 34.0% | 17.3% | +0.9% | +5% / unavailable |
| PENPenumbra, Inc | 12.7 bn | 81.2 | 10.7% | 10.1% | +17.5% | +10% / +45% |
| GMEDGlobus Medical, Inc. | 11.7 bn | 22.3 | 11.8% | 17.0% | +16.7% | −4% / +94% |
| TFXTeleflex Incorporated | 6.4 bn | — | -28.9% | -45.8% | +17.2% | +31% / −34% |
| HAEHaemonetics Corporation | 5.8 bn | 62.3 | 11.2% | 7.1% | −2.0% | +57% / +58% |
| MMSIMerit Medical Systems Inc | 5.4 bn | 34.0 | 9.8% | 9.9% | +11.8% | +5% / +27% |
| HTFLHeartflow, Inc. | 4.9 bn | — | — | -55.8% | +39.9% | +75% / unavailable |
| ICUIIcu Medical Inc | 4.3 bn | 144.2 | 1.4% | 1.4% | −6.3% | +16% / +97% |
| LMATLemaitre Vascular, Inc. | 2.0 bn | 30.9 | 16.8% | 25.0% | +13.5% | +1% / +81% |
| TNDMTandem Diabetes Care, Inc. | 1.3 bn | — | -48.0% | -6.1% | +7.9% | −9% / −6% |
| IARTIntegra Lifesciences Holdings Corp | 1.2 bn | 88.3 | 1.2% | 0.8% | +1.5% | +13% / −62% |
| BBNXBeta Bionics, Inc. | 921.5 m | — | -23.9% | -65.3% | +53.9% | −46% / unavailable |
| SGHTSight Sciences, Inc. | 533.3 m | — | -48.4% | -35.7% | −3.1% | +16% / +184% |
| SSIISs Innovations International, Inc. | 454.9 m | — | -26.1% | -23.7% | +105.7% | −66% / unavailable |
| CARLCarlsmed, Inc. | 439.3 m | — | -6,196.9% | -57.4% | +85.9% | −1% / unavailable |
| BWAYBrainsway Ltd. | 439.0 m | 224.2 | 5.6% | 7.1% | +29.0% | +28% / +258% |
| EMBCEmbecta Corp. | 369.4 m | 4.4 | — | 8.6% | −3.8% | −49% / −64% |
| CLPTClearPoint Neuro, Inc. | 325.7 m | — | -167.5% | -79.4% | +17.8% | −30% / +76% |
1- and 3-year price returns: for LMAT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 57.92 Total return -33% · Per year -33% | 101.94 Total return 17% · Per year 17% | 152.90 Total return 75% · Per year 75% |
| 3 years | 68.71 Total return -19% · Per year -7% | 134.81 Total return 57% · Per year 16% | 220.18 Total return 156% · Per year 37% |
| 5 years | 81.50 Total return -2% · Per year -0% | 178.29 Total return 111% · Per year 16% | 317.06 Total return 271% · Per year 30% |
- Exit P/E± 33.70
- Net margin± 23.59
- Annual revenue growth± 17.60
- Annual dilution± 1.98
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
LeMaitre Vascular designs, manufactures and markets vascular devices and human tissue cryopreservation services, used mainly by vascular surgeons. The company has grown sales steadily, and biologics now make up a large part of the business, with net sales of 70.4 million USD in the second quarter of 2026 3.
SWOT
Strengths
- A diversified portfolio of brand-name products well known to vascular surgeons, backed by an extensive direct sales force 1.
- Solid experience in acquisitions and product integration, along with rising gross margins in recent results 13.
- A strong cash position that provides strategic flexibility for investment and the share repurchase programme 3.
Weaknesses
- Reliance on higher average selling prices for sales growth, which leaves the company exposed if customers resist increases 1.
- Limited internal research and development capacity, with few internally developed devices introduced in the past 1.
- Dependence on sole-source and limited-source suppliers, including for biologic and tissue-based products 1.
Opportunities
Risks
- Sustaining profit growthmedium
The company warns it may not be able to keep up its historic operating income growth, which was driven by pricing, sales force expansion and operating efficiency 1.
- Pricing pressurehigh
If customers resist further price increases or price concessions are needed, sales growth and operating results could be hurt 1.
- Acquisitions and integrationmedium
Growth depends largely on acquisitions, and the company has not completed a material acquisition since 2020; integration difficulties could reduce the expected benefits 1.
- Regulatory and recall riskshigh
Products face complex and evolving regulatory requirements, and failure to obtain or keep approvals could limit sales 1.
- International operationsmedium
A significant part of sales comes from outside the US, exposing the company to currency swings, trade controls and political instability 1.
Investment thesis
What would need to be true (bull case)
- Sales growth has been boosted by higher prices, sales force expansion and the international launch of Artegraft, and gross margins have improved 3.
- Biologics, a growing share of sales, could support long-term growth if demand holds 12.
- The cash position and positive 2026 guidance give the company room for further investment or share repurchases 3.
What would break the thesis
- Growth relies heavily on higher average selling prices, and if these slow, the growth rate could fall 1.
- Catheter sales fell because of a recall and stock overbuilding, showing exposure to quality issues 3.
- Exposure to international markets and currency swings could weigh on margins if pressure outside the US increases 1.
What to watch
- Artegraft and biologics sales outside the USQ3 2026
- Delivery against full-year 2026 sales guidance (274.3 to 278.3 million USD)2026
- Trend in gross margin and average selling pricesQ4 2026
- Direct sales expansion into new countries and completion of allograft transfer to Burlingtonnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
LeMaitre Vascular is a global provider of medical devices and human tissue cryopreservation services used mainly in treating peripheral vascular disease, end-stage renal disease and cardiovascular disease 1. Products are sold mainly by a direct sales force, which numbered 160 sales representatives and export managers at December 31, 2025, and about 95% of 2025 net sales came from territories where the company has direct representatives 1. Manufacturing is concentrated in Burlington, Massachusetts, and growth has relied on complementary acquisitions, 25 since founding 1.
The portfolio includes biologic and synthetic vascular grafts, biologic patches, embolectomy and occlusion catheters, carotid shunts, closure systems, valvulotomes and radiopaque tape 1. Biologics represented 53% of 2025 sales 1 and 55% in the second quarter of 2026 2. Artegraft, a bovine carotid artery graft, grew 34% in the second quarter of 2026 and is now the company's largest product 3.
Manufacturing has been consolidated in Burlington, with specialised facilities in New Jersey, where Artegraft is produced, and Illinois, where RestoreFlow allografts are processed 1. Recent results show rising gross margins and a solid cash position, and full-year 2026 guidance points to sales growth of about 11% 3.
Segments
Biologic devices
This segment covers bovine pericardium patches, biologic grafts and Artegraft, and accounted for 53% of 2025 sales 1. It rose to 55% in the second quarter of 2026 2, helped by the international launch of Artegraft 3.
Market context
The company estimates the annual worldwide peripheral vascular device market exceeds 9 billion USD, and the market for its own products is about 1 billion USD 1. The disease affects more than 200 million people worldwide, and demographic factors such as obesity, diabetes and an ageing population suggest rising prevalence over time 1. Sales are concentrated on vascular surgeons, though the company is also exploring adjacent segments such as cardiac surgeons 2.
The market is competitive, with larger companies particularly active in polyester vascular grafts 2. The company focuses on niche segments with lower rivalry, where higher selling prices are easier to sustain 1.
Trends
- Rising average selling pricesmixed
Sales growth has been driven largely by higher average selling prices, particularly for valvulotomes and carotid shunts 1. If price increases slow, sales growth could be lower.
- International expansion of Artegrafttailwind
Artegraft has received approvals in many countries and grew strongly in the second quarter of 2026 3. If the international launch continues, it could support sales growth.
- Transition to the MDR regimemixed
The EU transition from the MDD to the MDR and the UK move to the UKCA mark are largely complete for the company 2. The European Commission has set the end of 2028 as the final MDR deadline 1, which could bring compliance costs.
- Trade and currency pressuresheadwind
A significant part of sales comes from outside the US, and currency swings and tariffs can affect results 1. If demand outside the US weakens, results could be hit.
Competitive position
The company competes with medical device firms that have greater resources, broader product lines and more extensive distribution networks 1. Endovascular procedures are also an alternative to the open surgery where the company is strongest 1.
In niche segments the company has pricing and availability advantages, but in competitive markets such as polyester grafts it faces difficulties 2. Competitors differ by product line, as no single company competes with LeMaitre across all its offerings 1.
- Large vascular device companies
Companies with greater resources and broader portfolios, competing especially in polyester grafts 12.
- Endovascular device makers
Makers offering endovascular alternatives to open surgical procedures, where the company has a significant share 1.
- Polyester graft manufacturers
Larger rivals with lower unit costs in the polyester graft segment where the company has weaker results 2.
- Firms outside the vascular space
Companies from other fields that could develop technologies affecting demand for the company's products 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Speculative Rally Weighed on LeMaitre Vascular (LMAT)Yahoo Finance — News · 01 Sept 2026 · EN
The latest news item in our archive is from 01 Sept 2026; the newest SEC filing is from 15 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report15 Oct 2026Departure or appointment of officers
- Quarterly report05 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report05 Jun 2026Shareholder vote
- Quarterly report06 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Proxy statement14 Apr 2026
- Current report14 Apr 2026Departure or appointment of officers · Other events
- Annual report26 Feb 2026
- Current report25 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / LeMaitre Vascular, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / LeMaitre Vascular, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / LeMaitre Vascular, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.