Lemaitre Vascular (LMAT)
NASDAQ:LMAT
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Lemaitre Vascular
(NASDAQ:LMAT)
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Rating:76Outperform
Price Target:
$126.00
▲(10.18% Upside)
Action:ReiteratedDate:05/06/26
The score is driven primarily by strong financial performance (high margins and cash generation) and a very positive earnings call with upgraded profitability and EPS guidance. Offsetting factors include a higher valuation (P/E ~29.5 with a low yield), a more moderate/neutral technical setup, and the added balance-sheet risk from increased debt.
Positive Factors
High and Expanding Gross Margins
Sustained ~72%+ gross margins indicate strong pricing power, favorable product mix and manufacturing efficiency. These structural margins support durable cash generation, fund reinvestment and acquisitions, and provide a margin buffer vs. typical medical-device cyclicality.
Negative Factors
Meaningful Increase in Leverage
The material step-up in debt reduces financial flexibility and raises interest/ refinancing exposure. If growth or cash conversion weakens, higher leverage constrains capacity for opportunistic M&A, strategic investments or cushioning against operational shocks over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
High and Expanding Gross Margins
Sustained ~72%+ gross margins indicate strong pricing power, favorable product mix and manufacturing efficiency. These structural margins support durable cash generation, fund reinvestment and acquisitions, and provide a margin buffer vs. typical medical-device cyclicality.
Read all positive factors
Lemaitre Vascular (LMAT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.51B
Dividend Yield0.95%
Average Volume (3M)233.87K
Price to Earnings (P/E)39.7
Beta (1Y)0.67
Revenue Growth13.27%
EPS Growth36.99%
CountryUS
Employees651
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)2.56
Shares Outstanding22,778,362
10 Day Avg. Volume159,825
30 Day Avg. Volume233,867
Financial Highlights & Ratios
PEG Ratio1.06
Price to Book (P/B)4.67
Price to Sales (P/S)7.36
P/FCF Ratio24.65
Enterprise Value/Market Cap1.04
Enterprise Value/Revenue10.50
Enterprise Value/Gross Profit14.68
Enterprise Value/Ebitda28.87
Forecast
1Y Price Target
$121.43Price Target Upside6.18% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)2.9
Revenue Forecast (FY)$279.49M
Lemaitre Vascular Business Overview & Revenue Model
Company Description
LeMaitre Vascular, Inc. designs, markets, sells, services, and supports medical devices and implants for the treatment of peripheral vascular disease worldwide. It offers angioscope, a fiberoptic catheter used for viewing the lumen of a blood vess...
How the Company Makes Money
Lemaitre Vascular makes money by selling vascular medical devices to healthcare providers (e.g., hospitals and surgical centers) and distributors in domestic and international markets. Revenue is generated primarily from product sales across its v...
Lemaitre Vascular Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call communicated broad-based, high-quality growth: double-digit sales growth, significant margin expansion, strong EPS and cash generation, record category and regional performance, and upgraded full-year guidance. Management outlined clear growth levers for Artegraft and RFA, active M&A pursuit, and operational investments, while acknowledging near-term execution and regulatory timing risks (distribution lumpiness, slower patches growth, RFA rollout complexities, and potential supply chain impacts). On balance, positive financial momentum and upgraded guidance outweigh the identified operational and regulatory headwinds.Positive Updates
Revenue and Growth
Q1 sales grew 11% year-over-year; organic sales growth of 10% (8% ASP increase, 2% unit growth). Direct sales grew 12.8% organically (8.4% price, 4.4% units) excluding distribution.
Negative Updates
Distribution and Unit Growth Headwinds
Unit growth was only 2% overall, impacted by a lower-than-average quarter in the distribution business (lumpy); distribution volatility reduced unit contribution to organic growth.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue and Growth
Q1 sales grew 11% year-over-year; organic sales growth of 10% (8% ASP increase, 2% unit growth). Direct sales grew 12.8% organically (8.4% price, 4.4% units) excluding distribution.
Read all positive updates
Company Guidance
LeMaitre affirmed full‑year 2026 guidance of $280.0 million in revenue (12% organic growth), raised annual gross margin guidance to 72.3% (Q2 gross‑margin guidance 72.1%), and increased operating income guidance to $79.8 million (up ~24% vs. adjusted 2025) while raising diluted EPS guidance to $3.00 (≈26% growth vs. adjusted 2025). For Q2 the company expects $71.5 million of revenue with a 30% operating margin, assumes a constant EUR/USD of $1.17 and no dilutive impact from convertible debt, and anticipates an ~80 basis‑point structural tax‑rate benefit from higher FDII deductions. Those targets follow Q1 results of 11% sales growth, a 72.7% gross margin, $17.8M operating income (27% margin), $0.68 diluted EPS (up 42%), $15M cash from operations, $2.8M CapEx, $5.7M of dividends paid and $367M in cash and securities, with the sales force growing from 158 reps in Q1 toward a planned 170–180 by year‑end.Lemaitre Vascular Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
63
Positive
Cash Flow
83
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 249.60M | 219.86M | 193.48M | 161.65M | 154.42M |
| Gross Profit | 178.54M | 150.90M | 127.05M | 104.90M | 101.38M |
| EBITDA | 90.79M | 66.75M | 48.99M | 36.92M | 45.98M |
| Net Income | 57.73M | 44.04M | 30.11M | 20.64M | 26.91M |
Balance Sheet | |||||
| Total Assets | 615.69M | 551.82M | 346.78M | 310.48M | 292.80M |
| Cash, Cash Equivalents and Short-Term Investments | 359.12M | 299.72M | 105.07M | 82.69M | 69.96M |
| Total Debt | 185.59M | 185.69M | 19.09M | 16.60M | 15.94M |
| Total Liabilities | 222.17M | 214.53M | 48.88M | 42.27M | 38.65M |
| Stockholders Equity | 393.52M | 337.29M | 297.90M | 268.20M | 254.15M |
Cash Flow | |||||
| Free Cash Flow | 74.47M | 37.16M | 29.49M | 22.15M | 30.22M |
| Operating Cash Flow | 81.25M | 44.12M | 36.75M | 25.38M | 35.10M |
| Investing Cash Flow | -64.94M | -200.12M | -24.71M | -10.37M | -61.08M |
| Financing Cash Flow | -14.54M | 158.10M | -7.13M | -9.23M | 13.70M |
Lemaitre Vascular Technical Analysis
Positive
114.36
Price Trends
104.08
Positive
94.14
Positive
91.22
Positive
Market Momentum
2.77
Positive
59.92
Neutral
59.28
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LMAT, the sentiment is Positive. The current price of 114.36 is above the 20-day moving average (MA) of 110.90, above the 50-day MA of 104.08, and above the 200-day MA of 91.22, indicating a bullish trend. The MACD of 2.77 indicates Positive momentum. The RSI at 59.92 is Neutral, neither overbought nor oversold. The STOCH value of 59.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LMAT.
Lemaitre Vascular Risk Analysis
Lemaitre Vascular disclosed 35 risk factors in its most recent earnings report. Lemaitre Vascular reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Lemaitre Vascular Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $2.51B | 39.69 | 16.19% | 0.95% | 13.27% | 36.99% | |
64 Neutral | $1.06B | 81.66 | -3.40% | ― | -15.11% | -24.07% | |
62 Neutral | $1.42B | 3,192.06 | -0.95% | ― | 15.01% | 88.10% | |
60 Neutral | $456.57M | -14.72 | -17.65% | ― | 10.73% | 25.37% | |
52 Neutral | $1.37B | -15.97 | -23.24% | ― | -23.72% | -296.85% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $215.90M | -2,335.27 | -18.58% | ― | -38.10% | -257.31% |
* Healthcare Sector Average
LMAT
Lemaitre Vascular
110.22
29.46
36.48%
ANGO
AngioDynamics
11.05
1.77
19.07%
ATRC
Atricure
28.01
-3.17
-10.17%
OSUR
Orasure Technologies
3.00
0.40
15.38%
STAA
Staar Surgical
27.75
8.22
42.09%
BLFS
BioLife Solutions
21.75
-0.61
-2.73%
Lemaitre Vascular Corporate Events
Executive/Board ChangesShareholder Meetings
LeMaitre Vascular Announces Board Changes and Size Reduction
Neutral
Apr 14, 2026
On April 8, 2026, LeMaitre Vascular director Bridget Ross notified the board that she would not stand for re-election as a Class II director at the June 2, 2026 annual meeting, though she will continue to serve until her current term expires and h...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.