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Lemaitre Vascular
(NASDAQ:LMAT)
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Rating:75Outperform
Price Target:
$119.00
▲(24.49% Upside)
Action:Reiterated
Date:08/05/26
The score is driven primarily by strong financial quality (high and expanding margins with solid cash generation), supported by constructive technical momentum. This is tempered by a high valuation (P/E ~36.7) and earnings-call risks (FX/export disruptions, supply constraints, and regulatory/clinical-trial uncertainty), despite upbeat full-year profitability guidance.
Positive Factors
High and expanding margins
LeMaitre’s gross margin expanded materially to ~73% TTM with net margins near 25%, reflecting durable pricing power, favorable product mix and operating discipline. Persistent high margins underpin strong free‑cash flow generation, fund reinvestment in commercial growth, and provide resilience versus cyclical revenue swings.
Negative Factors
Revenue deceleration
Revenue growth slowed to roughly 2.4% TTM after years of mid‑to‑high single/teens. If this deceleration persists it erodes operating leverage, constrains upside for margins and ROE, and forces management to rely more on price/mix, new product launches, or M&A to meet medium‑term growth targets.
Read all positive and negative factors
Positive Factors
Negative Factors
High and expanding margins
LeMaitre’s gross margin expanded materially to ~73% TTM with net margins near 25%, reflecting durable pricing power, favorable product mix and operating discipline. Persistent high margins underpin strong free‑cash flow generation, fund reinvestment in commercial growth, and provide resilience versus cyclical revenue swings.
Read all positive factors
Lemaitre Vascular (LMAT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.32B
Dividend Yield0.89%
Average Volume (3M)322.32K
Price to Earnings (P/E)36.7
Beta (1Y)0.65
Revenue Growth13.27%
EPS Growth36.99%
CountryUS
Employees655
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)2.76
Shares Outstanding22,850,739
10 Day Avg. Volume265,930
30 Day Avg. Volume322,322
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$121.60Price Target Upside27.21% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)3
Revenue Forecast (FY)$279.98M
Lemaitre Vascular Business Overview & Revenue Model
Company Description
LeMaitre Vascular, Inc. (LMAT) is a medical device company focused on products used in the treatment of peripheral vascular disease. The company develops, manufactures, and markets a portfolio of vascular and endovascular devices used by vascular ...
How the Company Makes Money
LeMaitre Vascular primarily makes money by selling single-use and implantable vascular devices to hospitals and other healthcare providers for use in peripheral vascular procedures. Revenue is generated on a per-product basis when clinicians use t...
Lemaitre Vascular Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and financial performance: record operating income, double-digit organic growth (12% ex-catheter), expanding high-margin Artegraft adoption and meaningful margin expansion. Management also laid out aggressive commercial expansion (warehouses, sales hires) and clear product approval progress. Offsetting these positives were tangible near-term headwinds: FX effects, export disruptions from the Middle East conflict, cardiac allograft supply constraints, ongoing FDA quality observations, and a setback for the Quick Stick path that likely requires a clinical trial. Despite these challenges, the company maintained upward full-year profitability guidance (EPS +21%) and significant cash reserves, and management presented concrete remediation plans for supply and regulatory issues. On balance, the highlights outweigh the lowlights given strong margins, earnings growth, and clear commercialization momentum.Positive Updates
Artegraft Rapid Growth and Strategic Momentum
Artegraft grew 34% in Q2 and now represents 21% of sales; international Artegraft sales rose sequentially from $2.1M in Q1 to $2.8M in Q2. Company now expects Artegraft sales of $11M in 2026 vs $4M in 2025, approvals added in Vietnam, Morocco and Turkey, approvals in 56 countries, and three large market approvals anticipated in 2027 (Korea, Brazil, India). Positive PMDA meeting could allow AV indication in Japan by 2029/2030 without a clinical trial.
Negative Updates
Q2 Sales Miss vs Guidance and H2 Headwinds
Company underperformed Q2 sales guidance by $1.1M. Management attributed the miss roughly equally to (1) strengthening U.S. dollar after guidance, (2) Middle East war delaying export shipments, and (3) cardiac allograft supply constraints. Guidance updated to reflect these items continuing to hamper H2 sales.
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Q2-2026 Updates
Positive
Negative
Artegraft Rapid Growth and Strategic Momentum
Artegraft grew 34% in Q2 and now represents 21% of sales; international Artegraft sales rose sequentially from $2.1M in Q1 to $2.8M in Q2. Company now expects Artegraft sales of $11M in 2026 vs $4M in 2025, approvals added in Vietnam, Morocco and Turkey, approvals in 56 countries, and three large market approvals anticipated in 2027 (Korea, Brazil, India). Positive PMDA meeting could allow AV indication in Japan by 2029/2030 without a clinical trial.
Read all positive updates
Company Guidance
LeMaitre updated full‑year 2026 guidance to $276.3 million in revenue (≈11% reported growth) while trimming organic revenue growth to 11% (from 12%) to reflect a stronger dollar, Middle East export delays and cardiac allograft supply constraints; it forecasts full‑year gross margin of 72.4% (≈+200 bps vs. adjusted 2025), operating income of $76.8 million (28% operating margin, ≈+19% vs. adjusted 2025) and fully diluted EPS of $2.89 (≈+21% vs. adjusted 2025), noting this implies a fourth consecutive year of double‑digit revenue growth and >20% EPS growth; management also plans to finish 2026 with 170–180 sales reps (163 at Q2), expects Artegraft sales of $11 million in 2026 (vs. $4M in 2025), and cited updated FX assumptions (euro ~ $1.14–$1.15 vs. prior $1.17) as a material headwind to prior guidance.Lemaitre Vascular Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
72
Positive
Cash Flow
79
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 256.28M | 249.60M | 219.86M | 193.48M | 161.65M | 154.42M |
| Gross Profit | 185.51M | 178.54M | 150.90M | 127.05M | 104.90M | 101.38M |
| EBITDA | 96.30M | 90.79M | 66.75M | 48.99M | 36.92M | 45.98M |
| Net Income | 62.40M | 57.73M | 44.04M | 30.11M | 20.64M | 26.91M |
Balance Sheet | ||||||
| Total Assets | 629.53M | 615.69M | 551.82M | 346.78M | 310.48M | 292.80M |
| Cash, Cash Equivalents and Short-Term Investments | 367.23M | 359.12M | 299.72M | 105.07M | 82.69M | 69.96M |
| Total Debt | 189.81M | 185.59M | 185.69M | 19.09M | 16.60M | 15.94M |
| Total Liabilities | 222.90M | 222.17M | 214.53M | 48.88M | 42.27M | 38.65M |
| Stockholders Equity | 406.62M | 393.52M | 337.29M | 297.90M | 268.20M | 254.15M |
Cash Flow | ||||||
| Free Cash Flow | 79.12M | 74.47M | 37.16M | 29.49M | 22.15M | 30.22M |
| Operating Cash Flow | 87.31M | 81.25M | 44.12M | 36.75M | 25.38M | 35.10M |
| Investing Cash Flow | -73.74M | -64.94M | -200.12M | -24.71M | -10.37M | -61.08M |
| Financing Cash Flow | -12.52M | -14.54M | 158.10M | -7.13M | -9.23M | 13.70M |
Lemaitre Vascular Technical Analysis
Positive
95.59
Price Trends
97.41
Positive
103.02
Positive
95.48
Positive
Market Momentum
1.34
Negative
61.22
Neutral
78.10
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 95.59 is below the 20-day moving average (MA) of 101.07, below the 50-day MA of 97.41, and above the 200-day MA of 95.48, indicating a bullish trend. The MACD of 1.34 indicates Negative momentum. The RSI at 61.22 is Neutral, neither overbought nor oversold. The STOCH value of 78.10 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $5.08B | 34.70 | 9.07% | ― | 10.51% | 20.67% | |
75 Outperform | $2.32B | 36.71 | 16.19% | 0.94% | 13.27% | 36.99% | |
64 Neutral | $45.64B | 41.93 | 4.54% | 2.39% | 2.39% | -24.85% | |
63 Neutral | $4.21B | 90.11 | 2.19% | ― | -10.76% | ― | |
62 Neutral | $611.31M | -16.81 | -21.01% | ― | 9.46% | -6.34% | |
58 Neutral | $6.05B | -6.00 | -28.27% | 1.03% | -6.61% | -812.37% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
LMAT
Lemaitre Vascular
105.78
20.96
24.71%
ANGO
AngioDynamics
15.19
6.52
75.20%
BDX
Becton Dickinson
170.12
34.44
25.38%
ICUI
ICU Medical
171.96
42.94
33.28%
MMSI
Merit Medical Systems
85.82
1.33
1.57%
TFX
Teleflex
140.12
26.57
23.40%
Lemaitre Vascular Corporate Events
Executive/Board ChangesShareholder Meetings
LeMaitre Vascular Shareholders Back Directors, Pay and Auditor
Positive
Jun 5, 2026
On June 2, 2026, LeMaitre Vascular, Inc. held its 2026 Annual Meeting of Stockholders, with 21,336,301 of 22,847,798 eligible shares represented. Stockholders voted on the election of two Class II directors, an advisory resolution on executive com...
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.