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Lemaitre Vascular (LMAT)
NASDAQ:LMAT
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Lemaitre Vascular
(NASDAQ:LMAT)
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Rating:75Outperform
Price Target:
$98.00
▼(-13.80% Downside)
Action:ReiteratedDate:11/08/25
Lemaitre Vascular's overall stock score reflects strong financial performance and a balanced earnings outlook, despite technical indicators suggesting a bearish trend and a high valuation. The company's robust profitability and effective cost management are significant strengths, while challenges in the APAC market and a recent FDA warning letter present risks.
Positive Factors
Strong Organic Sales Growth
The 12% organic sales growth, led by Grafts and Shunts, indicates robust demand and effective market penetration, supporting long-term revenue expansion.
Robust Cash Flow and Financial Position
Strong cash reserves and cash generation enhance financial flexibility, enabling strategic investments and cushioning against economic downturns.
European Regulatory Approvals
Regulatory approvals in Europe facilitate international expansion, increasing market reach and potential revenue streams in new regions.
Negative Factors
FDA Warning Letter
The FDA warning letter could lead to increased scrutiny and operational adjustments, potentially impacting production efficiency and compliance costs.
Challenges in Asia Pacific Market
Struggles in APAC, due to management changes, may hinder growth prospects and require strategic realignment to improve regional performance.
Lowered Revenue Guidance
Lowered revenue guidance reflects external pressures like FX changes, which could affect profitability and necessitate cost management strategies.
Lemaitre Vascular (LMAT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.06B
Dividend Yield0.95%
Average Volume (3M)128.20K
Price to Earnings (P/E)39.0
Beta (1Y)0.74
Revenue Growth13.07%
EPS Growth27.98%
CountryUS
Employees651
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)0.68
Shares Outstanding22,685,993
10 Day Avg. Volume143,736
30 Day Avg. Volume128,199
Financial Highlights & Ratios
PEG Ratio1.06
Price to Book (P/B)6.13
Price to Sales (P/S)9.41
P/FCF Ratio55.67
Enterprise Value/Market Cap1.08
Enterprise Value/Revenue9.26
Enterprise Value/Gross Profit13.05
Enterprise Value/Ebitda25.71
Forecast
1Y Price Target
$111.86Price Target Upside-1.61% Downside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)2.58
Revenue Forecast (FY)$270.49M
Lemaitre Vascular Business Overview & Revenue Model
Company DescriptionLeMaitre 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 vessel; embolectomy catheters to remove blood clots from arteries or veins; occlusion catheters that temporarily occlude the blood flow; perfusion catheters to perfuse the blood and other fluids into the vasculature; and thrombectomy catheters, which features a silicone balloon for removing thrombi in the venous system. The company also provides carotid shunts that temporarily shunt the blood to the brain during the removal of plaque from the carotid artery in a carotid endarterectomy surgery; and radiopaque tape, a medical-grade tape applied to the skin that enables interventionists to cross-refer between the inside and the outside of a patient's body, and allows them to locate tributaries or lesions beneath the skin. In addition, it offers valvulotomes, which cut or disrupt valves in the saphenous vein to function as an artery to carry blood past diseased arteries to the lower leg or the foot; and vascular grafts to bypass or replace diseased arteries. Further, the company provides vascular and cardiac patches, which are used for closure of vessels after surgical intervention; and closure systems to attach vessels to one another with titanium clips instead of sutures. It markets its products through a direct sales force and distributors. The company was formerly known as Vascutech, Inc. and changed its name to LeMaitre Vascular, Inc. in April 2001. LeMaitre Vascular, Inc. was incorporated in 1983 and is headquartered in Burlington, Massachusetts.
How the Company Makes MoneyLeMaitre Vascular generates revenue through the sale of its medical devices and surgical products, which are essential for vascular surgeries. The company has multiple key revenue streams, including sales of its proprietary vascular grafts, which are used in bypass surgeries, and various specialty products that assist in surgical procedures. The company also earns income from licensing agreements and collaborations with other healthcare providers and organizations. Significant partnerships with hospitals and surgical centers further enhance its market reach, while ongoing investments in research and development help introduce innovative products that drive sales growth.
Lemaitre Vascular Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call emphasized strong top-line growth, substantial margin expansion, robust cash generation and confident 2026 guidance while highlighting a successful product launch (Artegraft) and continued geographic expansion. The principal negatives were manageable: a January cyber incident (contained), short-term costs from manufacturing consolidation and a few regulatory timing delays. Overall, the positive operational results, healthy cash position, shareholder returns (buyback and increased dividend), and constructive guidance outweigh the listed challenges.Q4-2025 Updates
Positive Updates
Strong Q4 and FY2025 Revenue Growth
Q4 sales grew 16% year-over-year; Q4 organic revenue growth was 15% (9% price, 6% units). Full-year 2025 organic revenue growth was 14% (9% price, 5% units). Geographic strength: EMEA +29% in Q4, APAC +20%, Americas +10%.
Expanded Profitability and Operating Leverage
Q4 gross margin rose to 71.7% (+240 basis points YoY) and operating income grew 47% to $18.8M (operating margin 29%). FY2025 adjusted gross margin was 70.4% (+180 bps vs 2024) and adjusted operating margin was 26%.
Earnings Per Share and Cash Generation
Q4 diluted EPS of $0.68 (+39% YoY, including a $0.5M one-time investment mark-to-market loss). Year-end cash and securities totaled $359M; 2025 free cash flow was $74.5M.
Confident 2026 Guidance
Management guided 2026 revenue of $280M (organic growth ~12%), gross margin 72.1%, operating income $77.8M (adjusted +21%), and EPS $2.91 (adjusted +22%). Guidance reflects expected euro-dollar FX of $1.18 and ~4% yield on invested cash.
Successful Product Performance and Launches
Product drivers in Q4: grafts +27%, valvulotomes +20% (17% organic), shunts +18%. RFA vascular +19% and RFA cardiac +90% (small base but rapid growth).
Artegraft Launch Outperformance
Artegraft grew 29% worldwide in Q4. International Artegraft sales were $1.9M in Q4 and $4M for FY2025; company now expects ~ $10M international Artegraft sales in 2026 (management noted an expanded TAM estimate to ~$30M from prior ~$8M). Approvals in 52 countries.
Strategic Capital Allocation and Shareholder Returns
Board approved $100M share repurchase program and raised Q1 2026 dividend to $0.25/share (+25% YoY). This is the 15th consecutive year of dividend increases.
Sales Force and Direct Market Expansion
Company ended 2025 with 160 sales reps (+5% YoY) and plans 170–180 reps by end of 2026. Plans to go direct in Poland (currently ~$650K of annual sales via distributor) and expand direct-to-hospital presence (32nd country).
Regulatory and MDR Progress in Europe
Received final MDR approval for PTFE LifeSpan and broad regulatory progress in Europe supported a strong European performance (FY organic growth in Europe cited at 17%).
Negative Updates
January 2026 Cyber Incident
A cyber incident in January 2026 affected certain systems and data. Management reported secure restoration of critical systems, minimal disruption to sales and manufacturing, belief of adequate insurance coverage, and that estimated impact is reflected in 2026 guidance; review remains ongoing.
Manufacturing Consolidation and Short-Term Costs
Plan to consolidate Chicago RFA facility into Burlington and transfer RestoreFlow processing to Burlington in 2026; management expects a modest headwind to gross margin and increased CapEx (~$11M for 2026) during the transfer and warehouse opening, with some pressure in the back half of the year.
One-Time Investment Loss
Q4 EPS included a one-time $0.5M mark-to-market loss on an investment (subsequently sold).
Regulatory Timing Delay in Ireland
RestoreFlow Ireland approval was delayed; previously expected by end of Q2, now expected in Q3 2026 (filing delayed into March).
Modest Unit Growth and Price-Dependence
Full-year 2025 unit growth was modest at 5% (price contributed 9% of growth), indicating a meaningful portion of revenue improvement driven by pricing rather than unit volume expansion.
Mixed APAC Dynamics and Japan Softness
While APAC grew 20% in Q4 overall, management noted lingering softness in Japan and that some country-specific issues (e.g., prior catheter issues in Korea) had recently resolved; China remains small (~$2M) but profitable and growing.
Limited Near-Term Impact from Some Approvals
Although XenoSure cardiac was approved in China after lengthy trials, management reported limited uptake so far ('big nothing burger'), indicating some approvals may take time to translate to sales.
Company Guidance
LeMaitre guided full‑year 2026 revenue of $280.0 million (organic growth ~12%), gross margin of 72.1% (≈170 bps improvement vs. 2025), operating income of $77.8 million (adjusted op income growth +21%), and EPS of $2.91 (adjusted EPS growth +22%); they expect to sell about $10 million of Artegraft internationally in 2026 (contributing roughly $6 million of incremental sales), to finish 2026 with ~170–180 sales reps (up from 160 at year‑end 2025), to incur CapEx of approximately $11 million for the RestoreFlow transfer and a new 34,000 sq ft warehouse, and to assume a constant EUR/USD of $1.18 and a 4% yield on invested cash — guidance already reflects the estimated impact of the January cyber incident and is accompanied by a new $100 million share‑repurchase program and a Q1 2026 dividend of $0.25 per share (a 25% increase).Lemaitre Vascular Financial Statement Overview
Summary
Lemaitre Vascular exhibits strong financial health with robust profitability, a stable balance sheet, and solid cash flow generation. The company is well-positioned in the medical instruments and supplies industry, with consistent revenue growth and effective cost management. While the increase in debt requires attention, the company's financial metrics suggest a positive outlook.Income Statement
Lemaitre Vascular demonstrates strong profitability with a consistent increase in gross profit margin, reaching 70.97% in TTM. The net profit margin has also improved to 22.14%, indicating effective cost management. Revenue growth is steady at 2.65% in TTM, showing resilience in a competitive market. However, the EBIT margin has slightly decreased, suggesting potential pressure on operating efficiency.85
Very Positive
Balance Sheet
The company's balance sheet is robust, with a manageable debt-to-equity ratio of 0.49 in TTM, reflecting prudent financial leverage. Return on equity has improved to 14.96%, indicating efficient use of shareholder funds. The equity ratio remains strong, underscoring financial stability. However, the increase in total debt warrants monitoring.78
Positive
Cash Flow
Cash flow performance is solid, with a significant free cash flow growth rate of 26.58% in TTM, highlighting strong cash generation capabilities. The operating cash flow to net income ratio of 2.20 indicates healthy cash conversion. The free cash flow to net income ratio of 0.90 suggests effective cash management, though maintaining this trajectory is crucial.82
Very Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 240.87M | 219.86M | 193.48M | 161.65M | 154.42M | 129.37M |
| Gross Profit | 170.94M | 150.90M | 127.05M | 104.90M | 101.38M | 84.62M |
| EBITDA | 86.74M | 66.75M | 48.99M | 36.92M | 45.98M | 36.89M |
| Net Income | 53.34M | 44.04M | 30.11M | 20.64M | 26.91M | 21.22M |
Balance Sheet | ||||||
| Total Assets | 598.07M | 551.82M | 346.78M | 310.48M | 292.80M | 252.81M |
| Cash, Cash Equivalents and Short-Term Investments | 343.06M | 299.72M | 105.07M | 82.69M | 69.96M | 26.98M |
| Total Debt | 185.63M | 185.69M | 19.09M | 16.60M | 15.94M | 54.78M |
| Total Liabilities | 219.15M | 214.53M | 48.88M | 42.27M | 38.65M | 80.24M |
| Stockholders Equity | 378.92M | 337.29M | 297.90M | 268.20M | 254.15M | 172.57M |
Cash Flow | ||||||
| Free Cash Flow | 66.23M | 37.16M | 29.49M | 22.15M | 30.22M | 31.82M |
| Operating Cash Flow | 73.28M | 44.12M | 36.75M | 25.38M | 35.10M | 34.80M |
| Investing Cash Flow | -222.01M | -200.12M | -24.71M | -10.37M | -61.08M | -52.89M |
| Financing Cash Flow | 153.13M | 158.10M | -7.13M | -9.23M | 13.70M | 32.16M |
Lemaitre Vascular Technical Analysis
Positive
113.69
Price Trends
86.45
Positive
86.47
Positive
86.56
Positive
Market Momentum
3.44
Negative
85.99
Negative
80.89
Negative
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 113.69 is above the 20-day moving average (MA) of 89.62, above the 50-day MA of 86.45, and above the 200-day MA of 86.56, indicating a bullish trend. The MACD of 3.44 indicates Negative momentum. The RSI at 85.99 is Negative, neither overbought nor oversold. The STOCH value of 80.89 is Negative, 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $2.06B | 39.05 | 15.80% | 0.95% | 13.07% | 27.98% | |
61 Neutral | $1.09B | -327.07 | -5.20% | ― | -18.82% | 92.56% | |
60 Neutral | $1.55B | -129.42 | -2.40% | ― | 15.80% | 26.94% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $471.11M | -16.99 | -15.26% | ― | 2.73% | 87.03% | |
51 Neutral | $202.29M | -3.45 | -15.30% | ― | -43.95% | -620.21% | |
46 Neutral | $982.40M | -10.29 | -24.65% | ― | -32.42% | -540.37% |
* Healthcare Sector Average
LMAT
Lemaitre Vascular
113.69
14.70
14.85%
ANGO
AngioDynamics
11.46
2.02
21.40%
ATRC
Atricure
31.64
-6.86
-17.82%
OSUR
Orasure Technologies
3.08
-0.05
-1.60%
STAA
Staar Surgical
20.32
2.63
14.87%
BLFS
BioLife Solutions
22.48
-1.10
-4.66%
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.