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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
▲(16.90% Upside)
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
$1.90B
Dividend Yield0.95%
Average Volume (3M)163.83K
Price to Earnings (P/E)35.9
Beta (1Y)0.76
Revenue Growth13.07%
EPS Growth27.98%
CountryUS
Employees651
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)0.75
Shares Outstanding22,685,993
10 Day Avg. Volume150,588
30 Day Avg. Volume163,826
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 Cap0.00
Enterprise Value/Revenue0.00
Enterprise Value/Gross Profit0.00
Enterprise Value/Ebitda0.00
Forecast
1Y Price Target
$105.20Price Target Upside25.49% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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:Nov 06, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Feb 19, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed outlook. LeMaitre Vascular reported strong organic sales growth, international expansion success, and improved gross margins, but faced challenges related to a catheter recall, struggles in the APAC region, and a lowered revenue guidance due to FX changes. The sentiment is balanced with positive achievements and notable challenges.Q3-2025 Updates
Positive Updates
Strong Organic Sales Growth
LeMaitre Vascular reported an organic sales growth of 12% in Q3 2025, with a notable increase in gross margin. This growth was primarily led by Grafts (up 23%) and Shunts (up 18%).
International Expansion Success
The international launch of Artegraft exceeded expectations with Q3 sales at $1.4 million and projected Q4 sales of $2 million. Artegraft grew 33% worldwide in Q3.
Record Gross Margin and Operating Income
Adjusted gross margin increased to 70.8%, driven by higher pricing, manufacturing efficiencies, and product mix. Adjusted operating income rose 29%, resulting in an adjusted operating margin of 28%.
Robust Cash Flow and Financial Position
LeMaitre ended Q3 with $343.1 million in cash and securities, generating $28.8 million in cash from operations and paying $4.5 million in dividends to shareholders.
Positive Pricing Strategy
The company implemented an 8% price increase for U.S. hospitals for 2026, with 55% of North American revenue now subject to price floors.
European Regulatory Approvals
LeMaitre received German approval for RestoreFlow and anticipates further EU approvals, accelerating international market entry.
Negative Updates
Impact of Catheter Recall
The April recall led to customers front-loading catheter purchases into Q2, reducing Q3 organic and unit growth.
Challenges in Asia Pacific Market
APAC region showed modest growth of 4%, with management changes in Korea and Japan contributing to recent struggles.
Lowered Revenue Guidance
Revenue guidance was lowered due to the impact of FX changes, catheter recall effects, and modest performance in Europe and APAC.
FDA Warning Letter
LeMaitre's Artegraft facility in New Jersey received an FDA warning letter related to its quality management system, although production and shipping were not affected.
Company Guidance
In the Q3 2025 financial results conference call for LeMaitre Vascular, Inc., the company reported significant growth metrics and provided optimistic guidance for the future. Organic sales growth for the quarter was 12%, with Grafts and Shunts increasing by 23% and 18% respectively. Geographically, EMEA sales grew by 18%, the Americas by 10%, and APAC by 4%. Price increases contributed 10% to the growth, while units accounted for 2%. Excluding catheters, which were impacted by an earlier recall, Q3 organic growth was 14%. The Artegraft launch exceeded expectations, with Q3 sales reaching $1.4 million and projections of $2 million for Q4. The company anticipates 40% operational income growth in Q4, translating to a 29% operating margin. LeMaitre also ended the quarter with $343.1 million in cash and securities, reflecting strong cash generation. The company is planning to increase its sales team to 165 reps by year-end and has published an 8% increase in its 2026 U.S. hospital price list.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.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.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.| 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
Negative
83.83
Price Trends
84.79
Negative
87.69
Negative
85.91
Negative
Market Momentum
-0.27
Negative
47.53
Neutral
70.15
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LMAT, the sentiment is Negative. The current price of 83.83 is above the 20-day moving average (MA) of 83.58, below the 50-day MA of 84.79, and below the 200-day MA of 85.91, indicating a bearish trend. The MACD of -0.27 indicates Negative momentum. The RSI at 47.53 is Neutral, neither overbought nor oversold. The STOCH value of 70.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | $1.90B | 35.86 | 15.02% | 0.95% | 13.07% | 27.98% | |
73 Outperform | $1.87B | -59.87 | -6.11% | ― | 15.80% | 26.94% | |
52 Neutral | $1.16B | -347.89 | -5.20% | ― | -18.82% | 92.56% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $419.59M | -14.96 | -15.26% | ― | 2.73% | 87.03% | |
47 Neutral | $192.96M | -3.21 | -15.30% | ― | -43.95% | -620.21% | |
46 Neutral | $1.09B | -10.80 | -24.65% | ― | -32.42% | -540.37% |
* Healthcare Sector Average
LMAT
Lemaitre Vascular
83.34
-13.52
-13.96%
ANGO
AngioDynamics
10.07
-2.10
-17.26%
ATRC
Atricure
36.40
-0.57
-1.54%
OSUR
Orasure Technologies
2.60
-1.16
-30.85%
STAA
Staar Surgical
21.13
-0.58
-2.67%
BLFS
BioLife Solutions
23.90
-2.81
-10.52%
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.