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Lemaitre Vascular (LMAT)
NASDAQ:LMAT
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Lemaitre Vascular
(NASDAQ:LMAT)
69Neutral
Positive Factors
Dividend Increase
LeMaitre increased the dividend to $0.20/share from $0.16/share, indicating confidence in financial performance.
Free Cash Flow
Free cash flow in the quarter was around $7.6 million, significantly higher than the $3.6 million generated in the comparable quarter a year ago.
Revenue Growth
Revenue of $59.9 million solidly beat the Street-high estimate of $58.0 million.
Negative Factors
Earnings Per Share
EPS of $0.48 fell short relative to the $0.52 estimate as well as the consensus expectation of $0.50.
Revenue Miss
Q4 revenue was below Street expectations.
Valuation Concerns
Valuation concerns lead to a MARKET PERFORM investment rating on LMAT shares, given the current market environment where premium multiples may be harder to capture.
Lemaitre Vascular (LMAT) vs. S&P 500 (SPY)
Market Cap
$1.85B
Dividend Yield0.84%
Average Volume (3M)202.38K
Price to Earnings (P/E)40.7
Beta (1Y)0.71
Revenue Growth13.19%
EPS Growth31.73%
CountryUS
Employees651
SectorHealthcare
Sector Strength53
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)0.48
Shares Outstanding22,594,362
10 Day Avg. Volume214,205
30 Day Avg. Volume202,379
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap0.97
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit11.96
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$107.29Price Target Upside30.70% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
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 primarily through the sale of its proprietary medical devices designed for vascular surgery. The company's key revenue streams include direct sales to hospitals and clinics, as well as through distributors in various international markets. Lemaitre capitalizes on its extensive portfolio of specialized products and maintains strategic partnerships with healthcare providers to expand its market reach. Additionally, the company invests in research and development to innovate and enhance its product offerings, which supports sustained revenue growth.
Lemaitre Vascular Financial Statement Overview
Summary
Lemaitre Vascular exhibits strong financial health with robust revenue and profit margins, a moderate leverage profile, and solid cash flow generation. The company is well-positioned in the medical equipment and supplies industry, demonstrating consistent growth and stability, with manageable risks related to leverage and asset financing.Income Statement
Lemaitre Vascular demonstrates strong revenue growth with a consistent upward trajectory over the past years, reaching a total revenue of $219.86 million in 2024. The gross profit margin stands at 68.62%, indicating efficient production costs, while the net profit margin is robust at 20.03%, highlighting effective cost management. EBIT margin at 23.77% and EBITDA margin at 23.77% reflect strong operational performance.―
Balance Sheet
The company maintains a healthy equity position with a debt-to-equity ratio of 0.55, suggesting moderate leverage. Return on equity is strong at 13.06%, indicating effective use of equity capital. The equity ratio is 61.12%, underscoring a solid financial foundation with a significant portion of assets financed through equity.78
Cash Flow
Lemaitre Vascular has shown growth in free cash flow, reaching $37.16 million in 2024, with a free cash flow growth rate of 25.97% from the previous year. The operating cash flow to net income ratio is 1.00, and the free cash flow to net income ratio is 0.84, indicating healthy cash generation relative to net income.―
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 219.86M | 193.48M | 161.65M | 154.42M | 129.37M | Gross Profit |
| 150.90M | 127.05M | 104.90M | 101.38M | 84.62M | EBIT |
| 52.26M | 36.71M | 21.16M | 25.55M | 19.80M | EBITDA |
| 66.75M | 48.99M | 36.92M | 45.98M | 36.89M | Net Income Common Stockholders |
| 44.04M | 30.11M | 20.64M | 26.91M | 21.22M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 299.72M | 105.07M | 82.69M | 69.96M | 26.98M | Total Assets |
| 551.82M | 346.78M | 310.48M | 292.80M | 252.81M | Total Debt |
| 185.69M | 19.09M | 16.60M | 15.94M | 54.78M | Net Debt |
| 160.07M | -5.17M | -2.54M | 2.08M | 28.01M | Total Liabilities |
| 214.53M | 48.88M | 42.27M | 38.65M | 80.24M | Stockholders Equity |
| 337.29M | 297.90M | 268.20M | 254.15M | 172.57M |
| Cash Flow | Free Cash Flow | |||
| 37.16M | 29.49M | 22.15M | 30.22M | 31.82M | Operating Cash Flow |
| 44.12M | 36.75M | 25.38M | 35.10M | 34.80M | Investing Cash Flow |
| -200.12M | -24.71M | -10.37M | -61.08M | -52.89M | Financing Cash Flow |
| 158.10M | -7.13M | -9.23M | 13.70M | 32.16M |
Lemaitre Vascular Technical Analysis
Negative
82.09
Price Trends
85.90
Negative
91.10
Negative
91.33
Negative
Market Momentum
-0.29
Positive
42.95
Neutral
14.65
Positive
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 82.09 is below the 20-day moving average (MA) of 85.77, below the 50-day MA of 85.90, and below the 200-day MA of 91.33, indicating a bearish trend. The MACD of -0.29 indicates Positive momentum. The RSI at 42.95 is Neutral, neither overbought nor oversold. The STOCH value of 14.65 is Positive, 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 34 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
Overall Rating
UnderperformOutperform
Sector (52)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $1.85B | 40.70 | 13.77% | 0.84% | 13.19% | 31.73% | |
67 Neutral | $1.99B | 48.01 | -0.53% | ― | 27.28% | -101.63% | |
56 Neutral | $1.45B | 52.24 | -35.00% | ― | 43.50% | ― | |
52 Neutral | $5.23B | 3.70 | -41.86% | 2.84% | 16.58% | -0.16% | |
50 Neutral | $1.73B | ― | -38.58% | ― | -4.21% | -544.81% | |
42 Neutral | $1.27B | ― | -69.30% | ― | ― | -68.13% |
* Healthcare Sector Average
Performance Comparison
LMAT
Lemaitre Vascular
81.60
7.20
9.68%
LGND
Ligand Pharma
105.62
25.26
31.43%
MNKD
MannKind
4.85
0.45
10.23%
ETNB
89bio
7.67
-1.36
-15.06%
BGM
Qilian International Holding Group Limited
10.98
7.73
237.85%
SDGR
Schrodinger
23.72
0.50
2.15%
Lemaitre Vascular Earnings Call Summary
Earnings Call Date:May 01, 2025
(Q1-2025)
| % Change Since: -9.03%|
Next Earnings Date:Jul 24, 2025
Earnings Call Sentiment Positive
The earnings call highlighted strong sales performance, successful international expansion, and robust financial health. However, challenges such as tariff impacts and increased operating expenses were noted. The positive developments, particularly the increased sales guidance and international growth, outweigh the lowlights, indicating resilience and growth potential.Q1-2025 Updates
Positive Updates
Strong Sales Performance
Q1 sales were stronger than February 27 guidance with 13% organic growth and 12% reported growth. Record sales were achieved in all five categories: graphs, carotid shunts, catheters, velvet homes, and patches.
International Expansion and Regulatory Success
Established new international sales offices and received MDR CE mark for autographs. European launch imminent with additional approvals expected in Australia, Canada, Singapore, and Korea by H1 2026.
Increased Sales Guidance
Raised 2025 reported sales guidance to $245 million from $239 million. Organic sales guidance increased to 13% from 10%.
Strong Financial Position
Ended Q1 with $302.5 million in cash and securities, providing strategic optionality. Cash from operations generated $9 million in the quarter.
Positive Price and Volume Dynamics
Organic sales growth driven by 9% average selling price increases and 4% unit increases. Gross margin improved by 60 basis points year over year.
Negative Updates
Impact of Tariffs and Trade Tensions
Chinese import tariffs will increase costs by $825,000 annually. Plan to offset half of these costs with price increases. China accounted for less than 1% of total annual revenue.
Operating Margin Pressure
Operating expenses increased by 16% due to higher compensation expenses and non-compensation sales-related expenses. Operating margin decreased to 21%.
Elutia Distribution Agreement Termination
Amicably wound down porcelain patch distribution agreement with Elutia. Product exit expected to improve organic growth rate and gross margin.
Company Guidance
In the LeMaitre Vascular Q1 2025 earnings call, the company revised its full-year sales guidance upward to $245 million from the previous $239 million, driven by a strong 13% organic sales growth compared to the prior guidance of 10%. The growth was propelled by increased sales across all product categories, including a 17% rise in grafts and a 14% increase in carotid shunts. Geographically, EMEA sales surged by 18%, while the Americas and APAC saw increases of 11% and 3%, respectively. LeMaitre also expanded its salesforce, aiming to reach 170 representatives by year-end, up from the current 164, and is bolstering its international presence with new sales offices. The gross margin for Q1 was 69.2%, slightly up from the previous year, driven primarily by a 9% increase in average selling prices. Operating income grew by 6% year-over-year to $12.6 million, resulting in an operating margin of 21%. The company also highlighted its strategic optionality with $303 million in cash, despite challenges such as tariffs and the cessation of its Elutia distribution agreement impacting its financial outlook.Lemaitre Vascular Corporate Events
Executive/Board Changes
LeMaitre Vascular Appoints Dorian LeBlanc as CFO
Neutral
Feb 13, 2025
On February 7, 2025, LeMaitre Vascular, Inc. announced the appointment of Dorian LeBlanc as Chief Financial Officer, effective March 10, 2025. Mr. LeBlanc brings extensive experience from his previous roles at LumiraDx Limited and Alere Inc., enhancing LeMaitre’s financial leadership. His compensation package includes a base salary, performance bonus, and equity awards, with severance terms outlined in case of termination without cause, signaling a strategic reinforcement of the company’s financial management team.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.