Lemaitre Vascular (LMAT) AI Stock Analysis

• Market Cap: $1.87B
• Dividend Yield: 0.87%
• Average Volume (3M): 195.52K
• Price to Earnings (P/E): 42.2
• Beta (1Y): 0.79
• Revenue Growth: 13.19%
• EPS Growth: 31.73%
• Country: US
• Employees: 651
• Sector: Healthcare
• Sector Strength: 41
• Industry: Medical - Instruments & Supplies
• EPS (TTM): 0.48
• Shares Outstanding: 22,594,362
• 10 Day Avg. Volume: 166,163
• 30 Day Avg. Volume: 195,522
• PEG Ratio: 15.80
• Price to Book (P/B): 5.37
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 48.80
• Enterprise Value/Market Cap: 1.06
• Enterprise Value/Revenue: 2.35
• Enterprise Value/Gross Profit: 13.21
• Enterprise Value/Ebitda: 8.40
• 1Y Price Target: $108.60
• Price Target Upside: 31.56% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 8

• Rating: 70 Outperform
• Price Target: $90.00 ▲(9.02%Upside)

Lemaitre Vascular's strong financial performance and positive earnings call significantly contribute to its overall stock score. However, the technical analysis indicates a neutral to slightly negative trend, and the valuation suggests potential overvaluation, which temper the overall score.

Positive Factors

Free Cash Flow

Free cash flow in the quarter was around $7.6 million versus the $3.6 million in FCF generated in the comparable quarter a year ago.

Growth Strategy

LeMaitre has a largely successful history of augmenting its organic growth with contributions from M&A activity, and it is expected to utilize its strong balance sheet for future M&A.

Revenue Performance

Revenue of $59.9 million solidly beat our Street-high estimate of $58.0 million.

Negative Factors

Earnings Performance

EPS of $0.48 fell short relative to our $0.52 estimate as well as the consensus expectation of $0.50.

Revenue Expectations

Revenue of $55.7 million fell short of our estimate of $56.2 million.

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 Business Overview & Revenue Model

Company Description

Lemaitre Vascular, Inc. is a medical device company primarily focused on providing innovative solutions for the treatment of peripheral vascular disease. The company designs, manufactures, and markets a broad range of devices used by vascular surgeons in procedures to treat diseases of the circulatory system. Lemaitre's core products include vascular grafts, patches, and biologic vascular solutions, which are crucial in the treatment of abdominal aortic aneurysms and other vascular conditions.

How the Company Makes Money

Lemaitre Vascular generates revenue through the sale of its medical devices to hospitals and healthcare facilities worldwide. The company's key revenue streams include the sale of vascular grafts, patches, biologic vascular solutions, and other peripheral vascular devices. By maintaining a robust portfolio of FDA-approved and CE-marked products, Lemaitre ensures a steady demand from healthcare providers. The company also benefits from strategic acquisitions of complementary businesses and technologies, which expand its product offerings and market reach. Additionally, Lemaitre's focus on innovation and research and development allows it to introduce new and improved products, further driving sales and 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.

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
66.69M	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

• Technical Analysis Sentiment: Neutral
• Last Price: 82.55
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LMAT, the sentiment is Neutral. The current price of 82.55 is above the 20-day moving average (MA) of 82.32, below the 50-day MA of 83.71, and below the 200-day MA of 90.89, indicating a neutral trend. The MACD of -0.60 indicates Negative momentum. The RSI at 51.03 is Neutral, 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 Neutral sentiment for LMAT.

Lemaitre Vascular Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LMAT	70 Outperform	$1.87B	42.17	13.77%	0.87%	13.19%	31.73%
MNKD	61 Neutral	$1.34B	43.63	-35.00%	―	32.50%	236.33%
SDGR	56 Neutral	$1.68B	―	-43.33%	―	22.29%	-32.89%
LGND	55 Neutral	$1.97B	48.01	-16.56%	―	53.40%	-230.86%
Sector *	54 Neutral	$5.28B	3.29	-45.38%	2.80%	16.77%	-0.08%
ETNB	42 Neutral	$1.48B	―	-69.30%	―	―	-68.13%

Lemaitre Vascular Corporate Events

LeMaitre Vascular Appoints Dorian LeBlanc as CFO

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.