Start here if you're new
what it is
LeMaitre Vascular sells specialized devices and tissue services doctors use to treat peripheral vascular disease.
how it gets paid
Last year Lemaitre Vascular made $250M in revenue. biologic patches was the main engine at $70M, or 28% of sales.
why it's growing
Revenue grew 13.5% last year. Gross margins continue to be elevated, aided by pricing actions and scale benefits, while procedural demand for vascular interventions continues to rise globally.
what just happened
The quarter looked strong on paper, but EPS came in at $0.68 versus the $0.74 estimate.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
70/100 earnings predictability — reasonably predictable
35.5x trailing p/e — you're paying up for this one
0.9% dividend yield — cash in your pocket every quarter
14.0% return on capital — respectable for a niche device name
xvary composite: 61/100 — average
What they do
LeMaitre Vascular sells specialized devices and tissue services doctors use to treat peripheral vascular disease.
This is a small company with unusually fat economics. Gross margin (money left after manufacturing) was 80.6% in the latest filing, while operating margin (profit after running the business) was 30.0% on a full-year view in the same filing. You do not get numbers like that by selling commodity tubing. You get them by owning niche vascular tools, training surgeons on them, and making your sales force hard to replace.
How they make money
$250M
annual revenue · their business grew +13.5% last year
biologic patches
$70M
shunts and valvulotomes
$62.5M
vascular grafts and tapes
$50M
human tissue cryopreservation services
$37.5M
other peripheral vascular devices
$30M
The products that matter
peripheral vascular treatment tools
Peripheral Vascular Devices
$250M revenue · all company sales
this is the entire $250M business, and it grew 13.5% last year. when one product family drives all revenue, execution matters every quarter.
maps to bridge
Key numbers
$2.85
fy2027 eps est
$375M
fy2029 rev est
35.5x
trailing p/e
0.9%
dividend yield
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 55 / 100
- net profit margin 20.0% — keeps 20 cents of every dollar in revenue
- return on equity 14% — $0.14 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in LMAT 3 years ago → it's now worth $19,080.
The index would have given you $14,770.
source: institutional data · total return
What just happened
missed estimates
The quarter looked strong on paper, but EPS came in at $0.68 versus the $0.74 estimate.
That is the weird part. Full-year revenue still reached $250M, up 13.5% vs. prior year, and gross margin stayed extremely high at 80.6%.
~$63M
revenue (q)
$0.68
eps (q)
80.6%
gross margin (FY)
the number that mattered
80.6% matters most because it tells you LMAT still has pricing power and product mix strength, even when EPS headlines wobble.
-
management raised operating income and earnings expectations, supported by pricing strength, favorable product mix, and manufacturing efficiency.procedural volumes remained healthy across key vascular indications, helping to offset foreign currency headwinds and temporary product-related disruptions in 2025.
-
operational execution remains a clear differentiator.gross margins continue to be elevated, aided by pricing actions and scale benefits, while procedural demand for vascular interventions continues to rise globally. international expansion is a key growth lever, with the adoption of the artegraft line accelerating and additional regulatory approvals expected in 2026. ongoing investments in manufacturing capacity and logistics infrastructure are designed to support growing demand, while controlling costs.
-
shares are down about 5% in value since our last november report.despite the pullback, operating momentum remains intact, supported by pricing discipline, expanding margins, and strong cash generation.
-
near-term performance will likely reflect the pace of new product adoption and execution on international growth initiatives.
-
these shares remain ranked average (3) for timeliness.but after the recent stock price descent, intermediate-term capital appreciation potential stands out.
source: company earnings report, 2026
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What could go wrong
the top threat is procedure softness or product timing issues hitting a one-engine revenue base.
med
regulatory timing can slow new products
LMAT sells regulated vascular devices. If approvals, clearances, or product remediation take longer than expected, the growth cadence can flatten before the income statement has time to hide it.
Because the company generated $250M in total revenue last year and the business is concentrated, there is no diversified segment mix to cushion a delayed launch.
med
the valuation assumes clean execution
A 35.5x trailing p/e and roughly 32.8x forward p/e leave limited room for a mediocre quarter. The business can stay good and the stock can still disappoint if growth slows.
At $85.28, investors are already paying a premium for a company expected to earn $2.60 this year and $2.85 in 2027.
med
procedure demand is still the real demand driver
Management can control pricing better than it can control hospital schedules, surgeon volumes, or macro pressure on elective procedures. A specialized device maker still needs procedures to happen.
All company sales sit inside the same $250M vascular revenue stream, so a slowdown would show up across the whole story rather than one corner of it.
with all $250M of revenue tied to one specialized business, execution or demand softness does not stay contained for long.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next quarterly report
watch whether revenue keeps tracking toward the $270M fy2026 estimate and whether another good quarter is good enough for this multiple.
metric
net margin durability
24.1% net margin is the fact doing the selling here. If that starts to slip, the premium story weakens fast.
trend
institutional buying streak
institutions were net buyers for two straight quarters. Keep an eye on whether that support continues or fades near the top of the 52-week range.
risk
product and approval timing
in a one-engine business, any product delay carries extra weight. Watch management commentary around launches, disruption cleanup, and hospital demand.
Analyst rankings
short-term outlook
average
momentum score 3. in human-speak, analysts do not see a major near-term edge one way or the other.
risk profile
average
stability score 3. That means the stock looks middle-of-the-pack on risk — not a bunker, not a rollercoaster.
chart momentum
average
technical score 3. The chart is not screaming anything dramatic right now.
earnings predictability
70 / 100
these earnings are reasonably readable, but not so smooth that you can stop paying attention.
source: institutional data
Institutional activity
institutions have been net buying for 2 consecutive quarters — 145 buyers vs. 129 sellers in 3q2025. total institutional holdings: 21.2M shares. net buying for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$72
$151
$85
current price
$112
target midpoint · +31% from current · 3-5yr high: $125 (+45% · 11% ann'l return)
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