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LMAT

LeMaitre Vascular, Inc.

LMAT

LeMaitre Vascular, Inc. • NASDAQ
$82.95 ▼ -0.50% (-0.42)
Market Cap $1.88 B
52w High $106.93
52w Low $71.42
Dividend Yield 0.80%
P/E 35.75
Volume 80.18K
Outstanding Shares 22.69M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $61.046M ▼ $25.643M ▼ $17.362M ▲ 28.441% ▲ $0.77 ▲ $26.483M ▲
Q2-2025 $64.232M ▲ $28.832M ▲ $13.779M ▲ 21.452% ▲ $0.61 ▲ $22.017M ▲
Q1-2025 $59.871M ▲ $28.794M ▲ $11.011M ▼ 18.391% ▼ $0.49 ▼ $18.083M ▼
Q4-2024 $55.717M ▲ $25.736M ▲ $11.184M ▲ 20.073% ▼ $0.5 $20.156M ▲
Q3-2024 $54.819M $24.03M $11.141M 20.323% $0.5 $15.574M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $343.055M ▲ $598.069M ▲ $219.146M ▲ $378.923M ▲
Q2-2025 $319.488M ▲ $577.591M ▲ $214.905M ▲ $362.686M ▲
Q1-2025 $302.549M ▲ $556.006M ▲ $208.434M ▼ $347.572M ▲
Q4-2024 $299.722M ▲ $551.817M ▲ $214.527M ▲ $337.29M ▲
Q3-2024 $123.889M $377.025M $45.951M $331.074M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $17.362M ▲ $28.764M ▲ $-27.447M ▼ $-2.95M ▼ $-1.683M ▼ $26.483M ▲
Q2-2025 $13.779M ▲ $20.291M ▲ $-16.349M ▼ $-2.764M ▲ $1.837M ▲ $18.949M ▲
Q1-2025 $11.011M ▼ $9.039M ▼ $-4.32M ▲ $-5.239M ▼ $-270K ▼ $7.656M ▼
Q4-2024 $11.184M ▲ $15.182M ▲ $-173.892M ▼ $164.081M ▲ $4.609M ▲ $13.138M ▲
Q3-2024 $11.141M $14.246M $-12.864M $-3.148M $-1.267M $12.576M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, with sales rising each year rather than in fits and starts. Profits have increased faster than sales, suggesting that scale and a richer product mix (especially higher‑margin biologics) are lifting profitability. Operating and EBITDA margins look healthy for a specialized device maker, and net income has trended upward despite a temporary earnings dip a couple of years ago. Overall, the income statement reflects a mature, profitable company that is still in a growth phase, not a turnaround story.

Balance Sheet

Balance Sheet The balance sheet has expanded over time, with total assets and shareholders’ equity both rising, which points to ongoing reinvestment and retained profits. Debt was minimal for several years but jumped meaningfully in the most recent period, likely tied to acquisitions or a step‑up in investment. Even with this increase, equity remains larger than debt, which helps keep financial risk in check, but leverage is clearly higher than before. Cash is positive but not abundant, so the company has some cushion, but it is not sitting on an unusually large cash hoard.

Cash Flow

Cash Flow Operating cash flow has been consistently positive and has generally grown alongside earnings, signaling that reported profits are backed by real cash. Free cash flow has also been positive every year, even after funding modest capital spending, which suggests an asset‑light model and disciplined investment. The business appears able to fund day‑to‑day needs, small capital projects, and some strategic activity from internal cash generation rather than relying heavily on new financing. The main sensitivity would be any large, one‑off investments or acquisitions that could require additional external funding.

Competitive Edge

Competitive Edge LeMaitre operates in a focused niche: tools and implants for vascular surgeons, particularly in open vascular surgery rather than the broad endovascular market. This specialization, combined with a direct sales force and long‑standing surgeon relationships, gives the company a defensible position and strong brand recognition in its corner of the market. Its portfolio is broad for this niche—covering patches, grafts, catheters, shunts, and cryopreserved tissues—making it a one‑stop shop for many vascular procedures. The flip side is that the company is heavily tied to a relatively narrow clinical area and to hospital procedure volumes, and it faces ongoing competition from larger device makers and from shifting treatment techniques toward minimally invasive approaches.

Innovation and R&D

Innovation and R&D Innovation is largely pragmatic and surgeon‑driven: constant refinement of core tools like valvulotomes and catheters, plus expansion in biologic patches and grafts. The company has a sizable late‑stage product pipeline, suggesting a steady stream of incremental launches rather than dependence on a single “bet the company” project. It is also using R&D and acquisitions together to widen its reach in cardiovascular devices and selectively into adjacent areas such as digestive and neurological applications. Key execution risks are regulatory approvals, clinical adoption of new products, and the need to integrate acquired technologies smoothly without diluting the focus on vascular surgeons’ needs.

Summary

LeMaitre Vascular is a profitable, niche medical device company with a clear identity: serving vascular surgeons with a specialized, high‑margin product toolkit, increasingly anchored by biologics. Financially, it shows a combination of steady revenue growth, improving margins, and reliable free cash flow, supported by a stronger—though now more leveraged—balance sheet. Its competitive strengths lie in surgeon relationships, brand trust, focused product breadth within a niche, and a history of bolt‑on acquisitions. The main vulnerabilities to keep in mind are higher recent debt levels, concentration in a relatively narrow surgical field, exposure to procedure volumes and reimbursement, and the ongoing need to execute well on both innovation and acquisitions to sustain growth.

NEWS

November 12, 2025 · 4:13 PM UTC

LeMaitre to Participate in Upcoming Investor Conferences

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November 6, 2025 · 4:05 PM UTC

LeMaitre Q3 2025 Financial Results

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October 9, 2025 · 5:53 PM UTC

LeMaitre Will Announce Third Quarter 2025 Earnings Results on November 6, 2025

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