LeMaitre Vascular
LMATNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $79.02 Prior regular-session close from the quote source.
- $78.75–$80.08 Regular-session low and high so far today.
- 137.3K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 24 projected Projected for 2027-02-24 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $78.22–$118.01 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own LMAT if LeMaitre creates durable value by selling differentiated, higher-margin vascular biologics and niche surgical devices directly to vascular surgeons, using a focused sales force and targeted acquisitions to expand share in low-rivalry segments.
LMAT price history
Loading recent earnings…
Investment thesis
What must happen next
An increasing share of biologics (Restore flow and patches/grafts) drives higher average selling price and gross margin because biologics are differentiated, less price-competitive, and have higher per-unit value than commodity synthetic grafts.StrengtheningMateriality: High
Gross profit rose from $127.0M (2023) → $150.9M (2024) → $178.5M (2025) while biologics represented 53% of worldwide sales in 2025 (MD&A). If true, revenue growth will translate into durable gross-margin and operating-margin expansion and robust cash generation; if false, revenue growth could be margin-poor and fail to produce high-quality cash flow.
Watch: Large vascular-device competitors introduce lower-cost biologic or synthetic alternatives that target LeMaitre's niches and undercut pricing.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Gross profit rose from $127.0M (2023) → $150.9M (2024) → $178.5M (2025) while biologics represented 53% of worldwide sales in.
Open source ↗LeMaitre's direct sales force and the conversion of distributor territories to direct sales enable higher selling prices and gross margins, which convert into rising operating income and cash flow.StrengtheningMateriality: High
Operating income increased steadily: $26.8M (2022) → $36.7M (2023) → $52.3M (2024) → $67.9M (2025), indicating improving margin capture tied to sales approach. Sustained direct-sales expansion preserves pricing power and margin; failure to convert or maintain direct relationships will cap margins and profitability.
Watch: Inability to hire/retain effective direct reps in key international markets or unsuccessful replacement of distributor relationships.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating income increased steadily: $26.8M (2022) → $36.7M (2023) → $52.3M (2024) → $67.9M (2025), indicating improving margin capture tied.
Open source ↗Successful regulatory approvals and maintenance of EU/UK device marks materially expand addressable markets (EU/UK/APAC) and sustain revenue growth because they enable product launches and larger sales footprints.StrengtheningMateriality: Medium
Revenue grew each year: $161.7M (2022) → $193.5M (2023) → $219.9M (2024) → $249.6M (2025), with management citing recent approvals in EU, Canada, China and other markets (MD&A). If approvals proceed, revenue growth will be sustained by new-territory launches; if approvals fail or MDR/UKCA transitions materially constrain access, revenue growth and pricing could be impaired.
Watch: A failure to convert regulatory approvals into meaningful sales due to slow hospital adoption or local competitive incumbents.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Revenue grew each year: $161.7M (2022) → $193.5M (2023) → $219.9M (2024) → $249.6M (2025), with management citing recent approvals.
Open source ↗Tuck-in acquisitions plus consolidation of manufacturing into Burlington will be accretive to margins and operating cash flow by increasing mix of higher-margin products and lowering per-unit manufacturing cost.HoldingMateriality: Medium
Operating cash flow increased materially: $25.4M (2022) → $36.8M (2023) → $44.1M (2024) → $81.3M (2025), suggesting improving cash conversion and potential accretive actions. If true, free cash flow and operating cash flow will rise faster than sales and fund further buybacks/acquisitions; if false, integration costs or acquisition goodwill impair returns and cash conversion.
Watch: Acquired businesses fail to integrate or carry regulatory/product liability that impairs cash flow.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating cash flow increased materially: $25.4M (2022) → $36.8M (2023) → $44.1M (2024) → $81.3M (2025), suggesting improving cash conversion.
Open source ↗
Full investment case & evidence
Loading the original research archive…
Original research
An increasing share of biologics (Restore flow and patches/grafts) drives higher average selling price and gross margin because biologics are differentiated, less price-competitive, and have higher per-unit value than commodity synthetic grafts. If true, revenue growth will translate into durable gross-margin and operating-margin expansion and robust cash generation; if false, revenue growth could be margin-poor and fail to produce high-quality cash flow.
LeMaitre's direct sales force and the conversion of distributor territories to direct sales enable higher selling prices and gross margins, which convert into rising operating income and cash flow. Sustained direct-sales expansion preserves pricing power and margin; failure to convert or maintain direct relationships will cap margins and profitability.
Successful regulatory approvals and maintenance of EU/UK device marks materially expand addressable markets (EU/UK/APAC) and sustain revenue growth because they enable product launches and larger sales footprints. If approvals proceed, revenue growth will be sustained by new-territory launches; if approvals fail or MDR/UKCA transitions materially constrain access, revenue growth and pricing could be impaired.
Tuck-in acquisitions plus consolidation of manufacturing into Burlington will be accretive to margins and operating cash flow by increasing mix of higher-margin products and lowering per-unit manufacturing cost. If true, free cash flow and operating cash flow will rise faster than sales and fund further buybacks/acquisitions; if false, integration costs or acquisition goodwill impair returns and cash conversion.
All standing thesis claims
Original report summary
LeMaitre creates durable value by selling differentiated, higher-margin vascular biologics and niche surgical devices directly to vascular surgeons, using a focused sales force and targeted acquisitions to expand share in low-rivalry segments.
Bull case and bear case
Bull case and bear case for Lemaitre Vascular
Where the evidence on Lemaitre Vascular stands: Holding on the latest evidence (Nov 9, 2026). Of its 4 thesis points, 3 strengthening and 1 holding.
Bull case: what the evidence supports
An increasing share of biologics (Restore flow and patches/grafts) drives higher average selling price and gross margin because biologics are differentiated, less price-competitive, and have higher per-unit value than commodity synthetic grafts.
LeMaitre's direct sales force and the conversion of distributor territories to direct sales enable higher selling prices and gross margins, which convert into rising operating income and cash flow.
Successful regulatory approvals and maintenance of EU/UK device marks materially expand addressable markets (EU/UK/APAC) and sustain revenue growth because they enable product launches and larger sales footprints.
Tuck-in acquisitions plus consolidation of manufacturing into Burlington will be accretive to margins and operating cash flow by increasing mix of higher-margin products and lowering per-unit manufacturing cost.
Bear case: what would count against it
Large vascular-device competitors introduce lower-cost biologic or synthetic alternatives that target LeMaitre's niches and undercut pricing.
Inability to hire/retain effective direct reps in key international markets or unsuccessful replacement of distributor relationships.
A failure to convert regulatory approvals into meaningful sales due to slow hospital adoption or local competitive incumbents.
Thesis-Break Engine
What has broken in Lemaitre Vascular’s thesis
Each break OptimistFi flagged on Lemaitre Vascular, dated — with what has historically followed the same kind of break across the market, not a forecast for Lemaitre Vascular.
- CEO / officer changecondition set before this filing
Across all companies, this kind of break has happened 16,849 times before. Those stocks trailed comparable companies by a median of 2% over the next six months, and 38% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Lemaitre Vascular filed an SEC 8-K on 2026-11-04: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Lemaitre Vascular filed an SEC 8-K on 2026-10-15: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Lemaitre Vascular filed an SEC 8-K on 2026-08-04: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Large vascular-device competitors introduce lower-cost biologic or synthetic alternatives that target LeMaitre's niches and undercut pricing.
- Inability to hire/retain effective direct reps in key international markets or unsuccessful replacement of distributor relationships.
- A failure to convert regulatory approvals into meaningful sales due to slow hospital adoption or local competitive incumbents.
- Acquired businesses fail to integrate or carry regulatory/product liability that impairs cash flow.
LMAT news
Loading headlines…
Financial statements
LMAT income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
LMAT: quick answers
- When does Lemaitre Vascular (LMAT) report earnings next?
- Lemaitre Vascular's next results are projected for February 24, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 4, 2026. Earnings calendar
- What is LMAT's short interest?
- As of October 30, 2026, 1.7M LMAT shares were sold short, 7.24% of its shares outstanding, down 6.7% from the count before. At the stock's average daily volume that is 6.2 days to cover. FINRA publishes the count twice a month. LMAT short interest history
- Have members of Congress traded LMAT?
- Reports made public in the last 90 days disclose 1 trade in LMAT by 1 filer: 0 purchases and 1 sale. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed LMAT trade