Pricing Log in Create free account
Saturday 17 October 2026 Export LMAT’s income statement to Excel — free account

LeMaitre Vascular, Inc.

LMAT Healthcare Medical Instruments & Supplies

LeMaitre Vascular, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $249.6 million, up 13.5% from fiscal 2024. In the quarter to June 2026, revenue grew 9.57%, EPS grew 23.0%, free cash flow fell 28.0% and total debt was flat, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for ten, operating cash flow growth for three.

80.82 2.34 −2.81%
Market cap
$1.9B
P/E
27.9×
Fwd P/E
31.5×
Dividend yield
1.18%
F-score
6/9
Altman Z
6.99
Beneish M
−2.61
Dividend safety
93/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

LeMaitre Vascular, Inc. (LMAT) Business Profile

Updated before January 2025

Company Overview

LeMaitre Vascular, Inc. (NASDAQ: LMAT) is a leading global provider of medical devices and services primarily focused on the treatment of peripheral vascular disease. Founded in 1983 by George D. LeMaitre, the company is headquartered in Burlington, Massachusetts, USA. LeMaitre Vascular has grown significantly over the years, establishing itself as a trusted name in the vascular surgery market. The company operates globally, with a presence in North America, Europe, and Asia-Pacific regions.

The company’s leadership team is spearheaded by George W. LeMaitre, who serves as the Chairman and Chief Executive Officer. Under his guidance, LeMaitre Vascular has expanded its product portfolio and market reach. Other key executives include David B. Roberts, the President, and Joseph P. Pellegrino, the Chief Financial Officer, who have played pivotal roles in driving the company’s strategic initiatives and financial performance.

Core Business Segments

LeMaitre Vascular specializes in medical devices and services that cater to vascular surgeons. The company’s product portfolio is divided into several core business segments:

1. Vascular Grafts

  • XenoSure® Biologic Patches: These are bovine pericardium patches used in vascular surgeries for carotid endarterectomy, arteriovenous access, and other procedures.
  • Omniflow II® Biosynthetic Grafts: Designed for peripheral bypass and dialysis access, these grafts combine biological and synthetic materials for enhanced performance.

2. Endovascular Devices

  • AnastoClip® VCS: A vascular closure system that facilitates precise and secure vessel anastomosis.
  • UnBalloon™ Non-Occlusive Modeling Catheter: A device used for endovascular procedures to model stents without occluding blood flow.

3. Embolization and Occlusion Products

  • LeMaitre Valvulotome: A device used for in-situ bypass procedures to remove venous valves.
  • Trivex® System: A minimally invasive system for varicose vein treatment.

4. Vessel Closure and Repair

  • Pruitt F3® Carotid Shunt: Used in carotid endarterectomy procedures to maintain blood flow.
  • AlboGraft® Vascular Graft: A polyester graft used for vascular reconstruction.

5. Other Services

  • Restoration Services: LeMaitre offers services to restore and refurbish certain medical devices, extending their usability and reducing costs for healthcare providers.

Business Model

LeMaitre Vascular operates on a vertically integrated business model, which allows the company to control the design, manufacturing, and distribution of its products. This approach ensures high-quality standards and cost efficiency. The company generates revenue through the sale of its medical devices and related services. Its primary customers include hospitals, surgical centers, and healthcare providers specializing in vascular surgery.

LeMaitre also focuses on strategic acquisitions to expand its product portfolio and market presence. By acquiring complementary businesses and technologies, the company enhances its ability to meet the evolving needs of vascular surgeons.

Strategic Direction

LeMaitre Vascular is committed to driving growth through innovation, geographic expansion, and strategic acquisitions. The company aims to:

  • Expand Product Offerings: LeMaitre plans to invest in research and development to introduce new and improved medical devices.
  • Geographic Growth: The company is focused on increasing its presence in emerging markets, particularly in Asia-Pacific and Latin America.
  • Sustainability Goals: LeMaitre is working towards reducing its environmental footprint by adopting sustainable manufacturing practices and materials.
  • Digital Transformation: The company is exploring the integration of digital technologies, such as telemedicine and data analytics, to enhance its product offerings and customer experience.

Competitive Landscape

LeMaitre Vascular operates in a competitive market, facing competition from both large multinational corporations and smaller specialized firms. Key competitors include:

  • Medtronic: A global leader in medical technology, offering a wide range of vascular and endovascular products.
  • Boston Scientific: Known for its innovative medical devices, including those for vascular surgery.
  • Cook Medical: Specializes in minimally invasive medical devices, including vascular grafts and stents.
  • Terumo Corporation: A Japanese company with a strong presence in the vascular and endovascular markets.

Despite the competition, LeMaitre differentiates itself through its focus on niche markets, high-quality products, and strong customer relationships.

Risk Factors

LeMaitre Vascular faces several risks that could impact its business operations and financial performance:

  • Market Dependence: The company relies heavily on the vascular surgery market, making it vulnerable to changes in healthcare policies and reimbursement rates.
  • Supply Chain Disruptions: Any disruption in the supply of raw materials or manufacturing processes could affect product availability.
  • Regulatory Risks: The medical device industry is highly regulated, and any changes in regulatory requirements could increase compliance costs.
  • Competition: Intense competition from larger players with greater resources could impact market share.
  • Economic Conditions: Economic downturns or reduced healthcare spending could affect demand for the company’s products.

Recent Developments

LeMaitre Vascular has been actively pursuing growth opportunities through product innovation and acquisitions. Recent developments include:

  • Acquisition of Artegraft, Inc.: This acquisition expanded LeMaitre’s product portfolio with biologic grafts for vascular surgery.
  • Launch of New Products: The company recently introduced advanced versions of its XenoSure® Biologic Patches and AnastoClip® VCS.
  • Global Expansion: LeMaitre has increased its presence in Asia-Pacific markets through new distribution agreements and partnerships.
  • COVID-19 Impact: The pandemic temporarily affected elective surgeries, impacting sales. However, the company has since recovered and is experiencing steady growth.

Investment Considerations

Strengths:

  • Niche Market Focus: Specialization in vascular surgery devices provides a competitive edge.
  • Strong Financial Performance: Consistent revenue growth and profitability.
  • Innovative Products: A robust pipeline of new and improved medical devices.
  • Global Presence: A well-established presence in key markets worldwide.

Risks:

  • Market Concentration: Dependence on a specific market segment.
  • Regulatory Challenges: Compliance with stringent regulations.
  • Economic Sensitivity: Vulnerability to changes in healthcare spending.

Conclusion

LeMaitre Vascular, Inc. is a prominent player in the vascular surgery market, known for its high-quality medical devices and services. With a strong focus on innovation, strategic acquisitions, and geographic expansion, the company is well-positioned for future growth. However, investors should consider the risks associated with market dependence and regulatory challenges. Overall, LeMaitre Vascular offers a compelling investment opportunity for those seeking exposure to the medical device industry.