LeMaitre Vascular, Inc. (LMAT) vs Pulse Biosciences, Inc (PLSE)

LeMaitre Vascular, Inc. and Pulse Biosciences, Inc are both Medical Instruments & Supplies companies. Pulse Biosciences, Inc is the larger, with a market value of $3.9B against $1.9B — 2.0× the size. Pulse Biosciences, Inc has negative trailing earnings, so its P/E is not meaningful; LeMaitre Vascular, Inc. trades at 29.7×. Pulse Biosciences, Inc grew revenue faster over the last twelve months: 90.1% against 11.8%. LeMaitre Vascular, Inc. has the higher net margin (23.5% vs −5,609.4%) and the higher return on invested capital (22.1% vs −37.0%). Across the 18 metrics below, LeMaitre Vascular, Inc. leads on 16 and Pulse Biosciences, Inc on 2.

Valuation

Metric LMAT PLSE Medical Instruments & Supplies median
P/E 29.70 n/m 30.28
P/S 7.04 2,558.93 2.49
P/B 4.39 20.83 2.34
Price to free cash flow 28.30 n/m 23.49
EV/EBITDA 18.92 n/m 14.87
EV/Sales 6.23 2,578.39 2.75
Earnings yield 3.37% (2.28%) 0.00%
Free cash flow yield 3.53% (5.65%) 0.59%

Profitability

Metric LMAT PLSE Medical Instruments & Supplies median
Gross margin 72.04% 26.77% 53.60%
Operating margin 27.73% (5,821.08%) 1.97%
Net margin 23.51% (5,609.44%) 0.00%
Free cash flow margin 24.87% (14,462.52%) 2.36%
Return on equity 15.62% (60.67%) 0.00%
Return on assets 10.10% (54.01%) 0.00%
Return on invested capital 22.05% (37.01%) 0.13%

Growth

Metric LMAT PLSE Medical Instruments & Supplies median
Revenue growth (TTM) 11.83% 90.08% 8.97%
EPS growth (last fiscal year) 30.57% (17.39%) 6.51%
Revenue growth, 5-year CAGR 14.05% — 8.85%
Net income growth, 5-year CAGR 22.16% 0.00% 0.00%

Health

Metric LMAT PLSE Medical Instruments & Supplies median
Debt to equity 0.39 0.00 0.10
Current ratio 14.60 14.35 2.47
Net debt to EBITDA (2.40) 1.06 0.97

Dividend

Metric LMAT PLSE Medical Instruments & Supplies median
Dividend yield 1.15% — 1.02%
Payout ratio 0.35 — 0.27

Size

Metric LMAT PLSE Medical Instruments & Supplies median
Market cap 1.91b 3.86b 1.71b

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