Lemaitre Vascular (LMAT) AI Stock Analysis

• Market Cap: $1.91B
• Dividend Yield: 0.79%
• Average Volume (3M): 246.44K
• Price to Earnings (P/E): 43.8
• Beta (1Y): 0.78
• Revenue Growth: 13.63%
• EPS Growth: 44.78%
• Country: US
• Employees: 651
• Sector: Healthcare
• Sector Strength: 64
• Industry: Medical - Instruments & Supplies
• EPS (TTM): 1.93
• Shares Outstanding: 22,558,632
• 10 Day Avg. Volume: 220,257
• 30 Day Avg. Volume: 246,435
• PEG Ratio: 0.98
• Price to Book (P/B): N/A
• Price to Sales (P/S): 8.57
• Price to Cash Flow (P/CF): 31.00
• P/FCF Ratio: 30.70
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $105.83
• Price Target Upside: 22.84% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 9

Lemaitre Vascular's strong financial performance, as evidenced by robust revenue and profit margins, is the primary driver of its solid score. Positive earnings call highlights further bolster the outlook, with strategic growth initiatives and favorable guidance for 2025. However, the high valuation and recent negative technical indicators moderately offset these strengths, suggesting potential caution for investors.

Positive Factors

Financial Performance

LeMaitre Vascular is anticipated to generate positive free cash flow in the quarter, with a net cash balance well north of $140 million at quarter end.

Growth Strategy

Key investments for 2025 are focused on the sales force and product approvals, supporting the company's growth strategy.

Organic Growth

LMAT's top-line growth was primarily driven by grafts (+23%), carotid shunts (+14%) and catheters (+12%).

Negative Factors

Free Cash Flow Expectations

Free cash flow in the quarter was around $12.6 million versus our $14.3 million expectation.

Revenue Shortfall

Revenue of $55.7 million fell short of our estimate of $56.2 million.

Valuation Concerns

Valuation concerns lead to a MARKET PERFORM investment rating on LMAT shares, given the current market environment where premium multiples may be harder to capture.

Lemaitre Vascular Business Overview & Revenue Model

Company Description

LeMaitre Vascular, Inc. designs, markets, sells, services, and supports medical devices and implants for the treatment of peripheral vascular disease worldwide. It offers angioscope, a fiberoptic catheter used for viewing the lumen of a blood vessel; embolectomy catheters to remove blood clots from arteries or veins; occlusion catheters that temporarily occlude the blood flow; perfusion catheters to perfuse the blood and other fluids into the vasculature; and thrombectomy catheters, which features a silicone balloon for removing thrombi in the venous system. The company also provides carotid shunts that temporarily shunt the blood to the brain during the removal of plaque from the carotid artery in a carotid endarterectomy surgery; and radiopaque tape, a medical-grade tape applied to the skin that enables interventionists to cross-refer between the inside and the outside of a patient's body, and allows them to locate tributaries or lesions beneath the skin. In addition, it offers valvulotomes, which cut or disrupt valves in the saphenous vein to function as an artery to carry blood past diseased arteries to the lower leg or the foot; and vascular grafts to bypass or replace diseased arteries. Further, the company provides vascular and cardiac patches, which are used for closure of vessels after surgical intervention; and closure systems to attach vessels to one another with titanium clips instead of sutures. It markets its products through a direct sales force and distributors. The company was formerly known as Vascutech, Inc. and changed its name to LeMaitre Vascular, Inc. in April 2001. LeMaitre Vascular, Inc. was incorporated in 1983 and is headquartered in Burlington, Massachusetts.

How the Company Makes Money

Lemaitre Vascular generates revenue primarily through the sale of its proprietary medical devices designed for vascular surgery. The company's key revenue streams include direct sales to hospitals and clinics, as well as through distributors in various international markets. Lemaitre capitalizes on its extensive portfolio of specialized products and maintains strategic partnerships with healthcare providers to expand its market reach. Additionally, the company invests in research and development to innovate and enhance its product offerings, which supports sustained revenue growth.

Lemaitre Vascular Financial Statement Overview

Summary

Lemaitre Vascular exhibits strong financial health with robust revenue and profit margins, a moderate leverage profile, and solid cash flow generation. The company is well-positioned in the medical equipment and supplies industry, demonstrating consistent growth and stability, with manageable risks related to leverage and asset financing.

Income Statement

Lemaitre Vascular demonstrates strong revenue growth with a consistent upward trajectory over the past years, reaching a total revenue of $219.86 million in 2024. The gross profit margin stands at 68.62%, indicating efficient production costs, while the net profit margin is robust at 20.03%, highlighting effective cost management. EBIT margin at 23.77% and EBITDA margin at 23.77% reflect strong operational performance.

Balance Sheet

The company maintains a healthy equity position with a debt-to-equity ratio of 0.55, suggesting moderate leverage. Return on equity is strong at 13.06%, indicating effective use of equity capital. The equity ratio is 61.12%, underscoring a solid financial foundation with a significant portion of assets financed through equity.

Cash Flow

Lemaitre Vascular has shown growth in free cash flow, reaching $37.16 million in 2024, with a free cash flow growth rate of 25.97% from the previous year. The operating cash flow to net income ratio is 1.00, and the free cash flow to net income ratio is 0.84, indicating healthy cash generation relative to net income.

Breakdown
Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
219.86M	193.48M	161.65M	154.42M	129.37M
	Gross Profit
150.90M	127.05M	104.90M	101.38M	84.62M
	EBIT
52.26M	36.71M	21.16M	25.55M	19.80M
	EBITDA
66.75M	48.99M	36.92M	45.98M	36.89M
	Net Income Common Stockholders
44.04M	30.11M	20.64M	26.91M	21.22M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
299.72M	105.07M	82.69M	69.96M	26.98M
	Total Assets
551.82M	346.78M	310.48M	292.80M	252.81M
	Total Debt
185.69M	19.09M	16.60M	15.94M	54.78M
	Net Debt
160.07M	-5.17M	-2.54M	2.08M	28.01M
	Total Liabilities
214.53M	48.88M	42.27M	38.65M	80.24M
	Stockholders Equity
337.29M	297.90M	268.20M	254.15M	172.57M
Cash Flow		Free Cash Flow
37.16M	29.49M	22.15M	30.22M	31.82M
	Operating Cash Flow
44.12M	36.75M	25.38M	35.10M	34.80M
	Investing Cash Flow
-200.12M	-24.71M	-10.37M	-61.08M	-52.89M
	Financing Cash Flow
158.10M	-7.13M	-9.23M	13.70M	32.16M

Lemaitre Vascular Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 86.15
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LMAT, the sentiment is Neutral. The current price of 86.15 is above the 20-day moving average (MA) of 83.47, below the 50-day MA of 88.14, and below the 200-day MA of 91.15, indicating a neutral trend. The MACD of -0.50 indicates Negative momentum. The RSI at 53.18 is Neutral, neither overbought nor oversold. The STOCH value of 86.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for LMAT.

Lemaitre Vascular Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LMAT	75 Outperform	$1.91B	43.82	13.87%	0.79%	13.63%	44.78%
LGND	69 Neutral	$2.02B	48.01	-0.53%	―	27.28%	-101.63%
MNKD	56 Neutral	$1.35B	48.52	-35.00%	―	43.50%	―
Sector *	51 Neutral	$5.20B	3.18	-40.80%	2.96%	17.66%	1.94%
SDGR	50 Neutral	$1.88B	―	-38.58%	―	-4.21%	-544.81%
ETNB	42 Neutral	$915.32M	―	-78.34%	―	―	-70.45%

Lemaitre Vascular Corporate Events

LeMaitre Vascular Appoints Dorian LeBlanc as CFO

On February 7, 2025, LeMaitre Vascular, Inc. announced the appointment of Dorian LeBlanc as Chief Financial Officer, effective March 10, 2025. Mr. LeBlanc brings extensive experience from his previous roles at LumiraDx Limited and Alere Inc., enhancing LeMaitre’s financial leadership. His compensation package includes a base salary, performance bonus, and equity awards, with severance terms outlined in case of termination without cause, signaling a strategic reinforcement of the company’s financial management team.