Education
About Us
Working with TipRanks
Follow Us
Lemaitre Vascular (LMAT)
NASDAQ:LMAT
Top Page
Lemaitre Vascular
(NASDAQ:LMAT)
73Outperform
Positive Factors
Dividend Increase
LeMaitre also increased the dividend to $0.20/share from $0.16/share, indicating confidence in financial performance.
Sales Force Expansion
LeMaitre ended Q4 with 31 sales managers and 152 reps, with plans to add more reps, implying significant growth in their sales force.
Negative Factors
Revenue Shortfall
Revenue of $55.7 million fell short of our estimate of $56.2 million.
Lemaitre Vascular (LMAT) vs. S&P 500 (SPY)
Market Cap
$1.85B
Dividend Yield0.78%
Average Volume (3M)223.13K
Price to Earnings (P/E)42.1
Beta (1Y)0.94
Revenue Growth13.63%
EPS Growth44.78%
CountryUS
Employees614
SectorHealthcare
Sector Strength78
IndustryMedical Equipment & Supplies
Share Statistics
EPS (TTM)1.93
Shares Outstanding22,558,632
10 Day Avg. Volume329,340
30 Day Avg. Volume223,125
Financial Highlights & Ratios
PEG Ratio0.94
Price to Book (P/B)N/A
Price to Sales (P/S)8.35
Price to Cash Flow (P/CF)30.20
P/FCF Ratio29.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$105.83Price Target Upside28.59% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
Lemaitre Vascular Business Overview & Revenue Model
Company DescriptionLemaitre Vascular (LMAT) is a medical device company focused on developing, manufacturing, and marketing devices for the treatment of peripheral vascular disease. The company operates in the healthcare sector, providing a range of products that include vascular grafts, patches, and stents, among others, which are used by vascular surgeons to treat conditions affecting veins and arteries outside of the heart.
How the Company Makes MoneyLemaitre 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.85
Very Positive
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.78
Positive
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.82
Very Positive
| 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
Negative
82.30
Price Trends
95.62
Negative
96.50
Negative
90.79
Negative
Market Momentum
-4.08
Positive
28.17
Positive
11.14
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LMAT, the sentiment is Negative. The current price of 82.3 is below the 20-day moving average (MA) of 94.59, below the 50-day MA of 95.62, and below the 200-day MA of 90.79, indicating a bearish trend. The MACD of -4.08 indicates Positive momentum. The RSI at 28.17 is Positive, neither overbought nor oversold. The STOCH value of 11.14 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LMAT.
Lemaitre Vascular Risk Analysis
Lemaitre Vascular disclosed 30 risk factors in its most recent earnings report. Lemaitre Vascular reported the most risks in the “Legal & Regulatory” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Lemaitre Vascular Peers Comparison
Overall Rating
UnderperformOutperform
Sector (49)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $16.65B | 40.95 | 43.03% | ― | 22.07% | 101.95% | |
73 Outperform | $1.85B | 42.09 | 13.87% | 0.78% | 13.63% | 44.78% | |
68 Neutral | $40.29B | 28.76 | 17.17% | ― | -4.67% | 3.34% | |
52 Neutral | $969.24M | 55.81 | -5.16% | ― | -2.64% | -193.31% | |
49 Neutral | $6.90B | -0.08 | -53.01% | 2.43% | 24.84% | -3.06% | |
43 Neutral | $2.23B | ― | -46.67% | ― | 18.82% | 19.76% |
* Healthcare Sector Average
Performance Comparison
LMAT
Lemaitre Vascular
82.30
16.06
24.25%
EW
Edwards Lifesciences
68.39
-24.54
-26.41%
PODD
Insulet
245.35
69.81
39.77%
STAA
Staar Surgical
18.34
-19.81
-51.93%
NVCR
NovoCure
21.32
6.50
43.86%
Lemaitre Vascular Earnings Call Summary
Earnings Call Date: Feb 27, 2025 | % Change Since: -17.63% | Next Earnings Date: May 1, 2025
Earnings Call Sentiment Positive
LeMaitre Vascular reported strong financial performance with significant sales growth across key product lines and geographies. The expansion in China and improvement in gross margins highlight strategic progress. While there are pending regulatory approvals and potential tariff impacts, the company's positive guidance for 2025 and robust financial health indicate a strong outlook.Highlights
Strong Sales Growth
Q4 2024 featured a sales growth of 14%, with operating income up 26% and EPS up 30%. Sales growth was led by grafts, shunts, and catheters, with increases of 23%, 14%, and 12% respectively. Geographically, APAC sales were up 21%, EMEA 18%, and the Americas 12%.
Strategic Expansion in China
LeMaitre Vascular began shipping products from the new Shanghai office to Chinese customers, with sales in China up 48% in Q4. The company received Chinese XenoSure cardiac approval in December and plans to launch XenoSure in H2 2025.
Robust Financial Health
LeMaitre Vascular ended Q4 2024 with $300 million in cash and securities, an increase of $176 million in the quarter driven by net proceeds of the convertible offering and cash from operations.
Gross Margin Improvement
Q4 gross margin increased by 120 basis points year-over-year to 69.3%, driven by higher ASPs, direct labor efficiencies, and improved RestoreFlow Allograft yields.
Positive Guidance for 2025
The company is guiding for organic sales growth of 10%, operating income of $59.8 million (up 15%), and EPS of $2.24 per share (up 16%) for the full year 2025.
Lowlights
Challenges in Regulatory Approvals
The company has received 16 of the 23 MDR CE marks required, with the remaining seven expected in 2025. Notably, the Artegraft approval is pending for H1 2025.
Potential Tariff Impact
There are concerns regarding potential tariffs, particularly from China, which could affect sales, although China currently accounts for less than 1% of worldwide sales.
Dependence on US Market
A significant portion of salesforce expansion and revenue growth is concentrated in the US market, which may present risks if market conditions change.
Company Guidance
During the LeMaitre Vascular Q4 2024 Financial Results Conference Call held on February 27, 2025, various metrics and forward-looking guidance were discussed. The company reported a Q4 sales growth of 14%, operating income growth of 26%, and an EPS increase of 30%. Geographically, sales in the APAC region rose by 21%, EMEA by 18%, and the Americas by 12%. The company's sales force grew by 12% year-over-year to 152 representatives, with plans to expand to 165 by the end of 2025. Adjustments in the U.S. list prices led to actual worldwide price increases of 8%, 12%, and 9% for 2022, 2023, and 2024, respectively. For Q1 2025, a gross margin of 69.7% is anticipated, with operating expenses in Q4 2024 at $25.7 million, reflecting a 12% year-over-year increase. The company ended Q4 with $300 million in cash and securities, driven by net proceeds from a convertible offering and cash from operations. Looking forward, LeMaitre guides for 2025 full-year organic sales growth of 10%, a gross margin of 69.7%, operating income of $59.8 million, and an EPS of $2.24 per share.Lemaitre Vascular Corporate Events
Executive/Board Changes
LeMaitre Vascular Appoints Dorian LeBlanc as CFO
Neutral
Feb 13, 2025
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.
Private Placements and Financing
LeMaitre Vascular Prices $150M Convertible Notes Offering
Neutral
Dec 17, 2024
LeMaitre Vascular announced the pricing of its $150 million offering of 2.50% Convertible Senior Notes due 2030 to qualified institutional buyers. The notes will accrue interest semi-annually and mature in 2030, with potential conversion into common stock. The proceeds, estimated at $145.9 million, will be used for working capital and potentially for acquisitions or investments in complementary businesses or products.
Private Placements and Financing
LeMaitre Vascular to Offer $150M in Convertible Notes
Neutral
Dec 16, 2024
LeMaitre Vascular, Inc. announced its intention to offer $150 million in Convertible Senior Notes due 2030 in a private offering to qualified institutional buyers. The proceeds from this offering are expected to be used for working capital, and potentially for acquisitions or investments in complementary companies, product lines, or technologies, which could impact its market positioning and operations.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.