A high-quality vascular-device franchise with a perfect four-quarter earnings beat record, a wide economic moat, a perfect Piotroski F-Score of 9 out of 9, and best-in-class margins trades about 12% below the analyst consensus target with a favorable risk/reward; the primary near-term risk is a price pullback that, per the data, has not yet been confirmed as a trend reversal.
Thesis pillars
- Wide Moat Franchise Quality→Stable
- Perfect Earnings Beat Streak↓Deteriorating
- Product Concentration Risk↓Deteriorating
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Feb 26, 2026· older than 90 days
LeMaitre Vascular, Inc. (LMAT) Stock Analysis
Recovery setup
Healthcare · Medical Instruments & Supplies
Sell if holding. At $87.92, A.R:R 0.5:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Product: biologic products (53.0%); Concentration risk — Product: open surgical procedure devices.
LeMaitre Vascular develops and manufactures peripheral vascular devices and cryopreservation services, selling 24 product types across six categories to vascular surgeons globally through a 160-person direct sales force. Biologic offerings represented 53% of 2025 net sales, with... Read more
Sell if holding. At $87.92, A.R:R 0.5:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Product: biologic products (53.0%); Concentration risk — Product: open surgical procedure devices. Chart setup: Death cross but MACD improving, RSI 60. Score 5.7/10, moderate confidence.
Passes 5/8 gates (positive momentum, clean insider activity, earnings proximity no date, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio. Suitability: aggressive.
About LeMaitre Vascular, Inc.
About LeMaitre Vascular, Inc.
LeMaitre Vascular sells 24 device types across six product categories — including biologic patches, bovine grafts, embolectomy catheters, and valvulotomes — primarily to vascular surgeons, with biologic offerings representing 53% of 2025 net sales and open surgical procedure devices accounting for more than 95% of net sales. Operating income grew 30% in 2025 and 42% in 2024, driven by direct sales force expansion and average selling price increases. The company's 160-person direct sales force covered approximately 95% of 2025 net sales, with 43% of net sales from international markets.
LeMaitre Vascular sells directly to hospitals in North America, Europe, and Asia Pacific; no single hospital customer accounted for more than 2% of net sales in 2025, and average selling prices for valvulotomes and carotid shunts have been a significant driver of recent revenue growth. The company manufactures most devices at its Burlington, Massachusetts headquarters, with Artegraft bovine graft production at North Brunswick, New Jersey and RestoreFlow allograft processing at Fox River Grove, Illinois; allograft tissue processing is expected to transition substantially to Burlington by end of 2026. Several key products — VascuCel, CardioCel, Artegraft, and Omniflow — rely on sole- and limited-source suppliers with few or no validated alternatives, meaning supplier discontinuation could delay production without rapid replacement options. Notable competitors include Abbott, Baxter, Artivion, Becton Dickinson, Edwards Lifesciences, Getinge, LifeNet Health, Terumo, and W.L. Gore.
Show full overview
In August 2025, the FDA issued LeMaitre Vascular a warning letter following its April 2025 regulatory audit of the North Brunswick Artegraft facility, detailing eight observations; corrective actions were submitted, though reinspection had not been completed at the filing date. A cybersecurity incident in January 2026 triggered the company's incident response plan and required alternative operating procedures, with the company reporting minimal disruption to product manufacture and delivery, though data-impact analysis remained ongoing. XenoSure received cardiac-indication approval from China's NMPA in December 2024, and the vascular-indication application was submitted in December 2025 with an anticipated review period of approximately two years.
See also: Healthcare · Medical Instruments & Supplies
From LeMaitre Vascular, Inc.'s most recent 10-K filing, extracted June 11, 2026.
Recent developments
updated Nov 4, 2026Recent Developments — LeMaitre Vascular, Inc.
Latest news
- NEWS LeMaitre Vascular Lowers FY2026 GAAP EPS Guidance from $2.84-$2.94 to $2.77-$2.82 vs $2.87 Est; Narrows FY2026 Sales Gui — benzinga Nov 4, 2026 negative
- NEWS LeMaitre Vascular Lowers Q4 GAAP EPS Guidance from $0.75-$0.81 to $0.70-$0.75 vs $0.78 Est; Lowers Q4 Sales Guidance fro — benzinga Nov 4, 2026 negative
- NEWS LeMaitre Vascular (LMAT) Expected to Announce Earnings on Wednesday - MarketBeat — MarketBeat Oct 28, 2026 neutral
- NEWS LMAT Q3'26 Earnings: revenue estimate is 67.39M USD - TradingView — TradingView Oct 28, 2026 neutral
- NEWS LeMaitre Vascular (NASDAQ:LMAT) Posts Earnings Results - MarketBeat — MarketBeat Aug 4, 2026 neutral
Latest item Nov 4, 2026 · Generated 2026-11-05T11:44:08Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHProductbiologic products53%10-K Item 1: 'Our overall portfolio of biologic offerings represented 53% of our sales in 2025'
- HIGHProductopen surgical procedure devices10-K Item 1: 'over 95% of our net sales were from devices used in open surgical procedures, including open vascular surgeries and open cardiac surgeries'
- HIGHSuppliersole- and limited-source suppliers10-K Item 1A: 'We rely on sole- and limited-source suppliers ... including our VascuCel and CardioCel biologic patch, Artegraft biologic vascular graft and Omniflow'
- MEDIUMGeographicinternational net sales43%10-K Item 1A: 'For the year ended December 31, 2025, 43% of our net sales were international'
Material Events(8-K, last 90d)
- 2026-04-14Item 5.02LOWDirector Bridget Ross notified the board on April 8, 2026 she would not stand for re-election as Class II director at the June 2, 2026 Annual Meeting. No disagreement cited. David B. Roberts nominated as Class II director; conditionally resigned Class I seat solely to rebalance board classes.SEC filing →
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
1 floor-breaker
Technicals below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. At $87.92, A.R:R 0.5:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Product: biologic products (53.0%); Concentration risk — Product: open surgical procedure devices. Chart setup: Death cross but MACD improving, RSI 60. Prior stop was $82.46. Score 5.7/10, moderate confidence.
Analyst target: $93.09 (+5.9% upside). Prior stop was $82.46. Stop-loss: $82.46.
Concentration risk — Product: biologic products (53.0%); Concentration risk — Product: open surgical procedure devices; Thin upside margin: 5.9%.
LeMaitre Vascular, Inc. trades at a P/E of 30.8 (forward 27.7). TrendMatrix value score: 4.2/10. Verdict: Sell.
14 analysts rate LMAT, with a consensus score of 4.0/5. 7 analysts publish price targets averaging $107.
What does LeMaitre Vascular, Inc. do?LeMaitre Vascular develops and manufactures peripheral vascular devices and cryopreservation services, selling 24...
LeMaitre Vascular develops and manufactures peripheral vascular devices and cryopreservation services, selling 24 product types across six categories to vascular surgeons globally through a 160-person direct sales force. Biologic offerings represented 53% of 2025 net sales, with approximately 95% of sales from devices used in open surgical procedures. The company generated approximately 57% of 2025 net sales domestically and 43% internationally.