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→Stable
- 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
LeMaitre Vascular, Inc. (LMAT) Stock Analysis
Recovery setup
Healthcare · Medical Instruments & Supplies
Hold if already holding. Not a fresh buy at $82.87, but acceptable to hold if already in. Reasons: 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
Hold if already holding. Not a fresh buy at $82.87, but acceptable to hold if already in. Reasons: Concentration risk — Product: biologic products (53.0%); Concentration risk — Product: open surgical procedure devices. Chart setup: Death cross but MACD improving, RSI 60. Maintain position. Not compelling to add more. Score 5.7/10, moderate confidence.
Passes 6/10 gates (positive momentum, favorable risk/reward ratio, clean insider activity, news events none recent, semi cycle peak clear, materials cycle peak clear). Fails on earnings proximity 6d<=7d. 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.
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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 2026-10-29Recent Developments — LeMaitre Vascular, Inc.
Latest news
- NEWS Ranger Investment Management L.P. Lowers Stake in LeMaitre Vascular, Inc. $LMAT - MarketBeat — MarketBeat neutral
- NEWS Comerica Bank Lowers Holdings in LeMaitre Vascular, Inc. $LMAT - MarketBeat — MarketBeat neutral
- NEWS Wells Fargo & Company Forecasts Strong Price Appreciation for LeMaitre Vascular (NASDAQ:LMAT) Stock - MarketBeat — MarketBeat positive
- NEWS LeMaitre Vascular (NASDAQ:LMAT) Stock Price Expected to Rise, Citizens Jmp Analyst Says - MarketBeat — MarketBeat positive
- NEWS Citizens raises LeMaitre Vascular stock price target on margin outlook By Investing.com - Investing.com Canada — Investing.com Canada positive
Generated 2026-10-29T11:48:40Z.
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
10 dimensions · all in-band
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Hold if already holding. Not a fresh buy at $82.87, but acceptable to hold if already in. Reasons: Concentration risk — Product: biologic products (53.0%); Concentration risk — Product: open surgical procedure devices. Chart setup: Death cross but MACD improving, RSI 60. Maintain position. Not compelling to add more. Analyst target $93.09 (+12.3%), stop $78.67 (−5.3%), A.R:R 2.2:1. Score 5.7/10, moderate confidence.
Analyst target: $93.09 (+12.3% upside). Analyst target $93.09 (+12.3%), stop $78.67 (−5.3%), A.R:R 2.2:1. Stop-loss: $78.67.
Concentration risk — Product: biologic products (53.0%); Concentration risk — Product: open surgical procedure devices; Earnings in 6 days (event risk).
LeMaitre Vascular, Inc. trades at a P/E of 29.1 (forward 26.1). TrendMatrix value score: 4.3/10. Verdict: Hold.
14 analysts cover LMAT with a consensus score of 4.0/5. Average price target: $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.