LeMaitre Vascular, Inc. (LMAT) 10-Year Financial Performance & Capital Metrics

LMAT • • Industrial / General

HealthcareMedical InstrumentsSurgical & Interventional DevicesCardiac & Vascular Intervention

AboutLeMaitre 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.Show more

Revenue $220M +13.6%
EBITDA $62M +34.0%
Net Income $44M +46.3%
EPS (Diluted) 1.93 +44.0%
Gross Margin 68.63% +4.5%
EBITDA Margin 28.17% +17.9%
Operating Margin 23.77% +25.3%
Net Margin 20.03% +28.7%
ROE 13.87% +30.4%
ROIC 9.92% +0.6%
Debt/Equity 0.55 +758.9%
Interest Coverage 254.91

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 19.7%
✓FCF machine: 16.9% free cash flow margin
✓14 consecutive years of dividend growth
✓Strong 5Y sales CAGR of 13.4%
✓Healthy 5Y average net margin of 16.4%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.95%

5Y13.4%

3Y12.5%

TTM13.07%

Profit (Net Income) CAGR

10Y27.38%

5Y19.68%

3Y17.85%

TTM29.08%

EPS CAGR

10Y23.7%

5Y17.01%

3Y15.58%

TTM27.47%

ROCE

10Y Avg15.53%

5Y Avg12.7%

3Y Avg11.44%

Latest12.47%

Peer Comparison

Cardiac & Vascular Intervention

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LMATLeMaitre Vascular, Inc.	1.96B	86.50	44.82	13.63%	22.14%	14.08%	1.89%	0.55
MMSIMerit Medical Systems, Inc.	4.76B	80.35	39.58	7.89%	8.02%	7.74%	3.84%	0.58
ANGOAngioDynamics, Inc.	453.8M	11.01	-13.27	-3.76%	-9.02%	-15.71%
ATRCAtriCure, Inc.	2.06B	41.46	-43.64	16.55%	-5.55%	-6.04%		0.17

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	78.35M	89.15M	100.87M	105.57M	117.23M	129.37M	154.42M	161.65M	193.48M	219.86M
Revenue Growth %	0.1%	0.14%	0.13%	0.05%	0.11%	0.1%	0.19%	0.05%	0.2%	0.14%
Cost of Goods Sold+	24.19M	26.21M	30.17M	31.63M	37.38M	44.75M	53.04M	56.76M	66.44M	68.96M
COGS % of Revenue	0.31%	0.29%	0.3%	0.3%	0.32%	0.35%	0.34%	0.35%	0.34%	0.31%
Gross Profit+	54.17M	62.94M	70.7M	73.94M	79.85M	84.62M	101.38M	104.9M	127.05M	150.9M
Gross Margin %	0.69%	0.71%	0.7%	0.7%	0.68%	0.65%	0.66%	0.65%	0.66%	0.69%
Gross Profit Growth %	0.12%	0.16%	0.12%	0.05%	0.08%	0.06%	0.2%	0.03%	0.21%	0.19%
Operating Expenses+	43.01M	46.6M	49.59M	53.2M	58.67M	55.83M	64.96M	78.07M	90.34M	98.64M
OpEx % of Revenue	0.55%	0.52%	0.49%	0.5%	0.5%	0.43%	0.42%	0.48%	0.47%	0.45%
Selling, General & Admin	36.79M	40.46M	42.96M	45.01M	49.39M	46.2M	53.16M	61.67M	72.89M	83M
SG&A % of Revenue	0.47%	0.45%	0.43%	0.43%	0.42%	0.36%	0.34%	0.38%	0.38%	0.38%
Research & Development	5.48M	6.14M	6.64M	8.2M	9.28M	10.1M	11.8M	13.29M	16.97M	15.65M
R&D % of Revenue	0.07%	0.07%	0.07%	0.08%	0.08%	0.08%	0.08%	0.08%	0.09%	0.07%
Other Operating Expenses	-89K	-94K	3K	235K	0	-470K	0	3.11M	485K	0
Operating Income+	11.51M	16.34M	21.1M	28.21M	21.18M	28.79M	36.42M	26.83M	36.71M	52.26M
Operating Margin %	0.15%	0.18%	0.21%	0.27%	0.18%	0.22%	0.24%	0.17%	0.19%	0.24%
Operating Income Growth %	0.82%	0.42%	0.29%	0.34%	-0.25%	0.36%	0.27%	-0.26%	0.37%	0.42%
EBITDA+	14.91M	19.93M	25.16M	32.53M	26.6M	37.01M	45.9M	36.26M	46.23M	61.93M
EBITDA Margin %	0.19%	0.22%	0.25%	0.31%	0.23%	0.29%	0.3%	0.22%	0.24%	0.28%
EBITDA Growth %	0.54%	0.34%	0.26%	0.29%	-0.18%	0.39%	0.24%	-0.21%	0.27%	0.34%
D&A (Non-Cash Add-back)	3.39M	3.59M	4.06M	4.32M	5.42M	8.22M	9.47M	9.43M	9.52M	9.67M
EBIT	11.42M	16.26M	21.11M	28.45M	21.68M	28.67M	36.51M	27.49M	39.48M	57.08M
Net Interest Income+	13K	67K	158K	629K	698K	-1.1M	-2.02M	986K	3.08M	4.74M
Interest Income	13K	81K	179K	631K	698K	207K	197K	986K	3.08M	4.95M
Interest Expense	0	14K	21K	2K	0	1.31M	2.22M	0	0	205K
Other Income/Expense	-89K	-94K	3K	235K	496K	-1.43M	-2.14M	661K	2.76M	4.62M
Pretax Income+	11.42M	16.24M	21.11M	28.44M	21.68M	27.36M	34.29M	27.49M	39.48M	56.88M
Pretax Margin %	0.15%	0.18%	0.21%	0.27%	0.18%	0.21%	0.22%	0.17%	0.2%	0.26%
Income Tax+	3.67M	5.65M	3.93M	5.5M	3.75M	6.14M	7.38M	6.85M	9.37M	12.84M
Effective Tax Rate %	0.68%	0.65%	0.81%	0.81%	0.83%	0.78%	0.78%	0.75%	0.76%	0.77%
Net Income+	7.76M	10.59M	17.18M	22.94M	17.93M	21.22M	26.91M	20.64M	30.11M	44.04M
Net Margin %	0.1%	0.12%	0.17%	0.22%	0.15%	0.16%	0.17%	0.13%	0.16%	0.2%
Net Income Growth %	0.98%	0.37%	0.62%	0.34%	-0.22%	0.18%	0.27%	-0.23%	0.46%	0.46%
Net Income (Continuing)	7.76M	10.59M	17.18M	22.94M	17.93M	21.22M	26.91M	20.64M	30.11M	44.04M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.42	0.55	0.86	1.13	0.88	1.04	1.25	0.93	1.34	1.93
EPS Growth %	0.83%	0.31%	0.56%	0.31%	-0.22%	0.18%	0.2%	-0.26%	0.44%	0.44%
EPS (Basic)	0.44	0.57	0.91	1.18	0.91	1.05	1.27	0.94	1.36	1.96
Diluted Shares Outstanding	18.32M	19.24M	20.03M	20.24M	20.33M	20.48M	21.48M	22.17M	22.42M	22.78M
Basic Shares Outstanding	17.76M	18.48M	18.96M	19.43M	19.81M	20.25M	21.16M	21.98M	22.22M	22.45M
Dividend Payout Ratio	0.37%	0.31%	0.24%	0.24%	0.38%	0.36%	0.35%	0.53%	0.41%	0.33%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	58.18M	59.03M	80.31M	94.02M	92.09M	94.26M	139.88M	161.73M	194.6M	402.19M
Cash & Short-Term Investments	27.45M	24.29M	41.66M	47.99M	32.68M	26.98M	69.96M	82.69M	105.07M	299.72M
Cash Only	27.45M	24.29M	19.1M	26.32M	11.79M	26.76M	13.86M	19.13M	24.27M	25.61M
Short-Term Investments	0	0	22.56M	21.67M	20.89M	214K	56.1M	63.56M	80.81M	274.11M
Accounts Receivable	11.97M	13.19M	15M	15.72M	16.57M	19.55M	19.63M	22.04M	25.06M	30.06M
Days Sales Outstanding	55.77	54.01	54.28	54.36	51.6	55.16	46.4	49.77	47.28	49.91
Inventory	15.21M	19.58M	21.05M	25.57M	34.63M	39.16M	40.65M	45.28M	52.33M	55.94M
Days Inventory Outstanding	229.46	272.59	254.62	295.09	338.15	319.46	279.71	291.2	287.52	296.09
Other Current Assets	0	1.97M	2.6M	1.82M	4.9M	5.95M	5.46M	11.72M	12.13M	8.98M
Total Non-Current Assets+	32.52M	42.9M	46.01M	59.07M	96.25M	158.55M	152.92M	148.74M	152.18M	149.63M
Property, Plant & Equipment	7.02M	8.01M	12.38M	14.1M	30.06M	31.1M	32.13M	33.53M	39.78M	41.57M
Fixed Asset Turnover	11.16x	11.13x	8.15x	7.49x	3.90x	4.16x	4.81x	4.82x	4.86x	5.29x
Goodwill	17.79M	23.43M	23.84M	29.87M	39.95M	65.94M	65.94M	65.94M	65.94M	65.94M
Intangible Assets	6.34M	9.9M	8.23M	13.69M	24.89M	58.91M	52.71M	46.53M	41.71M	35.82M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	168K	163K	178K	194K	259K	909K	568K	991K	3.74M	4.87M
Total Assets+	90.7M	101.92M	126.32M	153.09M	188.34M	252.81M	292.8M	310.48M	346.78M	551.82M
Asset Turnover	0.86x	0.87x	0.80x	0.69x	0.62x	0.51x	0.53x	0.52x	0.56x	0.40x
Asset Growth %	0.11%	0.12%	0.24%	0.21%	0.23%	0.34%	0.16%	0.06%	0.12%	0.59%
Total Current Liabilities+	10.37M	10.48M	13.19M	19.76M	20.85M	25.14M	21.81M	25.33M	29.88M	30.61M
Accounts Payable	1.37M	1.22M	1.54M	1.73M	2.6M	2.39M	2.34M	2.9M	3.73M	1.76M
Days Payables Outstanding	20.61	16.94	18.67	19.99	25.43	19.53	16.1	18.67	20.51	9.32
Short-Term Debt	0	0	0	0	0	2.5M	0	0	0	0
Deferred Revenue (Current)	0	0	0	552K	0	0	0	0	0	0
Other Current Liabilities	165K	2.83M	4.45M	6.57M	2.48M	772K	1.27M	573K	24K	1.43M
Current Ratio	5.61x	5.63x	6.09x	4.76x	4.42x	3.75x	6.41x	6.39x	6.51x	13.14x
Quick Ratio	4.15x	3.76x	4.49x	3.46x	2.76x	2.19x	4.55x	4.60x	4.76x	11.31x
Cash Conversion Cycle	264.62	309.65	290.23	329.46	364.32	355.1	310	322.29	314.29	336.68
Total Non-Current Liabilities+	2.45M	3.94M	3.36M	3.1M	19.35M	55.09M	16.84M	16.95M	19M	183.92M
Long-Term Debt	0	0	0	0	0	35.53M	0	0	0	167.77M
Capital Lease Obligations	0	0	0	0	13.96M	14.79M	14.07M	14.71M	16.62M	15.23M
Deferred Tax Liabilities	1.68M	1.94M	2.18M	484K	1.18M	127K	70K	69K	107K	85K
Other Non-Current Liabilities	774K	2M	1.19M	2.61M	4.21M	4.64M	2.7M	2.17M	2.27M	831K
Total Liabilities	12.82M	14.42M	16.55M	22.85M	40.2M	80.24M	38.65M	42.27M	48.88M	214.53M
Total Debt+	0	0	0	0	15.71M	54.78M	15.94M	16.6M	19.09M	185.69M
Net Debt	-27.45M	-24.29M	-19.1M	-26.32M	3.93M	28.01M	2.08M	-2.54M	-5.17M	160.07M
Debt / Equity	-	-	-	-	0.11x	0.32x	0.06x	0.06x	0.06x	0.55x
Debt / EBITDA	-	-	-	-	0.59x	1.48x	0.35x	0.46x	0.41x	3.00x
Net Debt / EBITDA	-1.84x	-1.22x	-0.76x	-0.81x	0.15x	0.76x	0.05x	-0.07x	-0.11x	2.58x
Interest Coverage	-	1166.86x	1004.90x	14104.50x	-	21.98x	16.42x	-	-	254.91x
Total Equity+	77.88M	87.5M	109.77M	130.24M	148.14M	172.57M	254.15M	268.2M	297.9M	337.29M
Equity Growth %	0.14%	0.12%	0.25%	0.19%	0.14%	0.16%	0.47%	0.06%	0.11%	0.13%
Book Value per Share	4.25	4.55	5.48	6.43	7.29	8.43	11.83	12.10	13.29	14.81
Total Shareholders' Equity	77.88M	87.5M	109.77M	130.24M	148.14M	172.57M	254.15M	268.2M	297.9M	337.29M
Common Stock	197K	200K	207K	211K	217K	221K	235K	237K	239K	242K
Retained Earnings	8.16M	15.34M	28.33M	45.83M	57.03M	70.55M	88.13M	97.77M	115.43M	145.09M
Treasury Stock	-8.52M	-8.83M	-9.61M	-10.35M	-11.03M	-11.6M	-12.4M	-13.05M	-13.9M	-15.62M
Accumulated OCI	-4.05M	-4.58M	-2.29M	-3.9M	-4.01M	-1.52M	-3.44M	-6.03M	-4.63M	-6.18M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	11.44M	16.9M	22.87M	19.51M	14.18M	34.8M	35.1M	25.38M	36.75M	44.12M
Operating CF Margin %	0.15%	0.19%	0.23%	0.18%	0.12%	0.27%	0.23%	0.16%	0.19%	0.2%
Operating CF Growth %	1.08%	0.48%	0.35%	-0.15%	-0.27%	1.45%	0.01%	-0.28%	0.45%	0.2%
Net Income	7.76M	10.59M	17.18M	22.94M	17.93M	21.22M	26.91M	20.64M	30.11M	44.04M
Depreciation & Amortization	3.39M	3.59M	4.05M	4.32M	5.42M	8.39M	11.07M	9.43M	9.52M	9.67M
Stock-Based Compensation	1.42M	1.68M	2.26M	2.35M	2.64M	3.02M	3.48M	4.17M	5.32M	6.57M
Deferred Taxes	-384K	140K	300K	-2.15M	824K	-328K	79K	-182K	783K	-451K
Other Non-Cash Items	-65K	526K	703K	-6.31M	1.25M	1.63M	3.53M	4.72M	2.28M	4.4M
Working Capital Changes	-689K	369K	-1.62M	-1.65M	-13.89M	863K	-9.96M	-13.4M	-11.25M	-20.1M
Change in Receivables	-1.88M	-922K	-1.51M	-1.28M	-1.3M	-939K	-818K	-3.53M	-3.13M	-6.42M
Change in Inventory	608K	-134K	-1.35M	-4.26M	-11.34M	-2.61M	-5.49M	-7.42M	-9.79M	-10.57M
Change in Payables	2.62M	-103K	1.52M	4.31M	-596K	4.32M	-1.73M	645K	4.6M	-779K
Cash from Investing+	-3.48M	-17.21M	-28.96M	-7.05M	-24.1M	-52.89M	-61.08M	-10.37M	-24.71M	-200.12M
Capital Expenditures	-2.29M	-2.84M	-6.42M	-3.05M	-3.76M	-2.98M	-4.88M	-3.23M	-7.26M	-6.96M
CapEx % of Revenue	0.03%	0.03%	0.06%	0.03%	0.03%	0.02%	0.03%	0.02%	0.04%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	15K	-2K	-22.54M	8.28M	0	2.02M	0	858K	0	0
Cash from Financing+	1.08M	-2.58M	80K	-4.42M	-4.62M	32.16M	13.7M	-9.23M	-7.13M	158.1M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-2.85M	-3.32M	-4.18M	-5.45M	-6.74M	-7.7M	-9.34M	-10.99M	-12.45M	-14.38M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-646K	-385K	-463K	-1.2M	-2.06M	-4.55M	-1.2M	-1.71M	-853K	-3.23M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	9.15M	14.05M	16.45M	16.45M	10.42M	31.82M	30.22M	22.15M	29.49M	37.16M
FCF Margin %	0.12%	0.16%	0.16%	0.16%	0.09%	0.25%	0.2%	0.14%	0.15%	0.17%
FCF Growth %	1.12%	0.54%	0.17%	0%	-0.37%	2.05%	-0.05%	-0.27%	0.33%	0.26%
FCF per Share	0.50	0.73	0.82	0.81	0.51	1.55	1.41	1.00	1.31	1.63
FCF Conversion (FCF/Net Income)	1.47x	1.60x	1.33x	0.85x	0.79x	1.64x	1.30x	1.23x	1.22x	1.00x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	4.79M	4.23M	3.15M	5.52M	0	4.47M	10.15M	8.34M	7.55M	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	10.62%	12.81%	17.41%	19.12%	12.88%	13.23%	12.61%	7.9%	10.64%	13.87%
Return on Invested Capital (ROIC)	17.28%	21.56%	20.57%	21.74%	12.41%	12.24%	11.96%	7.71%	9.86%	9.92%
Gross Margin	69.13%	70.59%	70.09%	70.04%	68.12%	65.41%	65.65%	64.89%	65.66%	68.63%
Net Margin	9.9%	11.88%	17.03%	21.73%	15.3%	16.4%	17.42%	12.77%	15.56%	20.03%
Debt / Equity	-	-	-	-	0.11x	0.32x	0.06x	0.06x	0.06x	0.55x
Interest Coverage	-	1166.86x	1004.90x	14104.50x	-	21.98x	16.42x	-	-	254.91x
FCF Conversion	1.47x	1.60x	1.33x	0.85x	0.79x	1.64x	1.30x	1.23x	1.22x	1.00x
Revenue Growth	10.2%	13.78%	13.14%	4.66%	11.05%	10.35%	19.37%	4.68%	19.69%	13.63%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Americas	-	-	-	63.65M	69.36M	81.47M	102.27M	109.44M	130.31M	144.58M
Americas Growth	-	-	-	-	8.97%	17.46%	25.52%	7.02%	19.07%	10.95%
EMEA	-	-	-	35.32M	39.48M	39.19M	42.13M	41.85M	51.1M	59.97M
EMEA Growth	-	-	-	-	11.78%	-0.73%	7.50%	-0.66%	22.09%	17.36%
Asia Pacific	-	-	-	6.6M	8.39M	8.7M	10.03M	10.36M	12.08M	15.31M
Asia Pacific Growth	-	-	-	-	27.17%	3.69%	15.21%	3.30%	16.60%	26.78%
UNITED STATES	45.18M	50.44M	58.47M	-	-	-	-	-	-	-
UNITED STATES Growth	-	11.65%	15.92%	-	-	-	-	-	-	-
Other Countries	24.09M	28.36M	30.82M	-	-	-	-	-	-	-
Other Countries Growth	-	17.76%	8.67%	-	-	-	-	-	-	-
GERMANY	9.09M	10.35M	11.58M	-	-	-	-	-	-	-
GERMANY Growth	-	13.86%	11.85%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

LeMaitre Vascular, Inc. (LMAT) has a price-to-earnings (P/E) ratio of 44.8x. This suggests investors expect higher future growth.

Growth & Financials

LeMaitre Vascular, Inc. (LMAT) reported $240.9M in revenue for fiscal year 2024. This represents a 318% increase from $57.7M in 2011.

LeMaitre Vascular, Inc. (LMAT) grew revenue by 13.6% over the past year. This is steady growth.

Yes, LeMaitre Vascular, Inc. (LMAT) is profitable, generating $53.3M in net income for fiscal year 2024 (20.0% net margin).

Dividend & Returns

Yes, LeMaitre Vascular, Inc. (LMAT) pays a dividend with a yield of 0.73%. This makes it attractive for income-focused investors.

LeMaitre Vascular, Inc. (LMAT) has a return on equity (ROE) of 13.9%. This is reasonable for most industries.

LeMaitre Vascular, Inc. (LMAT) generated $66.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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