The company maintains strong pricing power with gross margins reaching 72.7% in 2026Q1, supported by an 11.2% year-over-year revenue growth rate.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Sales/Revenue | 256.28M | 249.6M | 219.86M | 193.48M | 161.65M | 154.42M | 129.37M | 117.23M | 105.57M | 100.87M | 89.15M | 78.35M | 71.1M | 64.55M | 56.73M | 57.69M | 56.06M | 50.91M | 48.72M | 41.45M | 34.63M | 30.73M | 26.18M |
| Revenue Growth % | 13.27% | 13.53% | 13.63% | 19.69% | 4.68% | 19.37% | 10.35% | 11.05% | 4.66% | 13.14% | 13.78% | 10.2% | 10.14% | 13.77% | -1.65% | 2.9% | 10.12% | 4.49% | 17.55% | 19.69% | 12.7% | 17.35% | - |
| Cost of Goods Sold | 70.77M | 71.06M | 68.96M | 66.44M | 56.76M | 53.04M | 44.75M | 37.38M | 31.63M | 30.17M | 26.21M | 24.19M | 22.67M | 19.43M | 15.87M | 17.46M | 14.34M | 13.6M | 14.82M | 10.74M | 9.37M | 8.93M | 7.78M |
| COGS % of Revenue | - | 28.47% | 31.37% | 34.34% | 35.11% | 34.35% | 34.59% | 31.88% | 29.96% | 29.91% | 29.41% | 30.87% | 31.88% | 30.11% | 27.97% | 30.26% | 25.58% | 26.72% | 30.41% | 25.91% | 27.05% | 29.05% | 29.71% |
| Gross Profit | 185.51M | 178.54M | 150.9M | 127.05M | 104.9M | 101.38M | 84.62M | 79.85M | 73.94M | 70.7M | 62.94M | 54.17M | 48.43M | 45.12M | 40.87M | 40.23M | 41.72M | 37.3M | 33.9M | 30.71M | 25.26M | 21.8M | 18.4M |
| Gross Margin % | 72.39% | 71.53% | 68.63% | 65.66% | 64.89% | 65.65% | 65.41% | 68.12% | 70.04% | 70.09% | 70.59% | 69.13% | 68.12% | 69.89% | 72.03% | 69.74% | 74.42% | 73.28% | 69.59% | 74.09% | 72.95% | 70.95% | 70.29% |
| Gross Profit Growth % | - | 18.32% | 18.77% | 21.12% | 3.47% | 19.81% | 5.97% | 8% | 4.59% | 12.33% | 16.19% | 11.84% | 7.35% | 10.39% | 1.59% | -3.58% | 11.84% | 10.03% | 10.41% | 21.56% | 15.88% | 18.46% | - |
| Operating Expenses | 112.45M | 110.63M | 98.64M | 90.34M | 78.07M | 64.96M | 55.83M | 58.67M | 53.2M | 49.59M | 46.6M | 43.01M | 41.34M | 40.6M | 36.88M | 35.03M | 35.4M | 33.47M | 35.09M | 33.58M | 25.68M | 20.38M | 16.81M |
| OpEx % of Revenue | - | 44.32% | 44.87% | 46.69% | 48.29% | 42.06% | 43.16% | 50.05% | 50.4% | 49.17% | 52.27% | 54.9% | 58.14% | 62.89% | 65% | 60.72% | 63.15% | 65.75% | 72.02% | 81.01% | 74.17% | 66.33% | 64.21% |
| Selling, General & Admin | 98.35M | 96.49M | 83M | 72.89M | 61.67M | 53.16M | 46.2M | 49.39M | 45.01M | 42.96M | 40.46M | 36.79M | 35.98M | 34.72M | 31.78M | 30.6M | 29.91M | 27.56M | 29.76M | 28.98M | 22.29M | 17.36M | 14.69M |
| SG&A % of Revenue | - | 38.66% | 37.75% | 37.67% | 38.15% | 34.42% | 35.71% | 42.13% | 42.63% | 42.59% | 45.38% | 46.95% | 50.6% | 53.79% | 56.02% | 53.05% | 53.36% | 54.14% | 61.09% | 69.92% | 64.36% | 56.51% | 56.11% |
| Research & Development | 14.1M | 14.14M | 15.65M | 16.97M | 13.29M | 11.8M | 10.1M | 9.28M | 8.2M | 6.64M | 6.14M | 5.48M | 4.67M | 5.24M | 5.09M | 4.42M | 5.49M | 5.91M | 5.33M | 4.59M | 3.3M | 3.02M | 2.12M |
| R&D % of Revenue | - | 5.66% | 7.12% | 8.77% | 8.22% | 7.64% | 7.81% | 7.91% | 7.76% | 6.58% | 6.89% | 6.99% | 6.57% | 8.12% | 8.98% | 7.67% | 9.79% | 11.61% | 10.94% | 11.08% | 9.53% | 9.81% | 8.1% |
| Other Operating Expenses | 0 | 0 | 0 | 485K | 3.11M | 0 | -470K | 0 | 235K | 3K | -94K | -89K | -4K | -182K | -324K | 0 | 0 | 0 | 0 | 7K | 94K | 0 | 0 |
| Operating Income | 73.06M | 67.91M | 52.26M | 36.71M | 26.83M | 36.42M | 28.79M | 21.18M | 28.21M | 21.1M | 16.34M | 11.51M | 6.34M | 4.52M | 4.24M | 3.69M | 4.01M | 1.95M | -2.93M | -4.28M | -679K | 422K | 1.16M |
| Operating Margin % | 28.51% | 27.21% | 23.77% | 18.97% | 16.6% | 23.59% | 22.25% | 18.07% | 26.72% | 20.92% | 18.32% | 14.69% | 8.92% | 7% | 7.47% | 6.4% | 7.16% | 3.83% | -6.01% | -10.33% | -1.96% | 1.37% | 4.42% |
| Operating Income Growth % | - | 29.96% | 42.34% | 36.84% | -26.34% | 26.53% | 35.9% | -24.91% | 33.67% | 29.18% | 41.89% | 81.59% | 40.33% | 6.56% | 14.91% | -8.09% | 106% | 166.52% | 31.59% | -530.78% | -260.9% | -63.53% | - |
| EBITDA | 80.93M | 78.33M | 61.93M | 46.23M | 36.26M | 45.9M | 37.01M | 26.6M | 32.53M | 25.16M | 19.93M | 14.91M | 9.67M | 7.31M | 6.47M | 5.73M | 5.39M | 3.37M | -1.34M | -2.89M | 629K | 1.63M | 2.12M |
| EBITDA Margin % | 31.58% | 31.38% | 28.17% | 23.89% | 22.43% | 29.72% | 28.61% | 22.69% | 30.82% | 24.94% | 22.35% | 19.03% | 13.61% | 11.33% | 11.41% | 9.93% | 9.62% | 6.62% | -2.74% | -6.97% | 1.82% | 5.3% | 8.11% |
| EBITDA Growth % | 28.77% | 26.49% | 33.96% | 27.48% | -21% | 24.01% | 39.15% | -18.24% | 29.31% | 26.26% | 33.68% | 54.09% | 32.32% | 12.93% | 13.04% | 6.23% | 60.07% | 351.91% | 53.72% | -559.3% | -61.41% | -23.26% | - |
| D&A (Non-Cash Add-back) | 7.87M | 10.42M | 9.67M | 9.52M | 9.43M | 9.47M | 8.22M | 5.42M | 4.32M | 4.06M | 3.59M | 3.39M | 3.33M | 2.79M | 2.23M | 2.04M | 1.38M | 1.42M | 1.59M | 1.39M | 1.31M | 1.21M | 967K |
| EBIT | 64.84M | 80.37M | 57.08M | 39.48M | 27.49M | 36.51M | 28.67M | 21.68M | 28.45M | 21.11M | 16.26M | 11.42M | 6.33M | 4.34M | 3.99M | 3.75M | 4.03M | 2.24M | -2.76M | -2.87M | -422K | 1.42M | 1.59M |
| Net Interest Income | 6.3M | 7.91M | 4.74M | 3.08M | 986K | -2.02M | -1.1M | 698K | 629K | 158K | 67K | 13K | -4K | -8K | 77K | 11K | 26K | 12K | 469K | 0 | 0 | 0 | 0 |
| Interest Income | 10.19M | 13.09M | 4.95M | 3.08M | 986K | 197K | 207K | 698K | 631K | 179K | 81K | 13K | 1K | 4K | 78K | 11K | 31K | 38K | 530K | 0 | 0 | 0 | 0 |
| Interest Expense | 2.59M | 5.18M | 205K | 0 | 0 | 2.22M | 1.31M | 0 | 2K | 21K | 14K | 0 | 5K | 12K | 1K | 0 | 5K | 26K | 61K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 7.55M | 7.27M | 4.62M | 2.76M | 661K | -2.14M | -1.43M | 496K | 235K | 3K | -94K | -89K | -20K | -190K | -247K | 62K | 10K | 266K | 109K | 1.58M | 159K | -842K | -451K |
| Pretax Income | 80.61M | 75.18M | 56.88M | 39.48M | 27.49M | 34.29M | 27.36M | 21.68M | 28.44M | 21.11M | 16.24M | 11.42M | 6.32M | 4.33M | 3.99M | 3.75M | 4.03M | 2.21M | -2.82M | -2.7M | -520K | 578K | 1.14M |
| Pretax Margin % | 31.46% | 30.12% | 25.87% | 20.4% | 17.01% | 22.2% | 21.15% | 18.49% | 26.94% | 20.92% | 18.22% | 14.58% | 8.89% | 6.71% | 7.04% | 6.5% | 7.18% | 4.35% | -5.79% | -6.52% | -1.5% | 1.88% | 4.36% |
| Income Tax | 18.21M | 17.45M | 12.84M | 9.37M | 6.85M | 7.38M | 6.14M | 3.75M | 5.5M | 3.93M | 5.65M | 3.67M | 2.4M | 1.13M | 1.42M | 1.61M | -1.99M | 617K | 493K | 232K | 652K | 523K | 214K |
| Effective Tax Rate % | 22.59% | 23.21% | 22.57% | 23.74% | 24.93% | 21.52% | 22.43% | 17.27% | 19.34% | 18.62% | 34.8% | 32.09% | 38.05% | 26.02% | 35.61% | 42.88% | -49.39% | 27.86% | -17.48% | -8.59% | -125.38% | 90.48% | 18.76% |
| Net Income | 62.4M | 57.73M | 44.04M | 30.11M | 20.64M | 26.91M | 21.22M | 17.93M | 22.94M | 17.18M | 10.59M | 7.76M | 3.92M | 3.2M | 2.57M | 2.14M | 6.01M | 1.6M | -3.31M | -2.93M | -1.17M | 55K | 927K |
| Net Margin % | 24.35% | 23.13% | 20.03% | 15.56% | 12.77% | 17.42% | 16.4% | 15.3% | 21.73% | 17.03% | 11.88% | 9.9% | 5.51% | 4.96% | 4.53% | 3.72% | 10.73% | 3.14% | -6.8% | -7.08% | -3.38% | 0.18% | 3.54% |
| Net Income Growth % | 38.17% | 31.1% | 46.28% | 45.89% | -23.31% | 26.8% | 18.32% | -21.83% | 33.57% | 62.2% | 36.5% | 98.16% | 22.27% | 24.54% | 19.97% | -64.36% | 276.28% | 148.22% | -12.95% | -150.34% | -2230.91% | -94.07% | - |
| Net Income (Continuing) | 62.4M | 57.73M | 44.04M | 30.11M | 20.64M | 26.91M | 21.22M | 17.93M | 22.94M | 17.18M | 10.59M | 7.76M | 3.92M | 3.2M | 2.57M | 2.14M | 6.01M | 1.6M | -3.31M | -2.93M | -1.17M | 55K | 927K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.71 | 2.52 | 1.93 | 1.34 | 0.93 | 1.25 | 1.04 | 0.88 | 1.13 | 0.86 | 0.55 | 0.42 | 0.23 | 0.20 | 0.16 | 0.13 | 0.37 | 0.10 | -0.21 | -0.19 | -0.12 | 0.01 | 0.10 |
| EPS Growth % | 36.87% | 30.57% | 44.03% | 44.09% | -25.6% | 20.19% | 18.18% | -22.12% | 31.4% | 56.36% | 30.95% | 82.61% | 15% | 25% | 23.08% | -64.86% | 270% | 147.62% | -10.53% | -58.33% | -1300% | -90% | - |
| EPS (Basic) | - | 2.55 | 1.96 | 1.36 | 0.94 | 1.27 | 1.05 | 0.91 | 1.18 | 0.91 | 0.57 | 0.44 | 0.24 | 0.21 | 0.17 | 0.14 | 0.38 | 0.10 | -0.21 | -0.19 | -0.12 | 0.01 | 0.10 |
| Diluted Shares Outstanding | 23.03M | 22.93M | 22.78M | 22.42M | 22.17M | 21.48M | 20.48M | 20.33M | 20.24M | 20.03M | 19.24M | 18.32M | 17.01M | 15.76M | 15.64M | 15.99M | 16.11M | 15.92M | 15.57M | 15.4M | 9.9M | 8.7M | 8.35M |
| Basic Shares Outstanding | 22.8M | 22.64M | 22.45M | 22.22M | 21.98M | 21.16M | 20.25M | 19.81M | 19.43M | 18.96M | 18.48M | 17.76M | 16.61M | 15.32M | 15.19M | 15.46M | 15.63M | 15.69M | 15.57M | 15.4M | 9.9M | 8.25M | 7.94M |
| Dividend Payout Ratio | - | 31.37% | 32.65% | 41.35% | 53.25% | 34.7% | 36.26% | 37.56% | 23.73% | 24.33% | 31.38% | 36.67% | 58.95% | 57.4% | 59.04% | 57.72% | - | - | - | - | - | - | - |
Regulatory and reimbursement concentration
According to the provided quarterly data, LMAT has maintained a steady revenue growth trajectory, with the most recent quarter reporting $66.6M in revenue, representing an 11.2% year-over-year increase, which suggests that the company's specialized vascular product portfolio continues to capture consistent demand within its targeted surgical niches.
The revenue growth appears durable, supported by the non-elective nature of the underlying vascular procedures. Investors should monitor whether this growth is primarily driven by price increases or volume expansion, as reliance on the former may eventually face resistance from hospital procurement departments.
As reported in financial statements, LMAT's gross margin has consistently hovered near the 70% threshold, reaching 72.7% in 2026Q1, which indicates that the company possesses significant pricing power derived from its specialized, low-volume product categories that lack direct competition from larger, diversified medical device manufacturers.
This high margin profile suggests that the company's biological tissue and surgical tool portfolio is effectively insulated from the commoditization pressures seen in broader medtech. The stability of these margins warrants further investigation into whether future regulatory compliance costs might compress this structural advantage.
Based on the income statement figures, LMAT has demonstrated effective operating leverage, with operating income rising to $17.8M in 2026Q1 from $10.2M in 2023Q4, suggesting that the company is successfully scaling its direct sales force infrastructure without incurring disproportionate increases in overhead expenses relative to revenue growth.
The ability to expand operating margins while maintaining a high-touch sales model implies that the company is achieving greater productivity per representative. However, investors should monitor whether wage inflation for specialized sales talent begins to outpace the revenue gains, which could threaten this positive operating leverage trend.
Data from recent filings indicates that LMAT's net income growth has largely tracked with operating performance, with 2026Q1 net income reaching $15.7M, suggesting that earnings quality remains high as the company avoids significant non-operating distortions or excessive reliance on stock-based compensation to drive reported EPS figures.
The modest levels of stock-based compensation relative to net income suggest a management team focused on shareholder alignment rather than dilution. The absence of significant non-operating items further supports the view that the reported EPS reflects the core operational health of the vascular device business.
While the company's performance appears robust, a critical counter-analysis suggests that the reliance on open vascular surgery tools may face long-term headwinds as endovascular interventions continue to evolve, potentially shrinking the total addressable market for LMAT's core product lines over the coming decade.
Short-term investors should be wary of the potential for margin compression if the company is forced to increase R&D spending to defend its market share against newer, less invasive technologies. The current valuation may be assuming a terminal growth rate that does not fully account for these potential shifts in the standard of care.
Quick answers to the most common questions about buying LMAT stock.
For fiscal year 2025, LeMaitre Vascular, Inc. (LMAT) reported total revenue of $249.6M. This represents a 853.3% increase compared to $26.2M in 2004.
LeMaitre Vascular, Inc. (LMAT) is profitable, generating $57.7M in net income for the fiscal year ending 2025 with a net profit margin of 23.1%.
LeMaitre Vascular, Inc. (LMAT) reported an operating income of $67.9M, resulting in an operating profit margin of 27.2%. This margin reflects the operational efficiency of the business before interest and taxes.
LeMaitre Vascular, Inc. (LMAT) generated $178.5M in gross profit for the year, representing a gross profit margin of 71.5%. This demonstrates the company's core pricing power and production efficiency.