LEMAITRE VASCULAR INC LMAT
We are a global provider of medical devices and human tissue cryopreservation services largely used in the treatment of peripheral vascular disease, end-stage renal disease, and cardiovascular disease. We develop, manufacture, and market vascular devices to address the needs of vascular surgeons and, to a lesser degree, other specialties such as cardiac surgeons, general surgeons, and neurosurgeons. Our diversified portfolio of devices consists of brand name products that are used in arteries and veins and are well known to vascular surgeons. Our principal product offerings are sold globally, primarily in the United States, Europe, Canada and Asia Pacific. We estimate that the annual worldwide market for peripheral vascular devices exceeds $9 billion, within which we estimate that the market for our products is approximately $1 billion.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $249.6M | $219.9M | $193.5M | $161.7M | $154.4M | $129.4M | $117.2M | $105.6M | $100.9M | $89.2M |
| Cost of revenue | $71.1M | $69.0M | $66.4M | $56.8M | $53.0M | $44.7M | $37.4M | $31.6M | $30.2M | $26.2M |
| Gross profit | $178.5M | $150.9M | $127.0M | $104.9M | $101.4M | $84.6M | $79.9M | $73.9M | $70.7M | $62.9M |
| R&D | $14.1M | $15.7M | $17.0M | $13.3M | $11.8M | $10.1M | $9.3M | $8.2M | $6.6M | $6.1M |
| SG&A | $42.0M | $36.3M | $31.8M | $28.7M | $25.5M | $22.5M | $19.1M | $17.7M | $17.0M | $14.4M |
| Total operating expenses | $110.6M | $98.6M | $90.3M | $78.1M | $65.0M | $55.8M | $58.7M | $45.7M | $49.6M | $46.6M |
| Operating income | $67.9M | $52.3M | $36.7M | $26.8M | $36.4M | $28.8M | $21.2M | $28.2M | $21.1M | $16.3M |
| Interest expense | $5.2M | $205.0K | $0 | $0 | $2.2M | $1.3M | $0 | $2.0K | $21.0K | $14.0K |
| Pre-tax income | $75.2M | $56.9M | $39.5M | $27.5M | $34.3M | $27.4M | $21.7M | $28.4M | $21.1M | $16.2M |
| Income tax | $17.4M | $12.8M | $9.4M | $6.9M | $7.4M | $6.1M | $3.7M | $5.5M | $3.9M | $5.7M |
| Net income | $57.7M | $44.0M | $30.1M | $20.6M | $26.9M | $21.2M | $17.9M | $22.9M | $17.2M | $10.6M |
| EPS, basic | 2.55 | 1.96 | 1.36 | 0.94 | 1.27 | 1.05 | 0.91 | 1.18 | 0.91 | 0.57 |
| EPS, diluted | 2.52 | 1.93 | 1.34 | 0.93 | 1.25 | 1.04 | 0.88 | 1.13 | 0.86 | 0.55 |
| Shares, diluted (wtd. avg.) | $22.9M | $22.8M | $22.4M | $22.2M | $21.5M | $20.5M | $20.3M | $20.2M | $20.0M | $19.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $28.2M | $25.6M | $24.3M | $19.1M | $13.9M | $26.8M | $11.8M | $26.3M | $19.1M | $24.3M |
| Short-term investments | $330.9M | $274.1M | $80.8M | $63.6M | $56.1M | $214.0K | — | — | — | — |
| Receivables | $33.6M | $30.1M | $25.1M | $22.0M | $19.6M | $19.6M | $16.6M | $15.7M | $15.0M | $13.2M |
| Inventory | — | — | — | — | — | — | — | — | — | $19.6M |
| Total current assets | $468.2M | $402.2M | $194.6M | $161.7M | $139.9M | $94.3M | $92.1M | $94.0M | $80.3M | $59.0M |
| Property, plant and equipment | $27.0M | $24.8M | $21.8M | $17.9M | $17.1M | $15.0M | $14.9M | $14.1M | $12.4M | $8.0M |
| Goodwill | $65.9M | $65.9M | $65.9M | $65.9M | $65.9M | $65.9M | $40.0M | $29.9M | $23.8M | $23.4M |
| Other intangibles | $33.1M | $35.8M | $41.7M | $46.5M | $52.7M | $58.9M | $24.9M | $13.7M | $8.2M | $9.9M |
| Total assets | $615.7M | $551.8M | $346.8M | $310.5M | $292.8M | $252.8M | $188.3M | $153.1M | $126.3M | $101.9M |
| Accounts payable | $3.6M | $1.8M | $3.7M | $2.9M | $2.3M | $2.4M | $2.6M | $1.7M | $1.5M | $1.2M |
| Total current liabilities | $36.3M | $30.6M | $29.9M | $25.3M | $21.8M | $25.1M | $20.9M | $19.8M | $13.2M | $10.5M |
| Total liabilities | $222.2M | $214.5M | $48.9M | $42.3M | $38.7M | $80.2M | $40.2M | $22.9M | $16.6M | $14.4M |
| Retained earnings | $184.7M | $145.1M | $115.4M | $97.8M | $88.1M | $70.6M | $57.0M | $45.8M | $28.3M | $15.3M |
| Total equity | $393.5M | $337.3M | $297.9M | $268.2M | $254.2M | $172.6M | $148.1M | $130.2M | $109.8M | $87.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $81.3M | $44.1M | $36.8M | $25.4M | $35.1M | $34.8M | $14.2M | $19.5M | $22.9M | $16.9M |
| Depreciation and amortisation | $10.4M | $9.6M | $9.5M | $9.4M | $11.1M | $8.4M | $5.4M | $4.3M | $4.1M | $3.6M |
| Stock-based compensation | $7.8M | $6.6M | $5.3M | $4.2M | $3.5M | $3.0M | $2.6M | $2.3M | $2.3M | $1.7M |
| Capital expenditure | $6.8M | $7.0M | $7.3M | $3.2M | $4.9M | $3.0M | $3.8M | $3.1M | $6.4M | $2.8M |
| Investing cash flow | -$64.9M | -$200.1M | -$24.7M | -$10.4M | -$61.1M | -$52.9M | -$24.1M | -$7.1M | -$29.0M | -$17.2M |
| Financing cash flow | -$14.5M | $158.1M | -$7.1M | -$9.2M | $13.7M | $32.2M | -$4.6M | -$4.4M | $80.0K | -$2.6M |
| Dividends paid | $18.1M | $14.4M | $12.4M | $11.0M | $9.3M | $7.7M | $6.7M | $5.4M | $4.2M | $3.3M |
| Buybacks | $1.8M | $1.7M | $853.0K | $642.0K | $802.0K | $570.0K | $683.0K | $741.0K | $778.0K | $311.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-153877.
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