LMAT

MKT CAP:$3B

LeMaitre Vascular, Inc.

Market Cap

$3B

Healthcare·Medical - Instruments & Supplies·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$113.12+$32.95 (+41.10%)

Apr 23, 2026

Company Details

LeMaitre 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 blo...

CEO

George W. LeMaitre

IPO Date

Oct 19, 2006

Website

www.lemaitre.com

Key Metrics TTM

Revenue

$250M

+13.5% YoY

Net Income

$58M

EPS (Diluted)

$2.51

Free Cash Flow

$74M

Revenue / Share

$10.87

Gross Margin

71.5%

Operating Margin

27.2%

Net Margin

23.1%

FCF Margin

29.8%

P/S

10.3x

P/E

44.7x

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 26, 2026

$250M+13.5%EPS $2.52

Q4 2025

Feb 26, 2026

$64M+15.7%EPS $0.68

Q3 2025

Nov 7, 2025

$61M+11.4%EPS $0.75

Q2 2025

Aug 6, 2025

$64M+15.0%EPS $0.60

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$40M	$26M	$8M
Q2 22	$42M	$28M	$6M
Q3 22	$39M	$25M	$6M
Q4 22	$41M	$26M	$7M
Q1 23	$47M	$31M	$8M
Q2 23	$50M	$32M	$9M
Q3 23	$47M	$31M	$9M
Q4 23	$49M	$33M	$10M
Q1 24	$53M	$37M	$12M
Q2 24	$56M	$38M	$14M
Q3 24	$55M	$37M	$13M
Q4 24	$56M	$39M	$13M
Q1 25	$60M	$41M	$13M
Q2 25	$64M	$45M	$16M
Q3 25	$61M	$46M	$20M
Q4 25	$64M	$46M	$19M

Valuation

Quarter	P/S	P/E
Q1 22	16.3x	95.6x
Q2 22	16.2x	116.1x
Q3 22	16.1x	121.9x
Q4 22	16.0x	125.1x
Q1 23	15.3x	125.1x
Q2 23	14.6x	102.4x
Q3 23	13.9x	94.7x
Q4 23	13.3x	85.8x
Q1 24	12.9x	76.0x
Q2 24	12.6x	68.5x
Q3 24	12.1x	62.5x
Q4 24	11.7x	58.6x
Q1 25	11.4x	57.2x
Q2 25	11.0x	54.8x
Q3 25	10.7x	48.4x
Q4 25	10.3x	44.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$5M	$4M
Q2 22	$9M	$8M
Q3 22	$7M	$7M
Q4 22	$4M	$3M
Q1 23	$2M	$149.0K
Q2 23	$12M	$9M
Q3 23	$12M	$11M
Q4 23	$11M	$9M
Q1 24	$5M	$4M
Q2 24	$10M	$8M
Q3 24	$14M	$13M
Q4 24	$15M	$13M
Q1 25	$9M	$8M
Q2 25	$20M	$19M
Q3 25	$29M	$26M
Q4 25	$23M	$21M

Capital Expenditures

Quarter	CapEx
Q1 22	$536.0K
Q2 22	$973.0K
Q3 22	$460.0K
Q4 22	$1M
Q1 23	$2M
Q2 23	$3M
Q3 23	$1M
Q4 23	$1M
Q1 24	$1M
Q2 24	$2M
Q3 24	$2M
Q4 24	$2M
Q1 25	$1M
Q2 25	$1M
Q3 25	$2M
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+10.2%	+13.2%
Q2 22	+3.5%	+22.9%
Q3 22	+1.7%	+12.2%
Q4 22	+3.7%	+8.9%
Q1 23	+19.0%	+23.9%
Q2 23	+19.0%	+11.9%
Q3 23	+21.5%	+16.3%
Q4 23	+19.4%	+13.8%
Q1 24	+13.6%	+6.1%
Q2 24	+11.4%	+2.0%
Q3 24	+15.6%	+9.0%
Q4 24	+14.0%	+10.8%
Q1 25	+12.0%	+13.6%
Q2 25	+15.0%	+16.0%
Q3 25	+11.4%	-2.2%
Q4 25	+15.7%	+6.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$1M	2.9%
Q2 22	$1M	2.7%
Q3 22	$1M	3.0%
Q4 22	$0	0.0%
Q1 23	$1M	2.7%
Q2 23	$1M	2.6%
Q3 23	$1M	2.8%
Q4 23	$1M	2.9%
Q1 24	$2M	—
Q2 24	$2M	2.9%
Q3 24	$2M	2.9%
Q4 24	$2M	3.1%
Q1 25	$2M	3.4%
Q2 25	$2M	3.0%
Q3 25	$2M	2.9%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$3M	$7M	$8M
Q2 22	$3M	$7M	$8M
Q3 22	$3M	$7M	$8M
Q4 22	$4M	$7M	$9M
Q1 23	$4M	$8M	$11M
Q2 23	$5M	$8M	$10M
Q3 23	$4M	$8M	$10M
Q4 23	$4M	$8M	$10M
Q1 24	$4M	$9M	$12M
Q2 24	$4M	$9M	$11M
Q3 24	$4M	$9M	$11M
Q4 24	$4M	$9M	$13M
Q1 25	$4M	$10M	$14M
Q2 25	$4M	$10M	$15M
Q3 25	$3M	$11M	$12M
Q4 25	$4M	$10M	$13M

Revenue Segments

Quarter	Operating Segments
Q1 25	$60M
Q2 25	$64M
Q3 25	$61M

Revenue by Geography

Quarter	Americas	Asia Pacific	Emea	Canada	Germany	Other Countries	United States
Q1 22	$27M	$3M	$10M	—	—	—	—
Q2 22	$29M	$3M	$11M	—	—	—	—
Q3 22	—	—	—	$2M	$3M	$9M	$24M
Q4 22	$27M	$3M	$11M	—	—	—	—
Q1 23	$32M	$3M	$12M	—	—	—	—
Q2 23	$34M	$3M	$14M	—	—	—	—
Q2 24	$37M	$4M	$15M	—	—	—	—
Q3 24	$36M	$4M	$15M	—	—	—	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$16M	$55M	$71M
Q2 22	$21M	$55M	$76M
Q3 22	$17M	$63M	$80M
Q4 22	$19M	$64M	$83M
Q1 23	$17M	$64M	$81M
Q2 23	$19M	$71M	$90M
Q3 23	$18M	$79M	$97M
Q4 23	$24M	$81M	$105M
Q1 24	$27M	$82M	$108M
Q2 24	$22M	$91M	$113M
Q3 24	$21M	$103M	$124M
Q4 24	$26M	$274M	$300M
Q1 25	$25M	$277M	$303M
Q2 25	$27M	$292M	$319M
Q3 25	$25M	$318M	$343M
Q4 25	$28M	$331M	$359M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	22M	-0.2%	+6.0%
Q2 22	22M	+0.1%	+5.6%
Q3 22	22M	+0.4%	+1.3%
Q4 22	22M	+0.1%	+0.5%
Q1 23	22M	+0.2%	+0.8%
Q2 23	22M	+0.8%	+1.5%
Q3 23	22M	+0.1%	+1.2%
Q4 23	22M	-0.1%	+1.0%
Q1 24	23M	+1.2%	+2.0%
Q2 24	23M	0.0%	+1.2%
Q3 24	23M	+0.5%	+1.6%
Q4 24	23M	+0.3%	+2.0%
Q1 25	23M	-0.0%	+0.8%
Q2 25	23M	-0.0%	+0.7%
Q3 25	24M	+6.6%	+6.8%
Q4 25	23M	-5.8%	+0.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$81.1K	488
Q2 22	$86.3K	488
Q3 22	$80.0K	488
Q4 22	$66.4K	617
Q1 23	$76.3K	617
Q2 23	$81.2K	617
Q3 23	$76.8K	617
Q4 23	$77.6K	630
Q1 24	$84.9K	630
Q2 24	$88.6K	630
Q3 24	$87.0K	630
Q4 24	$83.9K	664
Q1 25	$90.2K	664
Q2 25	$96.7K	664
Q3 25	$91.9K	664
Q4 25	$98.4K	655

Revenue / Employee