LeMaitre Vascular, Inc. (Nasdaq: LMAT) develops, manufactures and sells vascular surgical devices and provides human-tissue cryopreservation services. Its customers are principally vascular surgeons and hospitals. It reports one operating segment.
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A snapshot of what LEMAITRE VASCULAR INC owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001437749-24-006037 | Feb 29, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001437749-25-005637 | Feb 28, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001193125-26-073360 | Feb 26, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
LeMaitre’s specialized surgical portfolio, direct hospital relationships and pricing have supported rising sales and profitability, with international Artegraft expansion adding momentum. However, the quality of improvement varies by period: 2025 benefited from a nonrecurring employee retention credit and unusually favorable working-capital movements, while first-half 2026 profit growth outpaced cash generation. The latest quarterly filing shows continued margin expansion, but also manufacturing-transfer costs and an unresolved Artegraft FDA warning-letter matter with new inspection observations. August guidance was lower than May’s forecast despite continued expected growth. A substantial investment portfolio provides liquidity, but it is not all cash and sits alongside $172.5 million of convertible-note principal. This view covers the supplied evidence through October 24, 2026; planned regulatory, operational and leadership developments are distinguished from completed events.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-05-05 · EX-99.1 · 2026-08-04 · 8-K · 2026-10-09
LeMaitre sells grafts, patches, shunts, catheters, valvulotomes and related devices, alongside RestoreFlow tissue-processing services. Approximately 95% of 2025 sales went directly to hospitals. Management estimates that over 95% involved open surgery and approximately 80% involved vascular surgeons. Biologics represented 53% of 2025 revenue and 55% in the second quarter of 2026. Direct relationships and differentiated products support management’s pricing strategy, although hospital budgets, bundled reimbursement and lower-cost competitors limit that advantage. Geographic sales are revenue breakdowns, not separate profit segments.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
Annual revenue increased from $193.484 million in 2023 to $219.863 million in 2024 and $249.602 million in 2025. Management attributed the latest increase to pricing, shipped volumes, additional sales representatives and Artegraft’s European launch; favorable currency contributed approximately $2.7 million. Gross margin reached 71.5%, but 109 basis points came from the employee retention credit. GAAP operating income was $67.912 million and net income $57.734 million. The subsequent company reconciliation removes $3.380 million of credit-related operating benefit, leaving $64.532 million—not another profit measure to add to GAAP income.
Sources: 10-K · 2025-12-31 · EX-99.1 · 2026-05-05
Operating cash flow reached $81.251 million in 2025, versus $44.124 million in 2024, helped by working-capital consumption falling to approximately $1.7 million from $20.1 million and by credit receipts. That improvement was not solely recurring earnings growth. In first-half 2026, operating cash flow was $31.058 million against $32.729 million of net income; working capital absorbed approximately $12.7 million, and cash taxes and interest payments increased. Equipment purchases used $5.096 million and dividends $11.427 million. These are separate cash uses, not deductions already embedded in operating cash flow.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
At June 30, 2026, cash and equivalents were $26.625 million and separately classified marketable securities were $349.615 million. The December 2024 note issuance helped build this investment pool; it was financing, not operating cash generation. Outstanding principal remained $172.5 million, with a 2.50% coupon and February 1, 2030 maturity unless settled earlier. Conditional conversion and repurchase provisions create possible dilution or cash demands. The $100 million share-repurchase authorization remained unused at the August 5 filing; employee withholding transactions were not program buybacks.
Sources: 10-K · 2024-12-31 · 10-Q · 2026-06-30
The August 5, 2026 quarterly filing reported second-quarter sales of $70.382 million and operating income of $20.399 million, below the May forecast ranges. First-half revenue was $136.933 million. Pricing, volumes and Artegraft supported growth, while catheter comparisons reflected elevated recall-related sales in 2025. Ending lower-margin Elutia distribution reduced sales but improved mix. The quarterly filing also identifies manufacturing inefficiencies, qualifying the release’s broader efficiency explanation. On August 4, full-year guidance fell to sales of $274.3–278.3 million, operating income of $75.3–78.2 million and EPS of $2.84–2.94. No complete causal bridge for that reduction was supplied.
Sources: EX-99.1 · 2026-05-05 · EX-99.1 · 2026-08-04 · 10-Q · 2026-06-30
The Artegraft FDA matter was not reported closed: June 2026 reinspection identified new observations without commenting on earlier findings. Management reported no sales disruption or material financial impact to date, while anticipating further remediation effort and possible inspection. The January 2026 cyber incident’s data investigation remained ongoing at the annual filing; later quarterly silence does not establish closure. Concentrated manufacturing, limited suppliers, tissue donations and open-surgery substitution remain important dependencies. RestoreFlow’s Burlington transfer was expected by year-end 2026, not completed. President David Roberts’s October retirement notice likewise concerned a future December 31 departure from employment, with intended continued board service.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-10-09
USD 249.602 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 249.602 m | 13.5% |
| 2024 | USD 219.863 m | 13.6% |
| 2023 | USD 193.484 m | — |
Consolidated device and tissue-service revenue, net of discounts, returns and applicable allowances.
Sources: 10-K · 2025-12-31
USD 57.734 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 57.734 m | 31.1% |
| 2024 | USD 44.038 m | 46.3% |
| 2023 | USD 30.105 m | — |
Consolidated GAAP earnings after income taxes.
Sources: 10-K · 2025-12-31
USD 81.251 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 81.251 m | 84.1% |
| 2024 | USD 44.124 m | 20.1% |
| 2023 | USD 36.751 m | — |
GAAP operating cash flow after noncash adjustments and operating working-capital changes.
Sources: 10-K · 2025-12-31
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