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LMAT

LeMaitre Vascular NasdaqGM:LMAT Stock Report

Last Price

US$50.93

Market Cap

US$1.1b

7D

3.1%

1Y

-5.5%

Updated

28 Sep, 2022

Data

Company Financials +
LMAT fundamental analysis
Snowflake Score
Valuation1/6
Future Growth2/6
Past Performance2/6
Financial Health6/6
Dividends4/6

LMAT Stock Overview

LeMaitre Vascular, Inc. designs, markets, sells, services, and supports medical devices and implants for the treatment of peripheral vascular disease worldwide.

LeMaitre Vascular Competitors

Price History & Performance

Summary of all time highs, changes and price drops for LeMaitre Vascular
Historical stock prices
Current Share PriceUS$50.93
52 Week HighUS$56.47
52 Week LowUS$38.32
Beta1.19
1 Month Change3.79%
3 Month Change11.81%
1 Year Change-5.48%
3 Year Change60.11%
5 Year Change33.46%
Change since IPO721.45%

Recent News & Updates

Sep 13
LeMaitre Vascular (NASDAQ:LMAT) Could Be Struggling To Allocate Capital

LeMaitre Vascular (NASDAQ:LMAT) Could Be Struggling To Allocate Capital

If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...

Sep 08

LeMaitre Vascular: Reiterate Buy Thesis Following Strong Q2 Numbers

Summary We reiterate the buy call on LeMaitre Vascular. The company's capital management strategies continue to yield double-digit ROI from its invested capital. With $75mm on the balance sheet, management notes the strategy is focused on acquisitions looking ahead. Q2 numbers came in strong and we value shares at $63. Investment summary We continue to advocate the buy thesis on LeMaitre Vascular, Inc. (LMAT) based on compelling long-term value. We are long-term holders of LMAT and were pleased with the company's most recent set of numbers. After gyrating within a narrow range from February–June, the stock has caught a bid since the June/July bounce in equities and has retraced at least 50% of its 12-month downside. We estimate LMAT is positioned well to capitalize on favourable trends within the capital budgeting cycle in the health care sector, and will continue unlocking long-term shareholder value. Rate buy at $63.92 valuation. Exhibit 1. After a consolidation period reaching 52-week lows of $38, LMAT has retraced ~50% of the entire downward leg. Moreover, long-term trend indicators [shown here via on balance volume] are supportive of additional weight into the upside move. This is important information about the market's psychology around the stock. Note: 12-month price action shown in Fibonacci retracement. Shares now look to test $50 after several days in this range. A 100% retracement would see the LMAT share price nudge to approx. $60.50. (Data: HB Insights; Refinitiv Eikon) Capital allocation key upside driver Whilst we've downgraded equities in our strategic allocation, LMAT has remained a key position within the equity risk budget. It was pleasing to see, therefore, another quarterly double-digit ROIC on net operating profit after tax ("NOPAT") of $5.63mm. This is down on sequential periods [$6.29mm in Q1 FY21; $8.82mm in Q2 FY21] but we also note higher variable expenditures tied into OPEX secondary to the company's higher revenue print. Nevertheless, as seen in Exhibit 2, return on investment trends have remained buoyant on a TTM basis since FY15, and have recovered from the pandemic. Despite a narrowing in both NOPAT and ROIC since FY21, LMAT still printed 9.92% return from its invested capital last quarter. Exhibit 2. TTM ROIC continues to remain top-heavy whilst NOPAT has tightened up on higher OPEX, yet still above pre-pandemic numbers. We have here a cash compounder that has secured a 3-year average 12.3% ROIC, whilst the balance sheet remains debt free. Note: Return on Invested Capital is calculated with R&D investment capitalized from the income statement as intangible onto the balance sheet. We assume a 5-year useful life and straight-line amortization. This results in an increase in quarterly invested capital, but marginal change to ROIC. (Data: HB Insights; LMAT SEC Filings) LMAT clipped $9.2mm in cash from operations for the quarter as well bringing its cash balance to $75.7mm [+670bps YoY]. This creates an interesting dilemma for the company moving forward. It paid out $2.7mm in dividends during the quarter at $0.13/share [grown for 11 consecutive years], although this is paltry in comparison to what its balance sheet is capable of. Management notes the capital allocation strategy looking ahead is targeted at acquisitions. Per CFO, David Roberts on the Q2 earnings call: "...we do think valuations are slowly coming down. We saw that PE firm take Natus private for less than 3x sales... our team is out hunting as we always do for these core open vascular products, disposables and implantables with, I don't know, $10 million or more of revenue ideally in rivalry markets. So while hunting, we have a pipeline, but things have to go correctly for us to pull the trigger." As seen in Exhibit 3, the company's capital budgeting cycle has been well reflected into its market price, and this demonstrates strong fundamental momentum into a weakening economic climate. Acquisitions moving forward would likely add to the company's $70.8mm in identified intangibles, that are well defined in the latest set of numbers, seen in Exhibit 4. Exhibit 3. Market cap and Enterprise value have been well tied to the company's capital budgeting cycle Note: Market cap. and Enterprise Value are reflected as one composite. (Data: HB Insights, LMAT SEC Filings)

Aug 23

LeMaitre Vascular goes ex dividend tomorrow

LeMaitre Vascular (NASDAQ:LMAT) has declared $0.125/share quarterly dividend, in line with previous. Payable Sept. 8; for shareholders of record Aug. 25; ex-div Aug. 24. See LMAT Dividend Scorecard, Yield Chart, & Dividend Growth.

Shareholder Returns

LMATUS Medical EquipmentUS Market
7D3.1%-2.2%-2.0%
1Y-5.5%-30.1%-20.3%

Return vs Industry: LMAT exceeded the US Medical Equipment industry which returned -31.4% over the past year.

Return vs Market: LMAT exceeded the US Market which returned -22.1% over the past year.

Price Volatility

Is LMAT's price volatile compared to industry and market?
LMAT volatility
LMAT Average Weekly Movement4.1%
Medical Equipment Industry Average Movement8.6%
Market Average Movement6.9%
10% most volatile stocks in US Market15.8%
10% least volatile stocks in US Market2.8%

Stable Share Price: LMAT is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: LMAT's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1983469George LeMaitrehttps://www.lemaitre.com

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 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.

LeMaitre Vascular Fundamentals Summary

How do LeMaitre Vascular's earnings and revenue compare to its market cap?
LMAT fundamental statistics
Market CapUS$1.12b
Earnings (TTM)US$22.23m
Revenue (TTM)US$159.54m

50.3x

P/E Ratio

7.0x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
LMAT income statement (TTM)
RevenueUS$159.54m
Cost of RevenueUS$54.95m
Gross ProfitUS$104.59m
Other ExpensesUS$82.36m
EarningsUS$22.23m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)1.01
Gross Margin65.56%
Net Profit Margin13.94%
Debt/Equity Ratio0%

How did LMAT perform over the long term?

See historical performance and comparison

Dividends

1.0%

Current Dividend Yield

46%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is LMAT undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for LMAT?

Other financial metrics that can be useful for relative valuation.

LMAT key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue6.6x
Enterprise Value/EBITDA23.7x
PEG Ratio2.9x

Price to Earnings Ratio vs Peers

How does LMAT's PE Ratio compare to its peers?

LMAT PE Ratio vs Peers
The above table shows the PE ratio for LMAT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average26.6x
VREX Varex Imaging
33.7x28.5%US$871.9m
ATRC AtriCure
34.4x8.8%US$1.8b
ITGR Integer Holdings
28.2x27.6%US$2.1b
ENOV Enovis
10.2x-28.4%US$2.6b
LMAT LeMaitre Vascular
50.3x17.2%US$1.1b

Price-To-Earnings vs Peers: LMAT is expensive based on its Price-To-Earnings Ratio (50.3x) compared to the peer average (26.6x).


Price to Earnings Ratio vs Industry

How does LMAT's PE Ratio compare vs other companies in the US Medical Equipment Industry?

Price-To-Earnings vs Industry: LMAT is expensive based on its Price-To-Earnings Ratio (50.3x) compared to the US Medical Equipment industry average (31.9x)


Price to Earnings Ratio vs Fair Ratio

What is LMAT's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

LMAT PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio50.3x
Fair PE Ratio26.5x

Price-To-Earnings vs Fair Ratio: LMAT is expensive based on its Price-To-Earnings Ratio (50.3x) compared to the estimated Fair Price-To-Earnings Ratio (26.5x).


Share Price vs Fair Value

What is the Fair Price of LMAT when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: LMAT ($50.93) is trading below our estimate of fair value ($54.31)

Significantly Below Fair Value: LMAT is trading below fair value, but not by a significant amount.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is less than 20% higher than the current share price.


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Future Growth

How is LeMaitre Vascular forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


17.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: LMAT's forecast earnings growth (17.2% per year) is above the savings rate (1.9%).

Earnings vs Market: LMAT's earnings (17.2% per year) are forecast to grow faster than the US market (14.8% per year).

High Growth Earnings: LMAT's earnings are forecast to grow, but not significantly.

Revenue vs Market: LMAT's revenue (6.7% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: LMAT's revenue (6.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: LMAT's Return on Equity is forecast to be low in 3 years time (11.2%).


Discover growth companies

Past Performance

How has LeMaitre Vascular performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


9.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: LMAT has high quality earnings.

Growing Profit Margin: LMAT's current net profit margins (13.9%) are lower than last year (19.1%).


Past Earnings Growth Analysis

Earnings Trend: LMAT's earnings have grown by 9.1% per year over the past 5 years.

Accelerating Growth: LMAT's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: LMAT had negative earnings growth (-22.7%) over the past year, making it difficult to compare to the Medical Equipment industry average (0.6%).


Return on Equity

High ROE: LMAT's Return on Equity (8.6%) is considered low.


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Financial Health

How is LeMaitre Vascular's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: LMAT's short term assets ($148.5M) exceed its short term liabilities ($23.4M).

Long Term Liabilities: LMAT's short term assets ($148.5M) exceed its long term liabilities ($18.0M).


Debt to Equity History and Analysis

Debt Level: LMAT is debt free.

Reducing Debt: LMAT had no debt 5 years ago.

Debt Coverage: LMAT has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: LMAT has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


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Dividend

What is LeMaitre Vascular current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


0.98%

Current Dividend Yield

Dividend Yield vs Market

LeMaitre Vascular Dividend Yield vs Market
How does LeMaitre Vascular dividend yield compare to the market?
SegmentDividend Yield
Company (LeMaitre Vascular)1.0%
Market Bottom 25% (US)1.6%
Market Top 25% (US)4.6%
Industry Average (Medical Equipment)1.9%
Analyst forecast in 3 Years (LeMaitre Vascular)1.0%

Notable Dividend: LMAT's dividend (0.98%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.67%).

High Dividend: LMAT's dividend (0.98%) is low compared to the top 25% of dividend payers in the US market (4.69%).


Stability and Growth of Payments

Stable Dividend: LMAT's dividends per share have been stable in the past 10 years.

Growing Dividend: LMAT's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (46.2%), LMAT's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (37.7%), LMAT's dividend payments are well covered by cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

15.2yrs

Average management tenure


CEO

George LeMaitre (57 yo)

30.25yrs

Tenure

US$1,982,030

Compensation

Mr. George W. LeMaitre has been Chief Executive Officer of Lemaitre Vascular, Inc. since June 1992 and has been its Chairman since 2004. Mr. LeMaitre served as the President of Lemaitre Vascular from June...


CEO Compensation Analysis

George LeMaitre's Compensation vs LeMaitre Vascular Earnings
How has George LeMaitre's remuneration changed compared to LeMaitre Vascular's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

US$22m

Mar 31 2022n/an/a

US$27m

Dec 31 2021US$2mUS$473k

US$27m

Sep 30 2021n/an/a

US$28m

Jun 30 2021n/an/a

US$29m

Mar 31 2021n/an/a

US$24m

Dec 31 2020US$1mUS$311k

US$21m

Sep 30 2020n/an/a

US$19m

Jun 30 2020n/an/a

US$16m

Mar 31 2020n/an/a

US$18m

Dec 31 2019US$1mUS$438k

US$18m

Sep 30 2019n/an/a

US$19m

Jun 30 2019n/an/a

US$18m

Mar 31 2019n/an/a

US$23m

Dec 31 2018US$1mUS$438k

US$23m

Sep 30 2018n/an/a

US$21m

Jun 30 2018n/an/a

US$22m

Mar 31 2018n/an/a

US$18m

Dec 31 2017US$889kUS$162k

US$17m

Sep 30 2017n/an/a

US$15m

Jun 30 2017n/an/a

US$14m

Mar 31 2017n/an/a

US$12m

Dec 31 2016US$1mUS$341k

US$11m

Sep 30 2016n/an/a

US$11m

Jun 30 2016n/an/a

US$9m

Mar 31 2016n/an/a

US$9m

Dec 31 2015US$818kUS$328k

US$8m

Compensation vs Market: George's total compensation ($USD1.98M) is below average for companies of similar size in the US market ($USD4.14M).

Compensation vs Earnings: George's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Leadership Team

Experienced Management: LMAT's management team is seasoned and experienced (15.2 years average tenure).


Board Members

Experienced Board: LMAT's board of directors are seasoned and experienced ( 16.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: LMAT insiders have only sold shares in the past 3 months.


Recent Insider Transactions

NasdaqGM:LMAT Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
17 Aug 22SellUS$1,438,338George LeMaitreIndividual26,568US$54.65
15 Aug 22SellUS$3,235,043George LeMaitreIndividual58,632US$55.89
09 Aug 22SellUS$149,687Joseph PellegrinoIndividual2,740US$54.63
02 Mar 22SellUS$112,932Trent KamkeIndividual2,342US$48.22

Ownership Breakdown

What is the ownership structure of LMAT?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders2,546,45711.5%
Institutions19,589,86588.5%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 82.22% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
14.76%
BlackRock, Inc.
3,241,096$165.1m2.07%no data
11.22%
George LeMaitre
2,464,060$125.5m-3.34%no data
8.45%
Conestoga Capital Advisors, LLC
1,855,786$94.5m-1.28%1.74%
6.62%
The Vanguard Group, Inc.
1,453,803$74.0m1.93%no data
5.52%
Copeland Capital Management, LLC
1,212,306$61.7m-0.22%1.96%
4.08%
Ranger Investment Management, L.P.
895,459$45.6m33.57%3.4%
3.85%
Nationwide Fund Advisors
845,757$43.1m-1.13%0.3%
3.43%
State Street Global Advisors, Inc.
754,066$38.4m6.24%no data
3.1%
Dimensional Fund Advisors LP
680,540$34.7m-1.26%0.01%
2.1%
Cramer Rosenthal McGlynn, LLC
461,403$23.5m0%1.05%
1.75%
Geode Capital Management, LLC
385,335$19.6m9.65%no data
1.66%
Summit Creek Advisors, LLC
363,739$18.5m0.04%2.32%
1.61%
Russell Investment Management, LLC
353,049$18.0m9.5%0.03%
1.58%
Voya Investment Management LLC
348,075$17.7m2.12%0.04%
1.48%
Grandeur Peak Global Advisors, LLC
324,180$16.5m-0.09%0.37%
1.32%
Kennedy Capital Management, Inc.
290,466$14.8m-27.66%0.41%
1.28%
Columbia Management Investment Advisers, LLC
280,546$14.3m2.76%no data
1.27%
Northern Trust Global Investments
278,958$14.2m0.12%no data
1.21%
Rice Hall James & Associates, LLC
266,754$13.6m1.86%0.65%
1.1%
BNY Mellon Asset Management
242,269$12.3m3.57%no data
1.05%
AWM Investment Company Inc
230,000$11.7m0%1.74%
1.04%
D.F. Dent and Company, Inc.
227,378$11.6m10%0.16%
1%
Bahl & Gaynor, Inc.
219,228$11.2m1.42%0.07%
0.91%
Scout Investments, Inc.
200,376$10.2m2.98%0.2%
0.84%
ProShare Advisors LLC
184,225$9.4m-14.18%0.03%

Company Information

LeMaitre Vascular, Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: LeMaitre Vascular, Inc.
  • Ticker: LMAT
  • Exchange: NasdaqGM
  • Founded: 1983
  • Industry: Health Care Equipment
  • Sector: Healthcare
  • Implied Market Cap: US$1.119b
  • Shares outstanding: 21.96m
  • Website: https://www.lemaitre.com

Number of Employees


Location

  • LeMaitre Vascular, Inc.
  • 63 Second Avenue
  • Burlington
  • Massachusetts
  • 1803
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
LMATNasdaqGM (Nasdaq Global Market)YesCommon StockUSUSDOct 2006
LHUDB (Deutsche Boerse AG)YesCommon StockDEEUROct 2006

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/28 00:00
End of Day Share Price2022/09/28 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.