LEMAITRE VASCULAR INC(LMAT)Stock Analysis
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Rank #384 of 2,879 stocksTOP 25%
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
LMAT Stock Analysis & AI Quality Score
AI stock analysis and institutional research for LEMAITRE VASCULAR INC (LMAT), a Healthcare sector company. 13F Pro's AI-powered ranking engine scores LMAT at 69.1/100 on a 32-signal composite quality model, placing it at rank #384 of 2,879 stocks — the top 25% of the AI-ranked universe. LMAT scores in the top quartile across profitability (88.4), balance sheet strength (85.5), free cash flow (83.2). Areas of concern include revenue scale (27.1), which score below median versus the broader universe. Shareholder dilution risk is elevated at 32.7/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), LEMAITRE VASCULAR INC reports quarterly revenue of $66.6M, net income of $15.7M, an operating margin of 26.7%. Top institutional holders of LMAT by reported 13-F value include BlackRock,, Conestoga Capital Advisors,, FIRST ADVISORS, based on the most recent SEC filings. LMAT trades on the Nasdaq exchange and files with the SEC under CIK 1158895. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate LMAT daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for LEMAITRE VASCULAR INC directly from SEC EDGAR. LEMAITRE VASCULAR INC's 13F Pro composite quality score has ranged between 8 and 78 since 2021, currently 69.1 — an improving long-term trajectory across 56 quarterly and live scoring snapshots.
What's Driving LMAT's Business? Latest 10-Q Breakdown
✓ 19/19 datapoints verifiedAI-extracted from LEMAITRE VASCULAR INC's 10-Q filed 2026-05-06 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Net sales grew 11% to $66.6M in Q1 2026, driven by higher average selling prices, increased unit volumes, and European Artegraft launch; gross margin expanded 350bps to 72.7% from 69.2%.
Biggest Revenue Drivers
Total revenue: $66.6M+11% YoY
Increased graft sales driven by higher volumes and European Artegraft launch in second half of 2025
Increased valvulotome sales across geographies
Increased shunt sales
Patches declined due to Elutia distribution termination; catheters and clips showed modest growth
Largest Expense Items
Decreased despite 11% revenue growth, driven by manufacturing efficiencies and favorable product mix
Higher compensation and related expenses from increased sales force headcount (158 reps, +3% YoY) and wage increases
Increased compensation and related expenses, general supplies, and professional fees from higher headcount and wage increases
Lower third-party service fees for MDR-related activities, partially offset by increased compensation and general supplies
Margins: Gross margin expanded 350bps to 72.7% from 69.2%, driven by sales price increases, greater manufacturing efficiencies, and favorable product mix from discontinued lower-margin porcine patches. Operating income increased 41% to $17.8M, demonstrating strong leverage as revenue growth outpaced operating expense growth of 6%.
Watch Items from the Filing
- International revenue concentration: 44% of Q1 2026 sales generated outside the US, primarily in non-USD currencies, exposing company to foreign exchange volatility.
- Product discontinuations reducing revenue: Elutia porcine patches ($1.8M 2025 revenue), CardioCel 3D/DuraSure ($0.5M), and AnastoClip AC ($0.7M) terminated; distributor transitions (Portugal, Czechia) ongoing.
- $172.5M convertible senior notes due February 1, 2030 at 2.50% coupon; conversion price ~$119.41/share (as adjusted for dividends); fair value $194.6M as of March 31, 2026.
- Manufacturing consolidation in progress: Fox River Grove allograft tissue processing transition to Burlington expected complete by end of 2026; potential operational disruption and costs.
- ERP system implementation ongoing with $4.6M net capitalized costs; phased rollout to international locations expected to continue, introducing process change and control risks.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Revenue
Q1 2026
$66.6M
Net Income
Q1 2026
$15.7M
Free Cash Flow
Q1 2026
$12.3M
Operating Margin
Q1 2026
26.7%
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
+13.5% YoYNet Income
+31.2% YoYOperating Income
+30.0% YoYEPS (Diluted)
+30.6% YoYTotal Assets
+11.6% YoYOp. Cash Flow
+84.1% YoY| Metric | FY 2025 | FY 2024 | FY 2022 | FY 2021 | FY 2020 | FY 2018 |
|---|---|---|---|---|---|---|
| Revenue | $249.6M +13.5% | $219.9M +36.0% | $161.7M +4.7% | $154.4M +19.4% | $129.4M +22.5% | $105.6M |
| Net Income | $57.7M +31.2% | $44.0M +113.2% | $20.6M -23.3% | $26.9M +26.8% | $21.2M -7.5% | $22.9M |
| Operating Income | $67.9M +30.0% | $52.3M +94.8% | $26.8M -26.3% | $36.4M +26.5% | $28.8M +2.1% | $28.2M |
| EPS (Diluted) | $2.52 +30.6% | $1.93 +107.5% | $0.93 -25.6% | $1.25 +20.2% | $1.04 -8.0% | $1.13 |
| Total Assets | $615.7M +11.6% | $551.8M +77.7% | $310.5M +6.0% | $292.8M +15.8% | $252.8M +65.1% | $153.1M |
| Operating Cash Flow | $81.3M +84.1% | $44.1M +73.9% | $25.4M -27.7% | $35.1M +0.9% | $34.8M +78.4% | $19.5M |
AI Insight: LMAT Financial Trends
LMAT's operating income surged from $13M to $18M–$20M over eight quarters while equity compounded steadily to $407M, signaling durable margin expansion.
• Revenue grew 19.6% year-over-year, from $56M in Q2 2024 to $67M in Q1 2026, with consistent sequential gains.
• Operating income expanded from $13M in Q3 2024 to a peak of $20M in Q3 2025, before settling at $18M in Q1 2026.
• Operating cash flow nearly tripled from $10M in Q2 2024 to $29M in Q3 2025, though Q1 2026 pulled back to $15M.
• Equity has grown every quarter from $320M in Q2 2024 to $407M in Q1 2026, reflecting consistent retained earnings accumulation.
⚠ Operating cash flow dropped to $15M in Q1 2026 from $23M in Q4 2025 — monitor for working-capital pressure or seasonality.
⚠ Operating income dipped to $18M in Q1 2026 from the $19M–$20M range in Q3–Q4 2025; margin trajectory warrants watching.
⚠ Total debt data is absent across all periods; capital-structure visibility is limited and could obscure leverage risk.
AI Insight: LMAT Ratio Trends
LeMaitre's profitability surged to a multi-quarter peak in Q3 2025 — ROIC hit 21.4% — before a modest seasonal pullback in Q4 2025 and Q1 2026.
• Operating margin rebounded sharply from a trough of 21.1% in Q1 2025 to 33.3% in Q3 2025, a 12.2pp swing in two quarters.
• ROIC followed the same arc: bottoming at 14.5% in Q1 2025, peaking at 21.4% in Q3 2025, then easing to 17.5% in Q1 2026.
• Q1 2026 OpMargin of 26.7% and ROIC of 17.5% remain comfortably above the Q1 2025 trough, suggesting structural improvement.
⚠ ROA dropped to 7.9% in Q1 2025 — the lowest in the dataset — hinting at periodic asset-efficiency pressure worth monitoring each Q1.
⚠ Q3 2025 metrics look exceptional; confirm whether the 33.3% OpMargin reflects a one-off item or genuine operating leverage.
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Available Research
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Top Institutional Holders of LMAT
BlackRock, Inc.
$343.2M3,144,151 shConestoga Capital Advisors, LLC
$161.2M1,476,813 shFIRST TRUST ADVISORS LP
$109.0M998,071 shVANGUARD CAPITAL MANAGEMENT LLC
$99.6M912,058 shCopeland Capital Management, LLC
$95.1M870,692 shSTATE STREET CORP
$93.4M855,784 shCONGRESS ASSET MANAGEMENT CO /MA
$91.1M834,529 shGENEVA CAPITAL MANAGEMENT LLC
$82.3M753,992 shGEODE CAPITAL MANAGEMENT, LLC
$71.9M658,445 shVANGUARD PORTFOLIO MANAGEMENT LLC
$61.4M562,770 sh
| Fund | Value | Shares |
|---|---|---|
| BlackRock, Inc. | $343.2M | 3,144,151 |
| Conestoga Capital Advisors, LLC | $161.2M | 1,476,813 |
| FIRST TRUST ADVISORS LP | $109.0M | 998,071 |
| VANGUARD CAPITAL MANAGEMENT LLC | $99.6M | 912,058 |
| Copeland Capital Management, LLC | $95.1M | 870,692 |
| STATE STREET CORP | $93.4M | 855,784 |
| CONGRESS ASSET MANAGEMENT CO /MA | $91.1M | 834,529 |
| GENEVA CAPITAL MANAGEMENT LLC | $82.3M | 753,992 |
| GEODE CAPITAL MANAGEMENT, LLC | $71.9M | 658,445 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $61.4M | 562,770 |
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Is LMAT a good stock to buy?
13F Pro's AI-powered analysis of LEMAITRE VASCULAR INC (LMAT) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Healthcare sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for LMAT are available on the LMAT stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own LMAT?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling LMAT. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of LEMAITRE VASCULAR INC's investment landscape.