| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 26 | 28.1x | 17.8x | Bottom tier | |
Growth | 83 | 11.8% | 7.1% | Top tier | |
Quality | 84 | 9.9% | 4.5% | Top tier | |
Safety | 77 | 2.1x | 2.6x | Top tier | |
Capital Return | 53 | 0.99% | 2.12% | Around median | |
Momentum | 34 | 5.4% | 2.9% | Bottom tier | |
Sentiment | 75 | 6 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
LeMaitre Vascular operates in devices and tissues used in vascular and cardiac surgery, generating revenue from a portfolio that includes vascular grafts, patches, shunts, catheters, and donated human tissues. In Q2 FY2026, Artegraft alone accounted for 21% of sales after growing 34%, while graft sales increased 23%, shunts 18%, and patches 4%, and cardiac surgery represented approximately 13% of quarterly revenue.
In FY2025, revenue increased to $249.6 million from $219.9 million in FY2024, and gross profit reached $178.5 million versus $150.9 million, while net income rose to $57.7 million from $44.0 million and earnings per share increased to $2.52 from $1.93. These figures represent growth of approximately 13.5% in revenue and 31% in net income, with the calculated gross margin improving from approximately 68.6% to approximately 71.5%.
In Q2 FY2026, sales grew organically by 10%, comprising a 7% price increase and a 3% unit increase, or 12% excluding catheters. Gross margin reached 72.1%, up 210 basis points, and operating income set a record at $20.4 million with a 29% margin, while net income increased 24% to $17.1 million and diluted earnings per share rose 23% to $0.74.
Automated analysis for informational purposes only — not investment advice.
The average analyst price target is $115, with a “Buy” consensus and a wide range between $95 and $135; the average is only $3.01 below the 52-week range high of $118.01, while the highest target exceeds that high. This valuation reflects expectations for continued Artegraft growth and margin expansion, but the wide target range and the reduction of organic growth guidance to 11% highlight valuation sensitivity to supply constraints, exports, currencies, and regulatory execution.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
Artegraft represents the most prominent operating driver, as its sales grew 34% in Q2 FY2026 and it now accounts for 21% of company sales. Its international sales increased from $2.1 million in Q1 to $2.8 million in Q2, and management expects $11 million during FY2026 versus $4 million in FY2025. The product also received approvals in Vietnam, Morocco, and Turkey during the quarter, bringing the number of countries where it is approved to 56.
The company lowered its organic growth forecast from 12% to 11% after Q2 FY2026 sales came in $1.1 million below guidance. Management attributed the shortfall approximately equally to the stronger dollar, delayed Middle East exports, and supply constraints for human cardiac grafts within the RFA business. Updated guidance is now $276.3 million in revenue, $76.8 million in operating income, and $2.89 in diluted earnings per share.
Gross margin reached 72.1% in Q2 FY2026, up 210 basis points year over year due to pricing, shipping costs, and product mix. Operating income increased 26% to a record $20.4 million, and operating margin reached 29%. Net income also grew 24% to $17.1 million, while diluted earnings per share increased 23% to $0.74.
The FDA reinspected the company's New Jersey facility during June 2026 following the warning letter issued in 2025, and the company believed it had adequately addressed three of four previous observations. The FDA issued additional observations related to quality systems on June 25, 2026, and the company responded on July 16, 2026; the observations had not disrupted production, shipping, or billing as of the August 4, 2026 call. Regarding Quick Stick, management believes a clinical trial has become likely, making the potential timeline measurable in years rather than quarters.
The company ended Q2 FY2026 with $376 million in cash and securities, an increase of $9 million during the quarter. Operations generated $16 million in cash, versus $2.3 million in capital expenditures and $5.7 million in dividends. The company is using this flexibility to expand its warehouse network and sales force, with seven new or larger warehouses during 2026 and 2027 and a plan to end the year with 170–180 representatives.
Human graft revenue grew 17% in Q2 FY2026, while human cardiac grafts increased 39% sequentially despite supply constraints. The company distributes these tissues in the United States, Canada, the United Kingdom, and Germany, and Germany recorded three implants as of the August 4, 2026 call. The company is targeting approval in Ireland in the first half of FY2027, followed by distribution in Austria, the Netherlands, and Spain during the same period, but meeting demand depends on improving tissue sourcing and processing efficiency.
