LMATMEDIUM SIGNALFINANCIAL10-K

LeMaitre Vascular delivered strong operational performance with revenue growth of 13.5% and meaningfully higher operating cash flow generation.

The company's ability to convert revenue growth into disproportionately strong cash flow generation suggests improved operational efficiency and working capital management. The expansion of the sales force from 152 to 160 representatives indicates management's confidence in continued growth opportunities, particularly in their focus on open surgical procedures where they maintain over 95% of sales mix.

Comparing 2026-02-26 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

LeMaitre demonstrated robust financial performance with revenue growing 13.5% to $249.6M while operating cash flow expanded substantially to $81.3M, indicating strong cash conversion. The company maintained healthy margins with gross profit increasing 18.3% and operating income growing 30%, while stockholders' equity strengthened 16.7% to $393.5M. The modest inventory build of 28.8% appears aligned with revenue growth and suggests preparation for continued business expansion.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+84.1%
$44.1M→$81.3M

Operating cash flow surged 84.1% — exceptional cash generation, highest quality earnings signal.

Net Income
P&L
+31.1%
$44.0M→$57.7M

Net income grew 31.1% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+30%
$52.3M→$67.9M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Inventory
Balance Sheet
+28.8%
$15.2M→$19.6M

Inventory built 28.8% — monitor whether demand supports this build or if write-downs may follow.

Capital Expenditure
Cash Flow
+25%
$2.3M→$2.8M

Capex increased 25% — ongoing investment in capacity or infrastructure for future growth.

Current Liabilities
Balance Sheet
+18.7%
$30.6M→$36.3M

Current liabilities rose 18.7% — increased short-term obligations, watch current ratio.

Gross Profit
P&L
+18.3%
$150.9M→$178.5M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Stockholders Equity
Balance Sheet
+16.7%
$337.3M→$393.5M

Equity base grew 16.7% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Current Assets
Balance Sheet
+16.4%
$402.2M→$468.2M

Current assets grew 16.4% — improving short-term liquidity or inventory/receivables build.

Revenue
P&L
+13.5%
$219.9M→$249.6M

Revenue growing 13.5% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-28
ADDED
As of February 19, 2026, the registrant had 22,778,363 shares of common stock, par value $0.01 per share, outstanding.
LeMaitre, AlboGraft, AnastoClip, AnastoClip GC, Artegraft, CardioCel, Eze-Sit, Glow N Tell, LifeSpan, PhasTipp, Pruitt, Pruitt F3, RestoreFlow, Syntel, TufTex, VascuCel, VascuTape, and XenoSure are U.S.
registered trademarks of LeMaitre Vascular or one of its subsidiaries, and AndraValvulotome, Flexcel, and Omniflow are trademarks of LeMaitre Vascular.
B usiness Overview We are a global provider of medical devices and human tissue cryopreservation services largely used in the treatment of peripheral vascular disease, end-stage renal disease, and cardiovascular disease.
As of December 31, 2025, our sales force comprised 160 sales representatives and export managers in North America, Europe, and Asia Pacific.
We estimate that in 2025, over 95% of our net sales were from devices used in open surgical procedures, including open vascular surgeries and open cardiac surgeries.
We believe that the relative lack of focus on these segments by larger companies, as well as the differentiated features and consistent availability and quality of our products, enable higher selling prices and expanded market presence.
As of December 31, 2025, our sales force comprised 160 sales representatives and export managers in North America, Europe, and Asia Pacific.
The AndraValvulotome is currently manufactured and supplied to us by Andramed GmbH in Reutlingen, Germany.
Our Products and Services Our portfolio of product lines is primarily used to treat vascular disease, of which most are used in open vascular surgery and dialysis access.
REMOVED
As of February 24, 2025, the registrant had 22,558,631 shares of common stock, par value $0.01 per share, outstanding.
Business Overview LeMaitre Vascular is a global provider of medical devices and human tissue cryopreservation services largely used in the treatment of peripheral vascular disease, end-stage renal disease, and cardiovascular disease.
As of December 31, 2024, our sales force comprised 152 sales representatives in North America, Europe, the United Kingdom, or UK, and Asia Pacific, including four export managers.
We estimate that in 2024, over 95% of our net sales were from devices used in open surgical procedures.
We believe that the relative lack of focus on these segments by larger competitors, as well as the differentiated features and consistent availability and quality of our products, enable higher selling prices and market share gains.
We ended 2024 with 152 direct sales representatives, including four export managers.
These offerings include the XenoSure patch (bovine pericardium), CardioCel and VascuCel patches (bovine pericardium), Artegraft (bovine carotid artery), Omniflow II biosynthetic graft (ovine tissue and synthetic mesh), RestoreFlow allograft cryopreservation services (human cadaveric tissue), and cardiovascular patches (porcine extracellular matrix) that we distribute for Elutia Inc.
These biologic offerings represented 52% of our sales in 2024, 51% of our sales in 2023, and 49% of our sales in 2022.
Bovine Grafts Our Artegraft biologic graft is a bovine carotid artery used primarily for dialysis access.
Cardiac and Vascular Patches Our XenoSure biologic patches are made from bovine pericardium and are used primarily for closure of vessels after surgical intervention.
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