LEMAITRE VASCULAR INC (LMAT) FY2025 10-K Annual Report
LEMAITRE VASCULAR INC (LMAT) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
LEMAITRE VASCULAR INC FY2025 10-K Analysis
Business Overview
- • Core business model: global medical devices and human tissue cryopreservation services focused on treating peripheral vascular, end-stage renal, and cardiovascular diseases
- • New product emphasis: launch of PhasTIPP Powered Phlebectomy System in US (H1 2024) and marketing of Artegraft biologic graft in EU after April 2025 CE mark approval
- • Strategic shift: increased focus on adjacent cardiac surgeon market and expanded direct sales force (160 reps as of 12/31/2025) covering 95% of net sales
- • Notable metric: biologic product sales represent 53% of total revenues in 2025, up from 51% in 2023; sales force steady at 160 representatives globally
- • Unique fact: FDA issued warning letter in August 2025 on North Brunswick facility following April audit; company addressed eight observations, pending reinspection
Management Discussion & Analysis
- • Revenue $249.6M in 2025, up 14% YoY (+$29.7M from $219.9M in 2024) with highest growth in EMEA (+22%, +$13.2M)
- • Gross margin 71.5% in 2025 vs 68.6% in 2024, up 290bps; driven by Employee Retention Credit, manufacturing efficiencies, and price increases
- • Best segment EMEA net sales +$13.2M (22%); worst impact from product line wind-downs totaling ~$3M in 2025 revenues
- • Cash and equivalents $28.2M (+$2.6M), short-term marketable securities $330.9M (+$56.8M); new $100M share repurchase authorized, no buys yet
- • Management highlights growth via sales force expansion, acquisitions (e.g., Andramed for $1.8M), and new regulatory approvals; risks include product transitions and foreign exchange impacts
Risk Factors
- • Regulatory risk: ASC 606 revenue recognition standard requires judgment in estimating sales returns, impacting reported revenue and allowances
- • Macroeconomic threat: $9.1 million inventory purchase commitments expose business to supply cost fluctuations through 2026
- • Operational vulnerability: inventory write-offs provisioning driven by product expiration and inaccurate future demand forecasts affect margins
- • Market disruption risk: contingent consideration liabilities from acquisitions subject to performance criteria remeasured quarterly affect earnings volatility
- • Financial risk: $167.8 million net proceeds from 2024 Convertible Notes issuance increase leverage and interest expense exposure
LEMAITRE VASCULAR INC FY2025 Key Financial MetricsXBRL
Revenue
$250M
▲ +13.5% YoY
Net Income
$58M
▲ +31.1% YoY
Gross Margin
71.5%
▲ +290bp YoY
Operating Margin
27.2%
▲ +344bp YoY
Net Margin
23.1%
▲ +310bp YoY
ROE
14.7%
▲ +161bp YoY
Total Assets
$616M
▲ +11.6% YoY
EPS (Diluted)
$2.52
▲ +30.6% YoY
Operating Cash Flow
$81M
▲ +84.1% YoY
Source: XBRL data from LEMAITRE VASCULAR INC FY2025 10-K filing on SEC EDGAR. All figures in USD.
Get deeper insights on LEMAITRE VASCULAR INC
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.