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Lemaitre Vascular Inc

LMAT

Surgical & Medical Instruments & Apparatus

Mkt Cap

$1.431B

PE

47.54

Debt

-

Cash

$24.27M

EV

-

FCF

$29.49M

Market Cap

$1.431B

P/E Ratio

47.54

Debt

-

Cash

$24.27M

EV

-

FCF

$29.49M
Charts data: {"Earnings":[{"time":"2014-12-30","value":3915000},{"time":"2015-12-30","value":7758000},{"time":"2016-12-30","value":10590000},{"time":"2017-12-30","value":17177000},{"time":"2018-12-30","value":22943000},{"time":"2019-12-30","value":17934000},{"time":"2020-12-30","value":21220000},{"time":"2021-12-30","value":26907000},{"time":"2022-12-30","value":20636000},{"time":"2023-12-30","value":30105000}],"Sales":[{"time":"2014-12-30","value":71097000},{"time":"2015-12-30","value":78352000},{"time":"2016-12-30","value":89151000},{"time":"2017-12-30","value":100867000},{"time":"2018-12-30","value":105568000},{"time":"2019-12-30","value":117232000},{"time":"2020-12-30","value":129366000},{"time":"2021-12-30","value":154424000},{"time":"2022-12-30","value":161651000},{"time":"2023-12-30","value":193484000}],"Net Margins":[{"time":"2014-12-30","value":0.055065614582893795},{"time":"2015-12-30","value":0.09901470287931387},{"time":"2016-12-30","value":0.11878722616684052},{"time":"2017-12-30","value":0.17029355487919737},{"time":"2018-12-30","value":0.21732911488329798},{"time":"2019-12-30","value":0.15297870888494608},{"time":"2020-12-30","value":0.1640307345052023},{"time":"2021-12-30","value":0.17424105061389422},{"time":"2022-12-30","value":0.12765773178019313},{"time":"2023-12-30","value":0.15559426102416737}],"Assets":[{"time":"2014-12-30","value":81492000},{"time":"2015-12-30","value":90704000},{"time":"2016-12-30","value":101924000},{"time":"2017-12-30","value":126323000},{"time":"2018-12-30","value":153088000},{"time":"2019-12-30","value":188341000},{"time":"2020-12-30","value":252810000},{"time":"2021-12-30","value":292802000},{"time":"2022-12-30","value":310476000},{"time":"2023-12-30","value":346778000}],"Stockholders Equity":[{"time":"2014-12-30","value":68207000},{"time":"2015-12-30","value":77884000},{"time":"2016-12-30","value":87500000},{"time":"2017-12-30","value":109770000},{"time":"2018-12-30","value":130235000},{"time":"2019-12-30","value":148141000},{"time":"2020-12-30","value":172572000},{"time":"2021-12-30","value":254151000},{"time":"2022-12-30","value":268201000},{"time":"2023-12-30","value":297900000}],"ROE":[{"time":"2014-12-30","value":0.05739880070960458},{"time":"2015-12-30","value":0.09960967592830364},{"time":"2016-12-30","value":0.12102857142857143},{"time":"2017-12-30","value":0.15648173453584768},{"time":"2018-12-30","value":0.17616616117019235},{"time":"2019-12-30","value":0.12106034116146104},{"time":"2020-12-30","value":0.12296316899612915},{"time":"2021-12-30","value":0.1058701323229104},{"time":"2022-12-30","value":0.07694229328003997},{"time":"2023-12-30","value":0.10105740181268882}],"ROA":[{"time":"2014-12-30","value":0.07779904775928925},{"time":"2015-12-30","value":0.1269293526195096},{"time":"2016-12-30","value":0.16027628429025548},{"time":"2017-12-30","value":0.1672458697149371},{"time":"2018-12-30","value":0.1858146948160535},{"time":"2019-12-30","value":0.11510504882102145},{"time":"2020-12-30","value":0.11387207784502196},{"time":"2021-12-30","value":0.12440147266753643},{"time":"2022-12-30","value":0.08854146536286218},{"time":"2023-12-30","value":0.11383363419824787}]}

LeMaitre Vascular, Inc. designs, markets, sells, services, and supports medical devices and implants for the treatment of peripheral vascular disease worldwide. It offers restoreflow allografts; angioscope, a fiberoptic catheter used for viewing the lumen of a blood vessel; embolectomy catheters to remove blood clots from arteries or veins; thrombectomy catheters for removing thrombi in the venous system; 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 artegraft biologic graft, a bovine carotid artery used for dialysis access in patients with or without a previously-failed synthetic graft; 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. In addition, it offers valvulotomes, which cut or disrupt valves in the saphenous vein to function as an artery to carry blood past diseased arteries to the lower leg or the foot; and vascular grafts to bypass or replace diseased arteries. Further, the company provides vascular and cardiac patches, which are used for closure of vessels after surgical intervention; and closure systems to attach vessels to one another with titanium clips instead of sutures. It markets its products through a direct sales force and distributors. The company was formerly known as Vascutech, Inc. and changed its name to LeMaitre Vascular, Inc. in April 2001. LeMaitre Vascular, Inc. was incorporated in 1983 and is headquartered in Burlington, Massachusetts.

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Growth

%

%

Discount

%

%

Multiple

g\r+10%+11%+12%+13%+14%
0%109887
+1%1110988
+2%13111098
+3%141311109
+4%1714121110
Years012345678910TV
FCF$29.49M$33.63M$38.02M$42.6M$47.31M$52.06M$56.76M$61.31M$65.61M$69.55M$73.03M$730.3M
DCF$29.25M$28.75M$28.01M$27.05M$25.88M$24.54M$23.05M$21.45M$19.77M$18.05M$180.5M
Value$426.3M

In the chart Earnings are multiplied by this value.

Earnings Growth 15%
Earnings Stability 73%


Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years12-201512-201612-201712-201812-201912-202012-202112-202212-2023TTM
Net Margin9.9%12%17%22%15%16%17%13%16%16%
ROA13%16%17%19%12%11%12%8.9%11%11%
ROE10%12%16%18%12%12%11%7.7%10%10%

What is the average Net Margin?

The average Net Margin over the past 5 years is +16.53%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is -1.07%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +12.36%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is -1.23%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +11.73%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is -1.5%.


Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years12-201512-201612-201712-201812-201912-202012-202112-202212-2023TTM
Debt FCF----0.001.120.00---
Debt Equity----0.000.210.00---
MIN
Graham Stability--100%100%100%100%100%94%100%94%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is -.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is 0.00.

What is the Graham’s Stability?

Graham’s Stability measure stands at 0.94.


Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years12-201612-201812-202012-2022Trend
Revenue12%13%14%20%0.48%
Net Income16%5.6%12%46%-7.9%
Stockholders Equity19%18%20%11%0.14%
FCF11%12%-2.5%33%-6.5%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +12.88%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is +0.48%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is +5.58%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -7.91%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +18%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is +0.14%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is +12.38%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -6.53%.