LeMaitre Vascular (LMAT) investor relations material

Business overview and market position

• Specializes in medical devices for vascular surgeons, holding #1 or #2 share in 9 of 12 niche markets with a $1B aggregate market revenue.

• Global sales force of 164 reps covers 5,300 hospital accounts and 12,000 vascular surgeons, with direct selling in 30 countries representing 95% of sales.

• Over 50% of the 23,000 vascular surgeons worldwide use its products.

• Product portfolio includes single-use devices and implants, with biologic patches as the largest category.

• 85% of sales come from markets where it holds a leading share.

Financial performance and growth

• Achieved a 5-year sales CAGR of 14% (2020–2025), with 2025 sales guidance midpoint at $275M.

• Operating income 5-year CAGR is 16%, with operating margin guidance near 30% for 2025.

• Gross margin guidance for 2025 is approximately 75%, supported by price increases and operational efficiencies.

• 14 consecutive years of dividend growth, with a 10-year CAGR of 16% and a 25% increase in Q1 2025.

• $147M net cash balance and $319M cash on hand, supporting acquisitions and dividends.

Growth drivers and strategy

• Growth driven by organic expansion, acquisitions, sales force growth, regulatory approvals, distributor buyouts, and price increases.

• 24 acquisitions completed in 27 years, with acquired sales contributing significantly to total revenue.

• Recent distributor buyouts in Portugal and Czechia have transitioned sales to direct channels, increasing gross profit.

• Ongoing investment in regulatory approvals across major markets, with recent product approvals in the UK, Australia, and China.

• Price increases supported by differentiated products and leading market positions.