LeMaitre Vascular (LMAT) Investor presentation summary

Business overview and market position

• Specializes in medical devices for vascular surgeons, holding #1 or #2 share in 9 of 12 niche markets, with 85% of sales from these segments.

• Portfolio includes single-use devices and implants, with biologic patches as the largest category (20% of sales).

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

• Global sales force of 160 reps, direct selling in 31 countries, and 5,300 hospital accounts.

• Track record of accretive acquisitions, with $359 million cash on hand and 25 acquisitions in 28 years.

Financial performance and growth

• 5-year sales CAGR (2021–26) projected at 13%, with 2025 sales guidance midpoint at $280 million.

• Operating income 5-year CAGR (2021–26) at 16%, with 2025 adjusted operating margin at 26%.

• Gross margin guidance for 2025 at 70.4%, with ongoing initiatives in pricing, efficiency, and automation.

• Adjusted EBITDA for 2025 projected at $74.3 million.

• Dividend increased for 15 consecutive years, with a 10-year CAGR of 17% and recent 25% increase in Q1 2026.

Sales and product mix trends

• 80% of sales are to vascular surgeons, with a growing share of biologic implants and products for cardiac surgeons.

• Eight core product categories account for 91% of total sales.

• Weighted average price increases outpace US CPI, driven by premium, differentiated products and strong market share.

• Sales force expanded 5% YoY to 160 reps as of 12/31/2025.