LeMaitre Vascular, Inc. (LMAT) Stock Price & How to Invest

LeMaitre Vascular, founded in 1983 by vascular surgeon George LeMaitre, sells the unglamorous hardware of open vascular surgery: biologic patches, bovine carotid artery grafts sold as Artegraft, human vascular and cardiac allografts, carotid shunts, valvulotomes, embolectomy catheters and synthetic grafts. Roughly 163 direct sales representatives call on vascular surgeons in hospitals, which is the whole point of the model. Individual products are small line items with low average selling prices, too minor for a Medtronic or a Boston Scientific to defend aggressively, so LeMaitre buys niche lines (Restore Flow allografts in 2016 for ~$14M, Artegraft in 2020 for ~$90M), pushes them through its own rep force, and raises prices steadily.

The financial result of that approach is a gross margin above 72% and an operating margin near 29%, on trailing revenue of only ~$262M. Trailing net income is ~$65.7M, cash and short-term securities total ~$376M against ~$172.5M of 2.50% convertible notes due February 2030, and the quarterly dividend was raised 25% to $0.25 in February 2026. The June 2026 quarter is where the shine came off: sales of ~$70.4M missed guidance by ~$1.1M on a stronger dollar, Middle East export delays and cardiac allograft tissue supply, and the full-year organic growth target was cut from ~12% to ~11%. Shares have fallen from a 52-week high of ~$118 to about $82, which puts the multiple near 28 times the ~$2.89 of 2026 guided EPS.

Cardiac allograft growth is limited by donor tissue supply, and management is prioritizing US supply before international expansion, so that line stays capacity-bound into the second half of 2026. The North Brunswick, New Jersey facility, where the Artegraft graft that now carries ~21% of sales is processed, received additional FDA quality-system observations on June 25, 2026, with a company response filed July 16; an escalation there would reach a large share of revenue. Separately, an FDA pre-submission indicated a clinical trial is likely to be required for the QuickStitch product, on timelines measured in years, and catheter sales fell ~11% against a prior-year period inflated by post-recall stocking orders. Currency, Middle East export disruption and the tissue constraint each accounted for roughly a third of the Q2 revenue shortfall and are expected to persist through the second half. The convertible notes convert near ~$119 to ~$120 per share, which caps upside participation with dilution above that level; as of August 2026 no filed securities class action, restatement or going-concern matter appears in the company's filings, and the stock's ~28 times forward earnings leaves limited room if pricing power narrows.

7 analysts publish price targets on LMAT, averaging $107.00 against a $82.38 price as of August 2026, or +29.9%. The published targets run from $81.00 to $132.00, a moderate spread, and the ratings split 4 buy, 4 hold, 0 sell. Over the last six months there have been 7 raises and 1 cut among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full LMAT forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on LeMaitre Vascular, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Price, not volume, is the growth engine. Q2 2026 organic growth of ~10% broke down as ~7% price and ~3% units. The most optimistic published target, $132.00, assumes this works close to its best case.

The case against. Cardiac allograft growth is limited by donor tissue supply, and management is prioritizing US supply before international expansion, so that line stays capacity-bound into the second half of 2026. The most pessimistic target, $81.00, is roughly what LMAT is worth if this bites instead.

Read the full bull and bear case on LMAT, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see LeMaitre Vascular, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$262M, up ~12% year over year
• Q2 2026 sales: ~$70.4M, ~10% organic (~7% price, ~3% volume)
• Gross / operating margin (Q2 2026): ~72.1% / ~29%, operating income ~$20.4M
• Diluted EPS (TTM) / P/E: ~$2.86 / ~29x, forward ~27x
• FY2026 guidance: sales ~$276.3M, ~11% organic, EPS ~$2.89, operating income ~$76.8M
• Cash and securities vs debt / dividend: ~$376M vs ~$172.5M converts due 2030; ~$1.00 annual dividend, ~1.2% yield

At roughly $82 a share and a ~$1.88B market value, LMAT carries about 7.2 times trailing sales and roughly 6.4 times sales net of its ~$204M net cash position. Those are software-adjacent multiples on a $262M revenue base, sustained by 72% gross margins and a two-decade record of annual price increases rather than by growth (organic growth is guided to ~11%). The de-rating from a ~$118 high to near the 52-week low of ~$78.65 happened on a ~$1.1M revenue miss and a one-point cut to the organic target, which is a measure of how tightly the valuation was tied to the pricing story holding.

Other names that sit close to LMAT: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get LMAT exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so LMAT sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where LMAT fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

LeMaitre is a small, highly profitable, price-led niche surgical supplier whose 2026 stumble looks operational rather than structural, priced near 28 times guided earnings while tissue supply and export delays remain unresolved.

Whether LMAT is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is LMAT a buy or a sell?, and where the stock could go from here in the LMAT stock forecast.

For income investors, whether LMAT pays a dividend and how the payout looks is covered in does LMAT pay a dividend? And to weigh LMAT against a peer, read the full side-by-side comparisons: LMAT vs MDT and LMAT vs BSX.