LeMaitre Vascular (LMAT)

NASDAQHealth CareMedical - Instruments & SuppliesSnapshot 2026-10-23

$84.45-1.03%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge LeMaitre Vascular’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

0.0%

+10% or more+5%0%−5%−10% or less

3.18 → 3.18 EPS · FY ending Dec 31, 2027 · 6 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 24, 2026 to Oct 24, 2026: (new ÷ prior − 1). Contributor count changed from 6 to 6; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Measure / period	Management expectations	Analyst expectations
FY 2026 · Q3
Revenue	$66.3M–$68.3M	—
EPS	$0.66–$0.71	—
Gross margin	72.2%	—
FY 2026 · Q4
Revenue	$71.1M–$73.1M	72.24M
EPS	$0.75–$0.81	0.778
Gross margin	72.6%	—
FY 2026 · Annual
Revenue	$274.3M–$278.3M	276.54M
EPS	$2.84–$2.94	2.873
Gross margin	72.4%	—
FY 2027 · Annual
Revenue	—	302.92M
EPS	—	3.179

What the Thesis Depends On

4 published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Dividend per share grows to $0.25 in Q1 2026	A supporting condition in LeMaitre Vascular's published investment case. The stated target is >=$0.25.	Intact	Dividend per share falls below $0.20	Dividend per share: $0.25 per share FY2026-Q2; GAAP. Published target: >=$0.25. Target period is not explicitly aligned with this observation. Source published Aug 5, 20260.25 USD/share · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 80b38055-0439-460d-aeb1-015229ddd701. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Quarterly dividend increased from $0.20/share in 2025 to $0.25/share in 2026-Q1 and Q2. Management has consistently increased dividends, delivering on capital allocation commitments. Delivery assessment Oct 24, 2026
EPS reaches about $3.00 in FY26	A primary condition in LeMaitre Vascular's published investment case. The stated target is ~$3.00.	Broken	EPS falls below $2.48 in FY26	Diluted EPS: $0.74 per share FY2026-Q2; GAAP. Published target: ~$3.00. Target period is not explicitly aligned with this observation. Source published Aug 5, 20260.74 USD/share · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 80b38055-0439-460d-aeb1-015229ddd701. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Operating margin near 27% in FY25	A primary condition in LeMaitre Vascular's published investment case. The stated target is >=27%.	Intact	Operating margin falls below 24%	Operating margin: 28.98% FY2026-Q2; GAAP. Published target: >=27%. Target period is not explicitly aligned with this observation. Source published Aug 5, 202628.983263 percent · calculatedSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 80b38055-0439-460d-aeb1-015229ddd701. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Operating income increased from $16.1mm in 2025-Q2 to $20.4mm in 2026-Q2 (+26%). Full year 2026 operating income guidance midpoint is $76.8mm, a 13% increase over 2025. Management is delivering improved operating income consistent with stated goals. Delivery assessment Oct 24, 2026
Revenue grows to about $280M in FY26	LeMaitre Vascular grows revenue about 11% yearly, reaching $280M in 2026.	Under Pressure	Revenue falls below $247M in FY26	Revenue: $70.382M FY2026-Q2; GAAP. Published target: ~$280M. Target period is not explicitly aligned with this observation. Source published Aug 5, 202670,382,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 80b38055-0439-460d-aeb1-015229ddd701. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Revenue grew from $64.2mm in 2025-Q2 to $70.4mm in 2026-Q2 (+10% YoY). Full year 2026 revenue guidance midpoint is $276.3mm, an 11% organic increase over 2025. Management is delivering consistent revenue growth aligned with stated priorities. Delivery assessment Oct 24, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$3.18

$3.26 → $3.18 · observed estimates

FY2027 revenue$0.30B

$0.31B → $0.30B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$3.26	$305,757,330	9 / 9
2026-07-25	$3.26	$305,757,330	9 / 9
2026-07-26	$3.26	$305,757,330	9 / 9
2026-07-27	$3.26	$305,755,733	6 / 6
2026-07-28	$3.26	$305,755,733	6 / 6
2026-07-29	$3.26	$305,757,330	9 / 9
2026-07-30	$3.26	$305,757,330	9 / 9
2026-07-31	$3.26	$305,757,330	9 / 9
2026-08-01	$3.26	$305,755,733	6 / 6
2026-08-02	$3.26	$305,757,330	9 / 9
2026-08-03	$3.26	$305,757,330	9 / 9
2026-08-04	$3.26	$305,757,330	9 / 9
2026-08-05	$3.26	$305,757,330	9 / 9
2026-08-06	$3.26	$305,755,733	6 / 6
2026-08-07	$3.20	$303,473,256	6 / 6
2026-08-08	$3.21	$304,017,670	9 / 9
2026-08-09	$3.21	$304,017,670	9 / 9
2026-08-10	$3.20	$303,473,256	6 / 6
2026-08-12	$3.20	$303,473,256	6 / 6
2026-08-13	$3.20	$303,473,256	6 / 6
2026-08-14	$3.20	$303,473,256	6 / 6
2026-08-15	$3.20	$303,473,256	6 / 6
2026-08-16	$3.20	$303,473,256	6 / 6
2026-08-17	$3.20	$303,473,256	6 / 6
2026-08-18	$3.20	$303,473,256	6 / 6
2026-08-19	$3.20	$303,473,256	6 / 6
2026-08-20	$3.18	$302,919,913	6 / 6
2026-08-21	$3.18	$302,919,913	6 / 6
2026-08-22	$3.18	$302,919,913	6 / 6
2026-08-23	$3.18	$302,919,913	6 / 6
2026-08-24	$3.18	$302,919,913	6 / 6
2026-08-25	$3.18	$302,919,913	6 / 6
2026-08-26	$3.18	$302,919,913	6 / 6
2026-08-27	$3.18	$302,919,913	6 / 6
2026-08-28	$3.18	$302,919,913	6 / 6
2026-08-29	$3.18	$302,919,913	6 / 6
2026-08-30	$3.18	$302,919,913	6 / 6
2026-08-31	$3.18	$302,919,913	6 / 6
2026-09-01	$3.18	$302,919,913	6 / 6
2026-09-02	$3.18	$302,919,913	6 / 6
2026-09-03	$3.18	$302,919,913	6 / 6
2026-09-04	$3.18	$302,919,913	6 / 6
2026-09-05	$3.18	$302,919,913	6 / 6
2026-09-06	$3.18	$302,919,913	6 / 6
2026-09-07	$3.18	$302,919,913	6 / 6
2026-09-08	$3.18	$302,919,913	6 / 6
2026-09-09	$3.18	$302,922,250	6 / 6
2026-09-10	$3.18	$302,922,250	6 / 6
2026-09-11	$3.18	$302,922,250	6 / 6
2026-09-12	$3.18	$302,922,250	6 / 6
2026-09-13	$3.18	$302,922,250	6 / 6
2026-09-14	$3.18	$302,922,250	6 / 6
2026-09-15	$3.18	$302,922,250	6 / 6
2026-09-16	$3.18	$302,922,250	6 / 6
2026-09-17	$3.18	$302,922,250	6 / 6
2026-09-18	$3.18	$302,922,250	6 / 6
2026-09-19	$3.18	$302,922,250	6 / 6
2026-09-20	$3.18	$302,922,250	6 / 6
2026-09-21	$3.18	$302,922,250	6 / 6
2026-09-22	$3.18	$302,922,250	6 / 6
2026-09-23	$3.18	$302,922,250	6 / 6
2026-09-24	$3.18	$302,922,250	6 / 6
2026-09-25	$3.18	$302,922,250	6 / 6
2026-09-26	$3.18	$302,922,250	6 / 6
2026-09-27	$3.18	$302,922,250	6 / 6
2026-09-28	$3.18	$302,922,250	6 / 6
2026-09-29	$3.18	$302,922,250	6 / 6
2026-09-30	$3.18	$302,922,250	6 / 6
2026-10-01	$3.18	$302,922,250	6 / 6
2026-10-02	$3.18	$302,922,250	6 / 6
2026-10-03	$3.18	$302,922,250	6 / 6
2026-10-04	$3.18	$302,922,250	6 / 6
2026-10-05	$3.18	$302,922,250	6 / 6
2026-10-06	$3.18	$302,922,250	6 / 6
2026-10-07	$3.18	$302,922,250	6 / 6
2026-10-08	$3.18	$302,922,250	6 / 6
2026-10-09	$3.18	$302,922,250	6 / 6
2026-10-10	$3.18	$302,922,250	6 / 6
2026-10-11	$3.18	$302,922,250	6 / 6
2026-10-12	$3.18	$302,922,250	6 / 6
2026-10-13	$3.18	$302,922,250	6 / 6
2026-10-14	$3.18	$302,922,250	6 / 6
2026-10-15	$3.18	$302,922,250	6 / 6
2026-10-16	$3.18	$302,922,250	6 / 6
2026-10-17	$3.18	$302,922,250	6 / 6
2026-10-18	$3.18	$302,922,250	6 / 6
2026-10-19	$3.18	$302,922,250	6 / 6
2026-10-20	$3.18	$302,922,250	6 / 6
2026-10-21	$3.18	$302,922,250	6 / 6
2026-10-22	$3.18	$302,922,250	6 / 6
2026-10-23	$3.18	$302,922,250	6 / 6
2026-10-24	$3.18	$302,922,250	6 / 6

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold
2026-05-01	6	4
2026-06-01	5	4
2026-07-01	5	4
2026-08-01	5	4
2026-09-01	4	4
2026-10-01	4	4

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 4 Buy / Strong Buy · 4 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades0 maintains

Recent actions · Sep 25–Oct 24 · 0 recorded

Price-target changes

30 days

Individual price-target observations are unavailable.

0 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Dividend per share grows to $0.25 in Q1 2026Dividend per share: $0.25 per share
EPS reaches about $3.00 in FY26Published status: Broken
Operating margin near 27% in FY25Operating margin: 28.98%
Revenue grows to about $280M in FY26Published status: Under Pressure

Next proof point

Nov 4, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

4 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.2%Typical daily move · historical

Downside history

-32.9%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

LeMaitre Vascular outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

LMAT is a growing healthcare business with a sector tailwind, rather than a turnaround story. Its long-term thesis is intact, supported by strong recent financial performance and stable management, but recent earnings misses and elevated risk leave execution under scrutiny.

What's priced into LeMaitre Vascular

The valuation evidence describes LMAT as cheap versus peers, with a small expectations gap and a justified priced-in assessment. This suggests the market is not assuming flawless execution, though the evidence does not quantify what earnings growth is already expected.

What the fundamentals likely do

Near term, revenue and operating income are growing in line with management’s stated priorities, and 2026 guidance calls for continued growth. However, LMAT missed its most recent quarter and has a run of consecutive misses, so guidance delivery remains a risk. A recent president transition adds a change to monitor, while the evidence on its effect is limited.

What LeMaitre Vascular hinges on

The multi-year thesis depends on continued revenue growth and improved operating income, alongside management delivering its 2026 guidance. A guidance cut would be a meaningful negative, while continued earnings strength from healthcare peers could support the sector backdrop. Weaker jobs data could raise recession concerns and weigh on cyclical businesses.