LeMaitre Vascular, Inc. (LMAT): BCG Matrix [Dec-2025 Updated]

You're looking for a clear-eyed view of LeMaitre Vascular, Inc.'s portfolio, so let's map their products onto the BCG Matrix to see where the capital should flow, defintely. We've got high-flyers like the Artegraft international launch driving +33% growth in its segment, sitting alongside reliable cash generators boasting a 70.8% Q3 gross margin, but we also see laggards like the 4% growth in APAC and new bets like the Catheters category that need serious scrutiny after their +27% Q2 spike. This snapshot tells you exactly where LeMaitre Vascular, Inc. is winning now and where you need to watch the spending closely as we close out 2025.

Background of LeMaitre Vascular, Inc. (LMAT)

You're looking at LeMaitre Vascular, Inc. (LMAT) as of late 2025, a company that focuses on devices and implants for treating peripheral vascular disease. Honestly, they serve a pretty specific niche: the vascular surgeon. LeMaitre Vascular, Inc. develops, manufactures, and markets both disposable and implantable vascular devices to meet the needs of this core customer base.

Their product portfolio covers several anatomical areas, including the carotid, upper extremities, lower extremities, and the aorta. To be specific, the lower extremities product line generally contributes the largest proportion of revenue, with the carotid product line following closely behind. Their surgical devices list is quite broad, including things like balloon catheters, carotid shunts, vascular grafts, and vessel closure systems.

Financially, things looked healthy heading into the end of 2025. For the third quarter ending September 30, 2025, LeMaitre Vascular, Inc. reported sales of $61.0mm, which was an 11% increase year-over-year, or 12% organically. This strong performance led management to raise its full-year 2025 sales guidance to a midpoint of $248mm, projecting about 13% growth for the year.

When we look at what's driving that growth, certain product categories really stand out. In Q3 2025, sales for Grafts were up 23%, and Shunts grew by 18%. Plus, their Artegraft product saw its growth accelerate to 33% thanks to its international launch moving ahead of schedule. Geographically, the EMEA region was a strong performer, with sales up 18% in the third quarter.

The company maintains a strong balance sheet; as of the end of Q3 2025, their cash and securities position stood at $343.1mm. LeMaitre Vascular, Inc. is also committed to returning capital, having announced a quarterly dividend of $0.20/share in Q3 2025. They also have an active share repurchase program authorized up to $75.0mm, which is set to conclude in February 2026.

LeMaitre Vascular, Inc. (LMAT) - BCG Matrix: Stars

You're looking at the engine room of growth for LeMaitre Vascular, Inc. (LMAT) right now, which is where the Stars live. These are the products dominating fast-growing segments, demanding capital to maintain their lead, but promising future Cash Cow status if they keep winning. Honestly, it's a balancing act of investment versus market dominance.

For LeMaitre Vascular, Inc. (LMAT), the Star quadrant is defined by segments showing both high relative market share and high market growth, evidenced by the company's overall performance. The full year 2025 organic sales growth clocked in at +13%, which tells you the market LeMaitre Vascular, Inc. (LMAT) operates in is definitely expanding at a healthy clip.

Here's a quick look at the key growth drivers that fit the Star profile based on their recent performance metrics:

• Artegraft international launch performance.
• The overall Grafts product line momentum.
• The sustained strength of the Shunts category.

The international rollout of Artegraft is a prime example of a Star product. This product achieved Q3 2025 sales of $1.4 million, which translated to a segment growth rate of +33%. That's significant penetration in a new or expanding market, requiring heavy promotional and placement support to secure that market share.

The broader Grafts product line is also firmly in the Star category, showing strong traction across the board. This line posted Q3 2025 sales growth of +23%, handily beating the company's overall organic sales growth average of +13% for the full year 2025. You've got to keep feeding these segments with capital to ensure they capture the market while it's hot.

Even the core Shunts product category, while perhaps more mature in some respects, is still exhibiting Star-like growth characteristics, demanding continued investment to fend off competitors. This category delivered high Q3 2025 sales growth of +18%. That growth rate, well above the company average, signals that this core offering is still capturing significant market expansion.

To map this out clearly, here are the key performance indicators for these high-growth, high-share areas as of the latest reporting period:

If LeMaitre Vascular, Inc. (LMAT) successfully maintains this market share as the overall market growth for these specific areas eventually slows down, these Stars will transition into the highly profitable Cash Cows. The strategy here is clear: invest heavily now to solidify leadership, because that's how you build future stable cash flow. Finance: draft the capital allocation plan for Artegraft expansion by next Tuesday.

LeMaitre Vascular, Inc. (LMAT) - BCG Matrix: Cash Cows

You're looking at the core engine of LeMaitre Vascular, Inc., the segment that reliably funds the rest of the operation. These are the established products in mature markets where the company has a strong, defensible position. They don't need heavy spending to grow, but they certainly generate the capital you need for everything else.

Consider Artegraft, a prime example of this category. Its established U.S. market generated 2024 sales of $37 million for that product alone. That kind of consistent, high-volume revenue stream is what defines a Cash Cow in this portfolio.

The profitability on these mature lines is exceptional, which is why they are so valuable. For the third quarter of 2025, LeMaitre Vascular reported an Adjusted Gross Margin of 70.8%. That margin, achieved through higher average selling prices and manufacturing efficiencies, translates directly into robust cash generation, which is exactly what you want from a Cash Cow. Honestly, seeing margins that strong in a mature segment is a sign of excellent operational control.

This strength is reflected on the balance sheet, too. As of September 30, 2025, the company held cash and securities totaling $343.1 million. That war chest is built on the back of these reliable performers, giving LeMaitre Vascular the flexibility for strategic moves, like funding the international launch of Artegraft, which saw 33% growth in Q3 2025 due to that rollout. Here's the quick math: they generated $28.8 million in cash from operations in Q3 2025 alone.

The commitment to shareholders reinforces this stability. LeMaitre Vascular announced a consistent dividend payout of $0.20 per share quarterly, a clear signal of mature, reliable cash generation that management is confident in sustaining. They paid out $4.5 million in dividends to shareholders in Q3 2025.

To map out the financial strength supporting this quadrant, look at these key figures from the latest reporting period:

The products categorized here are the foundation, providing the necessary resources for the rest of the business strategy. Their performance is characterized by high market share in slower-growing segments, which allows for focused investment in infrastructure to further improve efficiency, rather than heavy promotional spending.

• Established U.S. market for core vascular devices, with Artegraft generating 2024 sales of $37 million in the U.S.
• Adjusted Gross Margin in Q3 2025 reached 70.8%, up 300 basis points year-over-year.
• Total cash and securities stood at $343.1 million as of September 30, 2025.
• The company maintained a quarterly dividend of $0.20 per share.
• Full Year 2025 Revenue Guidance midpoint is projected at $248 million, representing 13% growth.

These Cash Cows are the business units you want to maintain at peak productivity, milking the gains passively while directing capital elsewhere. Finance: draft 13-week cash view by Friday.

LeMaitre Vascular, Inc. (LMAT) - BCG Matrix: Dogs

Dogs are business units or products characterized by low market share in low-growth markets. They tie up capital without generating significant returns, making divestiture a common strategic consideration.

• The end of the Elutia porcine patch distribution agreement on April 30, 2025, signals a clear exit from a product line. This product line generated $5 million in U.S. hospital sales for LeMaitre Vascular in 2024.
• In the Asia-Pacific (APAC) region, Q3 2025 sales growth registered at only 4%. This rate is significantly below the company's overall Q3 2025 reported sales growth of 11%.
• A packaging-related recall on a portion of catheters in Q2 2025 caused a temporary supply disruption, estimated to be around $800,000 in impact for that quarter. Specific models cited in the FDA recall database include the Pruitt Irrigation Occlusion Catheter (Z-1752-2025). The Q3 2025 earnings call noted operational risks associated with a catheter recall.
• For Q2 2025, the growth composition showed that price increases accounted for 8% of sales growth, while unit volume growth was only 7%. This reliance on pricing over volume suggests maturity or low-volume growth in certain legacy product segments. For context, in Q3 2025, unit growth was even lower at 2%, with price accounting for 10% of growth.

To frame these low-growth indicators, here's a look at how the overall business performed in the most recent reported quarters, which helps define the context for these lower-performing segments.

The termination of the Elutia agreement and the low 4% growth in APAC sales in Q3 2025 clearly point to areas where LeMaitre Vascular is either actively divesting or experiencing minimal market traction, fitting the profile of a Dog. The reliance on price increases in Q2 2025 (8% from price vs. 7% from units) further suggests that volume expansion for certain product lines is stagnant, which is typical for mature, low-growth assets.

You're looking at a portfolio where management is clearly making decisions to prune or manage down underperforming assets, like the Elutia patch distribution exit, while the core business shows strong growth, such as Grafts at +23% and Shunts at +18% in Q3 2025. Finance: draft the P&L impact of the Elutia exit for the full year by Friday.

LeMaitre Vascular, Inc. (LMAT) - BCG Matrix: Question Marks

You're looking at the business units that are burning cash now but might be tomorrow's big winners. These are the high-growth areas where LeMaitre Vascular, Inc. is placing bets, but the market share isn't locked in yet.

The primary candidates for the Question Marks quadrant are characterized by high market growth but a relatively low current market penetration for LeMaitre Vascular, Inc. These areas require significant capital deployment to capture market share before they mature into Stars.

Here are the specific components fitting that profile for LeMaitre Vascular, Inc. as of the latest 2025 reporting periods:

• The Catheters product category, which showed very high Q2 2025 growth of +27%, but its market share relative to Grafts is unclear.
• RestoreFlow allograft, anticipating at least one European regulatory approval in 2025, representing a high-growth, unproven market entry in that region.
• New international sales offices in Switzerland and Portugal, which are investments in high-growth regions but are not yet major revenue drivers as of Q3 2025.
• New product development projects, indicated by capital deployment such as the $1.38M in capital expenditures reported for Q1 2025, which require significant upfront funding.

The need for investment is clear when looking at the capital structure and strategic actions taken. The Board of Directors authorized the repurchase of up to $75.0mm of common stock on February 18, 2025, indicating available capital for strategic flexibility, which includes funding these high-growth, high-cash-consumption areas.

The following table summarizes key financial metrics from the period where these Question Marks are being nurtured:

The RestoreFlow allograft processing and cryopreservation operations are based in the Fox River Grove, Illinois facility, supporting the product line that is seeking further international expansion, with management noting continued investment in regulatory approvals in 2025.

The investment in international expansion is part of a broader strategy where LeMaitre Vascular, Inc. continues to make investments in its sales force, targeting 170 representatives by year-end 2025, up from 164 at the end of Q1 2025. This expansion into regions like Switzerland and Portugal is a direct effort to increase market share in those territories.

For context on the overall company performance that funds these Question Marks, LeMaitre Vascular, Inc. reported Q2 2025 diluted EPS of $0.60, up 16%. The full-year 2025 sales guidance midpoint was set at $251mm, with an organic growth expectation of 15%.

Finance: draft 13-week cash view by Friday.