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LMAT · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is LeMaitre Vascular, Inc. (LMAT) stock moving?
LeMaitre reported Q3 2026 sales of $68.0M (+11%, +12% organic) and gross margin of 71.7%, and sales slightly beat consensus, but EPS of $0.65 missed the $0.69 estimate. Management then cut FY2026 GAAP EPS guidance to $2.77-$2.82 (from $2.84-$2.94, versus a $2.87 estimate), narrowed FY2026 sales guidance to $274.8M-$276.8M, and guided Q4 below consensus on both sales ($69.9M-$71.9M vs $72.3M) and EPS ($0.70-$0.75 vs $0.78). The B. Braun asset purchase for $19.2M is expected to add only about $150,000 of Q4 sales and break-even operating income, and its sales will ramp slowly over 18-24 months. Wells Fargo kept Equal-Weight and cut its target to $86, and Citizens kept Market Outperform but lowered its target to $110. The stock spiked to an $89.23 intraday high on Nov 4 but then sold off: it closed at $87.92 that day, $83.49 on Nov 5, $80.89 on Nov 6 and $79.02 on Nov 10, the lowest close in the 30-day window. Volume was heavy on the Oct 30 drop and the Nov 4-5 swings. The CEO, David Roberts, is retiring as President effective Dec 31, 2026, but will stay on the board. Balance-sheet strength (cash of $390M) and a $0.25 dividend offer some support.
News behind the analysis
- Wells Fargo Maintains Equal-Weight Rating on LeMaitre Vascular Following Q3 ResultsWells Fargo kept its Equal-Weight rating and cut its price target to $86 from $94 after the third-quarter report.
- Citizens Maintains Market Outperform on LeMaitre Vascular, Lowers Price Target to $110Citizens kept its Market Outperform rating but lowered its price target to $110 after the quarter.
- LeMaitre Vascular Acquires Vascular Asset Portfolio from B. BraunLeMaitre bought B. Braun vascular grafts and related products for $19.2 million; the products had $9.4 million of 2025 sales, all outside North America, and will transition to LeMaitre's channel over 18-24 months.
- LeMaitre Vascular Announces Participation in Upcoming Investor ConferencesManagement will attend three healthcare investor conferences in November and December 2026.
- LeMaitre Vascular Reports Q3 2026 Financial Results and Declares DividendQ3 sales were $68.0 million, up 11% (12% organic), with gross margin of 71.7%, and the board declared a $0.25 quarterly dividend. Cash rose to $390 million.
- LeMaitre Vascular Lowers FY2026 GAAP EPS Guidance from $2.84-$2.94 to $2.77-$2.82 vs $2.87 Est; Narrows FY2026 Sales Guidance from $274.300M-$278.300M to $274.800M-$276.800M vs $276.539M EstFull-year GAAP EPS guidance was cut to $2.77-$2.82, below the $2.87 estimate. Sales guidance was narrowed to $274.8 million-$276.8 million, close to the $276.5 million estimate.
- LeMaitre Vascular Lowers Q4 GAAP EPS Guidance from $0.75-$0.81 to $0.70-$0.75 vs $0.78 Est; Lowers Q4 Sales Guidance from $71.100M-$73.100M to $69.900M-$71.900M vs $72.325M EstQ4 EPS guidance of $0.70-$0.75 and sales guidance of $69.9 million-$71.9 million both fell below consensus.
- LeMaitre Vascular Q3 EPS $0.65 Misses $0.69 Estimate, Sales $67.970M Beat $67.393M EstimateQ3 EPS missed consensus, while sales beat the estimate slightly.
- LeMaitre Vascular Q3 Organic Sales Up 12%; Gross Margin 71.7%Organic sales grew 12% in Q3, split between 7% price and 5% units. Biologics such as Artegraft and RestoreFlow drove the growth.
- LeMaitre Vascular Q3 2026 Earnings Call TranscriptManagement discussed third-quarter results and the 2026 outlook, which calls for another year of about 11% sales growth and 18% adjusted EPS growth.
About LeMaitre Vascular, Inc.
LeMaitre Vascular is a medical device company based in Burlington, Massachusetts. It makes devices, implants and tissue products that vascular surgeons use for procedures such as bypasses and carotid artery surgery. What sets it apart is its focus on small, niche product lines that bigger companies often overlook, along with a steady habit of buying such product lines from other firms; its latest purchase was B. Braun's vascular device portfolio in 2026.
How it makes money
It sells products to hospitals through its own direct sales force of about 170 reps in North America, Europe and Asia-Pacific. The main products are vascular grafts (polyester grafts and Artegraft, a graft made from cow artery), shunts, catheters, patches and valvulotomes. A growing share of sales comes from biologic products, including RestoreFlow human tissue allografts, which the company processes itself. Much of its recent growth has come from raising prices (about 7% in recent quarters), with additional growth from selling more units. Full-year 2026 revenue is guided at roughly $276 million, with gross margins around 72%.
What usually moves LMAT
- Organic sales growth and price increases
- Biologics demand and allograft supply
- Acquisitions and their integration (e.g., B. Braun portfolio)
- Gross and operating margin trends
- US dollar strength affecting international sales