Lemaitre Vascular, Inc. · NASDAQ:LMAT
Lemaitre Vascular — Q1 2025 Earnings Presentation
22 slides from Lemaitre Vascular's earnings presentation, May 15, 2025
Slide 1: LMAT Investor Presentation
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Slide 2: Disclaimers
Disclaimers Unaudited Financial Results The quarterly financial results in this document are unaudited. Forward-Looking Statements This document contains certain forward-looking statements, within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, that involve risks and uncert
Slide 3: Overview of LeMaitre
Overview of LeMaitre Portfolio of Medical Devices Used Primarily by Vascular Surgeons Large and Growing Global Sales Force #1 or #2 Share Positions in Niche Markets Track Record of Accretive Acquisitions; $300mm Cash On-Hand Attractive Op. Margin, Cash Generation, and Dividend Growth
Slide 4: Core Competencies
Core Competencies Strong Customer Relationships >50% Biologic Implants • 164 sales reps • Broad patch & graft offering • 5,000+ hospital accounts • Favorable profit margin • 12K vascular surgeon users • Tissue processing expertise Executive Team Retention Capital Efficiency • Top 4 Executives: 22 ye
Slide 5: Growing Global Sales of Devices Used by Vascular Surgeon
Growing Global Sales of Devices Used by Vascular Surgeon Sales Sales by Region $275 APAC Americas 5-Yr. CAGR (2020-25): 14% 7% 65% $250 $225 $200 EMEA $175 28% $150 Millions $125 Sales by Physician User† $100 Other $75 7% Vascular Surgeon $50 Cardiac 79% Surgeon $25 14% $0 >50% of the 23K vascular s
Slide 6: Diversified Product Offering: Single-Use Devices & Implants
Diversified Product Offering: Single-Use Devices & Implants Largest Category (22% of total sales) These 8 product categories represent 90% of total sales
Slide 7: Mix Shift to Biologics & Products Used by Cardiac Surgeon
Mix Shift to Biologics & Products Used by Cardiac Surgeon Sales by Device Type Sales by Physician User 100% 100% 80% 42% 41% 41% 80% 44% 44% 60% 60% 82% 82% 80% 78% 79% 7% 7% 7% 8% 7% 40% 40% 48% 49% 51% 52% 52% 20% 20% 8% 8% 7% 9% 9% 12% 14% 14% 9% 9% 0% 0% 2021 2022 2023 2024 2025Q1 2021 2022 2023
Slide 8: #1 or #2 Share in 9 of 12 Markets
#1 or #2 Share in 9 of 12 Markets Aggregate Market Revenue: $1 Billion $300 WW Market Revenue (Millions) $250 $200 $150 Markets in Which LeMaitre Has #1 or #2 Share $100 • LeMaitre generates ~85% of total sales in these markets $50 $0
Slide 9: Sales Growth Drivers
Sales Growth Drivers Organic Inorganic Sales Force Regulatory Distributor Price Acquisitions Expansion Approvals Buyouts Increases
Slide 10: Direct Selling in 29 Countries Represents 93% of Total Sales
Direct Selling in 29 Countries Represents 93% of Total Sales Americas: EMEA: APAC: 79 Reps 56 Reps 29 Reps 16 Managers 11 Managers 7 Managers Direct Country Sales Office
Slide 11: Growing Sales Force: Number of Sales Reps
Growing Sales Force: 164 Reps at 5/1/25 180 170 160 155 140 137 29 Number of Sales Reps 132 23 120 22 104 100 52 16 45 48 80 36 60 40 74 65 66 52 20 0 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 Americas EMEA APAC Guidance Midpoint
Slide 12: Distributor Buyouts Bolster Sales & Gross Profit
Distributor Buyouts Bolster Sales & Gross Profit Approach Portugal Updates • Primary Criterion: Distributor with high sales • Transition agreement signed on March 19, 2025 • Key Outcomes: • Direct sales effective on May 1, 2025 • Incremental sales & GP at end-user pricing • One sales representative
Slide 13: Regulatory Approvals Are an Ongoing Investment Activity
Regulatory Approvals Are an Ongoing Investment Activity % of WW Sales That Products Approved in Geography Represent Artegraft Allograft Artegraft 100% 90% Artegraft 80% Artegraft CE mark: 70% 4/28/25 60% 50% XenoSure (vascular) 40% 30% 20% 10% 0% US Canada EU UK Japan Korea China Thailand Australia
Slide 14: Selling Price Increases (including Pricing Floors)
Selling Price Increases (including Pricing Floors) Weighted Average Price Increase Price Increase Drivers 14% • Differentiated products 12% • #1 or #2 share in niche markets 10% • $42K average annual spend per hospital 8% • Modest average price per unit 6% • Hospital DRG reimbursement 4% 2% 0% 2021
Slide 15: 24 Acquisitions Completed in Last 27 Years
24 Acquisitions Completed in Last 27 Years Win* (16) Loss (8) Year Product Purch. Price ($mm) Year Product Purch. Price ($mm) 1998 VascuTape (manufacturing) 0.2 2003 Expedial† 1.9 1999 TufTex 1.7 2005 EndoFit†, TAArget† 4.1 2001 Pruitt F3 5.7 2007 EndoRE† 2.9 2004 AnastoClip 1.0 2007 UnBalloon† 0.6
Slide 16: Gross Margin Results & Opportunities
Gross Margin Results & Opportunities Gross Margin Gross Margin Opportunities 75% • Price increases 70% • Direct labor efficiency • Inventory turnover improvement initiatives 65% • Automation and other process improvements 60% • Factory consolidations 55% 50% 2021 2022 2023 2024 2025* * Midpoint of g
Slide 17: Operating Income & Operating Margin
Operating Income & Operating Margin Operating Income Operating Margin† $70 30% 5-Yr. CAGR (2020-25): 15% $60 25% $50 $40 Millions 20% $30 $20 15% $10 $0 10% 2021 2022 2023 2024 2025* 2021 2022† 2023 2024 2025† *Midpoint of guidance range provided 5/1/25 † 2022 value is before impact of St. Etienne f
Slide 18: Capital Allocation, Cash Balance & EBITDA
Capital Allocation, Cash Balance & EBITDA Selected Uses of Cash Cash and Debt Balances $350 $60 $300 Cash & Investments Debt $250 $50 Millions $200 $150 $100 $40 $50 Millions $0 $30 12/31/21 12/31/22 12/31/23 12/31/24 3/31/25 $20 EBITDA $70 $60 $10 $50 Millions $40 $0 $30 2020 2021 2022 2023 2024 $2
Slide 19: EPS & Dividend
EPS & Dividend Fully Diluted EPS Dividend per Share $2.50 $1.40 • Increase in 14 straight years $1.20 • Last increase (Q1 2025): 25% $2.00 • 10-Yr. CAGR (2014-24): 16% $1.00 • LMAT is one of 431 securities $1.50 in NASDAQ US Broad $0.80 Dividend Achievers Index $0.60 $1.00 $0.40 $0.50 $0.20 $0.00 $0
Slide 20: Key Recent Developments
Key Recent Developments • Received Artegraft CE mark on April 28, bringing total CE marks to 17 of 23 Regulatory • Received RestoreFlow Allograft approval in Singapore: first Allograft approval in APAC • Dorian LeBlanc started as CFO Finance • ERP implementation now live in both the US and UK • Star
Slide 21: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation between GAAP and Non-GAAP EBITDA 4/1/24 - 2021 2022 2023 2024 3/31/25 Net income as reported $26,907 $ 20,636 $ 30,105 $ 44,038 $ 45,162 Net Interest Expense/(Income) 2,022 (986) (3,077) (4,744) (5,356) Amortization and depreciation expense 9,475 9,433 9,51
Slide 22: LMAT Investor Presentation
® Lemaitre’ LMAT Investor: N= Expect Reliability ake it LeMaitre® a