LeMaitre Vascular is the Market Leader in Numerous Niches for the Treatment of Peripheral Vascular Diseases - Share at all-Time High!
The medical technology company LeMaitre Vascular (LMAT) supplies products for the treatment of peripheral vascular diseases. The range includes catheters, stents, biological implants and other medical instruments to improve blood flow. End-stage renal disease and, to a lesser extent, cardiovascular disease are also addressed. Peripheral vascular disease affects an estimated 200 million people worldwide. The disease covers a range of conditions in which the arteries or veins that carry blood to or from the legs, arms or organs outside the heart become...
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More than half of the approximately 23,000 vascular surgeons worldwide use LeMaitre Vascular products. The company primarily sells directly to hospitals in 29 countries, although more than 65 countries can already be reached via distribution partners. This means that there are relationships with around 4,900 hospitals, which place average orders of $38,000 per year. Thanks to the differentiated products, price increases, such as around 12% last year, can also be realized time and again. In 9 of a total of 12 niche markets, the company sees itself as the market leader or at least the second-largest supplier with sales potential totaling $850 million.
In the first quarter, business grew by just under 14% and net profit also improved by 62%. Growth rates are high in the Asia-Pacific region at 44%. In Europe, too, the fastest-growing US product, which generated $33 million last year, is likely to come to Europe in the near future. Special biological vascular grafts from bovine carotid arteries can improve blood flow here in the long term, particularly in patients with hemodialysis access (blood purification in kidney failure). The sales forecast offered for 2024 signals growth of 10-12%. The annual target for the operating margin was raised from 19% to 22%, whereupon Barrington raised the price target to $79 (Outperform) with the prospect of better earnings development. The share is now breaking out to a new all-time high.
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