Citizens has reaffirmed its Market Outperform rating for LeMaitre Vascular (NASDAQ:LMAT) and kept its price target at $113.00. The shares currently trade around $91.86, and the company carries a price-to-earnings ratio of 39.47. At the same time, InvestingPro analysis indicates the stock may be trading above its Fair Value estimate.
The brokerage firm pointed out that its estimates for fiscal 2025 reflect an improvement year-over-year, after the company delivered meaningful margin gains in 2024. Citizens quantified those gains as roughly 300 basis points of gross margin expansion and approximately 470 basis points of operating margin improvement during 2024.
Citizens described the margin expansion as particularly notable given challenging year-over-year comparisons. The firm also noted that LeMaitre's 2025 margin guidance includes a headwind of about 100 basis points stemming from a non-recurring tax credit that affected multiple profit and loss lines in the third quarter of 2025.
Since fiscal 2023, the company has achieved about 700 basis points of operating margin expansion, according to Citizens. That operating leverage contributed to a 75% increase in earnings per share from fiscal 2023 through fiscal 2025. LeMaitre's gross profit margin sits at 71% and the firm reports a return on equity of 15%.
InvestingPro intelligence cited that five analysts have revised their earnings estimates higher for the upcoming period, lending weight to the positive outlook reflected in consensus forecasts. The platform also advertises additional ProTips and a Pro Research Report containing deeper analysis and 14 more tips for subscribers.
Citizens characterized this level of margin improvement and earnings growth as uncommon for a small-cap medical technology company reporting less than $250 million in total sales. That observation underscores the company's operating progress even as valuation metrics prompt some caution.
Investors seeking a valuation check are directed to tools such as the Fair Value calculator referenced by InvestingPro, which combines a range of industry models to estimate relative value. According to the InvestingPro assessment noted by Citizens, LeMaitre's current share price may exceed its Fair Value estimate.
Contextual note: The article focuses strictly on the data and analyst commentary provided in the reporting described above and does not add external information.