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Oppenheimer has initiated coverage on LeMaitre Vascular Inc (NASDAQ:LMAT) with an Outperform rating and a price target of $70.
Analysts Suraj Kalia and Shaymus Contorno note that approximately 90% of current sales are generated from ~1/3rd of its core markets, including ePTFE grafts, biologic & allografts, carotid shunts, embolectomy and occlusion catheters, and valvulotomes thus allowing it No. 1 or No. 2 status in these segments, while avoiding hand-to-hand combat with larger players in other segments
About 11,000 vascular surgeons from 4,800 hospitals utilize LMAT's products, with an average yearly billing ranging from $35k-$40k. This widespread adoption promotes user loyalty and allows LMAT to maintain a pricing advantage, reflected by a 4-8% CAGR growth in the past four years.
LMAT's targeted approach in vascular surgery is further enhanced by its tactic of pursuing smaller strategic acquisitions.
With a track record of securing roughly 70% of their 24 acquisition endeavors over the past 20 years, LMAT stands strong in the industry. Their significant purchase of Artegraft in 2020 contributed to about a sixth of their total sales, indicating that LMAT is due for another major acquisition.
Price Action: LMAT shares are up 2.55% at $56.70 on the last check Wednesday.
Posted In: LMAT
