LeMaitre Vascular(US:LMAT)2021-04-30 18:47Financial Performance & Growth - LeMaitre's annual sales have shown growth, as indicated by the provided sales figures[5] - The company's 5-year Compound Annual Growth Rate (CAGR) from 2015-2020 was 11%[7] - LeMaitre's 5-year CAGR for operating income from 2015-2020 was 20%[9] - Q1 2021 sales showed a shift in sales mix toward biologic implants, representing 48% of total sales[15] Market & Strategy - LeMaitre focuses on vascular surgeons, with 82% of sales attributed to this specialist group[11] - The company estimates that over 50% of the 17,000 vascular surgeons worldwide use LeMaitre products[11] - LeMaitre has a 1 or 2 market share position in 11 of 16 markets[12, 13] Global Reach & Approvals - LeMaitre has a worldwide sales reach with direct sales in 24 countries, supported by 86 sales representatives and 11 offices[16] - 95% of Q1 2021 worldwide sales are from products with regulatory approvals in the US market[17] Acquisitions & R&D - LeMaitre has a history of acquisitions, with 24 acquisitions in 23 years[20] - The company has a R&D launch record of 15 wins, 7 losses, and 3 ties or TBD[19] Financial Health - The company maintains a high gross margin, ranging from 50% to nearly 75% between 2016 and H1 2021[23] - LeMaitre has a track record of 10 consecutive years of dividend increases, with a 10-year CAGR of 21% from 2011 to 2021 (estimated)[28]