Disclaimers
Forward Looking Statements
This presentation contains certain forward-looking statements, within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995, that involve risks and uncertainties. Actual results and events may differ significantly
from results and events discussed in forward-looking statements. Factors that might cause or contribute to such
differences include, but are not limited to, those discussed in “Risk Factors” in our Annual Report on Form 10-K and
subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. Undue reliance should
not be placed on forward-looking statements, which speak only as of the date they are made. We undertake no
obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after
the date they were made.
Non-GAAP Financial Measures
This presentation contains non-GAAP financial measures. Non-GAAP financial measures are not prepared in accordance
with generally accepted accounting principles and may not be comparable to similar non-GAAP financial measures used
by other companies. The most directly comparable financial measures calculated in accordance with GAAP and a
reconciliation of GAAP to non-GAAP financial measures are provided at the end of this presentation.
Other
Unless otherwise specified, all information contained herein is provided as of March 31, 2019, except that all
management guidance is as of May 1, 2019. This presentation is not a reaffirmation of management guidance, which is
referenced herein for convenience only.
2
LMAT INVESTMENT HIGHLIGHTS:• $113.5mm - $114.7mm sales in 2019*
• +8% reported, +6% organic†
• $20.9mm - $21.7mm operating income in 2019*• -25%†, +4% adjusted▪
• 19% operating margin†
• $0.82- $0.86 earnings per diluted share in 2019*• -26%†, +2% adjusted▪
• 109 sales reps
• Acquisition and R&D strategy
• $47.5mm cash & short term investments, no debt
• Dividend payer
• $10mm share repurchase program authorized
*Management Guidance, May 1, 2019
†All % figures are midpoint of guidance range
▪Adjusted operating income and EPS growth exclude 1X gains and losses from acquisitions, divestitures, and restructuring, net of tax 3
Top & Bottom Line Growth
*Bar chart and 5-year CAGR calculated from midpoint of guidance range, May 1, 2019
**2018 1X gains represent gains from acquisitions and divestitures
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
$110
$120
$130
2014 2015 2016 2017 2018 2019*
Mill
ion
s
Sales
$1
13
.5-
$1
14
.7*
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
$20
$22
$24
$26
$28
$30
2014 2015 2016 2017 2018 2019*
Mill
ion
s
Operating Income
$2
0.9
-$
21
.7*
4
1x
Ga
ins*
*
COMPANY SNAPSHOT
LEMAITRE’S STRATEGY
Focused Call Point:
Vascular Surgeon
Niche Markets Growth Platform
� Sales force expansion
� R&D introductions
� Acquisitions
5
Focused Call Point: Vascular Surgeon
78%
Vascular Surgeon
22% Other
Source: Management Surveys of LMAT Field Sales Personnel
• Cardiac Surgeon
• Neurosurgeon
• General Surgeon
• Interventional Radiologist
Other Includes:
6
LeMaitre Hospital Customers:
• 4,500 Worldwide
• Average purchases/hospital: ~$22,000
Vascular Surgeons*:
• 15,000 Worldwide
• >50% use LeMaitre products
*Source: Management Estimate
Niche Strategy: 15 Product Lines, $900mm TAM
• ~20% of $5b Peripheral
Vascular Market*
• #1 or #2 Market Share in 12
of 15 Vascular Product Lines
• 98% of LMAT Sales from
Markets <$160mm*
#1 or #2 Market Share
ePTFE
Vascular
Grafts
Polyester
Vascular Grafts
Vascular
Patches
Biologic
Vascular
Grafts
Carotid
Shunts
Valvulotomes
Anastomotic Clips
RE Devices
Radiopaque Tape
Embolectomy
Catheters
Powered
Phlebectomy
AngioscopesContrast
Injectors
Surgical
GlueOcclusion
Catheters
7*As of 3/31/2019
XenoSureBiologic Vascular Patch
Pruitt F3 Carotid Shunt
Omniflow II
Biosynthetic Vascular Graft
HYDRO LeMaitre Valvulotome
RestoreFlow Vascular Allograft
Dacron & ePTFEVascular Grafts
1
2
3
4
5
6
7
8
These 8 products represented >85% of our sales in Q1 2019
Niche Markets: A Diversified Sales Bag
EmbolectomyCatheter
Disposables Implantables
AnastoClip GC Closure System
8
0%
20%
40%
60%
80%
100%
2015 2016 2017 2018 2019*
Sales Mix by Product Category
Biologic
Implants
Disposables
Non-Biologic
Implants
% o
f S
ale
s
9*Through 3/31/2019
33%
11%
56%
Worldwide Sales Reach: 109 Sales Reps & 11 Offices
March 31, 2019
Rep Count: 109
Direct Sales in 22 Countries
11 Sales Offices
North America: 54
Asia / Pacific Rim: 13
Europe: 42
109 Sales Reps
10
We Add ~5 Sales Reps per Year
0
10
20
30
40
50
60
70
80
90
100
110
42 Reps
54 Reps
13 Reps
Asia/Pacific Rim
Europe
Americas
11
APPROVED SUBMITTED
Regulatory Approvals – Direct Sales Channel
**Based on Q1 2019 worldwide net sales by product line
Product Lines and Services
The Americas EMEA Asia/Pacific Rim
US Canada Europe NZ Australia Japan China
LeMaitre Valvulotome
VascuTape Radiopaque Tape
Catheters: SL Embo/OTW Embo/NovaSil
Catheters from Applied: Syntel/Python/Latis
Catheters: Aortic/PIOC/Small Occlusion/DPC
Carotid Shunts: Pruitt F3/F3-S/Flexcel
AnastoClip: AC/GC
Elongated AnastoClip: AC/GC
EndoRE Devices: Moll/MultiTASC
AlboGraft/AlboSure Polyester Graft
Surgical Glue
XenoSure Biologic Patch Clinical Trial
LifeSpan ePTFE Graft
LeverEdge Contrast Injector
TRIVEX System
Omniflow II Biosynthetic Graft
Angioscope
ProCol Biologic Graft
RestoreFlow Allografts
% of Products Approved in Market** 94% 95% 90% 90% 84% 55% 23%
12
APPROVED SUBMITTED
Product Lines and Services
Americas EMEA Asia/Pacific Rim
Brazil S. Africa Turkey Saudi Russia Vietnam Thailand Korea Taiwan
LeMaitre Valvulotome
VascuTape Radiopaque Tape
Catheters: SL Embo/OTW Embo/NovaSil
Catheters from Applied: Syntel/Python/Latis
Catheters: Aortic/PIOC/Small Occlusion/DPC
Carotid Shunts: Pruitt F3/F3-S/Flexcel
AnastoClip: AC/GC
Elongated AnastoClip: AC/GC
EndoRE Devices: Moll/MultiTASC
AlboGraft/AlboSure Polyester Graft
Surgical Glue
XenoSure Biologic Patch
LifeSpan ePTFE Graft
LeverEdge Contrast Injector
TRIVEX System
Omniflow II Biosynthetic Graft
Angioscope
ProCol Biologic Graft
RestoreFlow Allografts
% of Products Approved in Market** 75% 82% 85% 77% 44% 77% 78% 39% 31%
**Based on Q1 2019 worldwide net sales by product line
Regulatory Approvals – Distributor Sales Channel
13
New
R&D Launch Record (12-6-1)
12 WINS
Year Product
2001 1.8mm Valvulotome
2002Novasil Latex Free Embo
Catheter
2003Reddick Scoop Tip
Cholangiogram Catheter*
2004 Flexcel Carotid Shunt
2004 Distal Perfusion Catheter
2004 5F Plus O-T-W Embo Catheter
2007 Pruitt F3 Carotid Shunt
2010 AnastoClip GC
2013 1.5mm Valvulotome
2014 HYDRO Valvulotome
2016 15cm AnastoClip AC
2018 15cm AnastoClip GC
6 LOSSES
Year Product
2004 InvisiGrip Vein Stripper*
2007 TT Delivery System*
2008 TAA Top Stent*
2011 O-T-W Valvulotome
2011 The UnBalloon*
2013 MultiTASC
SKU Expansion
1 TBD
Year Product
2013 AlboSure Polyester Patch
THREE TYPES OF PROJECTS
Next Generation
*Discontinued/Divested
*Management determination of wins vs. losses vs. TBD incorporates factors including
but not limited to: sales, growth, profitability, and return on investment 14
21 Acquisitions in 22 years
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
$110
$120
Mil
lio
ns
# of Acquisitions
Acquired Sales
Growth of Acquired Sales
Non-Acquired Sales1 1
1
11
1
4
1 1
2
1
2
2
2
15
*Management Guidance, May 1, 2019
Acquisitions Record (13-5-3)
13 WINS
Year ProductMultiple
Paid
1998 VascuTape 0.3x
1999Embolectomy
Catheters0.9x
2001Carotid Shunt,
Embo Catheters1.1x
2004 AnastoClip 0.6x
2007 LeverEdge 1.8x
2010 LifeSpan 2.3x
2012 XenoSure 1.0x
2013Carotid Shunt,
Embo Catheters1.9x
2013 TRIVEX 1.1x
2014 Omniflow II 2.5x
2014 Angioscope 1.2x
2015 Valvulotome 5.0x
2016Restore Flow
Allografts3.8x
Wtd Avg Sales Multiple Paid 1.7x
5 LOSSES
Year ProductMultiple
Paid
2003 Dialysis Grafts 9.5x
2005 Stent Grafts 2.3x
2007 UnBalloon N/A
2007 AlboGraft 2.8x
2007 EndoRE 1.7x
Wtd Avg Sales Multiple Paid 2.7x
3 TBD
Year ProductMultiple
Paid
2016 ProCol 2.1x
2018Embolectomy
Catheters4.2x
2018
Polyester Grafts,
Valvulotomes,
Surgical Glue
0.7x
Wtd Avg Sales Multiple Paid 2.4x
Weighted Average Sales Multiple of all 21 acquisitions: 2.1x
*Management determination of wins vs. losses vs. TBD incorporates factors including but not
limited to: sales, growth, profitability, and return on investment
16
Financials: High Quality Sales
**Approximate, in LMAT Direct Territories
XenoSure
20%
No Product
>25%†
Distributor 7%
Direct to Hospital†
Geographically
Diverse†
Americas
57%ROW
43%
† Q1-19 Data
Direct
93%
50%
55%
60%
65%
70%
75%
2014 2015 2016 2017 2018 2019*
Gross Margin ~70%
0%
5%
10%
2014 2015 2016 2017 2018 2019
Worldwide Price Increase**
*Management Guidance, May 1, 2019
17
Operating Margin: ~20%
$2
7.9
-$
30
.0*
*2018 adjusted operating income excludes 1X gains from acquisitions and divestitures
*Operating margin calculated from midpoint of guidance range, May 1, 2019
0%
5%
10%
15%
20%
25%
2014 2015 2016 2017 2018 adj.* 2019**
18
EBITDA Funds Dividends & Acquisitions
*Calc: Tax-affected Operating Inc./(Equity less Cash and S/T Investments)
^Includes 1x gains from acquisitions and divestitures
$0
$10
$20
$30
$40
2015 2016 2017 2018^ 2019
EB
ITD
A (
mil
lio
ns)
Dividends Share Repurchases Acquisitions Excess EBITDA
Through 3/31/2019
$0
$10
$20
$30
$40
$50
$60
2015 2016 2017 2018 2019
$47.5mm Cash, No Debt
0%
5%
10%
15%
20%
25%
30%
2015 2016 2017 2018^ 2019
Return on Invested Capital*
19
Liquidity Driving Institutional Shareholders
*Institutional ownership is based on 13Fs for the period ended
March 31, 2018.
**Beneficial ownership excluding options as of March 31, 2019
based on 19,671,232 shares outstanding as of March 31, 2019.
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
$5.0
$5.5
$6.0
2015 2016 2017 2018 2019*
Mil
lio
ns
Added to
Russell
2000
Q2 2015
Added to
S&P SmallCap 600
Q2 2017
LMAT Average Daily Trading Dollar Volume LMAT Stock Ownership Transition
Insider
Owners**
Institutional
Owners*
20
*Through 3/31/2019
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
2015 2016 2017 2018 2019
Investors, Analysts, ConferencesInside Shareholders holding >1%*
George W. LeMaitre 15.8%
Top 25 Institutional Shareholders **
BlackRock Fund San Francisco 12.3%
Conestoga Philadelphia 8.6%
Vanguard Philadelphia 6.7%
Dimensional Austin 5.2%
Janus Denver 3.4%
Ranger Dallas 3.2%
State Street Global Boston 3.1%
Thomson Horstmann & Bryant Norwalk 1.9%
AWM (Special Situations) New York 1.7%
Columbia Threadneedle Boston 1.5%
Wells Capital San Francisco 1.3%
Bahl & Gaynor Cincinnati 1.2%
Summit Creek Minneapolis 1.2%
Northern Trust Chicago 1.1%
Epoch New York 1.1%
Geode Boston 1.1%
Wasatch Salt Lake City 1.1%
Marshall Wace London 1.0%
Millennium New York 0.9%
Mellon Boston 0.9%
Kennedy St. Louis 0.8%
Copeland Philadelphia 0.8%
Invesco Chicago 0.7%
Principal Global Des Moines 0.7%
Nuveen New York 0.6%
*Beneficial ownership excluding options as March 31, 2019 based on 19,671,232
shares outstanding at March 31, 2019.
**Institutional ownership based on 13Fs for the period ended March 31, 2019.
Analyst Coverage
Barrington Research Michael Petusky
Canaccord Genuity Jason Mills
First Analysis Joseph Munda
Lake Street Capital Brooks O’Neil
Roth Scott Henry
Sidoti James Sidoti
Stifel Rick Wise
Upcoming Investor Conferences
Jefferies NYC Jun 6
Canaccord Boston Aug 7 – 8
Wells Fargo Boston Sep 4 – 5
RW Baird NYC Sep 4 – 5
Morgan Stanley NYC Sep 9 – 11
Common Shares (Weighted Average)
Outstanding 19.6mm
Fully Diluted 20.2mm
Quarterly Midpoint of Guidance Achievement Record
Sales Guidance 25 of 37 Quarters (68%)
Operating Income Guidance 26 of 37 Quarters (70%)
Earnings Per Share Guidance 6 of 8 Quarters (75%)
21
GAAP to Non-GAAP Financial Measures
Reconciliation
Amounts are in thousands and are unaudited
**Management Guidance, May 1, 2019 22
Reconciliation between GAAP and Non-GAAP projected sales growth:
For the year ended December 31, 2019
Net sales per guidance 114,100$
Impact of currency exchange rate fluctuations 2,088
Net impact of acquisitions excluding currency (5,417)
Adjusted net sales 110,771$
For the year ended December 31, 2018
Net sales as reported 105,568$
Net impact of divestitures excluding currency (787)
Adjusted net sales 104,781$
Adjusted projected net sales increase for the year ended December 31, 2019 5,990$ 6%
Reconciliation between GAAP and Non-GAAP projected operating income:
For the year ended December 31, 2019
Operating income per guidance 21,267$
Add back restructuring charge 300
Adjusted projected operating income 21,567$
For the year ended December 31, 2018
Operating income as reported 28,209$
Impact of gains on acquisitions and divestitures (7,474)
Adjusted operating income 20,735$
Adjusted projected operating income increase for the year ended
December 31, 2019 832$ 4%
GAAP to Non-GAAP Financial Measures
Reconciliation
Amounts are in thousands and are unaudited
**Management Guidance, May 1, 2019 23
Reconciliation between GAAP and Non-GAAP projected earnings per share:
For the year ended December 31, 2019
Earnings per share per guidance 0.84$
Add back earnings per share from restructuring charge, net of tax 0.01
Adjusted earnings per share 0.85$
For the year ended December 31, 2018
Earnings per share as reported 1.13$
Less earnings per share from gains on acquisitions and
divestitures, net of tax (0.30)
Adjusted earnings per share 0.84$
Adjusted projected earnings per share increase for the year ended
December 31, 2019 0.01$ 2%
Reconciliation between GAAP and Non-GAAP EBITDA: 2015 2016 2017 2018 Q1-2019
Net Income as reported 7,758$ 10,590$ 17,177$ 22,943$ 3,513$
Interest (income) expense, net (13)$ (67)$ (158)$ (629)$ (157)$
Taxes 3,666$ 5,652$ 3,929$ 5,501$ 1,284$
Amortization and depreciation expense 3,394$ 3,591$ 4,055$ 4,324$ 1,000$
EBITDA 14,805$ 19,766$ 25,003$ 32,139$ 5,640$
Thank You