LEMAITRE VASCULAR INC Segments Disclosure
12. Segment and Geographic Information
The Company regularly reviews its segment financial information and the approach used by the chief operating decision maker (“CODM”), the , to evaluate performance and allocate resources. The Company considers the business to be a operating segment engaged in the development, manufacturing, and marketing of medical devices and implants, as well as the processing and cryopreservation of human tissues for implantation in patients, all used primarily in the field of vascular surgery.
The CODM assesses performance for its single operating segment and decides how to allocate resources based on net income that also is reported on the consolidated statements of operations. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets. The accounting policies of the segment are the same as those described in "Description of Business and Summary of Significant Accounting Policies" (see Note 1).
The CODM uses net income to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the single operating segment or into other parts of the entity, such as for acquisitions, dividend payments, and/or short-term marketable security investments. Net income is also used to monitor budget versus actual results, which is used in assessing performance of the segment and in establishing management’s compensation.
In addition to total segment net income, the CODM’s quarterly reporting package includes several highlighted expense categories that the CODM considers key strategic drivers of the Company’s long-term profitability. The following is the Company’s operating segment reconciliation of net income, including significant segment expenses:
|
|
Year ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
|
|
(in thousands) |
|
|||||||||
Net sales |
|
$ |
249,602 |
|
|
$ |
219,863 |
|
|
$ |
193,484 |
|
Cost of sales |
|
|
71,063 |
|
|
|
68,962 |
|
|
|
66,435 |
|
Gross profit |
|
|
178,539 |
|
|
|
150,901 |
|
|
|
127,049 |
|
Less: |
|
|
|
|
|
|
|
|
|
|||
Selling expense |
|
|
49,434 |
|
|
|
42,109 |
|
|
|
37,166 |
|
Marketing expense |
|
|
5,030 |
|
|
|
4,628 |
|
|
|
3,888 |
|
Administrative expense |
|
|
28,243 |
|
|
|
23,934 |
|
|
|
21,563 |
|
Finance expense |
|
|
11,040 |
|
|
|
9,896 |
|
|
|
8,227 |
|
Management information systems expense |
|
|
2,741 |
|
|
|
2,428 |
|
|
|
2,042 |
|
Research and development expense |
|
|
4,039 |
|
|
|
3,431 |
|
|
|
2,738 |
|
Process engineering expense |
|
|
2,630 |
|
|
|
2,938 |
|
|
|
3,632 |
|
Regulatory and clinical expense |
|
|
7,470 |
|
|
|
9,281 |
|
|
|
10,596 |
|
Restructuring expense |
|
|
- |
|
|
|
- |
|
|
|
485 |
|
Other expense (income), net* |
|
|
10,178 |
|
|
|
8,218 |
|
|
|
6,607 |
|
Net income |
|
$ |
57,734 |
|
|
$ |
44,038 |
|
|
$ |
30,105 |
|
* Refer to the consolidated statements of operations for the components of other income and expense and related amounts.
Most of the Company’s revenues are generated in the United States, Germany, the United Kingdom, other European countries, and Canada. Substantially all of the Company’s assets are located in the United States and Germany. Net sales to unaffiliated customers based on customer location by country were as follows:
|
|
Year ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
|
|
(in thousands) |
|
|||||||||
United States |
|
$ |
141,566 |
|
|
$ |
128,743 |
|
|
$ |
117,811 |
|
Germany |
|
|
17,897 |
|
|
|
14,420 |
|
|
|
13,420 |
|
Canada |
|
|
15,251 |
|
|
|
13,669 |
|
|
|
10,786 |
|
United Kingdom |
|
|
13,216 |
|
|
|
10,960 |
|
|
|
8,561 |
|
Other countries |
|
|
61,672 |
|
|
|
52,071 |
|
|
|
42,906 |
|
Net sales |
|
$ |
249,602 |
|
|
$ |
219,863 |
|
|
$ |
193,484 |
|
Long-term assets by country, including property and equipment, net and right-of-use leased assets were as follows:
|
|
As of December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
|
|
(in thousands) |
|
|||||||||
United States |
|
$ |
36,874 |
|
|
$ |
36,291 |
|
|
$ |
34,729 |
|
Germany |
|
|
2,159 |
|
|
|
2,163 |
|
|
|
2,350 |
|
Other countries |
|
|
3,726 |
|
|
|
3,114 |
|
|
|
2,702 |
|
Total long-term assets |
|
$ |
42,759 |
|
|
$ |
41,568 |
|
|
$ |
39,781 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Mar 12, 2021 | |
| 2019 | Mar 12, 2020 | |
| 2018 | Mar 11, 2019 | |
| 2017 | Mar 9, 2018 | |
| 2016 | Mar 9, 2017 | |
| 2015 | Mar 10, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.