Axogen vs Lemaitre Vascular
Axogen and Lemaitre Vascular are similar in size: $225m and $250m of revenue in their latest fiscal years. Axogen grew faster (20.2% against 13.5%). Lemaitre Vascular kept more of each dollar of sales as profit: a net margin of 23.1% against -7.0%. Axogen carries less debt relative to equity (37.6% against 42.9%).
| Latest fiscal year | AxogenAXGN, 2025 | Lemaitre VascularLMAT, 2025 |
|---|---|---|
| Revenue | $225m | $250m |
| Revenue growth | 20.2% | 13.5% |
| Net income | −$15.7m | $57.7m |
| Operating margin | -3.5% | 27.2% |
| Net margin | -7.0% | 23.1% |
| Return on equity | -13.5% | 15.8% |
| Free cash flow | −$2.9m | $74.5m |
| Cash | $35.5m | $28.2m |
| Total debt | $48.4m | $169m |
| Debt to equity | 37.6% | 42.9% |
| Dividend per share | — | $0.80 |
| Dividend yield | — | 1.1% |
| Share buybacks | — | $1.8m |
| Employees | 622 | 655 |
| Market value | $2.98bn | $1.86bn |
| Price vs our value range | — | Within our value range |
| Moat score | 31 (Weak) | 86 (Strong) |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 11 sales |