LeMaitre Vascular

Last updated
LeMaitre Vascular
Type Public
Industry Medical device
FoundedJanuary 15, 1986;37 years ago (1986-01-15) in Burlington, Massachusetts
Founders
Headquarters Burlington, Massachusetts, U.S.
Key people
George W. LeMaitre, Chairman and CEO
Joseph P. Pellegrino Jr., CFO
David B. Roberts, President
Increase2.svgUS$36.4.million (2022) [1]
Increase2.svgUS$6.04 million (2022) [1]
Total assets Increase2.svgUS$292.45 million (2022) [1]
Total equity Increase2.svgUS$254.15 million (2022) [1]
Number of employees
1,167 [1]  (2022)
Website www.lemaitre.com

LeMaitre Vascular is an American medical device company established in 1986 by vascular surgeon George D. LeMaitre, and based in Burlington, Massachusetts, [2] which provides devices, implants and human tissue cryopreservation services used by surgeons in the treatment of vascular conditions, particularly peripheral vascular disease. [3] [4] As of 2022, LeMaitre Vascular sells directly to hospitals in 25 countries and through distributors in more than 70 countries throughout North America, Europe and Asia/Pacific Rim. [5]

Contents

History

Origin

The company's founder, George D. LeMaitre, M.D., was a practicing vascular surgeon in Massachusetts, chief of surgery at Lawrence General Hospital, [6] [7] and a clinical instructor at his alma mater, the Tufts University School of Medicine. [8] In 1981, LeMaitre treated an elderly colleague who required a procedure to reroute blood flow in his leg in order to avoid a potential amputation. [2] LeMaitre found it necessary to develop a valvulotome to enable the procedure. [2] Unsatisfied with the options that were available to him, LeMaitre worked with an engineer to design a new device himself. His first patented valvulotome could be used by a surgeon to cut valves in peripheral veins without the requirement of direct vision. [9] As a result, the surgeon could prepare veins for arterial bypass with smaller incisions and less tissue trauma. [10]

LeMaitre succeeded in treating the patient with this invention, leading to further efforts to improve the technology between 1981 and 1984. [2] LeMaitre was so pleased with the success of this new device that he spent the next two years attempting to interest medical product companies in producing it. [2] When none agreed to do so, he mortgaged his house and started his own company in 1986 to introduce the LeMaitre Valvulotome to his colleagues. That same year, the invention was approved by the Food and Drug Administration. [2]

Growth and development

Following LeMaitre's incorporation of the company, LeMaitre's son, George W. LeMaitre, joined the company and helped grow it from a family-owned company to a publicly held global corporation. [2] In 1996, LeMaitre Vascular introduced the expandable LeMaitre valvulotome, which superseded the original circular-blade LeMaitre valvulotomes. [11] After raising $3 million from investors in 1998, the senior LeMaitre decided to seek investments from other vascular surgeons. By 2004, when George D. LeMaitre stepped down as chair of the Board of Directors, [8] the company had operations and facilities in Sulzbach, Germany, Phoenix, Arizona, St. Petersburg, Florida, Brymbo, Wales and beginning that year in Tokyo, Japan. [2] Later in 2004, the company adopted a lean manufacturing approach to speed product production, and a 2005 profile described LeMaitre Vascular as a $30.5 million company with about 200 employees and "reporting explosive growth". [2] By 2005, LeMaitre himself was noted as being "semiretired" from LeMaitre Vascular, and "focused on a second career in writing". [2] In 2006, the company prepared an initial public offering of 6 million common shares, planned to be priced between $8 and $10 per share. [12] In the late 2000s, LeMaitre had a distribution deal with California-based vascular products company Endologix, which the latter bought out in 2011. [4] George D. LeMaitre died in 2018. [8]

As of 2022, LeMaitre Vascular has continued to develop, manufacture and market disposable and implantable vascular devices for use in both open vascular surgeries and minimally invasive procedures. LeMaitre Vascular's product portfolio has continued to grow as a result of the company's research and subsequent development of new vascular devices, including its most recent generation of LeMaitre's original valvulotome. [13] The company has also expanded through various acquisitions. LeMaitre acquired Applied Medical's vascular clot management business for $14.2 million in 2018, and the biologic patch business of Admedus for $15.5 million in October 2019. [14] [15] In mid-2020, the company acquired vascular graft-maker Artegraft for $90 million, anticipating that the newly acquired product lines would be a substantial proportion of LeMaitre's U.S. sales going forward. [16]

Products and acquisitions

Product lines

As of 2005, the company was noted to have obtained a quarter of its revenues from sales of valvulotomes, with other products including "embolectomy catheters, carotid shunts, and radiopaque tape". [2] As of 2022, the company delineated its 13 product lines into six categories:

Acquisitions

Since its establishment, LeMaitre Vascular has also made acquisitions of product lines obtained by purchasing the line from other companies, or through purchasing another company in its entirety. These include:

LeMaitre Vascular acquisitions [14]
YearAcquisitionKey products and services
1998Whittaker Screen PrintingRadiopaque tape manufacturing operations
1999VermedEmbolectomy catheters
2001Ideas for MedicineCarotid shunts, balloon catheters, and laparoscopic cholecystectomy devices
2003CredentPolycarbonate grafts
2004VCS ClipVessel closure systems
2005EndomedStent grafts
2007Vascular InnovationsContrast injector
2007Vascular ArchitectsRemote endarterectomy devices
2007UnBalloonStent graft modeling catheters
2007BiomaterialiPolyester grafts and patches
2010LifeSpan [17] ePTFE grafts
2012XenoSureBiologic patches
2013Clinical InstrumentsCarotid shunts and embolectomy catheters
2013TRIVEXPowered phlebectomy system
2014Xenotis Pty LtdBiosynthetic grafts
2014PeriVuAngioscopes
2015Tru-Incise (Eze-Sit) OUSValve cutters
2016ProColBiologic grafts
2016RestoreFlowHuman tissue cryopreservation services
2018Syntel and PythonEmbolectomy catheters
2018CardialPolyester grafts, valvulotomes, surgical glue
2019Tru-Incise (Eze-Sit) USValve cutters
2019CardioCel and VascuCel [15] Biologic patches
2020Artegraft [16] Vascular graft production

Subsidiaries

Over the history of its growth, LeMaitre Vascular has established a number of domestic and foreign subsidiaries to carry out its business nationally and internationally. [18]

LeMaitre Vascular U.S. subsidiaries [18]
SubsidiaryPlace of incorporation
LeMaitre UK Acquisition LLCDelaware
LeMaitre Acquisition LLCDelaware
Vascutech Acquisition LLCDelaware
LeMaitre Vascular non-U.S. subsidiaries [18]
SubsidiaryPlace of incorporation
Biomateriali S.r.l.Italy
LeMaitre Vascular GmbHGermany
LeMaitre Vascular GKJapan
LeMaitre Vascular SASFrance
LeMaitre Vascular Spain, S.L.Spain
LeMaitre Vascular S.r.l.Italy

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References

  1. 1 2 3 4 5 "LeMaitre Vascular, Inc. - Form 10-Q". www.sec.gov. March 2022.
  2. 1 2 3 4 5 6 7 8 9 10 11 Joyce Pellino Crane, "Surgeon's idea and persistence gave rise to $30.5m company", The Boston Globe (November 17, 2005), p. NW-8.
  3. ↑ Laundon, Tyler. "Top Picks 2020: LeMaitre Vascular (LMAT)". Top Picks 2020: LeMaitre Vascular (LMAT).
  4. 1 2 "LeMaitre Vascular distribution deal ends", The Boston Globe (July 20, 2011), p. B8.
  5. ↑ "Form 10-K". www.sec.gov.
  6. ↑ Robert Reed, "Doctor who?", The Franklin Daily Journal (August 16, 1979), p. 4.
  7. ↑ Bill Dalton and Katharine Dalton, Legendary Locals of Andover (2013), p. 108.
  8. 1 2 3 "George DeCesare LeMaitre, M.D." Boston Globe. July 22, 2018. p. B11.
  9. ↑ "Self-centering valvulotome".
  10. ↑ LeMaitre, George D.; Arakelian, Michael J. (January 1, 1988). "In Situ Grafting Made Easy: Modification of a Technique". Archives of Surgery. 123 (1): 101–103. doi:10.1001/archsurg.1988.01400250111022 – via jamanetwork.com.
  11. ↑ James S. T. Yao, William H. Pearce, Advances in Vascular Surgery (2002), p. 241.
  12. ↑ "LeMaitre Vascular to sell 6m shares at $8-$10 each", The Boston Globe (October 4, 2006), p. E2.
  13. ↑ "Key Players In The Clot Management Devices Market: Teleflex, Edwards Lifesciences, Medtronic, Boston Scientific, Lemaitre Vascular, Straub Medical, Cook Medical, Johnson & Johnson And Others – Healthizmo".
  14. 1 2 "SEC Form 10-K for the fiscal year ended December 31, 2019" . Retrieved August 8, 2018.
  15. 1 2 Huang, Jiayue (October 14, 2019). "LeMaitre Vascular acquires Admedus's biologic patch business for $15.5M".
  16. 1 2 "LeMaitre Vascular acquires Artegraft". Vasular News. July 2, 2020.
  17. ↑ "LeMaitre Vascular Acquires Lifespan Vascular Graft". NBC News. November 17, 2022.
  18. 1 2 3 "EX-21.1 2 dex211.htm LIST OF SUBSIDIARIES". United States Securities and Exchange Commission. Retrieved August 18, 2022.
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