LeMaitre makes and sells niche medical devices and human tissue products used in open vascular surgery. Products treat peripheral vascular disease, end-stage renal disease, and cardiovascular disease, and fall into six categories: grafts, patches, carotid shunts, catheters, valvulotomes, and closure systems. Biologic products — including bovine and ovine grafts, bovine pericardium patches, and cryopreserved human tissue — represent over half of sales and are the primary growth driver. LeMaitre's customers are vascular surgeons, and the company sells directly to hospitals through its own salesforce, which management views as a core competitive advantage. LeMaitre competes in niche product segments it defines as under $400M in worldwide annual revenue — small enough to avoid attracting large competitors, but large enough to build meaningful positions with pricing power. Key growth initiatives include international expansion of its Artegraft bovine graft (CE mark received in early 2025) and RestoreFlow allograft (German approval received in late 2025), ongoing salesforce expansion, and M&A. LeMaitre has grown largely through acquisitions — 25 completed since founding — buying niche product lines and integrating manufacturing into its Burlington, Massachusetts facility. Revenue is driven by price (annual list price increases, running roughly 8-10% in the U.S.) and volume (roughly 4-5% unit growth per year). Gross margins run around 70%, reflecting pricing power and in-house manufacturing. A key structural risk is the long-term shift from open surgery to minimally invasive endovascular procedures, as over 95% of LeMaitre's sales are in open surgical products.