Here’s Why LeMaitre Vascular (LMAT) Outperformed in Q2
Conestoga Capital Advisors, an asset management company, released its “Small Cap Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The Small Cap Composite rose 4.93% net-of-fees in the second quarter, compared to the Russell 2000 Growth Index’s 7.05% return. The key source of underperformance was poor stock selection, with allocation effects providing little benefit. The underperformance was mostly concentrated in the Industrials sector with minor declines in the Technology and Basic Materials sectors. Gains in the Consumer Discretionary and Utilities sectors partially offset these losses. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Small Cap Strategy highlighted stocks like LeMaitre Vascular, Inc. (NASDAQ:LMAT) in the second quarter 2023 investor letter. Headquartered in Burlington, Massachusetts, LeMaitre Vascular, Inc. (NASDAQ:LMAT) designs, markets, and sells medical devices and implants for the treatment of peripheral vascular disease. On August 8, 2023, LeMaitre Vascular, Inc. (NASDAQ:LMAT) stock closed at $57.11 per share. One-month return of LeMaitre Vascular, Inc. (NASDAQ:LMAT) was -11.46%, and its shares gained 3.72% of their value over the last 52 weeks. LeMaitre Vascular, Inc. (NASDAQ:LMAT) has a market capitalization of $1.265 billion.
Conestoga Small Cap Strategy made the following comment about LeMaitre Vascular, Inc. (NASDAQ:LMAT) in its second quarter 2023 investor letter:
"LeMaitre Vascular, Inc. (NASDAQ:LMAT): LMAT had a very solid first quarter and raised revenue and earnings guidance for 2023. The company’s 1Q23 solid revenue growth of 22% was driven by strong organic volume growth of 9% and a pricing increase of 13%. LMAT saw robust procedural growth throughout its product lineup, including valvulotomes (+29%), carotid patches (+17%), and allografts (+42%). The company also quantified the impact of its new distribution agreement with Azyio Biologics cardiovascular patch. As a result of this new partnership and better fundamental growth, LMAT raised 2023 EPS guidance from $1.11-$1.20 to $1.15-$1.28."
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LeMaitre Vascular, Inc. (NASDAQ:LMAT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 8 hedge fund portfolios held LeMaitre Vascular, Inc. (NASDAQ:LMAT) at the end of first quarter which was 6 in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
