LeMaitre Vascular entered this earnings season with a reputation for steady, high margin growth. The stock now tells a very different story. Shares closed yesterday at US$105.78 and then reset sharply lower to about US$79, a one day drop of more than 25% as investors reacted to Q2 numbers and guidance.

The headline is not weak profitability. Q2 gross margin reached 72.1% and operating margin came in at 29%, both high for medical devices. The pressure point is a trim to full year revenue growth expectations, which has jarred a market that had priced LeMaitre Vascular for very consistent execution.

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