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Changed Risks for LEMAITRE VASCULAR INC (LMAT)

Year ended December 31,

December 31

If we are not successful in obtaining and maintaining clearances and approvals from governmental agencies for our medical devices, we will not be able to sell our products, and our future growth will be significantly hampered

Consolidated Statements of Comprehensive Income

We may experience significant fluctuations in our quarterly and annual results

provided by (

Off-Balance Sheet Arrangements

lar, Inc

As of December 31,

If Brexit results in greater restrictions on imports and exports between the United Kingdom and the European Union or increased regulatory complexity, then our operations and financial results could be negatively impacted

investment in our common stock could suffer a decline in value

December 31,

If we fail to adequately protect our intellectual property rights, or prevent use of our intellectual property by third parties, we could lose a significant competitive advantage and our business may suffer

More than

Balance at

Annual

Supplemental Cash Flow Information

If we are unable to expand our product and service offerings, we may not achieve our growth objectives and our results of operations could suffer

Consolidated Statements of Stockholders’ Equity

Gain on divestitures and acquisitions

1 Significant Accounting Policies and Related Matters

Weighted Average

Segment and Enterprise-wide Disclosures

Consolidated Balance Sheets

We depend on our senior management team and other key sales and technical personnel, and if we are unable to retain them or recruit additional qualified personnel we may not be able to manage our operations and meet our strategic objectives

Form 10-K or presented elsewhere by management from time to time Investors should carefully consider the risks described below before making an investment decision The risks described below are not the only ones we face Additional risks not presently known to us or that we currently believe are not material may also significantly impair our business operations Our business could be harmed by any of these risks The trading price of our common stock could decline due to any of these risks, and investors may lose all or part of their investment

Domestic and foreign legislative or administrative reforms resulting in restrictive reimbursement practices of third-party payors and cost containment measures could decrease the demand for products purchased by our customers, the prices that our customers are willing to pay for those products and the number of procedures using our devices

Concentrations of Credit Risk

Our chief executive officer has significant voting power and may take actions that may not align with the interests of our other stockholders

If we or some of our suppliers fail to comply with the FDA’s Quality System Regulation and other applicable requirements, our manufacturing or processing operations could be disrupted, our sales and profitability could suffer, and we may become subject to a wide variety of FDA enforcement actions

The following important factors, among others, could cause our actual operating results to differ materially from those indicated or suggested by forward-looking statements made in this

If we are unable to increase our selling prices to customers, or if we are required to make price concessions, our rate of net sales growth could be reduced and our operating results could suffer

Liabilities and stockholders’ equity

The following discussion should be read in conjunction with our consolidated financial statements and the related notes contained elsewhere in this Annual Report on Form 10-K and in our other Securities and Exchange Commission filings The following discussion may contain predictions, estimates, and other forward-looking statements that involve a number of risks and uncertainties, including those discussed under “Risk Factors” and elsewhere in this Annual Report on Form 10-K These risks could cause our actual results to differ materially from any future performance suggested below

Our call point focus on the vascular surgeon with a product portfolio largely used in open surgical procedures may be too narrow, which may adversely affect our future sales

Report

Investing in our securities involves a high degree of risk You should consider carefully the following information about the risks described below, together with the other information contained in this

If third parties claim that we infringe upon their intellectual property rights, we may incur liabilities and costs, and we may have to redesign or discontinue selling the affected product

December 31, 2017

We may acquire businesses and assets in the future We may experience difficulties in completing the integration of these acquisitions into our business, or we may not realize the anticipated benefits of these acquisitions

The risks inherent in operating internationally and the risks of selling and shipping our products and of purchasing our components and products internationally may adversely impact our net sales, results of operations, and financial condition

December 31, 2018

Restricted Stock Units

Issuer Purchases of Equity Securities

Reddick Divestiture

and in our other public filings in evaluating our business

Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40)

on Form 10-K

If we fail to convert additional countries or products from distributor sales to direct sales, or encounter difficulties in effecting such conversions, our results of operations could suffer

Our tissue processing and preservation services are subject to a variety of risks, including those related to the procurement of human tissue and regulatory requirements

2 Acquisitions and Divestitures

(recoveries) charged

Internal Control — Integrated Framework

Quarterly Financial Data (unaudited)

Revenue from Contracts with Customers (Topic 606)

Income Statement – Reporting Other Comprehensive Income (Topic 220

Even after our products have received marketing approval or clearance, our products and the tissue we process may be subject to product recalls Licenses, registrations, approvals and clearances could be withdrawn or suspended due to failure to comply with regulatory standards or the occurrence of unforeseen problems following initial approval

Fluctuations in the exchange rate of the US dollar and other currencies may adversely impact our results of operations

Management’s Report on Internal Control Over Financial Reporting

June 30

Less than

Short-term Marketable Securitie

Fair Value Measurements

Our business is subject to complex, costly, and burdensome regulations We could be subject to significant penalties if we fail to comply

LeMaitre Vas

Risks Related to Our Common Stock

From time to time, we are involved in litigation where the outcome is uncertain and which could entail significant expense

Comparison of the year ended December 31, 2018 to the year ended December 31, 2017

Consolidated Statements of Cash Flows

Annual Report on

Contractual Term

Net cash

Exercise Price

Applied Medical

financing activities

We have not established a minimum dividend payment level for our common stockholders and there are no assurances of our ability to pay dividends to common stockholders in the future

Leases (Topic 842),

Cardial

9 Stockholders’ Equity

The use or misuse of our products and tissues we distribute may result in injuries that lead to product liability suits, which could be costly to our business

Our stock price may be volatile, and

Internal Control—Integrated Framework

Equity Compensation Plan Information

Consolidated Statements of Operations

Opinion on the financial statements

used in

Comparison of the year ended December 31, 2017 to the year ended December 31, 201

March 31

Grant Date

Leases (Topic 842): Targeted Improvements

Our dependence on sole- and limited-source suppliers could hinder our ability to deliver our products and services to our customers on a timely basis or at all and could harm our results of operations

December 31, 201

Stockholders’