LeMaitre Vascular, Inc. (LMAT) was the weakest performer in our portfolio, accounting for more than half of our total sector losses. Despite reporting a strong fundamental quarter with 10% organic revenue growth and adjusted EPS of $0.68, the shares declined following the earnings release as investors took profits. This performance indicates that while the company has solid operating results, it is currently facing significant market challenges that have impacted its stock price negatively.

LeMaitre Vascular, Inc. (LMAT) was the weakest performer in our portfolio, accounting for more than half of our total sector losses. Despite reporting strong fundamentals with 10% organic revenue growth and gross margins of 72.1%, the stock declined after the earnings release as investors took profits. We believe the company is facing challenges in maintaining its performance, which has led us to trim our position.

LeMaitre Vascular, our peripheral vascular device holding, declined approximately 12% in a quarter when nearly everything profitable in small cap health care went down and nearly everything speculative went up. The company's niche leadership, pricing power, and consistent execution are unchanged, and we view the weakness as sentiment-driven rather than fundamental.

LeMaitre Vascular, Inc. (LMAT) continues to demonstrate its ability to convert steady procedure-driven demand into significant profit growth. The company achieved a 47% increase in operating income on mid-teens revenue growth, showcasing strong operating leverage. Investors have responded positively to the combination of consistent execution and high visibility in a volatile market, reinforcing our belief in its long-term value creation potential.