LeMaitre Vascular (LMAT) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 02, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	LMAT
Entity Registrant Name	LEMAITRE VASCULAR INC
Entity Central Index Key	1,158,895
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		18,116,429

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 23,629	$ 18,692
Accounts receivable, net of allowances of $253 at September 30, 2015 and $242 at December 31, 2014	11,339	10,803
Inventory	15,920	16,714
Prepaid expenses and other current assets	3,089	2,379
Total current assets	53,977	48,588
Property and equipment, net	6,788	6,878
Goodwill	17,717	17,281
Other intangibles, net	6,656	7,157
Deferred tax assets	1,306	1,418
Other assets	168	170
Total assets	86,612	81,492
Current liabilities:
Accounts payable	931	1,127
Accrued expenses	7,598	7,479
Acquisition-related obligations	304	1,435
Total current liabilities	8,833	10,041
Deferred tax liabilities	2,917	2,919
Other long-term liabilities	676	325
Total liabilities	$ 12,426	$ 13,285
Stockholders' equity:
Preferred stock, $0.01 par value; authorized 3,000,000 shares; none outstanding
Common stock, $0.01 par value; authorized 37,000,000 shares; issued 19,499,818 shares at September 30, 2015, and 18,778,436 shares at December 31, 2014	$ 195	$ 188
Additional paid-in capital	80,188	75,389
Retained earnings	6,356	3,248
Accumulated other comprehensive loss	(4,033)	(2,365)
Treasury stock, at cost; 1,431,139 shares at September 30, 2015, and 1,407,211 shares at December 31, 2014	(8,520)	(8,253)
Total stockholders' equity	74,186	68,207
Total liabilities and stockholders' equity	$ 86,612	$ 81,492

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 253	$ 242
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	3,000,000	3,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	37,000,000	37,000,000
Common stock, shares issued	19,499,818	18,778,436
Treasury stock, at cost	1,431,139	1,407,211

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Net sales	$ 19,025	$ 17,501	$ 57,869	$ 52,416
Cost of sales	5,509	5,498	18,106	16,813
Gross profit	13,516	12,003	39,763	35,603
Sales and marketing	5,489	5,091	16,866	16,857
General and administrative	3,455	3,765	10,375	10,376
Research and development	1,421	1,109	3,904	3,590
Medical device excise tax	190	178	554	518
Restructuring charges		8	0	500
Impairment charges				161
Gain on divestiture	(360)		(360)
Total operating expenses	10,195	10,151	31,339	32,002
Income from operations	3,321	1,852	8,424	3,601
Other income (expense):
Interest income	3	1	7	2
Interest expense		(6)		(6)
Foreign currency gain (loss)	(185)	52	(142)	30
Income before income taxes	3,139	1,899	8,289	3,627
Provision for income taxes	1,047	965	3,061	1,628
Net income	$ 2,092	$ 934	$ 5,228	$ 1,999
Earnings per share of common stock:
Basic	$ 0.12	$ 0.05	$ 0.30	$ 0.12
Diluted	$ 0.11	$ 0.05	$ 0.29	$ 0.12
Weighted-average shares outstanding:
Basic	17,865	17,348	17,625	16,358
Diluted	18,497	17,709	18,136	16,772
Cash dividends declared per common share	$ 0.040	$ 0.035	$ 0.120	$ 0.105

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income	$ 2,092	$ 934	$ 5,228	$ 1,999
Other comprehensive loss:
Foreign currency translation adjustment, net	(508)	(1,378)	(1,668)	(1,375)
Total other comprehensive loss	(508)	(1,378)	(1,668)	(1,375)
Comprehensive income (loss)	$ 1,584	$ (444)	$ 3,560	$ 624

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities
Net income	$ 5,228	$ 1,999
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	2,497	2,422
Stock-based compensation	1,088	982
Accrued contingent earnout		138
Impairment charges		161
Provision of doubtful accounts	156	31
Provision for inventory write-downs	462	508
Excess tax benefits from stock-based compensation awards		(28)
Loss on disposal of property and equipment		4
Gain on divestitures	(360)
Foreign currency transaction gain	130	2
Changes in operating assets and liabilities:
Accounts receivable	(1,078)	(194)
Inventory	(33)	(2,488)
Prepaid expenses and other assets	(791)	(403)
Accounts payable and other liabilities	214	(304)
Net cash provided by operating activities	7,513	2,830
Investing activities
Purchases of property and equipment	(1,558)	(774)
Proceeds from disposal of property and equipment	15
Proceeds from divestitures, net of expenses	360
Payments related to acquisitions, net of cash acquired	(1,426)	(5,577)
Purchase of intellectual property	(6)	(9)
Net cash used in investing activities	(2,615)	(6,360)
Financing activities
Payments of long-term debt		(1,133)
Payment of deferred acquisition consideration	(1,100)	(366)
Proceeds from issuance of common stock	3,718	10,834
Purchase of treasury stock	(266)	(211)
Common stock cash dividend paid	(2,120)	(1,700)
Excess tax benefits from stock-based compensation awards		28
Net cash provided by (used in) financing activities	232	7,452
Effect of exchange rate changes on cash and cash equivalents	(193)	(279)
Net increase in cash and cash equivalents	4,937	3,643
Cash and cash equivalents at beginning of period	18,692	14,711
Cash and cash equivalents at end of period	$ 23,629	$ 18,354

Organization and Basis for Pres

Organization and Basis for Presentation	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis for Presentation	1. Organization and Basis for Presentation Description of Business Unless the context requires otherwise, references to LeMaitre Vascular, we, our, and us refer to LeMaitre Vascular, Inc. and our subsidiaries. We develop, manufacture, and market medical devices and implants used primarily in the field of vascular surgery. We operate in a single segment in which our principal product lines include the following: valvulotomes, balloon catheters, carotid shunts, biologic patches, biologic grafts, radiopaque marking tape, anastomotic clips, remote endarterectomy devices, laparoscopic cholecystectomy devices, vascular grafts, angioscopes, and powered phlebectomy devices. Our offices are located in Burlington, Massachusetts; Mississauga, Canada; Sulzbach, Germany; Milan, Italy; Madrid, Spain; North Melbourne, Australia; Tokyo, Japan; and Shanghai, China. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q Regulation S-X. Form 10-K Consolidation Our consolidated financial statements include the accounts of LeMaitre Vascular and the accounts of our wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board issued a new accounting standard that provides for a comprehensive model to use in the accounting for revenue arising from contracts with customers that will replace most existing revenue recognition guidance in GAAP. Under this standard, revenue will be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This standard will be effective for annual reporting periods beginning after December 15, 2017, allows for either full retrospective or modified retrospective application, and early adoption is not permitted. We are assessing the new standard and which adoption method we will apply. We have not yet determined the impact on our results of operations.

Income Tax Expense

Income Tax Expense	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Tax Expense	2. Income Tax Expense As part of the process of preparing our consolidated financial statements we are required to determine our income taxes in each of the jurisdictions in which we operate. This process involves estimating our actual current tax expense together with assessing temporary differences resulting from recognition of items for income tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included within our consolidated balance sheet. We must then assess the likelihood that our deferred tax assets will be recovered from taxable income during the carryback period or in the future; and to the extent we believe that recovery is not more likely than not, we must establish a valuation allowance. To the extent we establish a valuation allowance or increase this allowance in a period, we must reflect this increase as an expense within the tax provision in the statement of operations. We do not provide for income taxes on undistributed earnings of foreign subsidiaries, as our intention is to permanently reinvest these earnings. We recognize, measure, present and disclose in our financial statements any uncertain tax positions that we have taken, or expect to take on a tax return. We operate in multiple taxing jurisdictions, both within and without the United States, and may be subject to audits from various tax authorities. Management’s judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities, liabilities for uncertain tax positions, and any valuation allowance recorded against our net deferred tax assets. We will monitor the realizability of our deferred tax assets and adjust the valuation allowance accordingly. Our policy is to classify interest and penalties related to unrecognized tax benefits as income tax expense. Our 2015 income tax expense varies from the statutory rate mainly due to certain permanent items, offset by lower statutory rates from our foreign entities and a discrete item for stock option exercises. Our 2014 income tax expense varies from the statutory rate mainly due to certain permanent items, offset by lower statutory rates from our foreign entities, and discrete items related to certain foreign branch losses previously not deductible and the release of a valuation allowance on certain foreign loss carryforwards. We have reviewed the tax positions taken, or to be taken, in our tax returns for all tax years currently open to examination by a taxing authority. As of September 30, 2015, the gross amount of unrecognized tax benefits exclusive of interest and penalties was $72,000. We remain subject to examination until the statute of limitations expires for each respective tax jurisdiction. The statute of limitations will be open with respect to these tax positions until 2024. A reconciliation of the beginning and ending amount of our unrecognized tax benefits is as follows: 2015 (in Unrecognized tax benefits at the beginning of year $ 23 Additions for tax positions of current year 49 Additions for tax positions of prior years — Reductions for settlements with taxing authorities — Reductions for lapses of the applicable statutes of limitations — Unrecognized tax benefits at the end of the period $ 72 In September 2015, the Internal Revenue Service notified us that our 2013 Federal tax return would be audited. We expect the audit to commence during the fourth quarter of 2015. We believe there will be no material changes to our income tax liability as a result of this audit. As of September 30, 2015, a summary of the tax years that remain subject to examination in our taxing jurisdictions is as follows: United States 2012 and forward Foreign 2008 and forward

Inventories

Inventories	9 Months Ended
	Sep. 30, 2015
Inventory Disclosure [Abstract]
Inventories	3. Inventories Inventories consist of the following: September 30, December 31, (in thousands) Raw materials $ 3,269 $ 3,367 Work-in-process 2,875 3,464 Finished products 9,776 9,883 Total inventory $ 15,920 $ 16,714 We held inventory on consignment of $1.0 and $0.8 million as of September 30, 2015 and December 31, 2014, respectively.

Acquisition and Divestitures

Acquisition and Divestitures	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Acquisition and Divestitures	4. Acquisition and Divestitures Clinical Instruments International, Inc. In July 2013, we entered into an asset purchase agreement with Clinical Instruments International, Inc. (Clinical Instruments) to acquire substantially all the assets of Clinical Instruments for $1.1 million. We paid $0.9 million at the closing and paid the remaining $0.2 million in October 2014. We accounted for the acquisition as a business combination. Assets acquired include inventory and intellectual property. We recorded $0.2 million of inventory, $0.3 million of intangible assets and $0.6 million of goodwill. The weighted-average amortization period for the acquired intangible assets as of July 31, 2013 was 5.7 years. The goodwill will be deductible for tax purposes over 15 years. InaVein LLC In August 2013, we entered into an asset purchase agreement with InaVein LLC (InaVein) to acquire substantially all the assets of InaVein for $2.5 million and potential acquisition-related contingent consideration totaling up to $1.4 million in 2014 and 2015 dependent on the sales performance of the acquired business and the timing of regulatory approval in China. We paid $2.1 million at the closing and paid the remaining $0.4 million in September 2014. We accounted for the acquisition as a business combination. Assets acquired include receivables, inventory, equipment, and intellectual property. Liabilities assumed include payables and service contracts. We recorded $0.8 million of tangible assets, $1.1 million of intangible assets, $0.7 million of goodwill, and $0.1 million of assumed liabilities. The weighted-average amortization period for the acquired intangible assets as of August 31, 2013 was 6.7 years. The goodwill will be deductible for tax purposes over 15 years. The contingent consideration was initially valued at the date of acquisition and is remeasured each reporting period until the contingency is resolved. Based upon stronger than expected sales to China, we recorded an increase of $0.1 million in the contingent consideration dependent on the sales performance of the acquired business in the first year following the closing as a charge to general and administrative expense in 2014. In October 2014, we paid $0.2 million for the first sales related milestone. The milestone related to the timing of the regulatory approval in China was not achieved. The final potential milestone payment was dependent on sales performance of the acquired business from August 2014 to August 2015. This milestone was not achieved. Xenotis Pty Ltd In August 2014, we entered into a stock purchase agreement with the shareholders of Xenotis Pty Ltd (Xenotis) to acquire all of the capital stock of Xenotis for $6.7 million based on foreign exchange rates in effect at the time of the closing, with a mechanism for a purchase price adjustment based on the net tangible assets of Xenotis at closing. Xenotis is the parent company of Bio Nova International, the manufacturer and marketer of the Omniflow II biosynthetic vascular graft for lower extremity bypass and AV access. We paid $5.1 million at the closing with the final payment of $1.1 million made in August 2015. The net tangible asset purchase price adjustment of $0.2 million was paid in November 2014. We accounted for the acquisition as a business combination. Assets acquired include receivables, inventory, equipment, a building, and intellectual property. We recorded $2.1 million of tangible assets, $2.1 million of property and equipment, $1.8 million of intangible assets, and $2.5 million of goodwill. The weighted-average amortization period for the acquired intangible assets as of August 31, 2014 was 6.8 years. Liabilities assumed include payables and debt which totaled $1.7 million and included $1.1 million of assumed debt, which we paid in full in August 2014. The purchase accounting is complete. The goodwill of $2.5 million will not be deductible for tax purposes. In addition, we acquired deferred tax assets of $2.4 million which consist primarily of net operating loss carry-forwards and capital loss carry-forwards. We recorded a full valuation allowance on these deferred tax assets. In September 2014, we entered into definitive agreements with eight former Xenotis distributors in Europe to terminate their distribution of our Omniflow II biosynthetic vascular grafts for $1.3 million. We paid approximately $1.1 million in 2014 and $0.2 million in 2015 with the remaining approximately $20,000 due in December 2015. We recorded $0.4 million of inventory and $0.9 million of intangible assets. We allocated the payment to the tangible and intangible assets acquired based on the estimated fair value of each of these elements to the transactions. The weighted-average amortization period for the acquired intangible assets as of September 30, 2014 was 5.0 years. Tru-Incise Valvulotome In May 2015, we entered into an asset purchase agreement with UreSil, LLC (UreSil) to acquire the production and distribution rights of UreSil’s Tru-Incise valvulotome for sales outside the United States for $1.4 million. We paid $1.1 million with the remaining $0.3 million payable at various points in 2016 and 2017. We accounted for the acquisition as a business combination. Assets acquired include inventory and intellectual property. We did not assume any liabilities. The purchase accounting is complete. The following table summarizes the purchase price allocation at the date of the acquisition: Allocated (in Inventory $ 88 Intangible assets 545 Goodwill 742 Purchase price $ 1,375 The goodwill will be deductible for tax purposes over 15 years. The following table reflects the allocation of the acquired intangible assets and related estimated useful lives: Allocated Weighted (in thousands) Non-compete agreement $ 120 5.0 years Tradename license 17 3.0 years Technology 391 7.0 years Customer relationships 17 3.0 years Total intangible assets $ 545 Other Items Following the Tru-Incise valvulotome acquisition, we entered into definitive agreements with seven UreSil distributors to terminate their distribution of the Tru-Incise valvulotome for $0.2 million. We paid approximately $0.1 million to date with the remainder primarily due in 2015. We recorded approximately $0.2 million of intangible assets with a weighted-average amortization period of 3.0 years. In August 2015, we entered into a definitive agreement with Grex Medical Oy (Grex) our distributor in Finland in order to terminate their distribution of our products and we will begin selling direct to hospitals in Finland as of January 1, 2016. The agreement required us to pay approximately $0.2 million in exchange for the purchase of customer lists and a non-compete agreement. Our acquisitions have historically been made at prices above the fair value of the acquired identifiable assets, resulting in goodwill, due to expectations of synergies that will be realized by combining businesses. These synergies include the use of our existing sales channel to expand sales of the acquired businesses’ products, consolidation of manufacturing facilities, and the leveraging of our existing administrative infrastructure. Non-occlusive Modeling Catheter Divestiture In July 2015, we entered into an asset sales agreement with Merit Medical Ireland Limited to sell our inventory, intellectual property, and customer lists associated with our non-occlusive modeling catheter product line for $0.4 million which was recognized as a gain on divestiture in the three months ended September 30, 2015. During the nine months ended September 30, 2014, we recognized an impairment charge of $0.2 million on our non-occlusive modeling catheter product line. Additionally, we recognized a $0.3 million charge to cost of sales related to the non-occlusive modeling catheter inventory. The fair market valuations associated with these transactions fall within Level 3 of the fair value hierarchy, due to the use of significant unobservable inputs to determine fair value. The fair value measurements were calculated using unobservable inputs, primarily using the income approach, specifically the discounted cash flow method. The amount and timing of future cash flows within our analysis was based on our due diligence models, most recent operational budgets, long range strategic plans and other estimates.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	5. Goodwill and Other Intangibles Goodwill consists of the following: (in thousands) Balance at beginning of year $ 17,281 Additions for acquisitions 742 Effects of currency exchange (306 ) Balance at September 30, 2015 $ 17,717 Other intangibles consist of the following: September 30, 2015 December 31, 2014 Gross Accumulated Net Gross Accumulated Net (in thousands) Product technology $ 7,083 $ 3,052 $ 4,031 $ 7,134 $ 2,777 $ 4,357 Trademarks and licenses 1,556 1,190 366 1,557 1,074 483 Customer relationships 3,791 2,054 1,737 3,694 1,781 1,913 Other intangible assets 1,295 773 522 1,084 680 404 Total identifiable intangible assets $ 13,725 $ 7,069 $ 6,656 $ 13,469 $ 6,312 $ 7,157 These intangible assets are being amortized over their useful lives ranging from 1 to 13 years. The weighted-average amortization period for these intangibles as of September 30, 2015 is 7.3 years. Amortization expense is included in general and administrative expense and is as follows: Three months Nine months ended 2015 2014 2015 2014 (in thousands) Amortization expense $ 387 $ 359 $ 1,135 $ 1,098 Estimated amortization expense for the remainder of 2015 and each of the five succeeding fiscal years is as follows: 2015 2016 2017 2018 2019 2020 (in thousands) Amortization expense $ 365 $ 1,456 $ 1,199 $ 1,012 $ 827 $ 578

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Accrued Expenses	6. Accrued Expenses Accrued expenses consist of the following: September 30, 2015 December 31, 2014 (in thousands) Compensation and related taxes $ 4,539 $ 4,819 Income and other taxes 657 444 Professional fees 476 496 Other 1,926 1,720 Total $ 7,598 $ 7,479

Restructuring

Restructuring	9 Months Ended
	Sep. 30, 2015
Restructuring and Related Activities [Abstract]
Restructuring	7. Restructuring In February 2014, we committed to a plan intended to improve operational efficiencies, which included a reduction in force of approximately 10% of our workforce and other cost-cutting measures, including the transfer of our Clinical Instruments manufacturing to our Burlington headquarters and corresponding closure of our Southbridge manufacturing facility. As a result, we recorded approximately $0.4 million of severance related restructuring expense for the three months ended March 31, 2014. We made approximately $0.1 million of severance related payments during the three months ended March 31, 2014. In April 2014, we committed to an additional reduction in force of approximately seven employees. As a result, we recorded approximately $0.1 million of severance related restructuring expense for the three months ended June 30, 2014. We did not incur restructuring charges during the nine months ended September 30, 2015.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Purchase Commitments As of September 30, 2015, as part of our normal course of business, we have commitments to purchase $2.5 million of inventory through 2017.

Segment and Enterprise-Wide Dis

Segment and Enterprise-Wide Disclosures	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment and Enterprise-Wide Disclosures	9. Segment and Enterprise-Wide Disclosures The FASB establishes standards for reporting information regarding operating segments in financial statements. Operating segments are identified as components of an enterprise about which separate, discrete financial information is evaluated by the chief operating decision-maker in making decisions on how to allocate resources and assess performance. We view our operations and manage our business as one operating segment. No discrete operating information is prepared by us except for product sales by product line and by legal entity for local reporting purposes. Most of our revenues were generated in the United States, Germany, Italy, Japan, Canada, and other European countries, and substantially all of our assets are located in the United States. Net sales to unaffiliated customers by country were as follows: Three months ended Nine months ended September 30, 2015 September 30, 2015 2015 2014 2015 2014 (in thousands) United States $ 11,171 $ 10,605 $ 33,774 $ 31,221 Germany 2,208 1,789 6,900 5,551 Italy 579 635 1,991 1,976 Other countries 5,067 4,472 15,204 13,668 Net Sales $ 19,025 $ 17,501 $ 57,869 $ 52,416

Share-based Compensation

Share-based Compensation	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based Compensation	10. Share-based Compensation Our 2006 Stock Option and Incentive Plan allows for granting of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, unrestricted stock awards, and deferred stock awards to our officers, employees, directors, and consultants. The components of share-based compensation expense were as follows: Three months Nine months September 30, September 30, 2015 2014 2015 2014 (in thousands) Stock option awards $ 327 $ 294 $ 752 $ 687 Restricted stock units 152 145 336 295 Total share-based compensation $ 479 $ 439 $ 1,088 $ 982 We have computed the weighted average fair values of employee stock options for option grants issued during the nine months ended September 30, 2015 and 2014 using the Black-Scholes option model with the following assumptions: 2015 2014 Dividend yield 1.4 % 1.8 % Volatility 28.6 % 45.2 % Risk-free interest rate 1.8 % 2.0 % Weighted average expected option term (in years) 5.6 5.5 Weighted average fair value per share of options granted $ 2.80 $ 2.81 The weighted-average fair value per share of restricted stock unit grants issued for the nine months ended September 30, 2015 was $11.32. The weighted-average fair value per share of restricted stock unit grants issued for the nine months ended September 30, 2014 was $7.87. We issued approximately 721,000 and 175,000 shares of common stock following the exercise or vesting of underlying stock options or restricted stock units in the nine months ended September 30, 2015 and 2014, respectively.

Net Income per Share

Net Income per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Net Income per Share	11. Net Income per Share The computation of basic and diluted net income per share was as follows: Three months ended Nine months ended 2015 2014 2015 2014 (in thousands, except per share data) Basic: Net income available for common stockholders $ 2,092 $ 934 $ 5,228 $ 1,999 Weighted average shares outstanding 17,865 17,348 17,625 16,358 Basic earnings per share $ 0.12 $ 0.05 $ 0.30 $ 0.12 Diluted: Net income available for common stockholders $ 2,092 $ 934 $ 5,228 $ 1,999 Weighted-average shares outstanding 17,865 17,348 17,625 16,358 Common stock equivalents, if diluted 632 361 510 414 Shares used in computing diluted earnings per common share 18,497 17,709 18,136 16,772 Diluted earnings per share $ 0.11 $ 0.05 $ 0.29 $ 0.12 Shares excluded in computing diluted earnings per share as those shares would be anti-dilutive 40 356 81 228

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Stockholders' Equity	12. Stockholders’ Equity Share Offering On June 4, 2014, we issued 1,644,500 shares of our common stock, $0.01 par value per share, at a price to the public of $7.00 per share less underwriting discounts. The net proceeds, after deducting the underwriting discounts and other estimated offering expenses, were approximately $10.5 million. We deployed the net proceeds from the offering on acquisitions consummated in 2014 and used the remainder for general corporate purposes, including continued development of our products, working capital and capital expenditures, payments under our quarterly dividend program, and payments related to acquisitions. Dividends In February 2011, our Board of Directors approved a policy for the payment of quarterly cash dividends on our common stock. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by our Board of Directors on a quarterly basis. The dividend activity for the periods presented is as follows: Record Date Payment Date Per Dividend (in thousands) Fiscal Year 2015 March 20, 2015 April 3, 2015 $ 0.040 $ 700 May 22, 2015 June 5, 2015 $ 0.040 $ 705 August 20, 2015 September 3, 2015 $ 0.040 $ 715 Fiscal Year 2014 March 20, 2014 April 3, 2014 $ 0.035 $ 546 May 22, 2014 June 5, 2014 $ 0.035 $ 547 August 21, 2014 September 4, 2014 $ 0.035 $ 607 November 20, 2014 December 4, 2014 $ 0.035 $ 608 On October 22, 2015 our Board of Directors approved a quarterly cash dividend on our common stock of $0.04 per share payable on December 4, 2015 to stockholders of record at the close of business on November 20, 2015, which will total approximately $0.7 million.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	13. Supplemental Cash Flow Information Nine months ended 2015 2014 (in thousands) Cash paid for income taxes, net $ 3,341 $ 1,276 Common stock repurchased for RSU tax withholdings $ 266 $ 211

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	14. Fair Value Measurements The fair value accounting guidance requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. As of September 30, 2015, we had cash equivalents in a money market fund that was valued using Level 1 inputs (quoted market prices for identical assets) at a fair value of $12.0 million. We had no Level 2 assets being measured at fair value on a recurring basis as of September 30, 2015. As discussed in Note 4, we had one remaining acquisition-related contingent liability which is remeasured each reporting period using Level 3 techniques based on an assessment of the probability that we will be required to make such future payment. There were no changes in estimated liability associated with this milestone as we were not required to pay the second sales related milestone.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Accumulated Other Comprehensive Loss	15. Accumulated Other Comprehensive Loss Changes to our accumulated other comprehensive loss consisted of foreign currency translation for the nine months ended September 30, 2015 and 2014, respectively. Nine months ended 2015 2014 Beginning balance $ (2,365 ) $ (253 ) Other comprehensive loss before reclassifications (1,668 ) (1,375 ) Ending Balance $ (4,033 ) $ (1,628 )

Organization and Basis for Pr22

Organization and Basis for Presentation (Policies)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Unless the context requires otherwise, references to LeMaitre Vascular, we, our, and us refer to LeMaitre Vascular, Inc. and our subsidiaries. We develop, manufacture, and market medical devices and implants used primarily in the field of vascular surgery. We operate in a single segment in which our principal product lines include the following: valvulotomes, balloon catheters, carotid shunts, biologic patches, biologic grafts, radiopaque marking tape, anastomotic clips, remote endarterectomy devices, laparoscopic cholecystectomy devices, vascular grafts, angioscopes, and powered phlebectomy devices. Our offices are located in Burlington, Massachusetts; Mississauga, Canada; Sulzbach, Germany; Milan, Italy; Madrid, Spain; North Melbourne, Australia; Tokyo, Japan; and Shanghai, China.
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q Regulation S-X. Form 10-K
Consolidation	Consolidation Our consolidated financial statements include the accounts of LeMaitre Vascular and the accounts of our wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board issued a new accounting standard that provides for a comprehensive model to use in the accounting for revenue arising from contracts with customers that will replace most existing revenue recognition guidance in GAAP. Under this standard, revenue will be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This standard will be effective for annual reporting periods beginning after December 15, 2017, allows for either full retrospective or modified retrospective application, and early adoption is not permitted. We are assessing the new standard and which adoption method we will apply. We have not yet determined the impact on our results of operations.
Income Taxes	As part of the process of preparing our consolidated financial statements we are required to determine our income taxes in each of the jurisdictions in which we operate. This process involves estimating our actual current tax expense together with assessing temporary differences resulting from recognition of items for income tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included within our consolidated balance sheet. We must then assess the likelihood that our deferred tax assets will be recovered from taxable income during the carryback period or in the future; and to the extent we believe that recovery is not more likely than not, we must establish a valuation allowance. To the extent we establish a valuation allowance or increase this allowance in a period, we must reflect this increase as an expense within the tax provision in the statement of operations. We do not provide for income taxes on undistributed earnings of foreign subsidiaries, as our intention is to permanently reinvest these earnings. Our policy is to classify interest and penalties related to unrecognized tax benefits as income tax expense.
Income Tax Uncertainties	We recognize, measure, present and disclose in our financial statements any uncertain tax positions that we have taken, or expect to take on a tax return. We operate in multiple taxing jurisdictions, both within and without the United States, and may be subject to audits from various tax authorities. Management’s judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities, liabilities for uncertain tax positions, and any valuation allowance recorded against our net deferred tax assets. We will monitor the realizability of our deferred tax assets and adjust the valuation allowance accordingly.
Segment Reporting	The FASB establishes standards for reporting information regarding operating segments in financial statements. Operating segments are identified as components of an enterprise about which separate, discrete financial information is evaluated by the chief operating decision-maker in making decisions on how to allocate resources and assess performance. We view our operations and manage our business as one operating segment. No discrete operating information is prepared by us except for product sales by product line and by legal entity for local reporting purposes.
Fair Value Measurement	The fair value accounting guidance requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

Income Tax Expense (Tables)

Income Tax Expense (Tables)	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of our unrecognized tax benefits is as follows: 2015 (in Unrecognized tax benefits at the beginning of year $ 23 Additions for tax positions of current year 49 Additions for tax positions of prior years — Reductions for settlements with taxing authorities — Reductions for lapses of the applicable statutes of limitations — Unrecognized tax benefits at the end of the period $ 72
Summary of Tax Years Subject to Examination in Most Significant Tax Jurisdictions	As of September 30, 2015, a summary of the tax years that remain subject to examination in our taxing jurisdictions is as follows: United States 2012 and forward Foreign 2008 and forward

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2015
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories consist of the following: September 30, December 31, (in thousands) Raw materials $ 3,269 $ 3,367 Work-in-process 2,875 3,464 Finished products 9,776 9,883 Total inventory $ 15,920 $ 16,714 We held inventory on consignment of $1.0 and $0.8 million as of September 30, 2015 and December 31, 2014, respectively.

Acquisition and Divestitures (T

Acquisition and Divestitures (Tables)	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired	The following table summarizes the purchase price allocation at the date of the acquisition: Allocated (in Inventory $ 88 Intangible assets 545 Goodwill 742 Purchase price $ 1,375
Acquired Intangible Assets and Related Estimated Useful Lives	The following table reflects the allocation of the acquired intangible assets and related estimated useful lives: Allocated Weighted (in thousands) Non-compete agreement $ 120 5.0 years Tradename license 17 3.0 years Technology 391 7.0 years Customer relationships 17 3.0 years Total intangible assets $ 545

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Goodwill consists of the following: (in thousands) Balance at beginning of year $ 17,281 Additions for acquisitions 742 Effects of currency exchange (306 ) Balance at September 30, 2015 $ 17,717
Components of Identifiable Intangible Assets	Other intangibles consist of the following: September 30, 2015 December 31, 2014 Gross Accumulated Net Gross Accumulated Net (in thousands) Product technology $ 7,083 $ 3,052 $ 4,031 $ 7,134 $ 2,777 $ 4,357 Trademarks and licenses 1,556 1,190 366 1,557 1,074 483 Customer relationships 3,791 2,054 1,737 3,694 1,781 1,913 Other intangible assets 1,295 773 522 1,084 680 404 Total identifiable intangible assets $ 13,725 $ 7,069 $ 6,656 $ 13,469 $ 6,312 $ 7,157
Amortization Expense Included in General and Administrative Expense	Amortization expense is included in general and administrative expense and is as follows: Three months Nine months ended 2015 2014 2015 2014 (in thousands) Amortization expense $ 387 $ 359 $ 1,135 $ 1,098
Estimated Amortization Expense for Each of Five Succeeding Fiscal Years	Estimated amortization expense for the remainder of 2015 and each of the five succeeding fiscal years is as follows: 2015 2016 2017 2018 2019 2020 (in thousands) Amortization expense $ 365 $ 1,456 $ 1,199 $ 1,012 $ 827 $ 578

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Accrued Expenses	Accrued expenses consist of the following: September 30, 2015 December 31, 2014 (in thousands) Compensation and related taxes $ 4,539 $ 4,819 Income and other taxes 657 444 Professional fees 476 496 Other 1,926 1,720 Total $ 7,598 $ 7,479

Segment and Enterprise-Wide D28

Segment and Enterprise-Wide Disclosures (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Net Sales to Unaffiliated Customers by Geography	Net sales to unaffiliated customers by country were as follows: Three months ended Nine months ended September 30, 2015 September 30, 2015 2015 2014 2015 2014 (in thousands) United States $ 11,171 $ 10,605 $ 33,774 $ 31,221 Germany 2,208 1,789 6,900 5,551 Italy 579 635 1,991 1,976 Other countries 5,067 4,472 15,204 13,668 Net Sales $ 19,025 $ 17,501 $ 57,869 $ 52,416

Share-based Compensation (Table

Share-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based Compensation Expense	The components of share-based compensation expense were as follows: Three months Nine months September 30, September 30, 2015 2014 2015 2014 (in thousands) Stock option awards $ 327 $ 294 $ 752 $ 687 Restricted stock units 152 145 336 295 Total share-based compensation $ 479 $ 439 $ 1,088 $ 982
Weighted Average Fair Values of Employee Stock Options for Option Grants Issued Valuation Assumptions Using Black-Scholes Option Model	We have computed the weighted average fair values of employee stock options for option grants issued during the nine months ended September 30, 2015 and 2014 using the Black-Scholes option model with the following assumptions: 2015 2014 Dividend yield 1.4 % 1.8 % Volatility 28.6 % 45.2 % Risk-free interest rate 1.8 % 2.0 % Weighted average expected option term (in years) 5.6 5.5 Weighted average fair value per share of options granted $ 2.80 $ 2.81

Net Income per Share (Tables)

Net Income per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Income per Share	The computation of basic and diluted net income per share was as follows: Three months ended Nine months ended 2015 2014 2015 2014 (in thousands, except per share data) Basic: Net income available for common stockholders $ 2,092 $ 934 $ 5,228 $ 1,999 Weighted average shares outstanding 17,865 17,348 17,625 16,358 Basic earnings per share $ 0.12 $ 0.05 $ 0.30 $ 0.12 Diluted: Net income available for common stockholders $ 2,092 $ 934 $ 5,228 $ 1,999 Weighted-average shares outstanding 17,865 17,348 17,625 16,358 Common stock equivalents, if diluted 632 361 510 414 Shares used in computing diluted earnings per common share 18,497 17,709 18,136 16,772 Diluted earnings per share $ 0.11 $ 0.05 $ 0.29 $ 0.12 Shares excluded in computing diluted earnings per share as those shares would be anti-dilutive 40 356 81 228

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Dividend Activity	The dividend activity for the periods presented is as follows: Record Date Payment Date Per Dividend (in thousands) Fiscal Year 2015 March 20, 2015 April 3, 2015 $ 0.040 $ 700 May 22, 2015 June 5, 2015 $ 0.040 $ 705 August 20, 2015 September 3, 2015 $ 0.040 $ 715 Fiscal Year 2014 March 20, 2014 April 3, 2014 $ 0.035 $ 546 May 22, 2014 June 5, 2014 $ 0.035 $ 547 August 21, 2014 September 4, 2014 $ 0.035 $ 607 November 20, 2014 December 4, 2014 $ 0.035 $ 608

Supplemental Cash Flow Inform32

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Nine months ended 2015 2014 (in thousands) Cash paid for income taxes, net $ 3,341 $ 1,276 Common stock repurchased for RSU tax withholdings $ 266 $ 211

Accumulated Other Comprehensi33

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Summary of Accumulated Other Comprehensive Loss	Changes to our accumulated other comprehensive loss consisted of foreign currency translation for the nine months ended September 30, 2015 and 2014, respectively. Nine months ended 2015 2014 Beginning balance $ (2,365 ) $ (253 ) Other comprehensive loss before reclassifications (1,668 ) (1,375 ) Ending Balance $ (4,033 ) $ (1,628 )

Income Tax Expense - Additional

Income Tax Expense - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Unrecognized tax benefits exclusive of interest and penalties, gross	$ 72,000	$ 23,000
Statute of limitations expiration period	Until 2,024

Income Tax Expense - Reconcilia

Income Tax Expense - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail)	9 Months Ended
	Sep. 30, 2015USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits at the beginning of year	$ 23,000
Additions for tax positions of current year	49,000
Additions for tax positions of prior years	0
Reductions for settlements with taxing authorities	0
Reductions for lapses of the applicable statutes of limitations	0
Unrecognized tax benefits at the end of the period	$ 72,000

Income Tax Expense - Summary of

Income Tax Expense - Summary of Tax Years Subject to Examination in Most Significant Tax Jurisdictions (Detail)	9 Months Ended
	Sep. 30, 2015
United States [Member]
Income Tax Examination [Line Items]
Income tax year under examination	2012 and forward
Foreign [Member]
Income Tax Examination [Line Items]
Income tax year under examination	2008 and forward

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Raw materials	$ 3,269	$ 3,367
Work-in-process	2,875	3,464
Finished products	9,776	9,883
Total inventory	$ 15,920	$ 16,714

Inventories - Additional Inform

Inventories - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Inventory on consignment	$ 1	$ 0.8

Acquisition and Divestitures -

Acquisition and Divestitures - Additional Information (Detail)

Nov. 30, 2014USD ($)

Dec. 31, 2015USD ($)

Aug. 31, 2015USD ($)

Jul. 31, 2015USD ($)

May. 31, 2015USD ($)Agreement

Sep. 30, 2014USD ($)

Aug. 31, 2014USD ($)

Aug. 31, 2013USD ($)

Jul. 31, 2013USD ($)

Sep. 30, 2015USD ($)

Sep. 30, 2015USD ($)

Sep. 30, 2014USD ($)

Dec. 31, 2014USD ($)

Oct. 31, 2014USD ($)

Business Acquisition [Line Items]

Weighted average useful life

7 years 3 months 18 days

Goodwill

$ 17,717,000

$ 17,717,000

$ 17,281,000

Gain on divestiture

360,000

$ 360,000

Impairment charges

$ 161,000

Non-Occlusive Modeling Catheter Divestiture [Member]

Business Acquisition [Line Items]

Impairment charges

200,000

Charge to cost of sales

300,000

Merit Medical Ireland Limited [Member]

Business Acquisition [Line Items]

Asset sales agreement amount

$ 400,000

Gain on divestiture

400,000

Clinical Instruments International, Inc.

Business Acquisition [Line Items]

Purchase price for acquisition of assets and rights

$ 1,100,000

Acquisition date of assets and rights

Jul. 30, 2013

Cash paid for assets purchased

900,000

Balance payable to Clinical Instruments

200,000

Inventory

200,000

Intangible assets

300,000

Goodwill

$ 600,000

Weighted average useful life

5 years 8 months 12 days

Maximum goodwill deductible for tax purposes

15 years

InaVein LLC [Member]

Business Acquisition [Line Items]

Purchase price for acquisition of assets and rights

$ 2,500,000

Acquisition date of assets and rights

Aug. 30, 2013

Cash paid for assets purchased

2,100,000

Balance payable to Clinical Instruments

$ 400,000

$ 400,000

Intangible assets

1,100,000

Goodwill

700,000

Weighted average useful life

6 years 8 months 12 days

Maximum goodwill deductible for tax purposes

15 years

Acquisition-related contingent consideration

1,400,000

Tangible assets

800,000

Assumed liabilities

$ 100,000

$ 200,000

Fair value of contingent consideration

$ 100,000

Xenotis Pty Ltd [Member]

Business Acquisition [Line Items]

Purchase price for acquisition of assets and rights

6,700,000

Acquisition date of assets and rights

Aug. 31, 2014

Cash paid for assets purchased

$ 1,100,000

$ 5,100,000

Intangible assets

1,800,000

$ 1,800,000

Weighted average useful life

6 years 9 months 18 days

Tangible assets

2,100,000

2,100,000

Assumed liabilities

$ 1,700,000

Adjustment to tangible asset acquired

$ 200,000

Property and equipment

2,100,000

2,100,000

Goodwill

2,500,000

2,500,000

2,500,000

Business acquisition, assumed debt

1,100,000

Deferred tax assets acquired

$ 2,400,000

Xenotis Pty Ltd [Member] | Europe [Member]

Business Acquisition [Line Items]

Purchase price for acquisition of assets and rights

$ 1,300,000

Cash paid for assets purchased

200,000

$ 1,100,000

Inventory

400,000

400,000

Intangible assets

$ 900,000

$ 900,000

Weighted average useful life

5 years

Xenotis Pty Ltd [Member] | Scenario, Forecast [Member] | Europe [Member]

Business Acquisition [Line Items]

Cash paid for assets purchased

$ 20,000

Tru-Incise Valvulotome [Member]

Business Acquisition [Line Items]

Purchase price for acquisition of assets and rights

$ 1,400,000

Acquisition date of assets and rights

May 31, 2015

Cash paid for assets purchased

1,100,000

Balance payable to Clinical Instruments

300,000

Inventory

88,000

Intangible assets

545,000

Maximum goodwill deductible for tax purposes

15 years

Goodwill

742,000

UreSil, LLC, Distributors [Member]

Business Acquisition [Line Items]

Purchase price for acquisition of assets and rights

200,000

Cash paid for assets purchased

100,000

Intangible assets

$ 200,000

Weighted average useful life

3 years

Number of definitive agreements | Agreement

7

Grex Medical Oy [Member]

Business Acquisition [Line Items]

Purchase price for acquisition of assets and rights

$ 200,000

Acquisition date of assets and rights

Jan. 1, 2016

Acquisition and Divestitures 40

Acquisition and Divestitures - Schedule of Recognized Identified Assets Acquired (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	May. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Goodwill	$ 17,717		$ 17,281
Tru-Incise Valvulotome [Member]
Business Acquisition [Line Items]
Inventory		$ 88
Intangible assets		545
Goodwill		742
Purchase price		$ 1,375

Acquisition and Divestitures 41

Acquisition and Divestitures - Acquired Intangible Assets and Related Estimated Useful Lives (Detail) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	May. 31, 2015	Sep. 30, 2015
Business Acquisition [Line Items]
Weighted average useful life		7 years 3 months 18 days
Tru-Incise Valvulotome [Member]
Business Acquisition [Line Items]
Allocated fair value	$ 545
Tru-Incise Valvulotome [Member] | Non-Compete Agreement [Member]
Business Acquisition [Line Items]
Allocated fair value	$ 120
Weighted average useful life	5 years
Tru-Incise Valvulotome [Member] | Tradename License [Member]
Business Acquisition [Line Items]
Allocated fair value	$ 17
Weighted average useful life	3 years
Tru-Incise Valvulotome [Member] | Technology [Member]
Business Acquisition [Line Items]
Allocated fair value	$ 391
Weighted average useful life	7 years
Tru-Incise Valvulotome [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Allocated fair value	$ 17
Weighted average useful life	3 years

Goodwill and Other Intangible42

Goodwill and Other Intangibles - Schedule of Goodwill (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Balance at beginning of year	$ 17,281
Additions for acquisitions	742
Effects of currency exchange	(306)
Balance at end of year	$ 17,717

Goodwill and Other Intangible43

Goodwill and Other Intangibles - Components of Identifiable Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 13,725	$ 13,469
Accumulated Amortization	7,069	6,312
Net Carrying Value of Intangible Assets	6,656	7,157
Product Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	7,083	7,134
Accumulated Amortization	3,052	2,777
Net Carrying Value of Intangible Assets	4,031	4,357
Trademarks and Licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	1,556	1,557
Accumulated Amortization	1,190	1,074
Net Carrying Value of Intangible Assets	366	483
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	3,791	3,694
Accumulated Amortization	2,054	1,781
Net Carrying Value of Intangible Assets	1,737	1,913
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	1,295	1,084
Accumulated Amortization	773	680
Net Carrying Value of Intangible Assets	$ 522	$ 404

Goodwill and Other Intangible44

Goodwill and Other Intangibles - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period for intangibles	7 years 3 months 18 days
Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets useful lives	13 years
Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets useful lives	1 year

Goodwill and Other Intangible45

Goodwill and Other Intangibles - Amortization Expense Included in General and Administrative Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 387	$ 359	$ 1,135	$ 1,098

Goodwill and Other Intangible46

Goodwill and Other Intangibles - Estimated Amortization Expense for Each of Five Succeeding Fiscal Years (Detail) $ in Thousands	Sep. 30, 2015USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense, Remainder of Fiscal Year 2015	$ 365
Amortization expense, Fiscal Year 2016	1,456
Amortization expense, Fiscal Year 2017	1,199
Amortization expense, Fiscal Year 2018	1,012
Amortization expense, Fiscal Year 2019	827
Amortization expense, Fiscal Year 2020	$ 578

Accrued Expenses - Accrued Expe

Accrued Expenses - Accrued Expenses (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Compensation and related taxes	$ 4,539	$ 4,819
Income and other taxes	657	444
Professional fees	476	496
Other	1,926	1,720
Total	$ 7,598	$ 7,479

Restructuring - Additional Info

Restructuring - Additional Information (Detail) $ in Thousands	1 Months Ended		3 Months Ended			9 Months Ended
	Apr. 30, 2014Employees	Feb. 28, 2014	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Commitments and Contingencies Disclosure [Abstract]
Percentage of reduction in workforce		10.00%
Severance costs				$ 100	$ 400
Severance related payments					$ 100
Employees terminated | Employees	7
Restructuring charges			$ 8			$ 0	$ 500

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
Commitments to purchase inventory	$ 2.5
Commitments to purchase inventory expire year	2,017

Segment and Enterprise-Wide D50

Segment and Enterprise-Wide Disclosures - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015Segment
Segment Reporting [Abstract]
Number of operating segments	1

Segment and Enterprise-Wide D51

Segment and Enterprise-Wide Disclosures - Net Sales to Unaffiliated Customers by Geography (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Net sales	$ 19,025	$ 17,501	$ 57,869	$ 52,416
United States [Member]
Segment Reporting Information [Line Items]
Net sales	11,171	10,605	33,774	31,221
Germany [Member]
Segment Reporting Information [Line Items]
Net sales	2,208	1,789	6,900	5,551
Italy [Member]
Segment Reporting Information [Line Items]
Net sales	579	635	1,991	1,976
Other Countries [Member]
Segment Reporting Information [Line Items]
Net sales	$ 5,067	$ 4,472	$ 15,204	$ 13,668

Share-based Compensation - Shar

Share-based Compensation - Share-based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule of Trading Securities and Other Trading Assets [Line Items]
Total share-based compensation	$ 479	$ 439	$ 1,088	$ 982
Stock Option Awards [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Total share-based compensation	327	294	752	687
Restricted Stock Units [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Total share-based compensation	$ 152	$ 145	$ 336	$ 295

Share-based Compensation - Weig

Share-based Compensation - Weighted Average Fair Values of Employee Stock Options for Option Grants Issued Valuation Assumptions Using Black-Scholes Option Model (Detail) - $ / shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options Outstanding, Weighted Average Exercise Price, and Additional Disclosures [Abstract]
Dividend yield	1.40%	1.80%
Volatility	28.60%	45.20%
Risk-free interest rate	1.80%	2.00%
Weighted average expected option term (in years)	5 years 7 months 6 days	5 years 6 months
Weighted average fair value per share of options granted	$ 2.80	$ 2.81

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Detail) - $ / shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Restricted stock units granted, weighted-average fair value	$ 11.32	$ 7.87
Issue of common stock	721,000	175,000

Net Income per Share - Computat

Net Income per Share - Computation of Basic and Diluted Net Income per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Basic:
Net income available for common stockholders	$ 2,092	$ 934	$ 5,228	$ 1,999
Weighted average shares outstanding	17,865	17,348	17,625	16,358
Basic earnings per share	$ 0.12	$ 0.05	$ 0.30	$ 0.12
Diluted:
Net income available for common stockholders	$ 2,092	$ 934	$ 5,228	$ 1,999
Weighted-average shares outstanding	17,865	17,348	17,625	16,358
Common stock equivalents, if diluted	632	361	510	414
Shares used in computing diluted earnings per common share	18,497	17,709	18,136	16,772
Diluted earnings per share	$ 0.11	$ 0.05	$ 0.29	$ 0.12
Shares excluded in computing diluted earnings per share as those shares would be anti-dilutive	40	356	81	228

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Oct. 22, 2015	Jun. 04, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Common stock, shares issued		1,644,500	19,499,818		18,778,436
Common stock, par value		$ 0.01	$ 0.01		$ 0.01
Share price, per share		$ 7
Net proceeds from issuance of shares		$ 10,500	$ 3,718	$ 10,834
Dividend payment date			Dec. 4, 2015
Dividend record date			Nov. 20, 2015
Subsequent Event [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Cash dividend on common stock per share	$ 0.04
Dividends payment amount	$ 700

Stockholders' Equity - Dividend

Stockholders' Equity - Dividend Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

Feb. 28, 2011

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Sep. 03, 2015

Jun. 05, 2015

Apr. 03, 2015

Dec. 04, 2014

Sep. 04, 2014

Jun. 05, 2014

Apr. 03, 2014

Dividends Payable [Line Items]

Record Date

Nov. 20, 2015

Payment Date

Dec. 4, 2015

Per Share Amount

$ 0.040

$ 0.035

$ 0.120

$ 0.105

Installment 1 FY 2015 [Member]

Dividends Payable [Line Items]

Record Date

Mar. 20, 2015

Payment Date

Apr. 3, 2015

Per Share Amount

$ 0.040

Dividend Payment

$ 700

Installment 2 FY 2015 [Member]

Dividends Payable [Line Items]

Record Date

May 22, 2015

Payment Date

Jun. 5, 2015

Per Share Amount

0.040

Dividend Payment

$ 705

Installment 3 FY 2015 [Member]

Dividends Payable [Line Items]

Record Date

Aug. 20, 2015

Payment Date

Sep. 3, 2015

Per Share Amount

0.040

Dividend Payment

$ 715

Installment 1 FY 2014 [Member]

Dividends Payable [Line Items]

Record Date

Mar. 20, 2014

Payment Date

Apr. 3, 2014

Per Share Amount

0.035

Dividend Payment

$ 546

Installment 2 FY 2014 [Member]

Dividends Payable [Line Items]

Record Date

May 22, 2014

Payment Date

Jun. 5, 2014

Per Share Amount

0.035

Dividend Payment

$ 547

Installment 3 FY 2014 [Member]

Dividends Payable [Line Items]

Record Date

Aug. 21, 2014

Payment Date

Sep. 4, 2014

Per Share Amount

0.035

Dividend Payment

$ 607

Installment 4 FY 2014 [Member]

Dividends Payable [Line Items]

Record Date

Nov. 20, 2014

Payment Date

Dec. 4, 2014

Per Share Amount

$ 0.035

Dividend Payment

$ 608

Supplemental Cash Flow Inform58

Supplemental Cash Flow Information - Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Supplemental Cash Flow Elements [Abstract]
Cash paid for income taxes, net	$ 3,341	$ 1,276
Common stock repurchased for RSU tax withholdings	$ 266	$ 211

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - Recurring [Member]	Sep. 30, 2015USD ($)
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents in money market fund	$ 12,000,000
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 0

Accumulated Other Comprehensi60

Accumulated Other Comprehensive Loss - Summary of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Equity [Abstract]
Beginning balance	$ (2,365)	$ (253)
Other comprehensive loss before reclassifications	(1,668)	(1,375)
Ending Balance	$ (4,033)	$ (1,628)