LMAT Cash-Secured Put Strategy
LMAT (LeMaitre Vascular, Inc.), in the Healthcare sector, (Medical - Instruments & Supplies industry), listed on NASDAQ.
Operating worldwide, LeMaitre Vascular, Inc. specializes in the development, distribution, and maintenance of medical devices and implants for treating peripheral vascular disease. Its product portfolio encompasses a range of catheters, including angioscopes, which are fiberoptic tools for internal blood vessel visualization; embolectomy catheters for removing blood clots from arteries or veins; occlusion catheters that temporarily halt blood flow; perfusion catheters for infusing blood and other fluids into the vasculature; and thrombectomy catheters, featuring a silicone balloon for extracting venous thrombi. The company also furnishes carotid shunts, designed to temporarily redirect blood flow to the brain during carotid endarterectomy surgery to clear arterial plaque. Another offering is radiopaque tape, a medical-grade adhesive applied externally to help interventionists precisely cross-reference skin locations with underlying anatomical features like vessels or lesions. Further products include valvulotomes, instruments used to cut or disrupt valves within the saphenous vein, enabling it to function as an arterial bypass to carry blood past diseased arteries to the lower leg or foot. Additionally, LeMaitre supplies vascular grafts for bypassing or replacing compromised arteries.
LMAT (LeMaitre Vascular, Inc.) trades in the Healthcare sector, specifically Medical - Instruments & Supplies, with a market capitalization of approximately $2.19B, a trailing P/E of 34.95, a beta of 0.52 versus the broader market, a 52-week range of 79.01-118.01, average daily share volume of 275K, a public-listing history dating back to 2006, approximately 651 full-time employees. These structural characteristics shape how LMAT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.52 indicates LMAT has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. LMAT pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a cash-secured put on LMAT?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
Current LMAT snapshot
As of June 30, 2026, spot at $96.70, ATM IV 27.10%, IV rank 3.60%, expected move 7.77%. The cash-secured put on LMAT below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 80-day expiry.
Why this cash-secured put structure on LMAT specifically: LMAT IV at 27.10% is on the cheap side of its 1-year range, which means a premium-selling LMAT cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 7.77% (roughly $7.51 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated LMAT expiries trade a higher absolute premium for lower per-day decay. Position sizing on LMAT should anchor to the underlying notional of $96.70 per share and to the trader's directional view on LMAT stock.
LMAT cash-secured put setup
The LMAT cash-secured put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With LMAT near $96.70, the first option leg uses a $90.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed LMAT chain at a 80-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 LMAT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $90.00 | $2.55 |
LMAT cash-secured put risk and reward
- Net Premium / Debit
- +$255.00
- Max Profit (per contract)
- $255.00
- Max Loss (per contract)
- -$8,744.00
- Breakeven(s)
- $87.45
- Risk / Reward Ratio
- 0.029
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
LMAT cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on LMAT. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$8,744.00 |
| $21.39 | -77.9% | -$6,606.02 |
| $42.77 | -55.8% | -$4,468.04 |
| $64.15 | -33.7% | -$2,330.06 |
| $85.53 | -11.6% | -$192.08 |
| $106.91 | +10.6% | +$255.00 |
| $128.29 | +32.7% | +$255.00 |
| $149.67 | +54.8% | +$255.00 |
| $171.05 | +76.9% | +$255.00 |
| $192.43 | +99.0% | +$255.00 |
When traders use cash-secured put on LMAT
Cash-secured puts on LMAT earn premium while a trader waits to acquire LMAT stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning LMAT.
LMAT thesis for this cash-secured put
The market-implied 1-standard-deviation range for LMAT extends from approximately $89.19 on the downside to $104.21 on the upside. A LMAT cash-secured put lets a trader earn premium while waiting to acquire LMAT at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current LMAT IV rank near 3.60% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on LMAT at 27.10%. As a Healthcare name, LMAT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to LMAT-specific events.
LMAT cash-secured put positions are structurally neutral to slightly bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. LMAT positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move LMAT alongside the broader basket even when LMAT-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on LMAT carry tail risk when realized volatility exceeds the implied move; review historical LMAT earnings reactions and macro stress periods before sizing. Always rebuild the position from current LMAT chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on LMAT?
- A cash-secured put on LMAT is the cash-secured put strategy applied to LMAT (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With LMAT stock trading near $96.70, the strikes shown on this page are snapped to the nearest listed LMAT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are LMAT cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the LMAT cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 27.10%), the computed maximum profit is $255.00 per contract and the computed maximum loss is -$8,744.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a LMAT cash-secured put?
- The breakeven for the LMAT cash-secured put priced on this page is roughly $87.45 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current LMAT market-implied 1-standard-deviation expected move is approximately 7.77%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a cash-secured put on LMAT?
- Cash-secured puts on LMAT earn premium while a trader waits to acquire LMAT stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning LMAT.
- How does current LMAT implied volatility affect this cash-secured put?
- LMAT ATM IV is at 27.10% with IV rank near 3.60%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.