LMAT Iron Condor 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 $1.89B, a trailing P/E of 28.75, a beta of 0.49 versus the broader market, a 52-week range of 78.22-118.01, average daily share volume of 339K, 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 0.49 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 iron condor on LMAT?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
LMAT snapshot
As of September 30, 2026, spot at $82.86, ATM IV 235.90%, IV rank 48.01%, expected move 67.63%. The iron condor on LMAT below is built from the September 30, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 79-day expiry.
Why this iron condor structure on LMAT specifically: LMAT IV at 235.90% is mid-range versus its 1-year history, so the credit collected on a LMAT iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 67.63% (roughly $56.04 on the underlying). The 79-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 $82.86 per share and to the trader's directional view on LMAT stock.
LMAT iron condor setup
The LMAT iron condor below is built from the September 30, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With LMAT at $82.86 on that close, the first option leg uses a $85.00 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 79-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 | Call | $85.00 | $4.70 |
| Buy 1 | Call | $90.00 | $2.95 |
| Sell 1 | Put | $80.00 | $3.75 |
| Buy 1 | Put | $75.00 | $2.50 |
LMAT iron condor risk and reward
- Net Premium / Debit
- +$300.00
- Max Profit (per contract)
- $300.00
- Max Loss (per contract)
- -$200.00
- Breakeven(s)
- $77.00, $88.00
- Risk / Reward Ratio
- 1.500
Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
LMAT iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor 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% | -$200.00 |
| $18.33 | -77.9% | -$200.00 |
| $36.65 | -55.8% | -$200.00 |
| $54.97 | -33.7% | -$200.00 |
| $73.29 | -11.6% | -$200.00 |
| $91.61 | +10.6% | -$200.00 |
| $109.93 | +32.7% | -$200.00 |
| $128.25 | +54.8% | -$200.00 |
| $146.57 | +76.9% | -$200.00 |
| $164.89 | +99.0% | -$200.00 |
When traders use iron condor on LMAT
Iron condors on LMAT are a delta-neutral premium-collection structure that profits if LMAT stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
LMAT thesis for this iron condor
The market-implied 1-standard-deviation range for LMAT extends from approximately $26.82 on the downside to $138.90 on the upside. A LMAT iron condor is a delta-neutral premium-collection structure that pays off when LMAT stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current LMAT IV rank near 48.01% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on LMAT should anchor more to the directional view and the expected-move geometry. 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 iron condor positions are structurally neutral / range-bound; 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 iron condor 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 iron condor on LMAT?
- A iron condor on LMAT is the iron condor strategy applied to LMAT (stock). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With LMAT stock at $82.86 on the September 30, 2026 close, the strikes shown on this page are snapped to the nearest listed LMAT chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are LMAT iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the LMAT iron condor priced from the September 30, 2026 end-of-day chain at a 30-day expiry (ATM IV 235.90%), the computed maximum profit is $300.00 per contract and the computed maximum loss is -$200.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a LMAT iron condor?
- The breakeven for the LMAT iron condor priced on this page is roughly $77.00 and $88.00 at expiration, derived from the September 30, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The LMAT market-implied 1-standard-deviation expected move in the same options snapshot is approximately 67.63%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a iron condor on LMAT?
- Iron condors on LMAT are a delta-neutral premium-collection structure that profits if LMAT stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current LMAT implied volatility affect this iron condor?
- LMAT ATM IV is at 235.90% with IV rank near 48.01%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.