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ESTA

Establishment Labs Holdings Inc.

ESTA

Establishment Labs Holdings Inc. • NASDAQ
$69.29 ▲ 1.88% (+1.28)
Market Cap $2.01 B
52w High $72.34
52w Low $26.56
Dividend Yield 0%
P/E -24.4
Volume 133.21K
Outstanding Shares 29.06M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $53.782M ▲ $41.721M ▼ $-11.146M ▲ -20.724% ▲ $-0.38 ▲ $-2.131M ▲
Q2-2025 $51.3M ▲ $49.379M ▲ $-16.593M ▲ -32.345% ▲ $-0.57 ▲ $-7.037M ▲
Q1-2025 $41.377M ▼ $44.754M ▼ $-20.71M ▲ -50.052% ▲ $-0.7 ▲ $-11.377M ▲
Q4-2024 $44.514M ▲ $49.162M ▲ $-34.531M ▼ -77.573% ▼ $-1.19 ▼ $-27.597M ▼
Q3-2024 $40.227M $38.856M $-16.682M -41.47% $-0.6 $-8.671M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $70.624M ▲ $338.895M ▲ $322.532M ▲ $16.363M ▼
Q2-2025 $54.639M ▼ $329.668M ▼ $306.905M ▲ $22.763M ▼
Q1-2025 $69.178M ▼ $333.364M ▼ $294.814M ▲ $38.55M ▼
Q4-2024 $90.347M ▲ $346.831M ▲ $293.736M ▲ $53.095M ▲
Q3-2024 $39.697M $282.685M $249.975M $32.71M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-11.146M ▲ $-11.25M ▲ $-1.96M ▲ $29.454M ▲ $15.985M ▲ $-13.21M ▲
Q2-2025 $-16.593M ▲ $-18.698M ▲ $-2.066M ▼ $5.122M ▲ $-14.539M ▲ $-20.319M ▲
Q1-2025 $-20.71M ▲ $-20.725M ▲ $-1.336M ▲ $-203K ▼ $-21.169M ▼ $-21.478M ▲
Q4-2024 $-34.531M ▼ $-20.749M ▼ $-1.819M ▲ $74.491M ▲ $50.65M ▲ $-22.518M ▼
Q3-2024 $-16.682M $-12.461M $-2.765M $-28K $-14.903M $-14.094M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the last several years, and gross profits have risen in line with that growth, which suggests the core products are gaining commercial traction and maintaining healthy product-level economics. However, the company remains clearly loss‑making. Operating losses, EBITDA losses, and net losses have been persistent, with no clear, sustained narrowing yet. This points to high ongoing spending on commercialization, R&D, and infrastructure relative to the current scale of the business. In simple terms: the top line is developing well, but the company is still in a “build‑out” phase where growth investments outweigh current earnings power.

Balance Sheet

Balance Sheet The balance sheet shows a business that has scaled up but is still relatively thinly capitalized. Total assets have increased meaningfully over time, reflecting investment in operations, technology, and inventory. Cash has been rebuilt recently but has fluctuated, indicating bouts of fundraising and cash burn. Debt levels have climbed quite noticeably compared with earlier years, while equity dipped into negative territory at one point and has only recently recovered to a modest positive level. This mix signals reliance on external capital, with leverage now an important factor to watch and a relatively small equity cushion supporting a growing asset base.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, and free cash flow has also been firmly in the red, reflecting both operating losses and ongoing capital spending, even if capital expenditures themselves are not excessive. There are some signs that the rate of cash burn may be stabilizing rather than accelerating, but the business is still clearly consuming cash rather than generating it. This means the company’s growth and innovation efforts are being funded by investors and lenders rather than by self‑sustaining internal cash flows, which raises sensitivity to capital market conditions and execution on the path to profitability.

Competitive Edge

Competitive Edge Competitively, the company sits in a specialized corner of the medical device market with a very focused franchise in breast aesthetics and reconstruction. Its Motiva implants and related platforms emphasize safety, natural outcomes, and minimally invasive procedures, which align well with current patient and surgeon preferences. A strong patent portfolio, a growing body of clinical data, and a brand associated with safety create meaningful barriers to entry. Recent U.S. approval and entry into the world’s largest aesthetic market significantly strengthen its strategic position. At the same time, the firm competes against large, well‑capitalized device companies, and its narrow concentration in one anatomical area increases exposure to any product, regulatory, or reputation issues in that niche.

Innovation and R&D

Innovation and R&D Innovation is clearly the centerpiece of the company’s strategy. It has moved beyond traditional implants into differentiated technologies such as advanced implant surfaces and gels, minimally invasive platforms like Mia Femtech and Preservé, and “smart” biosensor‑enabled products that could allow monitoring and device identification. The pipeline extends into adjacent procedures, such as gluteal augmentation, and aims to expand both the number of eligible patients and the types of procedures surgeons can offer. This innovation engine justifies the heavy R&D and commercialization spend but also introduces regulatory, clinical, and execution risk: timelines, approvals, adoption by surgeons, and real‑world outcomes will all determine how much of the envisioned growth actually materializes.

Summary

Overall, this is a classic high‑innovation, high‑investment medical technology story. The company has built a strong product and technology platform, is entering major markets with a differentiated offering, and has shown consistent revenue growth and improving gross profits. On the other hand, it remains structurally loss‑making, consumes cash, and has taken on more debt while operating with a relatively small equity base. The key questions going forward are whether revenue can scale fast enough to absorb heavy operating and R&D spending, whether clinical and regulatory momentum can be maintained, and how effectively the company can manage balance sheet and cash‑flow pressures during this transition from a development‑heavy phase toward a more mature, cash‑generative profile. Uncertainty is therefore driven less by demand potential and more by execution, capital discipline, and long‑term safety and regulatory outcomes.

NEWS

November 7, 2025 · 8:00 AM UTC

Establishment Labs to Present at Jefferies London Healthcare Conference

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November 5, 2025 · 8:00 AM UTC

Establishment Labs Reports Third Quarter 2025 Financial Results

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October 22, 2025 · 8:00 AM UTC

Establishment Labs to Announce Third Quarter 2025 Financial Results on November 5

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October 14, 2025 · 8:00 AM UTC

Establishment Labs Notes Publication of Mia Femtech 3-Year Prospective Study Results in Aesthetic Surgery Journal

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October 9, 2025 · 8:00 AM UTC

Establishment Labs Publishes 15 Years of Motiva Data in 2025 Post-Market Surveillance Report

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