ESTABLISHMENT LABS HOLDINGS INC. ESTA
We are a global medical technology company focused on improving patient safety and aesthetic outcomes, initially in the breast aesthetics and reconstruction market. We initially incorporated in Costa Rica in 2004 and subsequently reorganized in 2013 under a parent holding company in the British Virgin Islands.
Our line of silicone gel-filled breast implants, branded as Motiva Implants, is the centerpiece of our medical technology platform. Our 5-year results from our Motiva U.S. IDE study as well as our patient and practitioner reported post-market surveillance data indicate that Motiva Implants have low rates of adverse events (including rupture, capsular contracture, and implant-related reoperations) that compare favorably with those of our competitors. We believe these proprietary technologies that differentiate our Motiva Implants result in improved safety and aesthetic outcomes and thus drive our revenue growth.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $211.1M | $166.0M | $165.2M | $161.7M | $126.7M | $84.7M | $89.6M | $61.2M | $34.7M | — |
| Cost of revenue | $64.8M | $56.5M | $58.2M | $55.1M | $41.3M | $32.2M | $34.7M | $25.1M | $17.0M | — |
| Gross profit | $146.3M | $109.5M | $107.0M | $106.6M | $85.4M | $52.5M | $54.9M | $36.1M | $17.7M | — |
| R&D | $20.2M | $19.7M | $26.4M | $20.3M | $18.3M | $13.8M | $15.0M | $12.7M | $6.9M | — |
| SG&A | $165.1M | $139.8M | $145.6M | $126.0M | $92.2M | $66.6M | $70.8M | $47.3M | $30.8M | — |
| Total operating expenses | $185.3M | $159.5M | $172.0M | $146.3M | $110.5M | $80.4M | $85.8M | $60.0M | $37.7M | — |
| Operating income | -$39.0M | -$50.0M | -$65.0M | -$39.7M | -$25.1M | -$27.9M | -$30.9M | -$23.9M | -$20.0M | — |
| Interest expense | $25.3M | $20.8M | $15.4M | $11.8M | $9.1M | $9.4M | $8.7M | $8.8M | $10.4M | — |
| Pre-tax income | -$58.0M | -$84.6M | -$78.6M | -$72.8M | -$39.7M | -$38.0M | -$37.5M | -$20.9M | -$34.8M | — |
| Income tax | $7.0M | $32.0K | $81.0K | $2.4M | $1.4M | $104.0K | $640.0K | $215.0K | $105.0K | — |
| Net income | -$51.1M | -$84.6M | -$78.5M | -$75.2M | -$41.1M | -$38.1M | -$38.1M | -$21.1M | -$34.9M | — |
| EPS, basic | -1.72 | -3.00 | -3.07 | -3.08 | -1.72 | -1.63 | -1.86 | — | — | — |
| EPS, diluted | -1.72 | -3.00 | -3.07 | -3.08 | -1.72 | -1.63 | -1.86 | -1.22 | -3.41 | — |
| Shares, diluted (wtd. avg.) | $29.6M | $28.2M | $25.6M | $24.5M | $24.0M | $23.3M | $20.5M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $75.6M | $90.3M | $40.0M | $66.4M | $53.4M | $84.5M | $37.7M | $52.6M | $10.9M | $479.0K |
| Receivables | $77.5M | $65.0M | $46.9M | $35.4M | $24.4M | $19.1M | $22.8M | $17.6M | $13.1M | — |
| Inventory | $85.6M | $78.8M | $79.5M | $36.6M | $28.4M | $23.2M | $28.7M | $24.8M | $13.2M | — |
| Total current assets | $249.9M | $243.0M | $174.9M | $149.9M | $113.3M | $132.3M | $95.8M | $99.4M | $39.4M | — |
| Property, plant and equipment | $75.6M | $78.0M | $77.2M | $51.1M | $18.7M | $16.2M | $16.4M | $12.9M | $13.5M | — |
| Goodwill | $1.2M | $1.2M | $465.0K | $465.0K | $465.0K | $465.0K | $465.0K | $465.0K | $465.0K | — |
| Other intangibles | $9.9M | $11.7M | $8.0M | $4.6M | $4.4M | $4.1M | $3.4M | $3.4M | $3.4M | — |
| Total assets | $357.2M | $346.8M | $268.6M | $211.1M | $139.5M | $156.4M | $116.5M | $116.6M | $57.1M | — |
| Accounts payable | $43.1M | $44.8M | $41.6M | $20.0M | $14.5M | $9.7M | $10.4M | $6.2M | $9.1M | — |
| Total current liabilities | $82.1M | $68.3M | $57.1M | $39.0M | $31.9M | $25.9M | $23.2M | $16.4M | $57.4M | — |
| Long-term debt | $247.5M | $219.6M | $188.7M | $175.5M | — | — | — | — | — | — |
| Total liabilities | $333.6M | $293.7M | $250.2M | $219.2M | $88.8M | $81.4M | $76.9M | $47.1M | $62.1M | — |
| Retained earnings | -$495.8M | -$444.7M | -$360.1M | -$281.6M | -$206.4M | -$165.2M | -$127.1M | -$89.0M | -$67.9M | — |
| Total equity | $23.5M | $53.1M | $18.4M | -$8.2M | $50.7M | $75.0M | $39.6M | $69.5M | -$5.0M | -$26.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$50.9M | -$58.5M | -$88.5M | -$52.2M | -$27.5M | -$12.5M | -$30.0M | -$33.9M | -$32.0M | — |
| Depreciation and amortisation | $6.2M | $4.7M | $2.8M | $2.5M | $2.5M | — | — | — | — | — |
| Stock-based compensation | $11.4M | $14.4M | $14.4M | $13.4M | $10.4M | — | — | — | — | — |
| Capital expenditure | $6.0M | $6.1M | $7.9M | $2.9M | $2.4M | $2.1M | $6.3M | $1.7M | $901.0K | — |
| Investing cash flow | -$7.0M | -$15.6M | -$24.5M | -$34.8M | -$7.2M | -$5.6M | -$7.8M | -$5.7M | -$845.0K | — |
| Financing cash flow | $40.4M | $125.9M | $86.2M | $100.3M | $4.1M | $64.7M | $22.8M | $81.5M | $43.0M | — |
| Buybacks | — | — | — | — | — | — | — | $0 | $4.5M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001688757-26-000028.
Others in SIC 3842
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|---|---|---|---|---|
| ISRG | INTUITIVE SURGICAL INC | $129.55B | 46.6x | 20.5% |
| EW | Edwards Lifesciences Corp | $51.82B | 49.1x | 11.5% |
| STE | STERIS plc | $21.90B | 28.3x | 8.7% |
| ZBH | ZIMMER BIOMET HOLDINGS, INC. | $18.71B | 27.6x | 7.2% |
| ALGN | ALIGN TECHNOLOGY INC | $11.27B | 28.1x | 0.9% |
| MSA | MSA Safety Inc | $7.28B | 26.6x | 3.7% |
| CDRE | Cadre Holdings, Inc. | $1.27B | 29.2x | 7.5% |
| ENOV | Enovis CORP | $1.07B | — | 6.7% |