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Did Establishment Labs beat or miss consensus estimates last quarter?

- **Record Q3 Performance**: $53.8M revenue (+34% YoY), first positive EBITDA ($1.2M), 70.1% gross margin.
- **U.S. Dominance**: $11.9M sales (16% seq growth), 1,300+ surgeons using Motiva, 20%+ market share.
- **Minimally Invasive Breakthrough**: 300+ Preserve cases, 100+ waitlist, 150+ surgeons trained.
- **2026 Vision**: Cash flow positive, >20% global growth, EBITDA expansion.
- **China Recovery**: Distributor collaboration driving stabilization and growth.

**【CEO Summary Section】**
- Q3 2025 revenue grew 34% YoY to $53.8 million, with U.S. sales reaching $11.9 million (16% sequential growth). 
- Achieved first-ever positive EBITDA of $1.2 million and gross margin of 70.1%, up 620 basis points YoY.
- U.S. breast augmentation market share expected to reach ~20% by year-end, with 1,300+ surgeons using Motiva.
- Launched minimally invasive procedure 'Preserve' in Q3, with 300+ cases performed and 100+ women on waitlist.
- Flora Tissue Expander for breast reconstruction now in use at 10+ U.S. hospitals, on track for FDA approval in early 2026.

**【CFO Financial Commentary】**
- Total revenue: $53.8M (33.7% YoY growth)
- U.S. sales: $11.9M (22.1% of total)
- Europe/Middle East/Africa: $19.1M (35.6% of total)
- Operating expenses: $41.7M (up $2.9M YoY)
- Cash balance: $70.6M (up $16M QoQ)
- 2025 revenue guidance raised to exceed $210M (prev: $208-212M)
- Targeting cash flow positive in 2026 without equity raises.

**【Q&A Highlights】**
- **U.S. Momentum**: Q4 2025 U.S. sales expected to exceed $40M (prev guidance), driven by Preserve adoption and small size implant launches.
- **International Growth**: Direct markets outside U.S. grew 15% YoY, with Europe up 20% and Latin America (esp. Argentina) strong.
- **Preserve Uptake**: 300+ cases performed in Q3, 100+ waitlist, and 150+ surgeons trained to date.
- **China Strategy**: Working with distributor to stabilize and grow, with sell-out progress noted.
- **2026 Outlook**: U.S. market share to ~30%, global revenue growth >20%, EBITDA expansion.


Establishment Labs Holdings Inc. (ESTA) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ESTA

ESTA fundamentals

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