ESTA · Establishment Labs Holdings Inc.

Establishment Labs reported strong first-quarter 2026 results, with revenue of $59.9 million, up 44.7% year-over-year, driven by robust U.S. Motiva sales ($19.6 million, up from $6.2 million) and the launch of its minimally invasive platform ($9.1 million). Gross margin improved to 70.7% from 67.2%, benefiting from geographic and channel mix. Operating expenses grew only 8.9% to $48.8 million, demonstrating operating leverage as revenue scaled. Net loss narrowed to $13.4 million from $20.7 million, and adjusted EBITDA turned positive for the third consecutive quarter at $1.2 million, compared to a loss of $12.1 million in the prior year. Cash balance stood at $68.1 million, with cash use improving to $7.5 million from $21.2 million. Management raised full-year 2026 revenue guidance to $266.5-$268.5 million (from $264-$266 million) and expects minimally invasive revenue to exceed $35 million (from $30 million). Gross margin is guided to 71.2%-72.2%, operating expenses to $195-$200 million, and the company anticipates positive adjusted EBITDA every quarter and free cash flow positivity in the second half of the year. The refinancing with Oaktree extends debt maturity and enhances financial flexibility. CEO Peter Caldini highlighted accelerating momentum across U.S. and OUS markets, while CFO Sandra Harris emphasized the path to free cash flow generation and increasing earnings per share.