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Establishment Labs
Establishment Labs (ESTA) investor relations material
Establishment Labs Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Q4 2025 revenue reached $64.6 million, up 45.2% year-over-year, with US Motiva revenue at $17.3 million and full-year revenue at $211.1 million, a 27.2% increase over 2024.
Operational leverage improved, with gross margin exceeding 70% for the second consecutive quarter.
Adjusted EBITDA turned positive at $5.5 million in Q4, compared to a loss of $13.1 million in Q4 2024.
Net loss from operations for Q4 was $3.9 million, a 79% reduction from the prior year.
Ended 2025 with $75.6 million in cash and no need for additional capital.
Financial highlights
Gross profit for Q4 was $45.5 million (70.5% margin), up from $30.5 million (68.5% margin) in Q4 2024.
SG&A expenses were flat at $44.0 million in Q4; total operating expenses were $49.5 million.
R&D expenses rose slightly to $5.4 million due to personnel and regulatory costs.
Full-year net loss was $51.1 million, improved from $84.6 million in 2024.
Cash increased by $4.9 million in Q4, primarily from reduced operating cash use and option exercises.
Outlook and guidance
2026 revenue guidance is $264–$266 million, representing 25%+ growth over 2025.
2027 revenue growth is projected to be at least 25%.
US expected to exceed 30% of overall sales in 2026, up from 22% in 2025.
Gross margins projected to rise by 200–300 basis points in 2026.
Free cash use in 2026 to be less than half of 2025; company expects to be cash flow positive in 2026.
How did operating leverage impact Q4 results
How is Preservé creating new market segments
Discuss Q4 cash increase and borrowing impact
Detail Preservé's market expansion impact
Motiva's US market share sustainability drivers
Reconstruction's expected financial impact in US
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Next Establishment Labs earnings date
TD Cowen 46th Annual Health Care Conference2 Mar, 2026
Establishment Labs
Next Establishment Labs earnings date
TD Cowen 46th Annual Health Care Conference2 Mar, 2026
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Frequently asked questions
Establishment Labs Holdings Inc. (ESTA) is a medical technology company focused on the manufacture and marketing of medical devices for aesthetic and reconstructive plastic surgery. The company's flagship product line includes silicone gel-filled breast implants under the brand name Motiva Implants. These include Motiva Ergonomix and Motiva Ergonomix2, which are gravity sensitive round soft silicone-gel-filled breast implants, as well as the Motiva Flora Tissue Expander, a breast tissue expander. Establishment Labs sells its products through distributors and a direct sales force across regions including Europe, the Middle East, Latin America, and Asia. The company is headquartered in Alajuela, Costa Rica, and its shares are listed on the Nasdaq.
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