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Establishment Labs Holdings (ESTA) investor relations material

Establishment Labs Holdings Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Q2 2025 revenue reached $51.3M, up 16.3% year-over-year, with strong U.S. performance and $10.3M from U.S. Motiva sales.

  • Six-month revenue was $92.7M, up 14% year-over-year, driven by higher North American sales after FDA approval.

  • Adjusted EBITDA loss improved to $8.5M from $12.1M in Q1; net loss for Q2 was $16.6M, slightly better than a year ago.

  • Cash balance at quarter-end was $54.6M, with $25M available under credit facility; total accessible cash ~$80M.

  • U.S. business is outperforming, with over 1,000 accounts and increasing surgeon adoption of Motiva implants.

Financial highlights

  • Q2 revenue: $51.3M (+16.3% YoY); six-month revenue: $92.7M (+14% YoY); U.S. sales: $10.3M (20% of total); EMEA: 40% of sales, double-digit growth.

  • Gross profit: $35.3M (68.8% margin), up from 65.6% YoY and 67.2% sequentially, driven by higher-margin U.S. sales.

  • SG&A expenses: $44.2M in Q2, up $11.4M YoY; six-month SG&A: $83.9M, driven by U.S. expansion.

  • Adjusted EBITDA loss: $8.5M (Q2), improved from $12.1M (Q1); cash use: $14.5M in Q2, down from $21.2M in Q1.

  • Net loss for Q2 was $16.6M; net loss for six months was $37.3M, compared to $33.4M in 2024.

Outlook and guidance

  • 2025 revenue guidance raised to $208M–$212M (25%–28% growth), with at least $40M in U.S. Motiva sales.

  • Management expects positive EBITDA in 2025 and cash flow breakeven in 2026, with no further equity raises expected.

  • Operating expenses expected to moderate in H2; leverage from higher U.S. revenues to drive profitability.

  • U.S. sales are expected to positively impact gross margins due to higher selling prices.

  • Macroeconomic conditions, including inflation and consumer sentiment, may impact demand for aesthetic procedures.

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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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