Establishment Labs (ESTA) 44th Annual J.P. Morgan Healthcare Conference summary

Strategic Positioning and Innovation

• Achieved FDA approval and launched in the U.S. in late 2024, marking the fastest launch in US breast aesthetics history and driving rapid market entry and growth.

• Established global presence in over 90 countries, with 4.5 million devices and 218+ patents, and positioned as a leader in breast aesthetics and reconstruction.

• Focused on science-based innovation, with patented technologies like SmoothSilk, TRUEMONOBLOC®, BLUSEAL®, and VISCOELASTIC PROGRESSIVE GEL® for superior safety and performance.

• Motiva implants demonstrated less than 1% device-related complications over five years, with US IDE study data showing 0.5% capsular contracture, 0.6% rupture, and 8.8% reoperation.

• Marketing initiatives, including celebrity endorsements and social media campaigns, generated over 9.2 billion impressions and led to 93% of patients requesting Motiva by name.

Financial Performance and Growth Outlook

• Reported 27% global revenue growth in 2025, reaching $210.5–$211.5 million, with U.S. revenue exceeding $45 million in the first year.

• Achieved positive adjusted EBITDA in Q3 and Q4 2025, with cash balance at $75.5 million by year-end and expectations for free cash flow positive in 2026.

• Gross margin surpassed 70% in Q3 2025, with operating expenses growing slower than revenue and continued leverage expected.

• At least 25% annual revenue growth expected in 2026 and 2027, with significant margin expansion as infrastructure is already established.

• On track for meaningful earnings in 2027, driven by disciplined cost management and high-margin U.S. business.

U.S. Market Expansion and Drivers

• Captured approximately 20% U.S. market share by end of 2025, with over 1,500 accounts and ongoing expansion.

• Key growth drivers include new product launches (Preservé), increased marketing, and expanding the sales force by up to 15 reps in 2026.

• Preservé, a minimally invasive platform, targets untapped segments and is expected to generate over $30 million in 2026, with 55% of patients willing to pay a premium.

• Submitted PMA supplement for smaller sizes and reconstruction indication, aiming to double addressable U.S. market upon approval.

• Minimal competitive response from larger players, enabling rapid share gains.