Establishment Labs (ESTA) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 33.9% YoY to $72.0M, led by 119% U.S. growth; 9M revenue increased 36.2% to $199.4M.

• Adjusted EBITDA reached $6.4M, or an 8.9% margin, and Q3 delivered positive operating cash flow of $7.7M and free cash flow of $5.1M.

• FY 2026 revenue guidance increased to more than $274M; FY 2027 revenue growth is expected to be 25%.

Financial highlights

• Q3 revenue was $72.0M versus $53.8M; net loss narrowed to $10.7M from $11.1M. 9M revenue was $199.4M versus $146.5M, and net loss narrowed to $35.8M from $48.4M.

• Q3 gross profit was $49.7M versus $37.7M; operating loss was $2.6M versus $4.0M. 9M gross profit was $139.8M versus $100.8M, and operating loss was $13.4M versus $35.1M.

• GAAP operating expenses were $52.3M versus $41.7M; adjusted operating expenses were $49.6M.

• Basic and diluted loss per share was $0.35 in Q3 versus $0.38; 9M loss per share was $1.19 versus $1.64.

• 9M operating cash used was $13.2M versus $50.7M; cash and cash equivalents were $75.8M at September 30, 2026.

Outlook and guidance

• FY 2026 revenue guidance rose to more than $274M from $269M–$271M; adjusted gross margin is expected near 70.7%.

• FY 2026 adjusted operating expense guidance remains $195M–$200M, with positive adjusted EBITDA expected for the full year.

• FY 2026 minimally invasive revenue is expected to exceed $40M, raised from prior guidance of more than $35M.

• FY 2027 revenue growth is expected to be 25%, with positive cash flow; reconstruction revenue is expected mainly in H2, subject to regulatory approval and hospital VAC timing.

• Available cash and expected operating cash flow are viewed as sufficient for liquidity needs for at least 12 months; near-term losses are expected to continue.