Establishment Labs (ESTA) TD Cowen 46th Annual Health Care Conference summary

2025 performance and 2026 outlook

• Achieved significant outperformance in 2025, opening 1,500 accounts and exceeding initial expectations for Motiva in the U.S.

• Strong growth driven by account penetration, increased utilization, and effective marketing, with patients specifically requesting Motiva.

• Continued momentum expected in 2026, with plans to add up to 15 new sales reps to drive further growth.

• Preservé launch outside the U.S. has been successful and will be a key growth driver in 2026.

• Reconstruction indication and expanded innovation pipeline expected to impact results from 2027 onward.

Marketing, pricing, and product mix

• Influencer and celebrity partnerships, including Meghan Trainor, have fueled demand and outpaced projections.

• Direct-to-consumer and surgeon-driven marketing strategies will continue in 2026.

• Premium pricing strategy for Motiva and Preservé has been well received, with no negative impact on demand.

• Surgeons are passing on premium pricing to patients, with procedures averaging 30%-50% higher prices.

• Ergonomix implants account for 55%-60% of U.S. sales, with future launches (Preservé, Ergonomix2, Mia) expected to further support premium pricing.

Market expansion and share

• Innovative offerings and minimally invasive procedures are attracting new patients, including those previously not considering augmentation.

• Market openness and technological advances, such as no general anesthesia and smaller scars, are expected to increase market size through 2027.

• U.S. Motiva share reached approximately 20% in its first year, with a goal to exceed 50% share in the future.

• Introduction of smaller size Motiva implants in 2026 expected to open up an additional 10% of the market.