Establishment Labs (ESTA) UBS Global Healthcare Conference summary

Company vision and market positioning

• Founded to innovate breast aesthetics and reconstruction with a focus on women's health, challenging legacy technologies in the market.

• Consistent innovation every two years, leading to significant market opportunities and growth.

• Now present in over 85 countries, with recent launches in China and the U.S., aiming for global market leadership.

• Commercial strategy includes expanding sales force and targeting market share gains in the U.S. and China.

• Long-term vision includes continued innovation in plastic surgery and addressing new patient needs, such as those arising from GLP-1 use.

Financial performance and outlook

• Achieved 4.5% top-line growth in Q3, with significant reductions in cash burn and EBITDA loss.

• Raised $50 million in new capital, strengthening the balance sheet.

• Initial 2025 outlook projects 25% overall growth, mainly driven by the U.S. market.

• Targeting EBITDA positivity in 2025 and cash flow positivity in 2026, with conservative external growth assumptions.

• Profitability strategy centers on U.S. market expansion, higher ASPs, and ongoing operational efficiencies.

Regulatory milestones and product innovation

• Secured FDA PMA approval and tissue expander clearance, enabling entry into the U.S. market.

• Clinical studies show industry-leading safety and efficacy, with capsular contracture and rupture rates below 1%.

• Patented surface technology and Monobloc foundation drive product differentiation and patient outcomes.

• Minimally invasive breast aesthetics platform offers faster recovery and market expansion potential.

• New gluteal ergonomic modeling program in clinical trials, targeting unmet needs in gluteal aesthetics.