Establishment Labs Holdings Inc.

establishmentlabs.com

What Do They Do?

Sells silicone gel-filled breast implants and tissue expanders to medical device distributors and to physicians, hospitals, and clinics.

How Do They Make Money?

The company sells Motiva Implants to distributors and directly to customers, generally earning the sale when products ship; consigned products are sold when implanted. Distributors pay within specified terms.

FY2025 revenue

Who Are Their Customers?

Medical-device distributors buy through exclusive arrangements in most markets; physicians, hospitals, and clinics are served directly in the United States, Brazil, Argentina, and several European countries.

Do Revenues Turn Into Profits?

No. It lost $51.1M in FY2025.

Operating income, FY2025

−18% of revenue

▼ −22% (Loss) vs FY2024 (−$50M, −30%)

Net income, FY2025

−24% of revenue

▼ −40% (Loss) vs FY2024 (−$84.6M, −51%)

Free cash flow, FY2025

−27% of revenue

▼ −12% (Loss) vs FY2024 (−$64.6M, −39%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +32%; vs $51.3M in Q2 FY2025
Net income: ▼ −29% (Loss); vs −$16.6M in Q2 FY2025

Aug 6, 2026 Raises full-year revenue guidance The company raised its 2026 revenue guidance to $269 million to $271 million, from $266.5 million to $268.5 million.

Growing. Revenue grew 67% in 4 years, from $126.7M in FY2021 to $211.1M in FY2025, about 14% a year.

U.S. commercial sales The older report described U.S. commercialization as a future possibility; the latest report says Motiva Implants received approval and began commercial sales in the United States.

Who Do They Compete With?

Competes with Allergan Aesthetics, AbbVie, Mentor Worldwide, Johnson & Johnson, Sientra, Tiger Aesthetics Medical, GC Aesthetics, Silimed, Groupe Sebbin, Hans Biomed, Polytech Health & Aesthetics, and Arion Laboratories

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