Establishment Labs reports Q3 EPS (59c), consensus (61c)

Reports Q3 revenue $40.2M, consensus $40.5M. “The U.S. launch of Motiva has exceeded even our high expectations,” said Juan Jose Chacon-Quiros, Chief Executive Officer. “The amazing response from plastic surgeons and women in the United States to Motiva has validated what we have seen in many other countries: namely that a safer implant that offers new options can move markets. We have onboarded over 250 new accounts in just the first three weeks of our launch and right now, we are adding 15 new accounts a day. We have 32 sales reps in the field and expect to be at 40 by year end. We have taken this opportunity to strengthen our balance sheet and with the tangible results of reductions in our expense base, we are well funded for the opportunities ahead. We continue to focus on efficiencies across our global organization and our EBITDA loss was less than half of what it was a year ago despite increased investment in the United States,” Mr. Chacon-Quiros continued. “With the delay in U.S. FDA approval relative to our earlier expectations and continued weakness in Brazil, we are adjusting our guidance for 2024. We are on a clear path for global market leadership and have many years of significant double-digit revenue growth and emerging profitability ahead of us.”