Establishment Labs Holdings Stock Earnings Reports

Establishment Labs reported a strong Q3 2025: revenue of $53.8M (up 33.7% YoY; ~31.4% ex-FX), with U.S. sales of $11.9M. Gross margin exceeded 70% for the first time (70.1%), driven largely by higher-margin U.S. sales. The company delivered its first positive adjusted EBITDA quarter ($1.2M) and tightened operating expenses; management expects to remain EBITDA-positive and to reach cash-flow positive in 2026 without further equity raises. 2025 revenue guidance was raised to exceed $210M (previously $208–212M), implying at least ~26% growth. The U.S. business is the primary growth engine: Management expects to exit 2025 at about 20% share of the U.S. breast augmentation market and sees continued momentum into 2026, aided by product expansions (Preserve minimally invasive procedure, Mia portfolio, small sizes approval expected early 2026) and an expanding direct commercial footprint (over 1,300 U.S. surgeons now using Motiva). International direct markets grew strongly (Europe direct up ~20% YoY excluding Benelux acquisition/currency), while distributor markets are normalizing. Cash was $70.6M at quarter end after drawing the final $25M tranche of the credit facility; operating cash burn improved sequentially. Management reiterated capacity to scale (current facilities can produce >50% of global implants) and expects revenue growth >20% for several years with accelerating profitability thereafter.