ESTA

MKT CAP:$2B

Establishment Labs Holdings Inc.

Market Cap

$2B

Healthcare·Medical - Devices· CR·NASDAQ

Healthcare·Medical - Devices·NASDAQ

Stock Price

$65.92-$2.92 (-4.24%)

Apr 22, 2026

Company Details

Establishment Labs Holdings Inc., a medical technology company, manufactures and markets medical devices for aesthetic and reconstructive plastic surgery. The company primarily offers silicone gel-filled breast implants under Motiva Implant...

CEO

Fillipo Peter Caldini

IPO Date

Jul 19, 2018

Website

www.establishmentlabs.com

Key Metrics TTM

Revenue

$211M

+27.1% YoY

Net Income

-$51M

EPS (Diluted)

-$1.73

Free Cash Flow

-$57M

Revenue / Share

$7.13

Gross Margin

69.3%

Operating Margin

-18.5%

Net Margin

-24.2%

FCF Margin

-27.2%

P/S

9.2x

P/E

—

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 27, 2026

$211M+27.1%EPS -$1.72

Q4 2025

Feb 27, 2026

$65M+45.2%EPS -$0.09

Q3 2025

Nov 7, 2025

$54M+33.7%EPS -$0.38

Q2 2025

Aug 7, 2025

$51M+16.3%EPS -$0.56

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$38M	$25M	-$6M
Q2 22	$41M	$27M	-$10M
Q3 22	$38M	$26M	-$11M
Q4 22	$44M	$28M	-$13M
Q1 23	$47M	$30M	-$8M
Q2 23	$49M	$30M	-$14M
Q3 23	$39M	$26M	-$21M
Q4 23	$32M	$21M	-$22M
Q1 24	$37M	$24M	-$9M
Q2 24	$44M	$29M	-$9M
Q3 24	$40M	$26M	-$13M
Q4 24	$45M	$30M	-$19M
Q1 25	$41M	$28M	-$17M
Q2 25	$51M	$35M	-$14M
Q3 25	$54M	$38M	-$4M
Q4 25	$65M	$46M	-$4M

Valuation

Quarter	P/S	P/E
Q1 22	14.4x	—
Q2 22	13.4x	—
Q3 22	12.6x	—
Q4 22	12.0x	—
Q1 23	11.4x	—
Q2 23	10.9x	—
Q3 23	10.9x	—
Q4 23	11.7x	—
Q1 24	12.4x	—
Q2 24	12.8x	—
Q3 24	12.7x	—
Q4 24	11.7x	—
Q1 25	11.4x	—
Q2 25	10.9x	—
Q3 25	10.1x	—
Q4 25	9.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$5M	-$11M
Q2 22	-$11M	-$25M
Q3 22	-$22M	-$26M
Q4 22	-$14M	-$24M
Q1 23	-$21M	-$25M
Q2 23	-$28M	-$37M
Q3 23	-$32M	-$38M
Q4 23	-$8M	-$12M
Q1 24	-$11M	-$18M
Q2 24	-$14M	-$19M
Q3 24	-$12M	-$14M
Q4 24	-$21M	-$23M
Q1 25	-$21M	-$21M
Q2 25	-$19M	-$20M
Q3 25	-$11M	-$13M
Q4 25	-$555.5K	-$2M

Capital Expenditures

Quarter	CapEx
Q1 22	$6M
Q2 22	$13M
Q3 22	$4M
Q4 22	$10M
Q1 23	$4M
Q2 23	$9M
Q3 23	$7M
Q4 23	$4M
Q1 24	$7M
Q2 24	$4M
Q3 24	$2M
Q4 24	$2M
Q1 25	$753.0K
Q2 25	$2M
Q3 25	$2M
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+26.8%	+35.8%
Q2 22	+28.7%	+40.9%
Q3 22	+31.7%	+28.0%
Q4 22	+24.1%	+27.5%
Q1 23	+21.0%	+24.2%
Q2 23	+17.9%	+20.7%
Q3 23	+0.7%	+22.1%
Q4 23	-28.0%	-5.8%
Q1 24	-20.1%	-15.9%
Q2 24	-9.2%	-14.2%
Q3 24	+4.5%	-10.4%
Q4 24	+41.0%	+17.7%
Q1 25	+11.3%	+26.8%
Q2 25	+16.3%	+22.3%
Q3 25	+33.7%	+8.3%
Q4 25	+45.2%	+8.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	8.9%
Q2 22	$4M	9.1%
Q3 22	$3M	7.6%
Q4 22	$3M	7.4%
Q1 23	$3M	7.1%
Q2 23	$4M	7.4%
Q3 23	$4M	10.5%
Q4 23	$4M	12.3%
Q1 24	$4M	9.6%
Q2 24	$4M	8.8%
Q3 24	$4M	9.1%
Q4 24	$4M	8.2%
Q1 25	$3M	6.1%
Q2 25	$0	0.0%
Q3 25	$3M	5.6%
Q4 25	-$3M	-4.5%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 22	$4M	$27M
Q2 22	$5M	$33M
Q3 22	$5M	$31M
Q4 22	$6M	$35M
Q1 23	$7M	$32M
Q2 23	$7M	$37M
Q3 23	$7M	$40M
Q4 23	$6M	$37M
Q1 24	$4M	$29M
Q2 24	$5M	$33M
Q3 24	$5M	$34M
Q4 24	$5M	$44M
Q1 25	$5M	$40M
Q2 25	$5M	$44M
Q3 25	$5M	$37M
Q4 25	$5M	$44M

Revenue by Geography

Quarter	Asia Pacific And Middle East	Europe	Latin America	Other Geographical Areas	Asia Pacific	Emea	North America
Q1 22	$12M	$14M	$12M	$307.0K	—	—	—
Q2 22	$13M	$13M	$14M	$232.0K	—	—	—
Q3 22	$17M	$9M	$12M	$286.0K	—	—	—
Q4 22	$18M	$12M	$14M	$168.0K	—	—	—
Q1 23	—	—	$12M	$898.0K	$14M	$20M	—
Q2 23	—	—	$16M	$532.0K	$12M	$20M	—
Q3 23	—	—	$13M	$180.0K	$2M	$23M	—
Q4 23	—	—	$8M	$547.0K	$6M	$17M	—
Q1 24	—	—	$8M	$62.0K	$9M	$21M	—
Q2 24	—	—	$9M	$125.0K	$14M	$21M	—
Q3 24	—	—	$10M	—	$11M	$20M	$318.0K
Q1 25	—	—	$7M	—	$7M	$21M	$6M
Q2 25	—	—	$9M	—	$8M	$24M	$10M
Q3 25	—	—	$12M	—	$11M	$19M	$12M
Q4 25	—	—	$12M	—	$9M	$27M	$17M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$45M	$0	$45M
Q2 22	$91M	$0	$91M
Q3 22	$65M	$0	$65M
Q4 22	$66M	$0	$66M
Q1 23	$43M	$0	$43M
Q2 23	$90M	$0	$90M
Q3 23	$52M	$0	$52M
Q4 23	$40M	$0	$40M
Q1 24	$73M	$0	$73M
Q2 24	$55M	$0	$55M
Q3 24	$40M	$0	$40M
Q4 24	$90M	$0	$90M
Q1 25	$69M	$0	$69M
Q2 25	$55M	$0	$55M
Q3 25	$71M	$0	$71M
Q4 25	$76M	$0	$76M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	24M	+0.9%	+2.0%
Q2 22	24M	+0.4%	+1.9%
Q3 22	25M	+0.5%	+1.7%
Q4 22	24M	-0.4%	+1.3%
Q1 23	25M	+1.1%	+1.5%
Q2 23	26M	+3.8%	+5.0%
Q3 23	26M	+1.6%	+6.2%
Q4 23	26M	+0.1%	+6.8%
Q1 24	28M	+6.6%	+12.6%
Q2 24	28M	+0.4%	+8.9%
Q3 24	28M	+0.0%	+7.2%
Q4 24	29M	+3.7%	+11.1%
Q1 25	29M	+1.8%	+6.1%
Q2 25	29M	0.0%	+5.6%
Q3 25	30M	+0.5%	+6.1%
Q4 25	30M	0.0%	+2.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$51.5K	746
Q2 22	$55.2K	746
Q3 22	$51.3K	746
Q4 22	$45.7K	958
Q1 23	$48.6K	958
Q2 23	$50.7K	958
Q3 23	$40.2K	958
Q4 23	$34.8K	908
Q1 24	$40.9K	908
Q2 24	$48.6K	908
Q3 24	$44.3K	908
Q4 24	$43.7K	1K
Q1 25	$40.6K	1K
Q2 25	$50.4K	1K
Q3 25	$52.8K	1K
Q4 25	$64.4K	1K

Revenue / Employee