Establishment Labs Reports Second Quarter 2025 Financial Results

Establishment Labs Holdings Inc., a global medical technology company focused on women's health and wellness, particularly in breast aesthetics and reconstruction, has released its financial results for the second quarter ending June 30, 2025.

Financial Highlights

For the second quarter of 2025, Establishment Labs reported a worldwide revenue of $51.3 million, marking a 16.3% increase from the same period last year. The revenue included $10.3 million from Motiva sales in the United States. The company has revised its 2025 revenue guidance upwards to a range of $208 million to $212 million, reflecting a year-over-year growth of 25% to 28%, with at least $40 million expected from US Motiva sales.

The gross margin for the second quarter was 68.8%, up from 65.6% in the same period last year. However, the company reported a loss from operations of $14.1 million, compared to a loss of $9.3 million in the year-ago period. The adjusted EBITDA loss for the quarter was $8.5 million, an increase from the $4.1 million loss in the same period last year. The cash balance as of June 30, 2025, stood at $54.6 million.

Business and Operational Highlights

Establishment Labs saw sequential growth in all regions outside the United States. The company highlighted higher surgeon utilization and the addition of new accounts in the US as key growth drivers. The approval of additional sizes and the minimally invasive portfolio are expected to attract new patients and drive growth. The company also emphasized the potential impact of having an indication for breast reconstruction in the US.

Strategic Initiatives and Corporate Developments

Management noted that the improved EBITDA and reduced cash loss in the second quarter reflect the increasing scale of the business and improving execution and cost efficiencies. The company remains on track to achieve positive EBITDA in 2025 and become cash flow positive in 2026.

Management's Perspective

Peter Caldini, Chief Executive Officer, commented, "Our US sales momentum has continued into the third quarter, allowing us to increase our worldwide and US guidance. Outside the United States, we saw sequential growth in all regions. We have growth drivers for many years to come. Higher surgeon utilization and adding accounts in the United States will drive growth for the rest of this year and into next. Approval of additional sizes will accelerate both of these. Our minimally invasive portfolio is changing the narrative and attracting new patients to our category. Having our indication for breast reconstruction in the US will also be a considerable catalyst. The improved EBITDA and reduced cash loss in the second quarter reflect the increasing scale in the business and improving execution and cost efficiencies. We remain on track to achieve positive EBITDA in 2025 and become cash flow positive in 2026."

Future Outlook

The company has increased its 2025 revenue guidance to a range of $208 million to $212 million, reflecting a year-over-year growth of 25% to 28%, with at least $40 million expected from US Motiva sales. Establishment Labs aims to achieve positive EBITDA in 2025 and become cash flow positive in 2026.

SEC Filing: ESTABLISHMENT LABS HOLDINGS INC. [ ESTA ] - 8-K - Aug. 07, 2025