Establishment Labs Holdings Inc. reported a modest increase in revenue for the fiscal year ending December 31, 2024, generating $166.0 million, up from $165.2 million in 2023, marking a 0.5% growth. However, the company continued to face significant net losses, which rose to $84.6 million compared to $78.5 million in the previous year. The accumulated deficit as of December 31, 2024, reached $444.7 million. The increase in revenue was primarily driven by a 43% rise in sales within the Asia-Pacific region and improved performance in North America following the FDA approval of Motiva Implants in September 2024. Conversely, Latin America experienced a 28% decline in revenue.
In terms of operational developments, Establishment Labs launched Preservé, a minimally invasive breast tissue-preserving technology, in February 2025, with initial sales occurring in Brazil. The company also announced a leadership transition, with Peter Caldini set to take over as Interim CEO following the retirement of Juan José Chacón-Quirós. Additionally, the company completed a significant expansion of its manufacturing capabilities in Costa Rica, finalizing a new facility that is expected to increase production capacity by approximately 730,000 units annually.
The company’s workforce has grown to 1,018 employees as of December 31, 2024, reflecting its ongoing expansion efforts. Establishment Labs has also been active in financing, raising approximately $49.7 million through a registered direct offering in November 2024 and an additional $49.7 million from a private placement in January 2024. The company’s cash balance at the end of 2024 stood at $90.3 million, a significant increase from $40.0 million in 2023, providing a buffer for its operational and developmental expenses.
Looking ahead, Establishment Labs anticipates continued growth in the U.S. market, which is the largest for breast implants globally. The company plans to leverage its recent FDA approvals to enhance market penetration. However, it also faces challenges from fluctuating demand in various regions, particularly in Latin America, and the broader economic environment, which may impact consumer spending on elective procedures. The company expects to incur further losses in 2025 as it invests in expanding its market presence and product offerings.
About ESTABLISHMENT LABS HOLDINGS INC.
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