Establishment Labs Reports 16.3% Revenue Growth in Q2 2025 Despite Net Loss

Establishment Labs Holdings Inc. reported its financial results for the second quarter of 2025, revealing a revenue increase of 16.3% to $51.3 million compared to $44.1 million in the same period last year. For the first half of 2025, total revenue reached $92.7 million, up from $81.3 million in the prior year, marking a 14% increase. Despite this growth, the company recorded a net loss of $16.6 million for the quarter, slightly less than the $17.2 million loss reported in Q2 2024. The accumulated deficit as of June 30, 2025, stood at $482 million.

The company's operational metrics showed significant changes, particularly in North America, where sales surged following the FDA approval of Motiva Implants in September 2024. This approval allowed the company to generate $16.5 million in sales in the U.S. during the first half of 2025. However, revenue from the Asia-Pacific region declined by approximately 46.4% year-over-year, attributed to lower consumer demand for aesthetic procedures. The EMEA market also saw a 14.4% revenue increase, while Latin America experienced a 5% decrease in revenue.

Establishment Labs has made strategic advancements, including the launch of Preservé, a new breast tissue-preserving technology, and the acquisition of Motiva Benelux BV and Motiva NL B.V. in October 2024, aimed at expanding its European market presence. The company also appointed Peter Caldini as CEO in May 2025, following the retirement of former CEO Juan José Chacón-Quirós. The new leadership is expected to drive further growth and operational efficiency.

On the operational front, the company reported a gross margin of 68.8% for Q2 2025, up from 65.6% in the previous year, primarily due to higher selling prices in the U.S. The total operating expenses for the quarter increased by 34.8% to $49.4 million, driven by higher personnel costs and increased shipping and handling expenses. The company’s cash balance as of June 30, 2025, was $54.6 million, down from $90.3 million at the end of 2024, reflecting ongoing investments in growth and operational activities.

Looking ahead, Establishment Labs anticipates continued revenue growth driven by the adoption of its Motiva Implants and expansion into new markets. However, the company remains cautious about macroeconomic conditions that could impact consumer spending in the medical device and aesthetic markets. The management expects to manage operating expenses carefully while pursuing opportunities for growth and market penetration.