Establishment Labs Holdings Inc., a global medical technology company focused on improving patient safety and aesthetic outcomes, reported its financial results for the year ended December 31, 2025. The company's revenue reached $211.1 million, a 27.2% increase compared to $166.0 million in 2024. This growth was primarily driven by significantly higher sales in North America following FDA approval of Motiva Implants in September 2024, a 16.4% increase in revenue in the EMEA market, and a 14.1% increase in revenue in Latin America. However, revenue in the Asia-Pacific market decreased by 28.6% due to the timing of distributor purchases and sales. Despite the revenue increase, the company experienced a net loss of $51.1 million in 2025, compared to a net loss of $84.6 million in 2024.

The company's cost of revenue increased by 14.7% to $64.8 million in 2025, up from $56.5 million in 2024, aligning with the revenue growth. Gross margin improved to 69.3% in 2025 from 66.0% in 2024, primarily due to higher selling prices for Motiva Implants in the United States. Operating expenses also increased, with sales, general, and administrative (SG&A) expenses rising by 18.1% to $165.1 million, driven by higher personnel costs, shipping expenses, commissions, and expenses related to the fair value remeasurement of contingent consideration. Research and development (R&D) expenses saw a slight increase of 2.5% to $20.2 million, reflecting ongoing investments in product development and clinical activities.

Establishment Labs experienced several key operational developments during the year. Peter Caldini was appointed as Chief Executive Officer, succeeding Juan José Chacón-Quirós. The company launched Preservé, a minimally invasive breast tissue-preserving technology, initially in Brazil, with plans for further expansion, including a full launch in the United States in 2026. The company also partnered with Meghan Trainor to support its U.S. market launch. In terms of financing, Establishment Labs signed an Inventory Funding Agreement to finance purchases of silicone raw material and entered into a Fourth Amendment to its Credit Agreement, securing an additional $25 million tranche of term loans.

Looking ahead, Establishment Labs anticipates continued growth in existing markets, driven by Motiva Implants and expanding its portfolio of minimally invasive products. The company plans to optimize patient conversion through sales and marketing programs and may pursue strategic acquisitions to complement its existing product portfolio. The company's business is subject to seasonal fluctuations, with procedural volumes for breast augmentation typically peaking in the spring and from October to December. As of December 31, 2025, Establishment Labs had cash of $75.6 million and believes that its available cash and cash from operations will be sufficient to satisfy its liquidity requirements for at least the next 12 months.

About ESTABLISHMENT LABS HOLDINGS INC.

Establishment Labs Holdings Inc. is a medical technology company specializing in silicone breast implants and related products for augmentation and reconstruction. Its flagship Motiva Implants feature proprietary safety, aesthetic, and biocompatibility technologies, serving global markets through direct sales and distributors. The company emphasizes innovation, product safety, and minimally invasive procedures, aiming to lead in aesthetic implant technology with a focus on patient outcomes and safety.

This description was generated via AI from an annual report. Updated 8 months ago.

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