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Establishment Labs Reports First Quarter 2024 Financial Results
NEW YORK--(BUSINESS WIRE)-- Establishment Labs Holdings Inc. (NASDAQ: ESTA), a global medical technology company dedicated to improving women’s health and
About this update from Establishment Labs Holdings Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nEstablishment Labs Holdings Inc. (NASDAQ: ESTA), a global medical technology company dedicated to improving women’s health and wellness, principally in breast aesthetics and reconstruction, today announced financial results for the first quarter ended March 31, 2024.\n\n\nFirst Quarter Highlights and Outlook\n\n\n\nFirst quarter worldwide revenue of $37.2 million.\n\n\n\n2024 revenue guidance remains $174 million to $184 million, an increase of 5% to 11% over 2023. Guidance does not include revenue from Motiva Implants® in the United States, which is expected in 2024.\n\n\n\nGross profit for the first quarter was $24.4 million, or 65.6% of revenue, compared to $30.1 million, or 64.7% of revenue, in the year-ago period.\n\n\n\nFirst quarter loss from operations was $8.8 million compared to a loss of $22.1 million in the fourth quarter of 2023 and $8.2 million in the year-ago period.\n\n\n\nAdjusted EBITDA loss of $3.7 million compared to a loss of $17.3 million in the fourth quarter of 2023 and a loss of $4.0 million in the year-ago period.\n\n\n\nCash balance of $73.0 million as of March 31, 2024.\n\n\n\nPresented 4-year results from Motiva® U.S. IDE study at The Aesthetic Meeting on May 2.\n\n\n\nContinued progress with FDA on approval of Motiva Implants.\n\n\n\n“We are off to a strong start in 2024. Market demand is stabilizing, and we expect to see continued improvement over the course of the year. We have taken meaningful steps to reduce our expense base and our adjusted EBITDA improved significantly to a loss of less than $4 million,” said Juan José Chacón-Quirós, Chief Executive Officer. “Over the past several months, we launched Motiva implants in China as well as our Flora tissue expander in the United States. The number of clinics offering Mia around the world is growing and we are seeing strong evidence that Mia is opening an entirely new and market expanding category in breast aesthetics.”\n\n\n“Last week, four-year data from the Motiva US IDE study was presented at the Aesthetic Meeting in Vancouver. The very low rates of capsular contracture and rupture shown at year two remained unchanged through year four, and the results set a completely new standard for breast implants,” Mr. Chacón-Quirós continued. “We expect U.S. FDA approval of Motiva this year and we have made several key hires ...