Business
Establishment Labs Reports Fourth Quarter and Full Year 2019 Financial Results
NEW YORK, March 16, 2020 (GLOBE NEWSWIRE) -- Establishment Labs Holdings Inc. (NASDAQ: ESTA), a medical technology company focused on women’s health,
About this update from Establishment Labs Holdings Inc.
[{"type":"text","content":"NEW YORK, March 16, 2020 (GLOBE NEWSWIRE) -- Establishment Labs Holdings Inc. (NASDAQ: ESTA), a medical technology company focused on women’s health, initially in the breast aesthetics and reconstruction market, today announced its financial results for the fourth quarter and full year ended December 31, 2019.\n Fourth Quarter and Recent Business Highlights Full-year 2019 worldwide sales of $89.6 million, representing a 46.3% increase year-over-yearFourth quarter 2019 worldwide sales of $24.2 million, an increase of 47.9% year-over-year, and another quarter of record performanceIn January 2020, completed an over-subscribed public offering of 2,628,571 common shares, raising gross proceeds of approximately $69.0 millionU.S. development timeline for Pre-Market Authorization (PMA) submission to FDA is on trackAchieved a significant milestone with the one millionth Motiva® implant in marketOn March 24, 2020, the U.S. Patent & Trademark Office will issue a key patent protecting its proprietary implant surface technology that can reduce the risk of complications due to tissue irritation “We are, like everybody around the world, extremely concerned with the humanitarian and economic crises caused by the spread of Covid-19, and we are dedicated to protecting the health and safety of our employees, patients, plastic surgeons and international distributors. While we continue to monitor the situation closely, we are pleased to have entered 2020 with significant sales momentum. In lieu of providing full year guidance at this time due to Covid-19, we are providing some visibility to our first quarter results by announcing that we anticipate revenue in the range of $23 - $25 million. The very nature of our industry has prepared our management team to be agile through challenging and unexpected situations, and we are operating at our very best in such an unprecedented time,” said Juan José Chacón Quirós, Chief Executive Officer of Establishment Labs. “The successful financing that we recently completed provides us with a healthy cash position. During the fourth quarter of 2019, our cost to fund operations was just $4 million, down from $10.9 million the quarter before. With the uncertainty of Covid-19, we have done a full review of our 2020 budget and have the ability to access a number of levers to reduce, reallocate, or suspend our expenditu...