Business
Establishment Labs Reports Record First Quarter 2020 Financial Results
NEW YORK, May 07, 2020 (GLOBE NEWSWIRE) -- Establishment Labs Holdings Inc. (NASDAQ: ESTA), a medical technology company focused on women’s health, initially
About this update from Establishment Labs Holdings Inc.
[{"type":"text","content":"NEW YORK, May 07, 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 first quarter ended March 31, 2020.\n First Quarter Highlights and Outlook Worldwide sales of $24.5 million, at the higher end of previously provided guidance range, resulting in 18% growthBreast implant sales, which accounted for over 90% of total sales, grew 23%Strong cash balance of $93.6 million at March 31Enacted numerous measures to reduce operating expenses and preserve cash in response to COVID-19 impactAesthetic cohorts in Motiva U.S. pivotal trial on track; COVID-19 delays enrollment in reconstruction cohortsU.S. patent protecting company’s proprietary implant surface technology is issued “We are pleased to report that our first quarter sales were $24.5 million – at the higher end of the $23 to $25 million range we projected. This reflects 18% growth over the year ago period as plastic surgeons and their patients continued to adopt Motiva Implants,” said Juan José Chacón Quirós, Chief Executive Officer of Establishment Labs. “Even though our March sales were measurably impacted by COVID-19, our first quarter still represented another record quarter for our Company, and illustrates the strength and momentum of our product and brands in the market. “Despite our long-term bullishness about the breast implant business, we have taken early and decisive steps to prepare our Company to weather these uncertain times. We have reduced our planned 2020 expenses by approximately 20%, while at the same time expanded our business excellence program and invested more in digital platforms. Importantly, Establishment Labs is in a solid financial position and we remain confident in the fundamentals of our business and the strength of our product portfolio, which up until now has resulted in robust year-over-year growth and market share gains,” Mr. Chacón Quirós continued. First Quarter 2020 Financial Results Total revenues for the quarter ended March 31, 2020 were $24.5 million, an increase of 17.8%, compared to $20.8 million for the same period in 2019. Breast implant sales, which accounts for over 90% of total sales, grew 23%. Distributor sales were responsible for most of the Compan...