Business
Establishment Labs Reports Record First Quarter 2021 Financial Results and Raises Full Year Guidance
SANTA BARBARA, Calif.--(BUSINESS WIRE)-- 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":" SANTA BARBARA, Calif.--(BUSINESS WIRE)--\nEstablishment 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, 2021 and provided updated 2021 guidance.\n\nFirst Quarter Highlights and Outlook\n\n\nFirst quarter worldwide sales of $30.3 million, an increase of 24% year-over-year and a new quarterly record.\n\n\n2021 guidance increased to a new range of $118 million to $122 million, an increase of 39% to 44% over 2020; previous 2021 guidance range was $110 million to $112 million.\n\n\nFirst quarter operating expenses of $22.2 million, a decrease of 4% compared to the first quarter of 2020.\n\n\nStrong cash balance of $78.0 million as of March 31, 2021.\n\n\nCompleted enrollment of one hundred patient Motiva Mia IRB approved study; filed Motiva Mia tools for CE mark.\n\n\nCommercial launch of Motiva Flora tissue expander in Europe on track.\n\n\nTimelines for US and China market entry remain unchanged.\n\n\n“We delivered record first quarter revenue of $30.3 million, which was up 24% from the first quarter of 2020 and 13% sequentially from the fourth quarter of 2020,” said Juan José Chacón-Quirós, Chief Executive Officer. “With our strong first quarter results and continued momentum, we are raising full year 2021 revenue guidance to a new range of $118 million to $122 million, which is an annual growth rate of 39% to 44%.”\n\n“Our singular focus on women’s health and the superior clinical and aesthetic outcomes with Motiva are resonating,” Mr. Chacón-Quirós continued. “We are preparing for the commercial launch of our Motiva Flora tissue expander in Europe this summer, and our regulatory and commercial timelines to begin selling Motiva implants in the U.S. and Chinese markets are progressing as planned. In addition, our initial excitement around Motiva Mia is proving to be justified. We recently completed enrollment of our one hundred patient IRB study in Costa Rica, and feedback from surgeons and women who participated in the case series has been very positive. We believe we are on track not only to become the leader in breast aesthetics and reconstruction, but to expand these markets as we offer safe, differentiated and accessible solutions to women.”\n\nFi...