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Establishment Labs Reports Record First Quarter 2022 Financial Results
SANTA BARBARA, Calif.--(BUSINESS WIRE)-- Establishment Labs Holdings Inc. (NASDAQ: ESTA), a global medical technology company dedicated to improving women’s
About this update from Establishment Labs Holdings Inc.
[{"type":"text","content":" SANTA BARBARA, Calif.--(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 its financial results for the first quarter ended March 31, 2022.\n\nFirst Quarter Highlights and Outlook\n\n\nStrong momentum with first quarter worldwide sales of $38.5 million, an increase of 26.8% year-over-year and a new quarterly record.\n\n\nGross profit for the first quarter was 64.8% of revenue, compared to 66.2% of revenue for the same period in 2021; first quarter 2022 gross profit margin reduced 3.1% by increase in inventory reserve.\n\n\nFirst quarter operating expenses of $30.5 million, an increase of 37.5% compared to the first quarter of 2021 as spending returned to more normalized levels following the global disruption in 2021.\n\n\nCash balance of $44.7 million as of March 31, 2022; entered into $225 million credit facility with Oaktree Capital on April 26, 2022.\n\n\nMotiva Flora® tissue expander launch in Europe and CE mark countries ongoing.\n\n\nMotiva JOY™ rollout expanding globally.\n\n\nMotiva MIA® development and commercialization programs progressing.\n\n\nModular PMA submission for U.S. FDA approval progressing with second module submitted to the FDA; reconstruction cohort of IDE trial expected to be completed in May.\n\n\nTimelines for U.S. and China market entry remain unchanged.\n\n\n“The strong momentum in our business continued in the first quarter of 2022,” said Juan José Chacón-Quirós, Chief Executive Officer. “First quarter revenue of $38.5 million was up 26.8% from the first quarter of 2021. With the positive underlying trends, we are maintaining our 2022 revenue guidance of $155 million to $165 million, which is an annual growth rate of 22% to 30%.”\n\n\"The past several weeks have seen a number of very encouraging developments for Establishment Labs,\" Mr. Chacón-Quirós continued. \"First, data from our U.S. IDE trial was presented at The Aesthetic Meeting by Dr. Caroline Glicksman. The sub-one percent rates of major complications at two years matched the positive results we have seen in real world data and numerous studies over the past eleven years with over 2 million Motiva implants placed in the market. As Dr. Glicksman herself noted, Motiva ...