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Establishment Labs Reports Record First Quarter 2023 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, 2023.\n\n\nFirst Quarter Highlights and Outlook\n\n\n\nFirst quarter worldwide revenue of $46.5 million increased 21.0% year-over-year and was a new quarterly record; excluding the impact of foreign currency changes, revenue growth in the first quarter would have been 22.9%.\n\n\n\n2023 revenue guidance remains $200 million to $210 million, an increase of 24% to 30% over 2022.\n\n\n\nFirst quarter loss from operations was $8.2 million compared to a loss of $5.6 million in the year-ago period as investment in growth initiatives increased.\n\n\n\nCash balance of $42.8 million as of March 31, 2023.\n\n\n\nCompleted follow-on share offering on April 27, with gross proceeds of $90.4 million.\n\n\n\nPresented 3-year results from Motiva® U.S. IDE study at The Aesthetic Meeting on April 20.\n\n\n\nMia Femtech™ launched in Japan on April 10.\n\n\n\nAnnounced three-million Motiva® devices are in market on March 29.\n\n\n\n“Reporting a record revenue quarter reflects the significant progress we are making at Establishment Labs,” said Juan José Chacón-Quirós, Chief Executive Officer. “In April, we launched the Mia Femtech experience in Japan, the first country in the global rollout of this new category in breast aesthetics. We also noted the presentation of the three-year results of the Motiva US IDE study by Dr. Caroline Glicksman at the Aesthetic Meeting in Miami. The results were particularly encouraging as the very low rates of capsular contracture and rupture seen at year two did not increase in year three. Finally, we fortified our balance sheet with a follow-on share offering on April 27; the gross proceeds of $90.4 million along with the capital we currently have will allow us to take complete advantage of our leading science, technology, and clinical evidence in this industry.”\n\n\n“The next several months are expected to be just as eventful,” Mr. Chacón-Quirós continued. “We have entered into a strategic partnership with Clinique des Champs Elysées to offer the Mia Femtech experience at all of their locations in France — adding to the already ...