Business
Establishment Labs Reports Record Second 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 second quarter ended June 30, 2023.\n\n\nFirst Quarter Highlights and Outlook\n\n\n\nSecond quarter worldwide revenue of $48.6 million increased 18.0% year-over-year and was a new quarterly record.\n\n\n\n2023 revenue guidance remains $200 million to $210 million, an increase of 24% to 30% over 2022.\n\n\n\nSecond quarter loss from operations was $13.7 million compared to a loss of $10.4 million in the year-ago period as investment in growth initiatives increased.\n\n\n\nCash balance of $90.2 million as of June 30, 2023.\n\n\n\nCompleted 1.265 million share follow-on offering on April 27.\n\n\n\nAnnounced minimally invasive tools received CE marking under European MDR on May 30.\n\n\n\nOpened Sulàyöm Innovation Campus in Costa Rica on July 19.\n\n\n\n“The second quarter was another record for Establishment Labs as we continue to grow well in excess of our underlying markets,” said Juan José Chacón-Quirós, Chief Executive Officer. “The momentum in our business remains high and with the ongoing global roll-out of Mia Femtech and the pending approval of Motiva in China, we are well positioned to have a strong finish to the year. We now have fourteen Mia clinic partners and the early response to our direct-to-consumer activities is proving that Mia is drawing new women into breast aesthetics as they find significant value in a true minimally invasive offering. Our U.S. PMA is progressing through the approval process and our preparations for commercialization continue in earnest.”\n\n\n“Last month, we held the grand opening of our a new Sulàyöm Innovation Campus,” Mr. Chacón-Quirós continued. “This new facility will more than double our manufacturing capacity and provides new capabilities in R&D, medical education, and media. Our foundations are getting stronger, and we are better positioned than we have ever been to transform our markets and to make a meaningful change in the lives of women around the world.”\n\n\nSecond Quarter 2023 Financial Results\n\n\nTotal revenue for the quarter ended June 30, 2023 was $48.6 million compared to $41.2 million for the same period in 2022...