Business
Establishment Labs Reports Second Quarter 2020 Financial Results
NEW YORK, Aug. 06, 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, Aug. 06, 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 second quarter ended June 30, 2020.\n Second Quarter Highlights and Outlook Worldwide sales of $10.5 million; steady monthly increases recorded during the quarterQ3 2020 revenue expected to be $18 to $21 millionReduced operating expenses by 27% compared to Q1 2020Strong cash balance of $86.4 million at June 30Follow-up phase for Motiva U.S. IDE trial aesthetic cohorts continuing; enrollment completed in revision reconstruction sub-cohortRegulatory progress in China with Motiva product testing; approval delayed to first half of 2022Motiva Mia clinical cases recently resumed in Asia; application to initiate patient series in Thailand submittedLong-term fundamentals of business remain strong “As expected, this was a challenging quarter as our global business was impacted by COVID-19. Encouragingly, we saw improvement throughout the quarter as countries began to reopen and elective procedures resumed in various regions around the world,” said Juan José Chacón-Quirós, Chief Executive Officer of Establishment Labs. “Our business is recovering with the strength and resilience that we had hoped for, and we estimate that third quarter revenue this year will be between $18 and $21 million. “We have taken this time to address budgets and headcount in a very meaningful way and the result is that we are doing more with less. At the same time, we are investing in our future by continuing to develop innovative, market expanding products, and enhancing our digital platforms to broaden the reach of the Motiva brand and forge stronger and more cost-effective connections with our plastic surgeon customers and their patients. These actions are making Establishment Labs an even stronger company that will come out of this pandemic well positioned for continued growth and success,” Mr. Chacón-Quirós continued. Second Quarter 2020 Financial Results Total revenues for the quarter ended June 30, 2020 were $10.5 million compared to $21.7 million for the same period in 2019. Direct sales comprised nearly two-thirds of the sales this quarter with distributor sales making up the balance. Gross profit for t...