Business
Establishment Labs Reports Second Quarter 2024 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, 2024.\n\n\nSecond Quarter Highlights and Outlook\n\n\n\nSecond quarter worldwide revenue of $44.1 million.\n\n\n\n2024 revenue guidance remains $174 million to $184 million, an increase of 5% to 11% over 2023.\n\n\n\nGross profit for the second quarter was $28.9 million, or 65.6% of revenue, compared to $30.3 million, or 62.3% of revenue in the year-ago period.\n\n\n\nSecond quarter loss from operations was $9.3 million compared to a loss of $13.7 million in the year-ago period.\n\n\n\nAdjusted EBITDA loss of $4.3 million compared to a loss of $9.3 million in the year-ago period.\n\n\n\nCash balance of $54.6 million as of June 30, 2024.\n\n\n\nFDA PMA preapproval inspection completed July 26, 2024.\n\n\n\nFDA approval of Motiva Implants expected shortly.\n\n\n\n“The strong sequential revenue growth of 18.7% in the second quarter is an important achievement as we return to growth. We also saw the tangible results of our efforts to reduce our expense base, with adjusted EBITDA improving to a loss of $4.3 million, less than half the loss we saw in the year ago period,” said Juan José Chacón-Quirós, Chief Executive Officer.\n\n\n“Late last month, the U.S. FDA completed the PMA preapproval inspection of our manufacturing facility. We expect approval of Motiva Implants in the United States soon,” Mr. Chacón-Quirós continued. “Our launch in the U.S. will be a watershed event in our journey to transform breast aesthetics and reconstruction. The new standard we have set for clinical and aesthetic outcomes in these categories will now be available to women and surgeons in the largest market in the world. We are on a clear path for global market leadership and have many years of strong and healthy growth ahead of us.”\n\n\nSecond Quarter 2024 Financial Results\n\n\nTotal revenue for the quarter ended June 30, 2024 was $44.1 million compared to $48.6 million for the same period in 2023.\n\n\nGross profit for the second quarter was $28.9 million, or 65.6% of revenue, compared to $30.3 million, or 62.3% of revenue, for the same period in 2023. The increase...