Business
Establishment Labs Reports Third Quarter 2020 Financial Results
SANTA BARBARA, Calif., Nov. 09, 2020 (GLOBE NEWSWIRE) -- Establishment Labs Holdings Inc. (NASDAQ: ESTA), a medical technology company focused on women’s
About this update from Establishment Labs Holdings Inc.
[{"type":"text","content":"SANTA BARBARA, Calif., Nov. 09, 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 third quarter ended September 30, 2020.\n Third Quarter Highlights and Outlook Worldwide sales of $22.8 million, in line with preannounced rangeFull year 2020 revenue expected to be $80 to $82 millionReduced operating expenses by 23% compared to the third quarter of 2019Strong cash balance of $81.4 million at September 30Encouraging feedback from early patient experience with Motiva Flora tissue expanderCE mark for Motiva Ergonomix2 expected in fourth quarterMotiva Mia patient series in Thailand IRB approved; additional series in Latin America planned to begin by year-end “As we guided to in our October pre-announcement, total revenue in the third quarter was $22.8 million, which is comparable to the $22.9 million reported in the third quarter of 2019, and more than double the sales reported for the second quarter this year,” said Juan José Chacón-Quirós, Chief Executive Officer. “With a strong recovery from the pandemic well underway, we are comfortable issuing full year 2020 revenue guidance of $80 million to $82 million. “In addition to strong top line sales this quarter, our focus on lowering expenses and driving efficiencies led to a continued decrease in our operating cash burn,” Mr. Chacón-Quirós continued. “As we look to 2021, we have truly differentiated technologies coming that will expand our comprehensive portfolio. We expect continued market share gains, both from expanding our presence in breast reconstruction, and developing new product categories like minimally invasive augmentation. These will help support our growth next year and for many years to come while we continue to plan our entry into the U.S. and China.” Third Quarter 2020 Financial Results Total revenue for the quarter ended September 30, 2020 was $22.8 million compared to $22.9 million for the same period in 2019. Direct sales comprised approximately 40% of total sales while distributor sales made up the balance. Gross profit for the third quarter was $15.1 million, or 66.6% of revenue, compared to $14.2 million, or 62.3% of revenue, for the same period in 2019. The year over year incr...