Business
Establishment Labs Reports Third Quarter 2021 Financial Results and Raises Full Year Guidance
SANTA BARBARA, Calif.--(BUSINESS WIRE)-- Establishment Labs Holdings Inc. (NASDAQ: ESTA), a global medical technology company dedicated to improving women’s
About this update from Establishment Labs Holdings Inc.
[{"type":"text","content":" SANTA BARBARA, Calif.--(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 its financial results for the third quarter ended September 30, 2021 and provided updated 2021 guidance.\n\nThird Quarter Highlights and Outlook\n\n\nThird quarter worldwide sales of $29.0 million, an increase of 27.6% year-over-year.\n\n\n2021 guidance increased to a new range of $124 million to $128 million, an increase of 46% to 51% over 2020; previous 2021 guidance range was $122 million to $126 million.\n\n\nGross profit for the third quarter was 67.6% of revenue, compared to 66.6% of revenue for the same period in 2020.\n\n\nThird quarter operating expenses of $28.7 million, an increase of 61.6% compared to the third quarter of 2020 as spending returned to more normalized levels following the global disruption in 2020.\n\n\nCash balance of $64.6 million as of September 30, 2021.\n\n\nLaunched Motiva Flora® tissue expander in Europe and CE mark countries at London Breast Meeting.\n\n\nMotiva JOY® and Motiva MIA® development and commercialization plans progressing as planned.\n\n\nTimelines for US and China market entry remain unchanged.\n\n\n“The momentum we have seen across all areas of our business in 2021 continued in the third quarter,” said Juan José Chacón-Quirós, Chief Executive Officer. “Third quarter revenue of $29.0 million was up 27.6% from the third quarter of 2020 and we are raising full year 2021 revenue guidance to a new range of $124 million to $128 million.”\n\n“Our strong financial results are being matched by the significant progress we are making across a number of programs and initiatives,” Mr. Chacón-Quirós continued. \"We launched our Motiva Flora tissue expander at the London Breast Meeting during the third quarter. This is an important step in our Aesthetic BreastRecon® program, where we are working to expand awareness and access of post-mastectomy reconstruction while offering the tools and techniques that allow women to receive reconstructive surgeries that achieve the aesthetic ideals to which they aspire.\"\n\n“In addition, our JOY and MIA programs are progressing. These advances are not only opening up significant new markets, they are also allowing ...