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Establishment Labs Reports Third Quarter 2022 Financial Results
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, 2022.\n\nThird Quarter Highlights and Outlook\n\n\nThird quarter worldwide sales of $38.2 million, an increase of 31.7% year-over-year; excluding the impact of foreign currency changes, revenue growth in the third quarter would have been 37.7%.\n\n\nRevenue guidance for 2022 tightened to a range of $158 million to $162 million, an increase of 25% to 28% over 2021; previous 2022 guidance range was $155 million to $165 million.\n\n\nForeign exchange expected to negatively impact 2022 revenue by approximately $6.5 million; constant currency revenue guidance of $164.5 million to $168.5 million represents growth of 30% to 33% over 2021.\n\n\nGross profit for the third quarter was 68.1% of revenue, compared to 67.6% of revenue for the same period in 2021.\n\n\nThird quarter operating expenses of $36.6 million, an increase of 27.5% compared to the third quarter of 2021.\n\n\nCash balance of $65.3 million as of September 30, 2022.\n\n\nMia Femtech™ commercialization expected in 1H 2023.\n\n\nChina approval and launch expected in 1H 2023.\n\n\nExpect to submit Motiva Implants for U.S. FDA approval in Q4 2022; all cohorts of U.S. IDE trial enrolled.\n\n\n“The significant momentum in our business continued in the third quarter of 2022 and we expect our strong financial results will continue into the fourth quarter and into 2023,” said Juan José Chacón-Quirós, Founder and Chief Executive Officer. “We are preparing for a number of significant new opportunities, including launches of Motiva into the U.S. and China and the commercial introduction of Mia Femtech. In October, we hosted a webcast highlighting the progress we have made in bringing Mia to market and we remain on track for commercialization in the first half of 2023. We have also completed all surgeries in our U.S. IDE clinical trial, and we expect to submit the fourth and final module for our first PMA approval before the end of the year.”\n\n\"We are creating new categories for growth and more importantly, creating new options for women,\" Mr. Chacón-Quirós continued. \"We ...