Establishment Labs Holdings Inc. Q3 FY2025 earnings call

• Q3 2025 was a standout quarter with 34% global revenue growth to $53.8 million, including $11.9 million in the U.S.
• Achieved 70.1% gross profit margin and first positive EBITDA of $1.2 million.
• U.S. business is the key growth segment, with Q3 revenue $11.9 million, up 16% sequentially, and on track to exceed $40 million for the year.
• Minimally invasive portfolio like Preserve showing positive feedback from surgeons and patients, with early procedures and strong demand.
• Motiva adoption growing, with patients increasingly asking for Motiva by name and practices offering Motiva seeing increased procedures.

Total revenue for the third quarter was $53.8 million, an increase of 33.7% from the previous year. Excluding foreign exchange impact, growth was ~31.4%. U.S. sales in Q3 were $11.9 million, representing 22.1% of global total. Europe, Middle East, and Africa were 35.6% of global total, Latin America 21.7%, and Asia-Pacific 20.6%. Gross profit was $37.7 million (70.1% of revenue), the first time exceeding 70%. Adjusted EBITDA was $1.2 million, the first positive EBITDA in the company's history.

• Revised 2025 revenue guidance to exceed $210 million, up from the previous range of $208 million to $212 million.
• Expect U.S. business to accelerate in Q4. Aim to reach cash flow positive in 2026 without further equity raises.
• Minimally invasive portfolio (Mia and Preserve) expected to exceed $30 million in revenue in 2026.

Forward-looking statements involve risks and uncertainties, including those related to market performance, tariffs, and regulatory changes. Management noted to review recent SEC filings for principal risk factors.

Q: Congrats on strong execution. Comments on 2025 outlook and EBITDA?

A: Filippo Caldini mentioned 2025 revenue expected to exceed $210M, EBITDA positive a quarter early with $1.2M in Q3, and EBITDA expected to continue improving.

Q: Updates on China and distributor relationships?

A: Filippo Caldini said working closely with partners in China, seeing progress in sell-out, and will keep updating but building business there properly.

Q: Seeing weakness in broader market, but your confidence?

A: Filippo Caldini stated seeing growth in U.S. breast aesthetics market, with momentum in accounts using Motiva and increased procedures.

Q: Parsing minimally invasive platforms revenue contribution and market development?

A: Filippo Caldini said Mia doubled accounts this year, Preserve has strong start in Europe, focusing on direct markets, and launching Preserve in U.S. early 2026 with significant demand.

Q: Math around 20% U.S. market share exit?

A: Filippo Caldini explained market size estimation and exit rate at ~20% for 2025, with momentum continuing into 2026.

Q: Visibility on Q4 performance?

A: Filippo Caldini said has visibility on daily orders and metrics, with strong momentum and expecting strong finish to 2025.

Q: 2026 expansion strategy, penetration vs new accounts?

A: Filippo Caldini said combination of continued growth in existing accounts, increasing utilization, adding new accounts, and launching Preserve and small sizes in 2026.