olivLaw · US equity research
Establishment Labs Holdings Inc. ESTA
Orthopedic, Prosthetic & Surgical Appliances & Supplies · SIC 3842 · Vertical: Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842)
Establishment Labs is a medical technology company that makes silicone breast implants under the Motiva brand, with implant sales accounting for nearly all of its revenue. It began selling in the United States in October 2024 after FDA approval, and in the first half of 2026 its revenue grew 37.5% to 127.4 million USD, which makes its US market performance a key point to follow.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Establishment Labs Holdings Inc. (ESTA) stock was 66.94 USD (+9.02% on the day), with market capitalisation 2.0 bn USD, beta 1.82, 52-week range 54.69–95.65 USD. Latest reported quarter (Q2 2026): revenue of 67.5 m USD (+31.7% YoY), net income of -11.7 m USD, diluted EPS -0.39 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 54.7
- neutral
- Bollinger (20, 2)
- 56.13 – 69.04
- in the upper half of the band · %B 0.84 · band width 20.6%
- SMA 50 / 200
- 66.51 / 72.20
- mixed trend
- MACD (12, 26, 9)
- -0.41 / -0.93
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.7% | −1.1% | +1.8 pp | — |
| 3 months | −26.6% | −0.5% | −26.2 pp | — |
| 6 months | −10.2% | +4.4% | −14.6 pp | — |
| Year to date | −8.2% | +12.3% | −20.5 pp | — |
| 1 year | +35.5% | +13.5% | +22.0 pp | +2.0% |
| 3 years | +89.6% | +76.4% | +13.2 pp | −4.2% |
| 5 years | −16.4% | +63.7% | −80.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 40.2 m | 44.5 m | 41.4 m | 51.3 m | 53.8 m | 64.6 m | 59.9 m | 67.5 m |
| Cost of revenue | 14.5 m | 14.0 m | 13.6 m | 16.0 m | 16.1 m | 19.1 m | 17.5 m | 19.8 m |
| Gross profit | 25.7 m | 30.5 m | 27.8 m | 35.3 m | 37.7 m | 45.5 m | 42.3 m | 47.7 m |
| Research & development | 4.8 m | 5.1 m | 5.1 m | 5.2 m | 4.6 m | 5.4 m | 5.2 m | 5.1 m |
| SG&A | 34.1 m | 44.0 m | 39.7 m | 44.2 m | 37.2 m | 44.0 m | 43.6 m | 46.9 m |
| Operating income | -13.1 m | -18.7 m | -16.9 m | -14.1 m | -4.0 m | -3.9 m | -6.5 m | -4.3 m |
| Depreciation & amortisation | 1.3 m | 1.5 m | 1.6 m | 1.6 m | 1.5 m | 1.5 m | 1.6 m | — |
| Interest expense | 5.3 m | 5.9 m | 5.9 m | 6.0 m | 6.2 m | 7.2 m | 7.1 m | 7.0 m |
| Pre-tax income | -16.2 m | -35.9 m | -19.8 m | -15.6 m | -10.7 m | -11.9 m | -13.1 m | -11.7 m |
| Income tax | 510.0 k | -1.4 m | 914.0 k | 1.0 m | 424.0 k | -9.3 m | 288.0 k | 6.0 k |
| Net income | -16.7 m | -34.5 m | -20.7 m | -16.6 m | -11.1 m | -2.6 m | -13.4 m | -11.7 m |
| Diluted EPS | -0.59 | -1.19 ≈ | -0.70 | -0.57 | -0.38 | -0.09 ≈ | -0.45 | -0.39 |
| Operating cash flow | -12.5 m ≈ | -20.7 m | -20.7 m | -18.8 m ≈ | -11.3 m ≈ | -162.0 k | -4.3 m | -16.6 m ≈ |
| Capex | 1.5 m ≈ | 531.0 k | 753.0 k | 1.6 m ≈ | 1.8 m ≈ | 1.8 m | 1.9 m | 3.7 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 61.2 m | 89.6 m | 84.7 m | 126.7 m | 161.7 m | 165.2 m | 166.0 m | 211.1 m |
| Revenue YoY | +76.5% | +46.3% | −5.5% | +49.6% | +27.6% | +2.1% | +0.5% | +27.1% |
| Net income | -21.1 m | -38.2 m | -38.1 m | -41.1 m | -75.2 m | -78.5 m | -84.6 m | -51.1 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -1.86 | -1.63 | -1.72 | -3.08 | -3.07 | -3.00 | -1.72 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -34.5% | -42.6% | -45.0% | -32.5% | -46.5% | -47.5% | -51.0% | -24.2% |
| Free cash flow | -35.6 m | -36.3 m | -14.6 m | -30.0 m | -55.0 m | -96.4 m | -64.6 m | -56.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 75.6 m USD
- Financial debt
- 247.5 m USD
- Net debt
- 172.0 m USD
- Equity
- 23.5 m USD
- Total assets
- 357.2 m USD
- Debt / equity
- 10.51x
- Current ratio
- 3.04x
- ROE
- -133.3%
- ROA
- -14.5%
- FCF margin
- -27.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 84.7 m | 126.7 m | 161.7 m | 165.2 m | 166.0 m | 211.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 32.2 m | 41.3 m | 55.1 m | 58.2 m | 56.5 m | 64.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 52.5 m | 85.4 m | 106.6 m | 107.0 m | 109.5 m | 146.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Research & development | 13.8 m | 18.3 m | 20.3 m | 26.4 m | 19.7 m | 20.2 m | SEC (XBRL)· 27 Feb 2026verified |
| SG&A | 66.6 m | 92.2 m | 126.0 m | 145.6 m | 139.8 m | 165.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | -27.9 m | -25.1 m | -39.7 m | -65.0 m | -50.0 m | -39.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | — | 2.5 m | 2.5 m | 2.8 m | 4.7 m | 6.2 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | — | -22.6 m ≈ | -37.2 m ≈ | -62.2 m ≈ | -45.3 m ≈ | -32.8 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Interest expense | 9.4 m | 9.1 m | 11.8 m | 15.4 m | 20.8 m | 25.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | -38.0 m | -39.7 m | -72.8 m | -78.6 m | -84.6 m | -58.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 104.0 k | 1.4 m | 2.4 m | -81.0 k | -32.0 k | -7.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | -38.1 m | -41.1 m | -75.2 m | -78.5 m | -84.6 m | -51.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | -1.63 | -1.72 | -3.08 | -3.07 | -3.00 | -1.72 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 23.3 m | 24.0 m | 24.5 m | 25.6 m | 28.2 m | 29.6 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 84.5 m | 53.4 m | 66.4 m | 40.0 m | 90.3 m | 75.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 19.1 m | 24.4 m | 35.4 m | 46.9 m | 65.0 m | 77.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Inventories | 23.2 m | 28.4 m | 36.6 m | 79.5 m | 78.8 m | 85.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 132.3 m | 113.3 m | 149.9 m | 174.9 m | 243.0 m | 249.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 16.2 m | 18.7 m | 51.1 m | 77.2 m | 78.0 m | 75.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 465.0 k | 465.0 k | 465.0 k | 465.0 k | 1.2 m | 1.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 4.1 m | 4.4 m | 4.6 m | 8.0 m | 11.7 m | 9.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 156.4 m | 139.5 m | 211.1 m | 268.6 m | 346.8 m | 357.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 9.7 m | 14.5 m | 20.0 m | 41.6 m | 44.8 m | 43.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | — | — | — | — | 0 | — | SEC (XBRL)· 07 Aug 2025verified |
| Long-term debt | 49.8 m | 51.9 m | 175.5 m | 188.7 m | 219.6 m | 247.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 25.9 m | 31.9 m | 39.0 m | 57.2 m | 68.3 m | 82.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 81.4 m | 88.8 m | 219.2 m | 250.2 m | 293.7 m | 333.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 75.0 m † | 50.7 m † | -8.2 m † | 18.4 m † | 53.1 m † | 23.5 m † | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -12.5 m | -27.5 m | -52.2 m | -88.5 m | -58.5 m | -50.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 2.1 m | 2.4 m | 2.9 m | 7.9 m | 6.1 m | 6.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | -14.6 m ≈ | -30.0 m ≈ | -55.0 m ≈ | -96.4 m ≈ | -64.6 m ≈ | -56.9 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -5.6 m | -7.2 m | -34.8 m | -24.5 m | -15.6 m | -7.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | 64.7 m | 4.1 m | 100.3 m | 86.2 m | 125.9 m | 40.4 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.0 bn USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -7.8% | 18 (vs peers) | 24% |
| Net margin · Quality | -15.8% | 45 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 9.3% | 77 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -0.7x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 3.8x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -2.1% | 0 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial77/100 · 1/2 factors with a value
- Quality28/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Establishment Labs Holdings Inc. (ESTA). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 211.1 m USD in 2025; YoY growth 27.1%; net margin -15.8%; ROE -175.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 9.3%
- Current ratio: 3.8x
What contradicts it
- ROIC: -7.8%
- Interest coverage: -0.7x
- FCF yield: -2.1%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842) · same industry (4-digit SIC) · compared with 23 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ISRGIntuitive Surgical, Inc. | 167.1 bn | 58.3 | 18.0% | 25.5% | +20.5% | −16% / +55% |
| EWEdwards Lifesciences Corporation | 57.1 bn | 56.2 | 9.7% | 15.3% | +11.5% | +15% / +47% |
| SNNSmith & Nephew plc | 28.5 bn | 45.3 | 11.8% | 10.1% | +6.1% | −2% / +25% |
| STESTERIS plc | 24.2 bn | 30.0 | 11.4% | 13.3% | +8.7% | −7% / +23% |
| ZBHZimmer Biomet Holdings, Inc. | 20.8 bn | 27.9 | 6.0% | 9.0% | +7.2% | +13% / −5% |
| ALGNAlign Technology, Inc. | 11.6 bn | 24.0 | 11.9% | 11.8% | +0.9% | +12% / −23% |
| MSAMsa Safety Inc | 6.8 bn | 22.8 | 22.1% | 15.0% | +3.7% | +10% / +2% |
| ESTAEstablishment Labs Holdings Inc. | 2.0 bn | — | -175.3% | -15.8% | +27.1% | +36% / +90% |
| ENOVEnovis Corp | 1.4 bn | — | -54.3% | -48.0% | +6.7% | −19% / −51% |
| CDRECadre Holdings, Inc. | 1.3 bn | 33.8 | 11.6% | 5.6% | +7.5% | −28% / −4% |
| AVRAnteris Technologies Global Corp. | 596.4 m | — | -75.1% | -4,619.3% | −29.2% | +49% / unavailable |
| COCHEnvoy Medical, Inc. | 549.6 m | — | — | -11,304.8% | +7.1% | +749% / +216% |
| ZJYLJin Medical International Ltd. | 483.7 m | 309.0 | 4.1% | 5.8% | −12.0% | −39% / −87% |
| SMTISanara Medtech Inc. | 297.0 m | — | -147.7% | -29.2% | +19.0% | +55% / −0% |
| INGNInogen, Inc. | 191.6 m | — | -13.1% | -6.9% | +3.9% | +2% / +24% |
| LAKELakeland Industries, Inc. | 88.7 m | — | -19.6% | -14.0% | +15.2% | −41% / −39% |
| NTRBNutriband Inc. | 73.9 m | — | -100.7% | -430.4% | −4.8% | +23% / +140% |
| APTAlpha Pro Tech, Ltd. | 58.6 m | 14.1 | 6.6% | 6.8% | +2.3% | +25% / +17% |
| CLGNCollPlant Biotechnologies Ltd | 54.2 m | — | -117.6% | -484.6% | +360.4% | −81% / −92% |
| MYOMyomo, Inc. | 51.5 m | — | -123.8% | -33.5% | +25.7% | +46% / −58% |
| MLSSMilestone Scientific Inc. | 29.2 m | — | -121.7% | -44.0% | +4.0% | +6% / −61% |
| LFWDLifeward Ltd. | 17.2 m | — | -225.6% | -141.3% | −14.1% | −13% / −90% |
| CUPRCuprina Holdings (Cayman) Limited | 14.1 m | — | -1,115.0% | -9,366.7% | +9.2% | −64% / unavailable |
| BBLGBone Biologics Corporation | 1.2 m | — | -47.5% | — | 0.0% | −77% / −98% |
1- and 3-year price returns: for ESTA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 8-K (29 Oct 2026 · results).
In brief
Establishment Labs is a medical technology company that makes silicone breast implants under the Motiva brand, with implant sales accounting for nearly all of its revenue. It began selling in the United States in October 2024 after FDA approval, and in the first half of 2026 its revenue grew 37.5% to 127.4 million USD 2, which makes its US market performance a key point to follow 3.
SWOT
Strengths
- Motiva products have a clear safety positioning, and published clinical data supports lower complication rates 1. The company has a minimally invasive portfolio and a commercial presence in over 100 countries 1.
- Revenue growth in recent quarters and improved gross margin point to solid execution 2. Gross margin rose in the second quarter of 2026 3.
- The company has secured debt financing and was added to the Russell 2000 index, which may raise its visibility 2.
Weaknesses
- The company still reports losses and carries a large accumulated deficit 1. Dependence on a single product family concentrates sales in one category 1.
- Financial debt is significant, and interest costs have risen with new tranches 2. Sensitivity to exchange rates affects financial results 2.
- The operating history in the United States is relatively short, which limits experience in that market 1.
Opportunities
Threats
- Financing changes and FDA delays could slow approvals and launches 1. Competitors could launch better or safer products 1.
- Seasonal declines and cuts in discretionary spending can reduce procedure volume 1. Tariff uncertainty affects the markets from which the company earns revenue 1.
- Product liability exposure and reputational pressure could affect the company if complications arise 1.
Risks
- Continued losseshigh
The company does not expect to be profitable in 2026 and could keep reporting losses 1. The lack of profitability could limit self-funding capacity.
- Single-product dependencehigh
Nearly all revenue comes from Motiva implants, and any safety or regulatory problem could affect the whole business 1.
- Indebtednessmedium
Debt increased with the new amended term loan, and interest costs could weigh on net margin 2.
- FDA regulationmedium
The QMSR transition and agency delays could slow product approvals and launches 1.
- Supply chainmedium
Production depends on silicone raw material and two facilities in Costa Rica, and disruptions could affect deliveries 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Delivery against the 2026 revenue guidance2026
- Motiva US sales trajectoryQ3 2026
- Gross margin and operating expense trendsQ3 2026
- Progress on the QMSR transition and FDA approvalsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 8-K (29 Oct 2026 · results).
The business
Establishment Labs Holdings Inc. is a global medical technology company focused on patient safety and aesthetic outcomes, initially in breast aesthetics and reconstruction. Its central product is a line of silicone gel-filled breast implants sold as Motiva Implants, registered for sale in over 100 countries 1. The company manufactures its products at two facilities in Costa Rica 3.
Beyond the Motiva implants, the company develops a minimally invasive platform including Mia Femtech and Preservé, and launches products such as the Motiva Flora tissue expander 1. Its strategy covers expanding in the United States, growing existing markets, optimizing patient conversion and pursuing strategic acquisitions 1.
Segments
Market context
The global breast augmentation market is large, with roughly 1.7 million procedures performed worldwide in 2024 1. The global breast reconstruction market was valued at 2.16 billion USD in 2024 and could exceed 3.15 billion USD by 2030, with an expected annual growth rate of 6.7% 1.
Demand in the US is seasonal, with procedure volume declines that can reach 20% to 30% in certain periods 1. Demand also depends on macroeconomic conditions, tariffs and consumers' discretionary spending 1.
Trends
- US market entrytailwind
Motiva US sales reached 24.7 million USD in the second quarter of 2026 3. If this growth holds, it could support margin expansion and revenue, and the company raised its annual guidance 3.
- Adoption of minimally invasive technologiestailwind
Revenue from the minimally invasive platform could rise as surgeons adopt Preservé and Mia Femtech 3. Launches in more countries are expected in 2026 1.
- FDA compliance costsheadwind
The FDA transition from QSR to QMSR, with a February 2026 deadline, requires resources and operational changes, and non-compliance could lead to enforcement actions 1. Agency delays could slow product approvals 1.
- Financing and debtmixed
Debt increased with the amended term loan of April 2026, and interest costs rise as the balance grows 2. Financing can support growth, but the debt burden could limit flexibility 2.
Competitive position
The US breast implant market has been dominated by a few manufacturers, and the company states that its complication rates are lower than those published for competitors after ten years of studies 1. Competition is intense, and rivals' new products could gain market share 1.
The company's differentiation rests on its SmoothSilk surface, ProgressiveGel and TrueMonobloc technologies, presented as factors for safety and natural appearance 1. If rivals improve their products, that advantage could narrow 1.
- Allergan (AbbVie)
Silicone breast implant maker and one of the three competitors approved for silicone implants in the US cited in the filing 1.
- Sientra
Competitor approved for silicone implants in the US, with ten-year data published in the company's filing 1.
- Mentor
Breast implant maker presented in the filing as a direct competitor in the US market 1.
- Asia-Pacific implant makers
Competition in China has weighed on sales, and a local distributor sold through previously purchased inventory 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Câte absențe pot motiva părinții și când scade nota la purtare. Ministerul Educației explică regulile pentru elevi - Adevarul.roAdevărul · 21 Oct 2026 · RO
- Câte absențe pot motiva părinții și când scade nota la purtare. Ministerul Educației explică regulile pentru eleviAdevărul · 21 Oct 2026 · RO
- Venituri mici și lipsa de informații. Ce îi ține pe români departe de investiții și ce i-ar motiva să înceapăEconomedia · 18 Sept 2026 · RO
The latest news item in our archive is from 21 Oct 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Current report15 Oct 2026Material agreement · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report29 Jun 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report22 May 2026Shareholder vote · Financial statements and exhibits
- Quarterly report08 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Current report30 Apr 2026Material agreement · Creation of a direct financial obligation
- Proxy statement10 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Establishment Labs Holdings Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Establishment Labs Holdings Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Establishment Labs Holdings Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.