Q4 2025 Establishment Labs Holdings Inc Earnings Call Transcript
Key Points
- Establishment Labs Holdings Inc (ESTA) reported a 45.2% increase in Q4 2025 revenue compared to Q4 2024, reaching $64.6 million.
- The company achieved a gross margin exceeding 70% for the second consecutive quarter, indicating strong operational efficiency.
- US Motiva revenue in 2025 was $45.6 million, significantly surpassing expectations and capturing approximately 20% of the augmentation market share.
- The minimally invasive platform, Preserve, is driving market expansion, with 81% of patients interested only if they can get Preserve.
- Establishment Labs Holdings Inc (ESTA) expects to be cash flow positive in 2026, with no need for additional capital, and anticipates continued margin improvements.
- Despite revenue growth, the company reported a net loss from operations of $3.9 million in Q4 2025.
- Gross margins are expected to decrease by 200 to 300 basis points in 2026.
- Operating expenses are projected to be approximately $195 to $200 million in 2026, indicating significant spending.
- The company faces challenges in the Chinese market, requiring focused management efforts to improve performance.
- Reconstruction market entry is expected to be a 2027 story, indicating a delay in realizing potential revenue from this segment.
Good afternoon. Welcome to the Establishment Lab's 4th quarter 2025 earnings call. At this time, our participants will be in a listen-only mode. At the end of the call, we will open the line for question-and-answer session, and instructions will follow at that time.
As a reminder, today's call is being recorded. I will now turn the call over to Raj Denhoy, Chief Financial Officer. Please go ahead, sir.
Thank you, operator, and thank you everyone for joining us. With me today is Peter Caldini, our Chief Executive Officer. Following our prepared remarks, we'll take your questions. Before we begin, I would like to remind you the comments made by management during this call will include forward-looking statements within the meeting of federal securities laws. These include statements on establishing lab's financial outlook and the company's plans and timing for product development and sales.
These forward-looking statements are based on management's current expectations and
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