Establishment Labs Reports Preliminary Third Quarter Revenue and Cash Balance

Rhea-AI Summary

Establishment Labs Holdings Inc. (NASDAQ: ESTA) reported preliminary third-quarter 2020 revenue between $22 million and $23 million, consistent with $22.9 million from 2019 and significantly up from $10.5 million in Q2 2020. The company's cash balance was approximately $81.0 million as of September 30, 2020. CEO Juan José Chacón-Quirós expressed satisfaction with the quarter's performance, highlighting strong growth and effective cost management. Full third-quarter results will be announced on November 9, 2020.

Positive

• Preliminary revenue between $22 million and $23 million for Q3 2020, showing significant growth from $10.5 million in Q2 2020.
• Cash balance of approximately $81.0 million as of September 30, 2020.

Negative

• None.

• $22 million to $23 million 3^rd Quarter Preliminary Revenue
• Cash Balance at September 30, 2020 an Estimated $81.0 million
• Company to Announce Full 3^rd Quarter Results on November 9
  

SANTA BARBARA, Calif., Oct. 21, 2020 (GLOBE NEWSWIRE) -- Establishment Labs Holdings Inc. (NASDAQ: ESTA), a medical technology company focused on women’s health, initially in the breast aesthetics and reconstruction market, today reported strong preliminary revenue and cash figures for the quarter ended September 30, 2020.

Total revenue is expected to be in the range of $22.0 million to $23.0 million, comparable to the $22.9 million reported for the same period in 2019, and more than double the $10.5 million reported for the quarter ended June 30, 2020. The Company’s cash balance at September 30, 2020 was an estimated $81.0 million.

“We are very pleased with our performance during the third quarter, which reflects strong sequential growth and a diligent focus on cost control,” said Juan José Chacón-Quirós, Chief Executive Officer of Establishment Labs. “Our business is recovering with the strength and resiliency we had hoped for, and this success speaks to our highly differentiated product portfolio. Combined with our robust pipeline of innovative new technologies, we believe that our business is well positioned to continue gaining market share.”

Third Quarter Earnings Call Information
Establishment Labs intends to announce its full third quarter 2020 results after the market closes on Monday, November 9, 2020, and will host a conference call at 5:00 pm ET that day to discuss those results.

To participate in the conference call, dial (877) 376-9925 (U.S. and Canada) or (629) 228-0732 (International) and use conference ID number 9187774. The call will also be available via live or archived webcast on the “Investor Relations” section of the Establishment Labs website at www.establishmentlabs.com.

About Establishment Labs
Establishment Labs Holdings Inc. (NASDAQ: ESTA) is a global medical technology company focused on women’s health, initially in the breast aesthetics and reconstruction market, by designing, developing, manufacturing and marketing an innovative portfolio of silicone gel-filled breast implants, branded as Motiva Implants®, the centerpiece of the MotivaImagine® platform. Motiva Implants® are produced at our two manufacturing sites that are compliant with ISO13485:2016, FDA 21 CFR 820 under the MDSAP program, and are currently commercially available in more than 80 countries through exclusive distributors or the Company’s direct salesforce. In March 2018, Establishment Labs received approval for an investigational device exemption (IDE) from the FDA and initiated the Motiva Implant® clinical trial in the United States in April 2018. In addition to Motiva Implants®, Establishment Labs’ product and technologies portfolio includes the Divina® 3D Simulation System and other products and services. Please visit our website for additional information at www.establishmentlabs.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Our preliminary revenue and cash figures for the third quarter of 2020 are forward-looking and actual results may differ from these estimates following the completion of our financial closing procedures and related adjustments. You can find many (but not all) of these statements by looking for words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this press release, and includes statements related to our ability to gain market share. Any statements that refer to projections of our future financial or operating performance, anticipated trends in our business, our goals, strategies, focus and plans, and other characterizations of future events or circumstances, including statements expressing general optimism about future operating results, related to the Company’s performance are forward-looking statements. We claim the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995. We caution investors that any forward-looking statements presented in this report, or that we may make orally or in writing from time to time, are expressions of our beliefs and expectations based on currently available information at the time such statements are made. Such statements are based on assumptions, and the actual outcome will be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Although we believe that our assumptions are reasonable, we cannot guarantee future performance, and some will inevitably prove to be incorrect. As a result, our actual future results may differ from our expectations, and those differences may be material. Factors that could cause or contribute to these differences include, among others, those risks and uncertainties discussed in the Company’s annual report on Form 10-K filed on March 16, 2020, quarterly reports on Form 10-Q, and other filings made by the Company with the Securities and Exchange Commission. The risks included in those documents are not exhaustive, and additional factors could adversely affect our business and financial performance. We operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for us to predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We are not undertaking any obligation to update any forward-looking statements. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on known results and trends at the time they are made, to anticipate future results or trends.

FAQ

What is Establishment Labs' estimated revenue for the third quarter of 2020?

Establishment Labs estimates its revenue for Q3 2020 to be between $22 million and $23 million.

When will Establishment Labs announce its full third quarter results?

Establishment Labs will announce its full Q3 results on November 9, 2020.

What was Establishment Labs' cash balance as of September 30, 2020?

As of September 30, 2020, Establishment Labs had an estimated cash balance of $81.0 million.

How does Establishment Labs' Q3 2020 revenue compare to previous quarters?

The estimated Q3 2020 revenue is comparable to $22.9 million reported for the same period in 2019 and significantly higher than $10.5 million in Q2 2020.