Plastic Surgeon KOL Roundtable Download - Part 2

研报英文原文证据摘录

Plastic Surgeon KOL Roundtable Download - Part 2

Medical Supplies & Devices

Establishment Labs

TD SECURITIES (USA) LLC COMPANY UPDATE

June 18, 2026

Price: $82.39 (06/17/2026) Plastic Surgeon KOL Roundtable Download -

Price Target: $100.00 (Prior $95.00) Part 2

BUY (1)

ESG SCORE: 48/100

Joshua Jennings, M.D. THE TD COWEN INSIGHT

646 562 1333

Our bull thesis is that ESTA is not merely taking share; it is redefining the standard of care in

joshua.jennings@tdsecurities.com

augmentation around a branded, minimally invasive, premium patient experience enabled by

Colin Clark revolutionary implant technology. We believe Motiva/Ergonomix implants combined with the

646 562 1441 Preservé and Mia MIS techniques have the potential to capture a majority share position and

colin.clark@tdsecurities.com

expand the breast implant TAM.

John Rusch, CFA

646 562 1324 Motiva/Ergonomix and Preservé Are Raising the Bar in Breast Augmentation: The Plastic

john.rusch@tdsecurities.com Surgeon KOL roundtable event we hosted last week strengthens our conviction that

Key Data Establishment Labs is marching toward U.S. market leadership. As we relayed in Part 1 (LINK),

Symbol NASDAQ: ESTA Motiva has achieved early surgeon conversion at a record pace, with the four high-volume

Beta: 1.11 surgeons reporting their moves to near-exclusive use.

52-Week Range: $85.11-$33.62 In Part 2, we are focusing on Preservé as it appears to be expanding the market by converting

Market Cap: $2.4B patients who previously rejected traditional breast augmentation. The minimally invasive

Net Debt (MM): $195.9 surgery (MIS) platform supports premium pricing, higher procedural efficiency, reduced

Cash/Share: $(1.41) downtime, social media-driven awareness, and potentially smoother seasonality. GLP-1-related

Dil.