Establishment Labs: Early Read on 2Q26 Results

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

06 August 2026

Establishment Labs

Early Read on 2Q26 Results

Overweight

ESTA, ESTA US

Price (05 Aug 26):$91.25

Medical Supplies & Devices

Establishment Labs reported 2Q26 results a step better than expected on both sales

and adjusted EBITDA. Another strong quarter from the US saw sales of $24.7M

(+140%) grow $5M sequentially to beat consensus by $3M, with minimally

invasive revenues also growing to $12.1M in the quarter from $9.1M in 1Q26. This

all helped drive sales of $67.5M (+31.7%) versus the Street at $65.7M. Adjusted

EBITDA of $3.7M also beat Street expectations for ~$2.5M after backing out onetime costs related to debt refinancing and restructuring, with gross margin coming

in a step below aggressive consensus forecasts (70.6% vs. 71.2%) and operating

spend coming in 120bps higher including the aforementioned one-timers. Off the

back of the quarter, guidance was raised to $269.0-271.0M (+27-28%) from the

previous $266.5-268.5M. All told, we expect the stronger US print and better

operating spend ex-refinancing costs should be enough to satisfy investors.

Looking to the call, we’re interested in: (1) updates to expectations for the

US and the level of contribution minimally invasive growth had in the region;

(2) any updates on the pipeline as it relates to new sizes for Motiva and the

timeline for reconstruction approval; (3) the cadence of operating spend in the

balance of the year as we approach the recon launch; and (4) the durability of

broader market demand, both US and OUS.