Establishment Labs Holdings Inc (ESTA.N): An Aesthetically Pleasing Quarter

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06 Aug 2026 12:57:15 ET │ 13 pages

Establishment Labs Holdings Inc

(ESTA.N)

An Aesthetically Pleasing Quarter

CITI'S TAKE

This was another straightforward quarter with another guidance raise as

management ramps the pipeline. Establishment Labs delivered total

revenue of $67.5M (up 31.7% y/y ex-FX) that exceeded FactSet consensus’s

$65.8M, including U.S. sales of $24.7M ahead of consensus’s $21.6M, and

OUS of $42.8M (up 4.4%) below the Street’s $45.2M. Down the P&L, we

were encouraged by continued OpEx reduction and continued operational

leverage, with ESTA delivering an EPS loss of $0.39 (below consensus’s loss

of $0.34). Reflecting the strong quarter, 2026 revenue guidance increased

to $269–271M (up 27.6–28.5%, above consensus’s $267.5M) from $266.5–

268.5M, with 2027 reiterated to grow ~25% y/y. Against the backdrop of a

softer macroeconomic landscape, it was encouraging to see that both

Motiva and global Preservé launches continue to progress well, supporting

momentum into the 2H26 and into 2027. Yet, with some LatAm regions still

in stabilization mode, we rate ESTA Neutral.

U.S. continues to drive momentum — Sales of $24.7M was up ~140% y/y and up

26% q/q as management continues to add accounts for Motiva and Preservé. The

metrics that matter for the U.S. Motiva ramp continue to strengthen, with 100k+

implants completed since launch, 2,000+ accounts opened (up from 1,700+ in

1Q26), and 93% of patients asking for implants by name naming Motiva. For

Preservé, 300+ surgeons have been trained and certified to date (50% higher than

management’s initial expectations, aiming to train ~500 surgeons in 2026).

Elsewhere, the pipeline is progressing, management is now responding to routine

FDA questions for its Recon indication and noted BIMO audits on clinical study sites

have begun, a positive indicator on the approval progress. Elsewhere, clinical trials

are underway in Costa Rica for the upcoming GEM procedure for gluteal

augmentation. While tight lipped, it does plan to do an early experience in LatAm

this 2H27, though not targeting “meaningful” U.S. revenue contribution until 2028+.

n

Neutral

Short-Term View: Upside, expires 06-OCT-26

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