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Mar 31, 2023
Establishment Labs Q1 2023 Earnings Report
Reported record first-quarter financial results, marked by revenue growth and strategic advancements.
Key Takeaways
Establishment Labs reported a record first quarter with worldwide revenue of $46.5 million, a 21.0% increase year-over-year. The company launched Mia Femtech™ in Japan and presented encouraging 3-year results from the Motiva® U.S. IDE study. A follow-on share offering was completed, raising gross proceeds of $90.4 million to support future growth initiatives.
First quarter worldwide revenue reached a record $46.5 million, up 21.0% year-over-year.
Revenue guidance for 2023 remains between $200 million and $210 million, representing a 24% to 30% increase over 2022.
The company's cash balance as of March 31, 2023, was $42.8 million, which was later fortified with $90.4 million in gross proceeds from a follow-on share offering.
Mia Femtech™ was launched in Japan, marking the beginning of its global rollout in breast aesthetics.
Forward Guidance
Establishment Labs anticipates an eventful period with a strategic partnership with Clinique des Champs Elysées, advancing plans for Motiva in China, and the upcoming operation of the Sulàyöm campus.
Positive Outlook
- Strategic partnership with Clinique des Champs Elysées to offer the Mia Femtech experience.
- Advancing plans for the launch of Motiva in China.
- PMA accepted by the U.S. FDA and is under review.
- Sulàyöm campus will begin operation later this year, doubling manufacturing capacity.
- New capabilities in R&D, medical education, and media.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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