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Sep 30, 2022
Establishment Labs Q3 2022 Earnings Report
Reported financial results for the third quarter ended September 30, 2022.
Key Takeaways
Establishment Labs reported a strong third quarter in 2022, with worldwide sales reaching $38.2 million, a 31.7% increase year-over-year. The company has tightened its 2022 revenue guidance to a range of $158 million to $162 million, representing a 25% to 28% increase over 2021.
Third quarter worldwide sales reached $38.2 million, a 31.7% increase year-over-year.
Revenue guidance for 2022 tightened to a range of $158 million to $162 million, an increase of 25% to 28% over 2021.
Gross profit for the third quarter was 68.1% of revenue, compared to 67.6% for the same period in 2021.
Cash balance of $65.3 million as of September 30, 2022.
Forward Guidance
Establishment Labs expects strong financial results will continue into the fourth quarter and into 2023. The company is preparing for new opportunities, including launches of Motiva into the U.S. and China and the commercial introduction of Mia Femtech.
Positive Outlook
- Expect strong financial results will continue into the fourth quarter and into 2023.
- Preparing for launches of Motiva into the U.S. and China
- Commercial introduction of Mia Femtech expected in 1H 2023.
- China approval and launch expected in 1H 2023.
- Expect to submit Motiva Implants for U.S. FDA approval in Q4 2022
Challenges Ahead
- Foreign exchange expected to negatively impact 2022 revenue by approximately $6.5 million.
- Net loss from operations for the third quarter was $10.5 million compared to a net loss of $9.0 million in the year ago period.
- The increase in SG&A was primarily due to an increase in personnel and related costs due to increased headcount, an increase in sales and marketing expenses, as well as an increase in freight charges.
Historical Earnings Impact
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