Revenue growth accelerated to 44.7% in 2026Q1, though the company continues to struggle with profitability, reporting a negative operating margin of 10.9%.
| Sales/Revenue | 229.58M | 211.08M | 166.03M | 165.15M | 161.7M | 126.68M | 84.68M | 89.56M | 61.21M | 34.68M | 19.8M |
| Revenue Growth % | 34.86% | 27.14% | 0.53% | 2.13% | 27.64% | 49.61% | -5.46% | 46.33% | 76.49% | 75.15% | - |
| Cost of Goods Sold | 68.74M | 64.77M | 56.5M | 58.17M | 55.1M | 41.28M | 32.17M | 34.7M | 25.09M | 16.98M | 9.71M |
| COGS % of Revenue | - | 30.68% | 34.03% | 35.22% | 34.08% | 32.58% | 38% | 38.75% | 40.99% | 48.96% | 49.01% |
| Gross Profit | 160.84M | 146.31M | 109.53M | 106.98M | 106.59M | 85.4M | 52.5M | 54.86M | 36.12M | 17.7M | 10.1M |
| Gross Margin % | 70.06% | 69.32% | 65.97% | 64.78% | 65.92% | 67.42% | 62% | 61.25% | 59.01% | 51.04% | 50.99% |
| Gross Profit Growth % | - | 33.58% | 2.38% | 0.36% | 24.81% | 62.67% | -4.3% | 51.89% | 104.03% | 75.34% | - |
| Operating Expenses | 189.41M | 185.32M | 159.51M | 172M | 146.25M | 110.54M | 80.42M | 85.8M | 59.98M | 37.69M | 25.93M |
| OpEx % of Revenue | - | 87.8% | 96.08% | 104.15% | 90.45% | 87.26% | 94.97% | 95.8% | 98% | 108.66% | 130.95% |
| Selling, General & Admin | 168.97M | 165.07M | 139.81M | 145.57M | 125.98M | 92.23M | 66.63M | 70.81M | 47.3M | 30.82M | 23.19M |
| SG&A % of Revenue | - | 78.2% | 84.21% | 88.15% | 77.91% | 72.8% | 78.68% | 79.06% | 77.27% | 88.87% | 117.11% |
| Research & Development | 20.43M | 20.25M | 19.71M | 26.43M | 20.27M | 18.32M | 13.79M | 14.99M | 12.69M | 6.86M | 2.74M |
| R&D % of Revenue | - | 9.59% | 11.87% | 16% | 12.53% | 14.46% | 16.29% | 16.74% | 20.73% | 19.79% | 13.84% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -28.57M | -39.01M | -49.99M | -65.03M | -39.66M | -25.14M | -27.92M | -30.94M | -23.86M | -19.98M | -15.83M |
| Operating Margin % | -12.45% | -18.48% | -30.11% | -39.37% | -24.53% | -19.84% | -32.97% | -34.55% | -38.99% | -57.62% | -79.96% |
| Operating Income Growth % | - | 21.96% | 23.13% | -63.97% | -57.75% | 9.94% | 9.78% | -29.66% | -19.42% | -26.21% | - |
| EBITDA | -24.33M | -32.77M | -42.41M | -60.14M | -35.49M | -21.03M | -24.25M | -27.64M | -21.06M | -18.04M | -15.24M |
| EBITDA Margin % | -10.6% | -15.52% | -25.54% | -36.42% | -21.95% | -16.6% | -28.64% | -30.86% | -34.41% | -52.03% | -76.97% |
| EBITDA Growth % | 50.72% | 22.74% | 29.48% | -69.47% | -68.72% | 13.27% | 12.26% | -31.22% | -16.74% | -18.39% | - |
| D&A (Non-Cash Add-back) | 4.98M | 0 | 7.58M | 4.88M | 4.17M | 4.11M | 3.66M | 3.3M | 2.8M | 1.94M | 592K |
| EBIT | -25.33M | -32.77M | -63.8M | -63.19M | -61.06M | -30.65M | -28.64M | -28.81M | -12.07M | -24.37M | -18.61M |
| Net Interest Income | -26.29M | -24.83M | -19.35M | -14.37M | -11.67M | -9.04M | -9.36M | -8.69M | -8.8M | -10.4M | -3.37M |
| Interest Income | 199K | 423K | 1.48M | 1.02M | 87K | 23K | 15K | 4K | 16K | 19K | 44K |
| Interest Expense | 26.49M | 25.26M | 20.83M | 15.39M | 11.76M | 9.06M | 9.37M | 8.7M | 8.81M | 10.42M | 3.41M |
| Other Income/Expense | -22.75M | -19.01M | -34.64M | -13.56M | -33.17M | -14.57M | -10.1M | -6.57M | 2.98M | -14.81M | -6.19M |
| Pretax Income | -51.32M | -58.02M | -84.63M | -78.58M | -72.82M | -39.71M | -38.02M | -37.51M | -20.88M | -34.79M | -22.02M |
| Pretax Margin % | -22.35% | -27.49% | -50.97% | -47.58% | -45.04% | -31.35% | -44.9% | -41.88% | -34.12% | -100.32% | -111.23% |
| Income Tax | -7.58M | -6.96M | -32K | -81K | 2.38M | 1.43M | 104K | 640K | 215K | 105K | 134K |
| Effective Tax Rate % | 14.78% | 11.99% | 0.04% | 0.1% | -3.28% | -3.59% | -0.27% | -1.71% | -1.03% | -0.3% | -0.61% |
| Net Income | -43.74M | -51.06M | -84.6M | -78.5M | -75.21M | -41.14M | -38.12M | -38.15M | -21.1M | -34.9M | -22.16M |
| Net Margin % | -19.05% | -24.19% | -50.95% | -47.53% | -46.51% | -32.47% | -45.02% | -42.59% | -34.47% | -100.62% | -111.91% |
| Net Income Growth % | 50.92% | 39.64% | -7.76% | -4.38% | -82.82% | -7.92% | 0.08% | -80.82% | 39.54% | -57.48% | - |
| Net Income (Continuing) | -43.74M | -51.06M | -84.6M | -78.5M | -75.21M | -41.14M | -38.12M | -38.15M | -21.1M | -34.9M | -22.16M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.48 | -1.72 | -3.00 | -3.07 | -3.08 | -1.72 | -1.63 | -1.86 | -1.22 | -1.89 | -1.20 |
| EPS Growth % | 52.47% | 42.67% | 2.28% | 0.32% | -79.07% | -5.52% | 12.37% | -52.46% | 35.45% | -57.5% | - |
| EPS (Basic) | - | -1.72 | -3.00 | -3.07 | -3.08 | -1.72 | -1.63 | -1.86 | -1.22 | -2.33 | -1.20 |
| Diluted Shares Outstanding | 29.62M | 29.62M | 28.16M | 25.6M | 24.46M | 23.97M | 23.32M | 20.54M | 17.35M | 18.49M | 18.49M |
| Basic Shares Outstanding | 29.62M | 29.62M | 28.16M | 25.6M | 24.46M | 23.97M | 23.32M | 20.54M | 17.35M | 14.98M | 18.49M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
US Regulatory Approval Delay
According to the latest quarterly data, Establishment Labs achieved a 44.7% year-over-year revenue growth in 2026Q1, signaling a robust recovery from the contraction observed in early 2024 and suggesting that international market penetration for the Motiva brand is accelerating despite the absence of US commercial operations.
The recent revenue trajectory indicates that the company is successfully capturing market share in its existing international footprint. Investors should monitor whether this growth rate is sustainable or if it reflects a temporary surge in demand as the company prepares for potential US market entry.
As reported in financial statements, the company maintained a gross margin of 70.7% in 2026Q1, which reflects the premium nature of its SmoothSilk technology and suggests that the firm possesses significant pricing power relative to lower-tier medical device manufacturers in the aesthetics space.
The stability of gross margins above 70% indicates that the manufacturing process in Costa Rica is efficient and that the product commands a premium price point. This structural advantage provides a necessary buffer as the company continues to absorb high operating costs associated with its global expansion.
Based on the provided income statement data, operating expenses continue to track closely with gross profit, resulting in a negative operating margin of 10.9% in 2026Q1, which implies that the company has yet to achieve the necessary scale to leverage its fixed SG&A cost base.
The persistent gap between revenue growth and operating profitability suggests that management is prioritizing aggressive market development over immediate bottom-line efficiency. Analysts should investigate whether this spending is tied to non-recurring regulatory milestones or if it represents a structural requirement for maintaining a global sales force.
Analysis of the income statement reveals a recurring pattern of net losses, with a 2026Q1 net margin of -22.3%, which warrants further investigation into the company's long-term liquidity and the potential for future equity dilution to fund ongoing operations in the absence of positive cash flow.
The reliance on external capital to bridge the gap between operating losses and growth initiatives creates a binary risk profile for shareholders. If the company fails to reach a cash-flow-positive state before its current reserves are exhausted, the resulting dilution could significantly impair existing equity value.
Quick answers to the most common questions about buying ESTA stock.
For fiscal year 2025, Establishment Labs Holdings Inc. (ESTA) reported total revenue of $211.1M. This represents a 966.0% increase compared to $19.8M in 2016.
Establishment Labs Holdings Inc. (ESTA) reported a net loss of $51.1M for the fiscal year ending 2025.
Establishment Labs Holdings Inc. (ESTA) reported an operating income of $-39.0M, resulting in an operating profit margin of -18.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Establishment Labs Holdings Inc. (ESTA) generated $146.3M in gross profit for the year, representing a gross profit margin of 69.3%. This demonstrates the company's core pricing power and production efficiency.