$ESTA

ESTABLISHMENT LABS HOLDINGS INC.

CIK:0001688757|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 67,542	$ 51,300	$ 127,419	$ 92,677
Cost of revenue	19,831	16,028	37,373	29,597
Gross profit	47,711	35,272	90,046	63,080
Operating expenses:
Sales, general and administrative	46,905	44,176	90,510	83,875
Research and development	5,096	5,203	10,337	10,258
Total operating expenses	52,001	49,379	100,847	94,133
Loss from operations	(4,290)	(14,107)	(10,801)	(31,053)
Interest income	36	91	62	341
Interest expense	7,034	5,956	14,122	11,809
Other (income) loss, net	454	(4,383)	(25)	(7,136)
Loss before income taxes	(11,742)	(15,589)	(24,836)	(35,385)
Provision for income taxes	6	1,004	294	1,918
Net loss	$ (11,748)	$ (16,593)	$ (25,130)	$ (37,303)
Basic net loss per share (in dollars per share)	$ (0.39)	$ (0.57)	$ (0.84)	$ (1.29)
Diluted net loss per share (in dollars per share)	$ (0.39)	$ (0.57)	$ (0.84)	$ (1.29)
Weighted average outstanding shares used for basic net loss per share (in shares)	30,121,685	28,913,811	30,037,826	28,882,108
Weighted average outstanding shares used for diluted net loss per share (in shares)	30,121,685	28,913,811	30,037,826	28,882,108

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (25,130)	$ (37,303)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,899	4,690
Provision (recoveries) for credit losses	(214)	1,964
Share-based compensation	6,235	5,827
Loss (gain) from disposal of property and equipment	113	(8)
Unrealized foreign currency loss (gain), net	2,675	(9,481)
Amortization of right-to-use asset	461	472
Non-cash loss on contract termination	0	543
Non-cash interest expense, amortization of debt discount and debt issuance costs	5,719	1,556
Changes in operating assets and liabilities:
Accounts receivable	1,825	(3,686)
Inventory	886	(14,118)
Prepaid expenses and other current assets	(3,064)	(770)
Other assets	62	450
Accounts payable	(10,238)	11,385
Accrued liabilities	(1,727)	646
Operating lease liabilities	(512)	(467)
Other liabilities	(2,902)	(1,178)
Net cash used in operating activities	(20,912)	(39,478)
Cash flows from investing activities:
Purchases of property and equipment	(5,511)	(2,377)
Cash used in business acquisitions, net of cash acquired	0	(307)
Cost incurred for intangible assets	(98)	(723)
Net cash used in investing activities	(5,609)	(3,407)
Cash flows from financing activities:
Borrowings under Oaktree credit agreement	265,000	0
Repayment of Oaktree credit agreement	(246,367)	0
Payment of financing fees, Oaktree debt	(10,006)	0
Borrowings on short-term notes payable	0	5,000
Repayments of short-term notes payable for insurance premium financing	(1,981)	0
Proceeds from stock option exercises	16,930	352
Tax payments related to shares withheld upon vesting of restricted stock	(977)	(426)
Net cash provided by financing activities	22,599	4,926
Effect of exchange rate changes on cash and cash equivalents	(493)	2,251
Net decrease in cash and cash equivalents	(4,415)	(35,708)
Cash and cash equivalents at beginning of period	75,572	90,347
Cash and cash equivalents at end of period	71,157	54,639
Supplemental disclosures of non-cash investing and financing activities:
Unpaid balance for property and equipment	272	112
Unpaid balance for intangible assets	699	365
Equity consideration in a business acquisition	0	3,556
Contingent consideration payable related to a business acquisition	0	317
Consideration payable related to business acquisition	0	198
Issuance of common shares to settle contract termination	0	1,320
Exit fee obligations for Oaktree debt	$ 2,689	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 71,157	$ 75,572
Accounts receivable, net of allowance of credit losses of $6.5 million and $6.8 million at June 30, 2026 and December 31, 2025, respectively	75,650	77,497
Total inventory, net	84,983	85,611
Prepaid expenses and other current assets	15,940	11,260
Total current assets	247,730	249,940
Long-term assets:
Property and equipment, net of accumulated depreciation and amortization of $28.0 million and $26.2 million at June 30, 2026 and December 31, 2025, respectively	73,998	75,615
Goodwill	1,209	1,209
Intangible assets, net of accumulated amortization of $13.3 million and $11.9 million at June 30, 2026 and December 31, 2025, respectively	9,430	9,942
Right-of-use operating lease assets, net	3,508	4,339
Other non-current assets	16,051	16,122
Total assets	351,926	357,167
Current liabilities:
Accounts payable	32,841	43,109
Accrued liabilities	17,344	18,856
Other liabilities, short-term	14,373	20,177
Total current liabilities	64,558	82,142
Long-term liabilities:
Note payable, net	261,702	247,522
Operating lease liabilities, long-term	1,972	2,820
Other liabilities, long-term	2,087	1,136
Total liabilities	330,319	333,620
Commitments and contingencies (Note 7)
Shareholders’ equity:
Common shares — zero par value, unlimited amount authorized; $30,201,123 and $29,713,024 shares issued at June 30, 2026 and December 31, 2025, respectively; $29,793,053 and $29,304,954 shares outstanding at June 30, 2026 and December 31, 2025, respectively	450,587	433,378
Additional paid-in-capital	92,603	87,624
Treasury shares, at cost, 408,070 shares held at June 30, 2026 and December 31, 2025	(2,854)	(2,854)
Accumulated deficit	(520,886)	(495,756)
Accumulated other comprehensive income	2,157	1,155
Total shareholders’ equity	21,607	23,547
Total liabilities and shareholders’ equity	$ 351,926	$ 357,167