Start here if you're new
what it is
It makes breast implants and related medical devices for cosmetic and reconstructive surgery.
how it gets paid
Last year Establishment Labs made $211M in revenue. Motiva Implants was the main engine at $0.16B, or 76% of sales.
why it's growing
Revenue grew 27.1% last year. Sales were up 172% vs. prior year. Gross margin was 68.8%.
what just happened
Revenue hit $146M in the quarter, while EPS was -$1.64.
At a glance
n/a balance sheet
60/100 earnings predictability — reasonably predictable
-$3.00 fy2024 eps est
$2B fy2026 rev est
18.5% operating margin
xvary composite: 95/100 — above average
What they do
It makes breast implants and related medical devices for cosmetic and reconstructive surgery.
Motiva Implants are sold in 95 countries, including the US. That gives you reach before the business gets big. Gross margin → profit after product costs → so what: 68.8% in the latest quarter means $68.80 stayed from every $100 sold.
How they make money
$211M
annual revenue · their business grew +27.1% last year
Motiva Implants
$0.16B
Mia Femtech
$0.02B
Preservé
$0.01B
Other device sales
$0.01B
US launch and services
$0.01B
The products that matter
silicone breast implants
Motiva Implants
$169M · 80% of revenue
It generated an estimated $169M, or roughly 80% of company revenue. With 20% global market share, this is still the center of gravity.
20% share
surgical planning tools
MyAesthetics Platform
$42M · +28% growth
This business contributed an estimated $42M and grew 28%. It's smaller than implants, but it is the piece that can deepen surgeon relationships and support pricing.
20% of revenue
Key numbers
$211M
annual revenue
This is the size of the business. Against a roughly $2B market cap, you are paying about 9.5x sales.
68.8%
gross margin
That means $68.80 stayed after making the product on every $100 sold.
18.5%
operating margin
After overhead, the business still loses money.
$249M
long-term debt
Debt is 12% of capital, so the balance sheet still matters.
Financial health
n/a
strength
- balance sheet grade n/a
- risk rank 1 — safer than 95% of stocks
- price stability 5 / 100
- long-term debt $249M (12% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ESTA right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $146M in the quarter, while EPS was -$1.64.
Sales were up 172% vs. prior year. Gross margin was 68.8%, so the mix is better even as losses remain heavy.
$146M
revenue
$1.64
eps
68.8%
gross margin
growth versus loss
The $146M quarter is the proof point. The -$1.64 EPS says you still own a company burning through cash to grow.
source: company earnings report, 2026
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What could go wrong
the #1 risk here is the auditor's warning about potential undetected fraud in reported numbers.
med
reporting credibility risk
The auditor flagged a risk of not detecting material misstatement from fraud in a June 20, 2024 filing context. For a company still asking investors to trust a long runway, that is not background noise.
Impact: management already operates with $211M in annual revenue and expected losses. A credibility hit can pressure far more than one quarter.
med
gross margin compression
Management's 2026 setup includes a 200–300 basis point drop in gross margin from the current 70.5% level. Basis points are one-hundredths of a percent. In human-speak: they are guiding to a margin step down even while revenue grows.
Impact: a 200–300 basis point decline takes gross margin to roughly 67.5–68.5%, which narrows the room for operating leverage.
med
bigger rivals with deeper pockets
Establishment Labs has 20% global implant share, but the aesthetic device market still includes larger, better-financed competitors. If surgeons stop viewing Motiva as premium, pricing and share can slip at the same time.
Impact: even a modest erosion in that 20% share would matter because Motiva drives roughly 80% of revenue.
The combined picture is simple: a $211M business with $249M in long-term debt and expected losses does not have much room for an execution mistake.
source: institutional data · regulatory filings · risk analysis
Pay attention to
milestone
first positive cash flow quarter
Management says 2026 should include the first positive cash flow quarter. That is the cleanest test of whether the growth story is becoming a business.
growth
25%+ revenue growth target
The company is guiding to at least 25% growth in 2026. If that slips early, the premium narrative loses altitude fast.
margin
gross margin after the 200–300 bp reset
High-60s gross margin would still be strong. The real issue is whether lower margin comes with enough operating leverage to keep the thesis moving.
trust
whether the audit overhang finally fades
One clean quarter helps. Several clean quarters rebuild trust. Until then, this stock carries a credibility discount even when the numbers look better.
Analyst rankings
earnings predictability
60 / 100
In human-speak, analysts think the story is improving, but the quarter-to-quarter numbers can still surprise you.
beta
1.75
Beta measures how hard a stock tends to move versus the market. At 1.75, ESTA has historically moved a lot harder.
source: institutional data
Institutional activity
institutional ownership data for ESTA is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$65
current price
n/a
target midpoint · n/a from current
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