Here are 1-3 brief analogies for Establishment Labs (ESTA):

• Align Technology for breast implants.
• Intuitive Surgical for aesthetic medical devices.

• Motiva Breast Implants: A range of silicone breast implants featuring advanced technologies such as Ergonomix gels and smooth surfaces for aesthetic and safety outcomes.
• Mia by Motiva: A minimally invasive, personalized breast augmentation solution utilizing advanced Motiva implant technology.

Establishment Labs (symbol: ESTA) primarily sells its products, such as Motiva breast implants and related medical devices, to other companies and healthcare professionals rather than directly to individual consumers. The company operates on a business-to-business (B2B) model.

Based on their latest financial disclosures, Establishment Labs does not publicly identify specific major customer companies that account for a significant portion of its revenue (e.g., 10% or more). Instead, their customer base is diverse and global, consisting of the following categories:

• Plastic Surgeons and Clinics: Establishment Labs directly sells its products to individual plastic surgeons, private aesthetic clinics, and hospitals where breast augmentation and reconstructive procedures are performed. These healthcare professionals are the direct purchasers of the implants from ESTA or its distributors.
• Distribution Partners: The company utilizes a global network of distribution partners who purchase products from Establishment Labs and then sell them to plastic surgeons and clinics within specific geographic regions. These are typically specialized medical device distributors rather than large, publicly traded general distributors for a broad range of products.
• Strategic Alliances: ESTA also engages in strategic partnerships and alliances with other medical companies or organizations to expand its market reach and product availability in certain markets.

Since no single publicly identified major customer company accounts for a significant portion of Establishment Labs' revenue, no specific customer company names or symbols can be provided.

Peter Caldini, Chief Executive Officer

Mr. Caldini was appointed Chief Executive Officer of Establishment Labs effective May 7, 2025, having previously served as Interim CEO since March 1, 2025, and as President since 2024. Prior to joining Establishment Labs, he held CEO positions at Acreage Holdings, Inc. from 2020 to 2023 and Bespoke Capital Acquisition Corp from 2019 to 2020. He also served as Regional President for North America and EMEA at Pfizer Consumer Healthcare from 2015 to 2019, and held various roles at Bayer Consumer Healthcare from 2009 to 2014.

Raj Denhoy, CFO

Mr. Denhoy joined Establishment Labs in February 2021 and became CFO in December 2021. Before his role as CFO, he served as the company's Head of Strategy and Investor Relations. Prior to Establishment Labs, Mr. Denhoy spent 11 years as a Managing Director at Jefferies Group, LLC, where he led the U.S. medical device research team and covered the medical device industry as an equity research analyst for over 20 years.

Paul Rodio, Chief Operating Officer

Paul Rodio is the Chief Operating Officer at Establishment Labs.

Roberto de Mezerville, Chief Technology Officer

Roberto de Mezerville serves as the Chief Technology Officer for Establishment Labs.

Ross Mansbach, General Counsel & Chief Human Resources Officer

Ross Mansbach holds the titles of General Counsel and Chief Human Resources Officer at Establishment Labs.

The continuous advancement and increasing adoption of autologous fat transfer (AFT) for breast augmentation. As AFT techniques improve, leading to more predictable outcomes, higher fat graft survival rates, and the ability to achieve more significant volume enhancements, it offers a compelling "natural" alternative to synthetic breast implants. This trend appeals to a growing segment of patients seeking to avoid foreign bodies and potential implant-related complications, including concerns related to Breast Implant Illness (BII). The improved efficacy and patient preference for natural solutions position AFT as a clear emerging threat that could progressively erode the market share for traditional breast implants, which is Establishment Labs' core business.

Establishment Labs (symbol: ESTA) primarily focuses on breast aesthetics and reconstruction, with its main products being Motiva breast implants and newer minimally invasive platforms like Mia and Preserve. The addressable markets for these products are significant globally and in key regions such as the U.S.

Global Markets

• Breast Implants: The global breast implants market was valued at approximately USD 3.49 billion in 2024 and is projected to reach USD 5.88 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 6.7% from 2024 to 2032.
• Breast Augmentation: The global breast augmentation market size was valued at USD 3.12 billion in 2024. It is estimated to grow to USD 5.99 billion by 2033, with a CAGR of 7.53% during the forecast period of 2025–2033.
• Breast Reconstruction: The global breast reconstruction market size was estimated at USD 2.16 billion in 2024 and is projected to reach USD 3.15 billion by 2030, growing at a CAGR of 6.7% from 2025 to 2030. Another estimate places the global breast reconstruction surgery market at USD 4.9 billion in 2025, forecast to reach USD 10.1 billion by 2035 at a CAGR of 7.5%.
• Minimally Invasive Breast Aesthetics (new product category): Establishment Labs indicates that its minimally invasive platform creates a new product category in breast aesthetics with a total addressable market of USD 4-5 billion globally. The company anticipates its Mia and Preserve minimally invasive platforms to generate over USD 30 million in revenue by 2026.

U.S. Market

• U.S. Breast Implants: The U.S. breast implants market is projected to reach USD 2.09 billion by 2032. In 2024, the U.S. breast reconstruction market generated USD 219.8 million in revenue.
• Establishment Labs aims to capture a 20% share of the U.S. breast augmentation market by the end of 2025.

Here are 3-5 expected drivers of future revenue growth for Establishment Labs (ESTA) over the next 2-3 years:

1. Accelerated U.S. Market Penetration of Motiva Implants: Establishment Labs anticipates significant acceleration in its U.S. business, which is considered its most crucial growth segment. The company aims to achieve approximately a 20% share in the U.S. breast augmentation market by the end of 2025 and expects to meaningfully exceed its previous U.S. Motiva sales guidance of $40 million for 2025. The number of surgeons utilizing Motiva products in the United States continues to increase, with over 1,300 surgeons now using them.
2. Expansion of Minimally Invasive Platforms (Mia Femtech and Preserve): The adoption of Establishment Labs' minimally invasive platforms, Mia and Preserve, is progressing well. Mia is projected to generate $8-10 million in revenue in 2025. The combined portfolio of NEO and Preserve is expected to exceed $30 million in revenue by 2026, driving category growth and improving economic outcomes for surgeons.
3. Growth in International Direct Markets: The company has demonstrated strong performance in its direct markets outside the U.S., which grew 15% year-over-year (excluding acquisitions and currency effects). Specifically, European direct market sales increased approximately 20%. The Asia-Pacific region also experienced a significant rebound with 46% sequential growth as distributor orders normalized. Establishment Labs has a global presence across more than 90 countries.
4. Gross Margin Expansion and Strategic Pricing: Establishment Labs achieved a gross profit margin of 70.1% in the third quarter of 2025, marking the first time it surpassed the 70% threshold. This expansion in gross margin is primarily attributed to a favorable geographic sales mix and higher average selling prices, indicating a successful pricing strategy that contributes directly to revenue growth.
5. Launch of New Products such as Motiva Flora: Beyond its current implant offerings, Establishment Labs has a pipeline of innovative products. Motiva Flora, the first MRI-compatible tissue expander with integrated radio-frequency technology, is slated for launch around 2026 and aims to address an unmet need for post-mastectomy patients. This new product introduction represents a potential future driver of revenue growth.

Share Issuance

• On November 7, 2024, Establishment Labs completed a registered direct offering of common shares and pre-funded warrants, generating approximately $50 million in gross proceeds.
• On April 27, 2023, the company executed a follow-on share offering, resulting in gross proceeds of $90.4 million.
• A $50 million private placement offering was completed on January 9, 2024.

Inbound Investments

• Establishment Labs secured a $225 million credit facility with Oaktree Capital on April 26, 2022.
• On September 28, 2025, the company fully drew an available $25 million Tranche D Term Loan under a revised credit agreement with Oaktree Fund Administration, LLC.

Capital Expenditures

• In Q1 2023, a decrease in cash was attributed, in part, to investments in new facility construction.
• For Q4 2023 and the full year 2023, investments in new facilities contributed to a decrease in cash from operating activities.
• In Q2 2024, investments in the new manufacturing facility were noted as a factor in cash utilization.