Establishment Labs Holdings(DE:3E0)
€62.32+2.44 (+4.07%)
DE:3E0
Establishment Labs Holdings earnings date
€62.32
At close:+2.44 (+4.07%)
Establishment Labs Holdings (3E0) Q3 2026 Earnings Report
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DE:3E0 Q3 2026 EPS Results
- Actual EPS
- -EUR 0.31
- Consensus EPS
- -EUR 0.23
- Beat/Miss
- Missed by -EUR 0.08
- One Year Ago EPS
- -EUR 0.34
DE:3E0 Q3 2026 Revenue Results
- Actual Revenue
- EUR 64.46M
- Expected Revenue
- EUR 59.82M
- Beat/Miss
- Beat by +EUR 4.64M
- YoY Revenue Growth
- +33.86%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- Before Open
- Conference Call
- Thursday, October 29, 2026
DE:3E0 Upcoming Earnings
Establishment Labs Holdings's next earnings date is estimated for March 2, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:3E0 Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, with substantial year-over-year revenue growth, major U.S. and minimally invasive momentum, improved adjusted profitability, first-ever positive free cash flow, raised 2026 guidance and a 25% growth outlook for 2027. The main challenges were seasonal sequential softness, Middle East weakness, lower-than-previously-guided gross margin, ongoing GAAP losses and uncertainty around the timing of reconstruction approval and hospital adoption.
Company Guidance
Management raised full year 2026 revenue guidance to more than $274 million from $269 million to $271 million, expects minimally invasive revenue to exceed $40 million versus previous guidance of more than $35 million, and expects full year adjusted gross margin of approximately 70.7%, adjusted operating expenses of $195 million to $200 million, positive adjusted EBITDA for the full year and positive free cash flow in fiscal 2027. Management expects growth in 2027 to be 25%, with 50 to 100 basis points of gross margin improvement, expects 500 surgeons trained on Preserve by year-end, and remains confident in mid-single-digit growth for the year in distributor markets; additional Motiva sizes are expected to be commercially available before year-end, with reconstruction approval expected either the end of this year or the beginning of next.
- Strong Third-Quarter Revenue GrowthQ3 revenue was $72 million, an increase of 33.9% year-over-year from $53.8 million, driven by U.S. market share gains and growth across the outside-the-U.S. business.
- U.S. Business MomentumU.S. revenue increased 119% year-over-year to $26 million and represented 36.1% of total revenue, compared with 22.1% a year ago. The company ended the quarter with 2,100 U.S. accounts.
- International Growth Across Direct and Distributor MarketsRevenue outside the United States increased 9.7% year-over-year to $46 million. Direct markets grew 16%, with Italy, the U.K. and Germany among the largest contributors, while distributor markets benefited from strong Asia Pacific performance.
- Adjusted Profitability and Operating LeverageAdjusted EBITDA increased to $6.4 million from $1.2 million a year ago, and adjusted EBITDA margin expanded to 8.9% from 2.2%. Adjusted operating expenses were 68.8% of revenue versus 77.6% a year ago, representing 880 basis points of operating expense leverage.
- First Positive Free Cash Flow QuarterThe company generated $7.7 million of operating cash flow and $5.1 million of free cash flow in Q3, marking the first positive free cash flow quarter in its history. Management expects the first full year of positive free cash flow in 2027.
- Raised 2026 Revenue GuidanceThe company raised full-year 2026 revenue guidance to more than $274 million from the previous range of $269 million to $271 million. The updated guidance supports expectations for positive adjusted EBITDA for the full year.
- 2027 Growth OutlookManagement expects 25% revenue growth in 2027, supported by increasing U.S. utilization, broader adoption of the minimally invasive platform and opportunities across the outside-the-U.S. business.
- Minimally Invasive Platform ExpansionMinimally invasive revenue was approximately $9 million in Q3, up 124% year-over-year, with the U.S. contributing nearly half of the platform's quarterly revenue. The company raised its full-year minimally invasive revenue expectation to more than $40 million from previous guidance of more than $35 million.
- Motiva Adoption and Utilization ProgressAmong surgeons reporting Motiva usage, Motiva represented an average of 43% of their implant procedures. Additionally, 85% of accounts that ordered Motiva in Q2 reordered in Q3, indicating continued adoption within practices. Management estimated Motiva had approximately 30% share of the U.S. augmentation market exiting September.
- Preserve Adoption and Surgeon EngagementPreserve represented approximately 17% of U.S. revenue in the quarter, and more than 400 surgeons had been trained by quarter-end, with the company expecting 500 trained surgeons by year-end. In a survey of 78 trained surgeons, approximately 22% of breast augmentation procedures had shifted to Preserve, 95% were satisfied or very satisfied, 88% said Preserve attracted patients who previously were not considering augmentation, and 98% reported patients asking for Preserve by name.
- Growing Category AwarenessPreserve received an Allure Best of Beauty Breakthrough Award during the quarter and was featured in Forbes, which management said was helping build awareness among surgeons and consumers.
- Broad Adoption of Minimally Invasive Products Outside the U.S.Outside the United States, minimally invasive revenue grew 16% year-over-year. Nearly half of new European accounts started with minimally invasive products, while established accounts were also adopting the platform.
- Expanded Implant Size AvailabilityThe October FDA approval of additional Motiva implant sizes, including sizes as small as 105 cc, is expected to provide more options before year-end and address approximately 10% of the U.S. market. The company also plans to expand sizes globally, with Mia accommodating up to 300 cc and Preserve up to 380 cc.
- Reconstruction Commercial PreparationMotiva Flora tissue expanders were available in more than 350 U.S. facilities, an increase of 14% during the quarter. The company is building commercial infrastructure and hospital relationships ahead of anticipated FDA approval for Motiva implants in reconstruction and identified approximately 130 U.S. hospital accounts that drive the majority of reconstruction volume.
- Progress in Reconstruction Regulatory ReviewThe company responded to the FDA's current information request, and BIMO inspections occurred at multiple clinical sites, including the sponsor site. Management said the process was progressing as expected and expected approval in the near term, potentially by the end of 2026 or the beginning of 2027.
- Gross Margin Improvement on Product MixAdjusted gross margin was 70.8%, up 70 basis points year-over-year, driven by favorable U.S. and minimally invasive product mix. Management believes an additional 50 to 100 basis points of gross margin improvement is reasonable in 2027 as the U.S. exceeds 35% of revenue and minimally invasive exceeds 15%.
- Balance Sheet and Financing FlexibilityThe company ended the quarter with $75.8 million in cash and cash equivalents. The payment-in-kind interest provision under its refinanced debt facility provides more than $5 million in quarterly cash interest savings during the initial PIK period.
- Strategic Silicone Supply AgreementThe recently disclosed agreement with NuSil strengthens the long-term silicone supply relationship and supports production scaling. Management said the pricing and volume terms are relatively consistent with the prior contract and anticipated no major impact.
DE:3E0 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 02, 2027 | 2026 (Q4) | -0.17- | -0.08 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | -0.23-0.31 | -0.34 | 7.89% (+0.03) | |
| Aug 06, 2026 | 2026 (Q2) | -0.30-0.35 | -0.51 | 31.58% (+0.16) | |
| May 06, 2026 | 2026 (Q1) | -0.32-0.40 | -0.63 | 35.71% (+0.22) | |
| Feb 24, 2026 | 2025 (Q4) | -0.20-0.08 | -1.07 | 92.44% (+0.98) | |
| Nov 05, 2025 | 2025 (Q3) | -0.45-0.34 | -0.53 | 35.59% (+0.19) | |
| Aug 07, 2025 | 2025 (Q2) | -0.48-0.51 | -0.56 | 8.06% (+0.04) | |
| May 07, 2025 | 2025 (Q1) | -0.72-0.63 | -0.52 | -20.69% (-0.11) | |
| Feb 26, 2025 | 2024 (Q4) | -0.57-1.07 | -0.71 | -50.63% (-0.36) | |
| Nov 07, 2024 | 2024 (Q3) | -0.55-0.53 | -1 | 47.32% (+0.47) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
