Want to see ESTA full AI Analyst Report?
Top Page
Establishment Labs Holdings
(NASDAQ:ESTA)
Select Model
Select Model
Rating:52Neutral
Price Target:
$70.00
▼(-2.51% Downside)
Action:Reiterated
Date:10/29/26
Overall score reflects a high-risk financial profile (ongoing GAAP losses, negative multi-period cash generation, and high leverage) that is only partly offset by a strong earnings-call outlook (raised guidance, improving adjusted profitability, and progress toward sustained free cash flow). Technicals are mixed—near-term strength but weaker longer-term trend—and valuation metrics provide limited support given the negative P/E and no dividend yield.
Positive Factors
U.S. market expansion
Rapid U.S. revenue growth, expanding account coverage, and reported Motiva share gains indicate improving market penetration. A larger domestic commercial base can support recurring surgeon utilization, strengthen brand adoption, and provide a durable growth platform over the next several quarters.
Negative Factors
High leverage
The highly leveraged capital structure leaves limited equity protection against operating setbacks and increases dependence on improved profitability. Debt obligations can restrict financial flexibility, making it harder to absorb weaker demand or fund growth without additional financing.
Read all positive and negative factors
Positive Factors
Negative Factors
U.S. market expansion
Rapid U.S. revenue growth, expanding account coverage, and reported Motiva share gains indicate improving market penetration. A larger domestic commercial base can support recurring surgeon utilization, strengthen brand adoption, and provide a durable growth platform over the next several quarters.
Read all positive factors
Establishment Labs Holdings (ESTA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.04B
Dividend YieldN/A
Average Volume (3M)394.31K
Price to Earnings (P/E)―
Beta (1Y)0.83
Revenue Growth38.25%
EPS Growth55.14%
CountryUS
Employees1,004
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-1.28
Shares Outstanding29,801,891
10 Day Avg. Volume463,393
30 Day Avg. Volume394,310
Financial Highlights & Ratios
PEG Ratio0.99
Price to Book (P/B)91.68
Price to Sales (P/S)10.23
P/FCF Ratio-37.47
Enterprise Value/Market Cap1.05
Enterprise Value/Revenue8.13
Enterprise Value/Gross Profit11.58
Enterprise Value/Ebitda-203.59
Forecast
1Y Price Target
$95.63Price Target Upside33.18% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)-1.19
Revenue Forecast (FY)$270.22M
Establishment Labs Holdings Business Overview & Revenue Model
Company Description
Establishment Labs Holdings Inc. operates as a medical technology enterprise specializing in the creation and commercialization of devices for aesthetic and reconstructive plastic surgery. The company is primarily recognized for its silicone gel-f...
How the Company Makes Money
Establishment Labs primarily makes money by selling breast implants and related surgical products to hospitals, clinics, and other healthcare providers (or through distributors) that perform aesthetic augmentation and reconstructive breast procedu...
Establishment Labs Holdings Earnings Call Summary
Earnings Call Date:Oct 29, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Mar 02, 2027
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.Positive Updates
Strong Third-Quarter Revenue Growth
Q3 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.
Negative Updates
Seasonal Sequential Revenue Decline
Sequentially, minimally invasive revenue was lower in Q3 because of normal summer seasonality in OUS direct markets. Management said Q3 is typically the softest quarter of the year and that the seasonal weakness affected overall procedure levels in Europe.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Third-Quarter Revenue Growth
Q3 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.
Read all positive updates
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.Establishment Labs Holdings Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
28
Negative
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 264.03M | 211.08M | 166.03M | 165.15M | 161.70M | 126.68M |
| Gross Profit | 185.29M | 146.31M | 109.53M | 106.98M | 106.59M | 85.40M |
| EBITDA | -10.54M | -22.29M | -56.22M | -58.31M | -56.73M | -26.53M |
| Net Income | -38.45M | -51.06M | -84.60M | -78.50M | -75.21M | -41.14M |
Balance Sheet | ||||||
| Total Assets | 358.88M | 357.17M | 346.83M | 268.64M | 211.06M | 139.53M |
| Cash, Cash Equivalents and Short-Term Investments | 75.81M | 75.57M | 90.35M | 40.03M | 66.36M | 53.41M |
| Total Debt | 269.53M | 264.47M | 225.29M | 192.22M | 179.35M | 54.21M |
| Total Liabilities | 343.28M | 333.62M | 293.74M | 250.25M | 219.25M | 88.79M |
| Stockholders Equity | 15.59M | 23.55M | 53.09M | 18.39M | -8.19M | 50.74M |
Cash Flow | ||||||
| Free Cash Flow | -22.04M | -57.61M | -74.08M | -113.06M | -86.43M | -34.26M |
| Operating Cash Flow | -13.77M | -50.89M | -58.52M | -88.51M | -52.17M | -27.53M |
| Investing Cash Flow | -9.95M | -7.03M | -15.61M | -24.55M | -34.79M | -7.16M |
| Financing Cash Flow | 28.87M | 40.43M | 125.89M | 86.23M | 100.25M | 4.05M |
Establishment Labs Holdings Technical Analysis
Positive
71.80
Price Trends
67.25
Positive
76.80
Negative
72.40
Negative
Market Momentum
-0.16
Negative
58.67
Neutral
85.89
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ESTA, the sentiment is Positive. The current price of 71.8 is above the 20-day moving average (MA) of 62.97, above the 50-day MA of 67.25, and below the 200-day MA of 72.40, indicating a neutral trend. The MACD of -0.16 indicates Negative momentum. The RSI at 58.67 is Neutral, neither overbought nor oversold. The STOCH value of 85.89 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ESTA.
Establishment Labs Holdings Risk Analysis
Establishment Labs Holdings disclosed 66 risk factors in its most recent earnings report. Establishment Labs Holdings reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Establishment Labs Holdings Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $777.42M | 10.81 | 11.80% | ― | -6.71% | -50.25% | |
69 Neutral | $2.96B | -76.35 | -11.34% | 22.22% | 24.32% | -1274.47% | |
62 Neutral | $1.36B | 18.89 | 7.07% | 0.42% | 1.93% | 16.93% | |
53 Neutral | $2.04B | -35.86 | -28.22% | ― | 28.14% | -5.15% | |
52 Neutral | $2.04B | -53.52 | -203.65% | ― | 38.25% | 55.14% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
44 Neutral | $998.19M | 76.46 | 1.24% | ― | 0.84% | ― |
* Healthcare Sector Average
ESTA
Establishment Labs Holdings
68.41
17.51
34.40%
CNMD
Conmed
45.72
1.23
2.76%
IART
Integra Lifesciences
12.83
1.02
8.64%
AXGN
AxoGen
49.63
26.95
118.83%
INMD
InMode
13.51
-1.20
-8.16%
BFLY
Butterfly Network
7.51
5.47
268.14%
Establishment Labs Holdings Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Establishment Labs Extends Long-Term Silicone Supply Agreement
Positive
Oct 15, 2026
On October 14, 2026, Establishment Labs Holdings Inc., via its subsidiary Establishment Labs, S.A., agreed with NuSil Technology LLC to amend their Master Supply Agreement for medical-grade silicone, effective January 1, 2027. The amendment extend...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.