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01/11 03:35
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call highlights several positive factors: a 41% revenue increase, improved gross profit margins, and reduced net loss and EBITDA loss compared to the previous year. The company has a strong cash position and expects significant revenue growth in 2025. However, competitive pressures and foreign currency volatility pose risks. The absence of a shareholder return plan is offset by operational improvements and positive guidance. Given the small market cap, these factors suggest a positive stock price movement of 2% to 8% over the next two weeks.
Revenue $44.5 million, an increase of 41% from the year ago period.
Full Year Sales $166 million for 2024.
US Sales (first two months post-launch) $3.3 million.
Gross Profit $30.5 million or 68.5% of revenue, compared to $20.6 million or 65.2% of revenue for the same period in 2023.
Operating Expenses (Q4 2024) $44 million, an increase of approximately $7.1 million from $36.9 million in Q4 2023.
R&D Expenses (Q4 2024) $5.1 million, a decrease of approximately $0.7 million from the same quarter a year ago.
Net Loss from Operations (Q4 2024) $18.7 million, compared to a net loss of $22.1 million in the same period in 2023.
Adjusted EBITDA Loss of $13.1 million in Q4 2024, compared to a loss of $17.4 million in Q4 2023.
Total Operating Expenses (2024) Declined approximately $12.5 million from 2023.
EBITDA Loss (2024) Improved to $28.2 million from $47 million in 2023.
Cash Position (December 31, 2024) $90.3 million, compared to $39.7 million at the end of Q3 2024.
Cash Usage (Q4 2024) $22.6 million.
Expected Revenue Growth (2025) $205 million to $210 million, representing growth of 23% to 26%.
Gross Margins (2025) Expected to be approximately 200 to 300 basis points higher on an underlying basis.
Total Operating Expenses (2025) Expected to be approximately $45 million to $46 million per quarter.
Mia Femtech: Launched in Europe in late 2023, with over 60 clinics certified by the end of 2024. Expected revenue of $8 million to $10 million in 2025.
Preservé: Launched in Brazil with significant initial interest and orders. Designed for primary augmentations and scarless lifts, expected to bridge the price gap between existing Motiva offerings and Mia.
Flora: Unique tissue expander gaining traction, with orders from 32 out of 35 premier cancer centers in the U.S.
U.S. Market Launch: U.S. sales totaled $3.3 million in the first two months, with over 650 accounts onboarded and 450 placing orders.
China Market Expansion: Established presence with exclusive distributor, expecting meaningful reorder sales in the second half of 2025.
Operating Expenses Reduction: Total operating expenses decreased by $12.5 million in 2024 compared to 2023.
Sales Growth: Revenue guidance for 2025 is $205 million to $210 million, representing 25% growth over 2024.
Leadership Transition: Juan Chacón-Quirós will retire as CEO effective March 1, 2025, transitioning to a role focused on innovation and surgeon engagement.
Acquisition of Distributor: Acquired distributor in Benelux to leverage existing infrastructure for synergies.
Regulatory Risks: The company is actively seeking regulatory approvals for several products, including Preservé and the Ergonomix2 platform, which could impact timelines and market entry.
Supply Chain Challenges: The company has faced challenges in establishing a presence in China, with initial sales expected to ramp up in the second half of 2025 due to distributor market dynamics.
Competitive Pressures: The aesthetic market is experiencing uneven demand, and while the company is gaining market share, it must navigate competitive pressures from other aesthetic companies.
Economic Factors: Foreign currency volatility is expected to negatively impact reported sales results by approximately $2 million to $3 million in 2025.
Operational Efficiency: The company has reduced operating expenses significantly, but ongoing efforts to streamline operations and improve return on investment are critical to achieving profitability.
Market Demand Fluctuations: Global demand for aesthetic products remains uneven, particularly in regions like Latin America, which could affect overall revenue growth.
Revenue Guidance for 2025: Establishment Labs forecasts revenue between $205 million and $210 million for 2025, representing a 25% growth over 2024.
US Sales Performance: US sales totaled $3.3 million in the first two months of the launch, exceeding preannounced expectations.
Market Share Growth: The company is seeing a gradual return to growth outside the United States, with mid-single-digit growth expected in these markets.
Mia and Preservé Launch: Mia is expected to generate $8 million to $10 million in revenue in 2025, with the number of certified clinics expected to double.
Regulatory Approvals: The company is on track to submit for FDA approval for reconstruction products in 2026.
China Market Expansion: A strategic financing agreement of up to $50 million has been signed to support growth in China.
2025 Revenue Expectations: Total revenue guidance for 2025 is set at $205 million to $210 million, with expectations for OUS revenue to be approximately $170 million to $175 million.
Gross Margin Expectations: Gross margins in 2025 are expected to improve by 200 to 300 basis points.
Operating Expenses: Total operating expenses are projected to be approximately $45 million to $46 million per quarter.
EBITDA Expectations: The company aims to achieve EBITDA positivity in the second half of 2025.
Cash Flow Breakeven: Establishment Labs expects to reach cash flow breakeven in 2026.
Shareholder Return Plan: Establishment Labs has not announced any specific share buyback or dividend program during this earnings call. The focus remains on operational efficiency and achieving EBITDA positivity by the second half of 2025.
The earnings call highlights strong financial performance with record high revenue, positive EBITDA, and increased cash position. The company raised its revenue guidance and expects continued growth in the U.S. and international markets. The Q&A session confirmed positive momentum, strong market share goals, and strategic expansions. Despite some uncertainties, the overall sentiment is very positive, especially with significant growth expectations and strategic initiatives in place. Given the company's small-cap status, a strong positive stock price reaction is anticipated.
The earnings call highlights strong financial performance with double-digit growth in Latin America and a 27% growth in European direct markets. Despite challenges in China, the U.S. market shows good growth and market share gains. Positive guidance for U.S. revenues and strategic focus on account expansion and utilization suggest a positive outlook. The Q&A session confirms strong U.S. growth, premium pricing, and effective inventory strategies, though some uncertainties remain regarding China. Given the company's small-cap status, the stock is likely to react positively in the short term.
The earnings call highlights several positive factors: a 41% revenue increase, improved gross profit margins, and reduced net loss and EBITDA loss compared to the previous year. The company has a strong cash position and expects significant revenue growth in 2025. However, competitive pressures and foreign currency volatility pose risks. The absence of a shareholder return plan is offset by operational improvements and positive guidance. Given the small market cap, these factors suggest a positive stock price movement of 2% to 8% over the next two weeks.
Basic Financial Performance: 3 - Revenue growth and reduced losses are positive, but a registered direct offering and supply chain issues are concerning.\nProduct Development and Business Update: 3 - Positive FDA approval, but regulatory delays and demand fluctuations are negative.\nMarket Strategy: 3 - Expansion plans are promising, but economic conditions pose risks.\nExpenses and Financial Health: 3 - Decreased expenses are good, but increased operational activity raises concerns.\nShareholder Return Plan: 2 - Registered direct offering at a discount is negative.\nQ&A insights: Analysts showed cautious optimism, but uncertainties remain.\nConsidering market cap, a neutral stock price movement is expected.
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