Company: Establishment Labs Holdings Inc.
Symbol: ESTA
Description: They are a medical technology company focused on improving patient safety and aesthetic outcomes, initially in the breast aesthetics and reconstruction market.
Trade Date: 7/19
Shares: 3.125 million
Price Range: $15.00-$17.00
Underwriter(s): Jefferies, Cowen, BTIG
Terms Added: 7-9-18
Business: They are a medical technology company focused on improving patient safety and aesthetic outcomes, initially in the breast aesthetics and reconstruction market. Their line of silicone gel-filled breast implants, branded as Motiva Implants, is the centerpiece of their MotivaImagine medical technology platform. Post-market surveillance data, which was not generated in connection with an FDA PMA approval study and was self-collected rather than collected at mandatory follow-ups, and published third-party data indicates that Motiva Implants show low rates of adverse events (including rupture, capsular contracture, and safety related reoperations) that they believe compare favorably with those of their competitors. They believe the proprietary technologies that differentiate their Motiva Implants enable improved safety and aesthetic outcomes and have helped drive their revenue growth. Their MotivaImagine platform enables surgical techniques that they promote as Motiva branded surgeries. They have developed other complementary products and services on their MotivaImagine platform, which are aimed at further enhancing patient outcomes.
Financials: Their revenue for 2015, 2016 and 2017 was $9.6 million, $19.8 million and $34.7 million, respectively, an increase of $10.2 million, or 106%, in 2016 compared to 2015, and an increase of $14.9 million, or 75%, in 2017 compared to 2016. Net losses increased from $1.6 million in 2015 to $22.2 million in 2016, and further increased to $34.9 million in 2017, an increase of 57% compared to 2016. As of December 31, 2017, they had an accumulated deficit of $67.9 million.
Their revenue for the three months ended March 31, 2017 and 2018 was $6.9 million and $14.8 million, respectively, an increase of $7.9 million, or 114%. Net losses increased from $5.0 million for the three months ended March 31, 2017 to $6.5 million for the three months ended March 31, 2018. As of March 31, 2018, they had an accumulated deficit of $74.4 million.
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