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Establishment Labs Reports Second Quarter 2018 Financial Results | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
By: Nasdaq / GlobeNewswire - 14 Aug 2018 | Back to overview list |
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NEW YORK, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Establishment Labs Holdings Inc. (NASDAQ: ESTA), a medical technology company focused on improving patient safety and aesthetic outcomes, initially in the breast aesthetics and reconstruction market, reported financial results for the second quarter ended June 30, 2018. Business Highlights
“We are pleased with our performance to date as we continue to meet and exceed our internal expectations. Again this quarter, we saw continued year over year growth, driven by the strong adoption of our Motiva Implants® outside of the U.S.,” said Juan José Chacón-Quirós, Founder and Chief Executive Officer of Establishment Labs. “Our recent IPO provides us the capital to fund future growth and strategic objectives, and we look forward to bringing our differentiated product portfolio to market globally.” Second Quarter 2018 and Year-to-Date Financial Results Revenues increased $5.1 million, or 58.9% to $13.7 million for the three months ended June 30, 2018 as compared to $8.6 million for the three months ended June 30, 2017. Revenues for the six months ended June 30, 2018 increased $13.0 million, or 83.5%, to $28.5 million, as compared to $15.5 million for the six months ended June 30, 2017. The revenue increase was driven by the increased sales of Motiva Implants®, the expansion of the Company’s Brazilian commercial operations, greater market penetration in existing geographies and commencement of sales in new geographies. Gross profit for the second quarter of 2018 was $8.2 million, or 59.9% of revenues, compared to gross profit of $4.1 million, or 47.8% of revenues in the same period in 2017. Gross profit for the six months ended June 30, 2018 was $16.1 million, or 56.6% of revenues, as compared to gross profit of $7.5 million, or 48.5% of revenues in the same period in 2017. The increase in gross margin was primarily due to an increase in production volume that spread the Company’s fixed manufacturing costs over a larger number of units and the addition of direct market revenues with generally higher average selling prices, such as Brazil. Total operating expenses for the second quarter of 2018 were $14.5 million, compared to operating expenses of $9.6 million in the same period in 2017. Selling, general and administrative expense increased $2.7 million, or 33.3%, to $10.8 million due to the hiring of additional sales and administrative employees, an increase in consulting and audit fees and an increase in sales commissions. Research and development expense increased $2.2 million, or 150.2%, to $3.7 million due to the initiation of the Company’s FDA clinical trial in the United States. Total operating expenses for the six months ended June 30, 2018 were $25.3 million, compared to operating expenses of $17.0 million in the same period in 2017. Net losses for the second quarter decreased to $5.4 million from $12.1 million in the same period in 2017, while net losses for the six months ended June 30, 2018 decreased to $11.9 million from $17.1 million in the same period in 2017. The Company’s cash balance as of June 30, 2018 was $11.6 million. On July 23, 2018 the Company completed its initial public offering, whereby it sold a total of 4,272,568 common shares at $18.00 per share, which included 557,291 shares sold to the underwriters following the exercise of their option to purchase additional shares. The Company received net proceeds from the IPO of approximately $71.5 million, after deducting underwriting discounts and commissions of $5.4 million. Conference Call Establishment Labs will host a conference call and webcast today at 9:00 a.m. Eastern Time to discuss its financial results. The dial-in number to access the call is U.S./Canada (877) 376-9925, International (629) 228-0732, and the conference ID is 1768049. A live webcast of the conference call will be available on the Investor Relations section of the Company's website at www.establishmentlabs.com. A replay of the call will be available starting on August 14, 2018 at 12:00 p.m. Eastern Time, through September 13, 2018 at 11:59 p.m. Eastern Time. To access the replay, dial (855) 859-2056 for domestic callers and (404) 537-3406 for international callers, and use the replay conference ID 1768049. The webcast will be available on the Investor Relations section of the Company’s website for 30 days following the completion of the call. About Establishment Labs Establishment Labs Holdings Inc. (NASDAQ: ESTA) is a global medical technology company focused on improving patient safety and aesthetic outcomes, initially in the breast aesthetics and reconstruction market by designing, developing, manufacturing and marketing an innovative portfolio of silicone gel-filled breast implants, branded as Motiva Implants®, the centerpiece of the MotivaImagine® platform. Motiva Implants® are produced at two FDA compliant state-of-the-art facilities in Costa Rica and currently sold in over 60 countries through exclusive distributors or the Company’s direct salesforce. In March 2018, Establishment Labs received approval for an investigational device exemption (IDE) from the FDA to initiate the Motiva Implant® clinical trial in the United States. In addition to Motiva Implants®, Establishment Labs’ product and technologies portfolio includes Divina® 3D Simulation System, Puregraft, and MotivaImage® Centers. Forward – Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). You
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Copyright 2018 Nasdaq / GlobeNewswire | Back to overview list |