Company Quick10K Filing
Establishment Labs
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 20 $424
10-Q 2019-11-12 Quarter: 2019-09-30
10-Q 2019-08-13 Quarter: 2019-06-30
10-Q 2019-05-15 Quarter: 2019-03-31
10-K 2019-03-20 Annual: 2018-12-31
10-Q 2018-11-13 Quarter: 2018-09-30
10-Q 2018-08-14 Quarter: 2018-06-30
S-1 2018-06-21 Public Filing
8-K 2020-01-29 Enter Agreement, Exhibits
8-K 2020-01-28 Earnings, Exhibits
8-K 2019-11-12 Earnings, Exhibits
8-K 2019-08-13 Earnings, Exhibits
8-K 2019-06-25 Enter Agreement, Exhibits
8-K 2019-06-18 Regulation FD, Exhibits
8-K 2019-06-17 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-06-03 Officers, Shareholder Vote, Exhibits
8-K 2019-05-15 Earnings, Exhibits
8-K 2019-04-29 Officers
8-K 2019-03-20 Earnings, Exhibits
8-K 2018-12-28 Officers
8-K 2018-11-13 Earnings, Exhibits
8-K 2018-10-04 Enter Agreement, Other Events
8-K 2018-08-14 Earnings, Exhibits

Establishment Labs Financials

ESTA Metrics, Comps, Filings

Annual | Quarterly

Business

We are a medical technology company focused on improving patient safety and aesthetic outcomes, initially in the breast aesthetics and reconstruction market. We initially incorporated as Establishment Labs, S.A., a Sociedad Anónima in Costa Rica on January 18, 2004 and subsequently reorganized under a parent holding company in the British Virgin Islands on October 9, 2013. Our line of silicone gel-filled breast implants, branded as Motiva Implants, is the centerpiece of our 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 we believe compare favorably with those of our competitors. We believe the proprietary technologies that differentiate our Motiva Implants enable improved safety and aesthetic outcomes and have helped drive our revenue growth. Our MotivaImagine platform enables surgical techniques that we promote as Motiva branded surgeries. We have developed other complementary products and services on our MotivaImagine platform, which are aimed at further enhancing patient outcomes.

To date, most of our revenues have been generated from sales of our Motiva Implants. We began selling Motiva Implants outside the United States in October 2010; since then, we have introduced four generations of Motiva Implants, and Motiva Implants are now sold in over 60 countries. We currently sell our products either via exclusive distributors or, in certain countries, our direct sales force. We received approval of an investigational device exemption, or IDE, from the FDA in March 2018 to initiate our Motiva Implants clinical trial in the United States and the first patient in the study was enrolled in April 2018. In March 2019, we filed our first annual report with the FDA, and our IDE study-defined enrollment targets for the aesthetic cohorts, which include primary augmentation and revision, have been reached with a total of 450 and 100 subjects, respectively. We are continuing to enroll subjects in the remaining cohorts and believe we are on track to meet all of the remaining enrollment targets in Q2 2019. We plan to enroll 800 patients in the study across 40 sites in the United States, Germany, Sweden and the United Kingdom. The results of the study are expected to support a pre-market approval, or PMA, submission to the FDA.

We have assembled a broad portfolio of intellectual property related to our medical device and aesthetics products. We believe this intellectual property, combined with proprietary manufacturing processes and the regulatory approvals we have successfully obtained outside of the United States, provides us with a strong market position. As of December 31, 2018, we own or have rights to five issued and 19 pending patents in the United States related to various aspects of our Motiva implants (such as implant barrier layers, surface texture technology, minimally invasive implant delivery systems, and our QInside Safety Technology radio frequency identification devices). In addition, we own or have rights to two issued and 38 pending foreign applications and one pending Patent Cooperation Treaty, or PCT, application. We intend to continue to expand our intellectual property portfolio and, combined with our Motiva Implants' favorable safety profile, obtain FDA approval and drive Motiva's adoption in the United States, which represents the largest breast augmentation market.


Valuation ($MM)

Market Cap, Enterprise Value

Balance Sheet ($MM)

Assets, Stockholders' Equity

Income Statement ($MM Annual)

Revenue, Gross Profit, Net Income

Cash Flow ($MM Annual)

Operating, Investing, Financing

Comps ($'000 TTM) Market Cap Gross Margin EV/EBITDA Ret on Assets Assets Liabilities Revenue G Profit Net Income EBITDA EV
Schnitzer Steel Industries (SCHN) 671,907 13% 5.1 10% 1,092,622 398,918 2,254,558 292,532 106,024 156,871 804,683
Establishment Labs (ESTA) 424,433 59% -20.4 -28% 104,801 51,014 75,145 44,250 -29,027 -19,282 392,563
Park Ohio (PKOH) 387,624 16% 6.7 4% 1,324,300 994,100 1,655,600 264,800 49,600 140,500 937,624
Willis Lease Finance (WLFC) 348,508 80% 6.7 3% 1,930,783 1,560,774 395,730 318,397 65,641 232,513 1,567,302
Sientra (SIEN) 337,058 62% -2.2 -44% 245,945 130,772 73,974 45,621 -109,314 -102,131 229,709
Lawson Products (LAWS) 323,644 55% 20.5 3% 209,032 99,700 352,430 194,157 7,237 15,375 315,929
RTI Surgical (RTIX) 292,200 50% 22.5 -0% 361,186 111,336 280,855 140,123 -1,250 14,700 330,324
Conformis (CFMS) 266,514 55% -11.2 -49% 65,038 37,737 91,270 50,040 -31,651 -23,673 265,137
Northern Technologies International (NTIC) 230,357 32% 26.6 11% 66,155 9,816 57,047 18,491 6,976 8,475 225,132
Invacare (IVC) 162,405 27% 22.3 -5% 867,583 535,657 948,412 260,334 -39,874 13,756 306,329
Lakeland Industries (LAKE) 96,094 33% 26.2 -0% 101,385 17,800 101,206 33,222 -496 3,398 89,148
Shiloh Industries (SHLO) 93,757 8% 6.7 -2% 674,288 483,167 1,095,803 89,780 -14,751 49,220 328,521
Virco Manufacturing (VIRC) 66,783 35% 12.6 -0% 183,962 123,697 200,597 70,087 -717 9,335 117,654
Precision Therapeutics (AIPT) 47,456 68% 25.9 5% 32,252 9,960 1,183 801 1,465 1,831 47,386
Alpha Pro Tech (APT) 47,112 37% 7.1 12% 37,769 4,664 46,792 17,447 4,385 5,863 41,610
Hudson Technologies (HDSN) 36,221 10% -14.9 -18% 219,236 167,222 156,941 15,431 -39,823 -9,253 137,580
Rewalk Robotics (RWLK) 29,302 58% -0.7 -57% 31,972 14,704 4,721 2,737 -18,138 -18,136 12,304
Nanovibronix (NAOV) 24,150 64% -3.4 -204% 3,107 1,172 451 288 -6,327 -6,446 21,779
Milestone Scientific (MLSS) 17,427 58% -9.7 -30% 6,788 5,951 9,644 5,621 -2,007 -1,557 15,089
Myomo (MYO) 13,197 103% -0.6 -123% 8,543 1,436 2,289 2,362 -10,505 -10,505 6,453

Balance Sheet ($'000)2018-12-31
Cash52,639
Accounts Receivable17,648
Inventory24,845
PP&E12,913
Assets116,573
Accounts Payable6,239
Long-Term Debt
Liabilities47,088
Stockholders' Equity69,485
Income Statement ($'000)2018-12-31
Revenue61,208
Cost of Revenue25,090
Gross Profit36,118
R&D12,687
SG&A47,295
Tax215
Net Income-21,098
Cash Flow ($'000)2018-12-31
Cash Operating-33,885
Cash Investing-5,731
Cash Financing81,527