Company Quick10K Filing
Establishment Labs
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 20 $424
10-K 2020-03-16 Annual: 2019-12-31
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 2020-03-16 Earnings, Exhibits
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 Quarterly)

Revenue, Gross Profit, Net Income

Cash Flow ($MM Quarterly)

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) 664,064 13% 5.7 5% 1,160,746 459,450 2,132,781 274,246 58,322 133,748 756,783
Establishment Labs (ESTA) 390,971 59% -14.0 -28% 118,256 74,452 65,316 38,502 -32,594 -24,933 348,412
Park Ohio (PKOH) 387,624 16% 8.3 4% 1,319,000 985,500 1,644,700 265,400 47,300 110,600 919,924
Willis Lease Finance (WLFC) 346,749 62% 7.9 3% 1,930,435 1,535,325 438,122 272,740 61,926 194,966 1,545,242
Sientra (SIEN) 323,974 60% -2.4 -51% 219,882 123,615 79,510 47,802 -111,202 -105,386 248,185
Lawson Products (LAWS) 323,920 53% 16.7 5% 207,738 94,757 282,219 150,540 10,227 18,815 314,494
RTI Surgical (RTIX) 292,200 50% 41.0 -1% 361,186 111,336 280,855 140,123 -3,321 8,050 330,324
Conformis (CFMS) 127,869 48% -4.3 -45% 73,289 53,389 79,589 37,949 -32,915 -27,325 117,871
Northern Technologies International (NTIC) 113,086 32% 16.5 8% 67,511 10,916 55,750 17,780 5,663 6,518 107,229
Invacare (IVC) 260,927 28% 75.7 -4% 847,405 531,926 939,627 262,330 -35,889 5,263 398,168
Lakeland Industries (LAKE) 96,208 34% 15.9 2% 99,104 14,863 79,620 27,271 2,076 5,578 88,423
Shiloh Industries (SHLO) 94,685 9% 7.8 -3% 651,691 484,177 1,054,707 90,576 -19,947 42,453 329,060
Virco Manufacturing (VIRC) 66,783 39% 4.8 5% 139,865 75,316 164,250 64,668 6,692 16,737 80,443
Precision Therapeutics (AIPT) 13,264 72% 105.9 0% 5,416 2,389 1,320 951 0 123 13,054
Alpha Pro Tech (APT) 48,716 37% 11.9 7% 37,864 4,621 35,746 13,130 2,665 3,665 43,610
Hudson Technologies (HDSN) 28,561 10% -18.2 -11% 204,206 149,253 162,027 15,484 -23,276 -6,358 116,006
Rewalk Robotics (RWLK) 23,214 54% -0.8 -42% 28,426 14,311 3,692 2,010 -11,976 -11,972 9,493
Nanovibronix (NAOV) 19,155 69% -3.7 -150% 3,070 840 443 307 -4,601 -4,568 16,897
Milestone Scientific (MLSS) 47,202 69% -10.0 -75% 6,243 7,647 6,074 4,179 -4,661 -4,564 45,491
Myomo (MYO) 13,064 73% -1.1 -131% 6,083 1,664 2,317 1,696 -7,952 -7,952 8,660

Balance Sheet ($'000)2018-09-302018-12-312019-03-312019-06-302019-09-30
Cash65,57752,63943,13531,87042,559
Accounts Receivable18,24817,64820,11521,31222,022
Inventory15,36524,84523,75226,54026,387
PP&E17,52918,14318,85522,94523,448
Assets121,472116,573108,956104,801118,256
Accounts Payable5,4926,2395,5838,5319,383
Long-Term Debt
Liabilities44,48547,08847,92651,01474,452
Stockholders' Equity76,98769,48561,03053,78743,804
Income Statement ($'000)2018-09-302018-12-312019-03-312019-06-302019-09-30
Revenue16,28620,77821,68422,854
Cost of Revenue6,1739,5268,6728,616
Gross Profit10,11311,25213,01214,238
R&D3,1743,5844,0013,776
SG&A12,98516,05618,39419,227
Tax-998735308
Net Income1,306-10,779-9,040-12,775
Cash Flow ($'000)2018-09-302018-12-312019-03-312019-06-302019-09-30
Cash Operating-7,998-7,063-10,896
Cash Investing-1,455-4,211-741
Cash Financing-16-2622,466