--- title: "Establishment Labs | 10-K: FY2025 Revenue Beats Estimate at USD 211.08 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/277253295.md" datetime: "2026-02-27T21:56:25.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277253295.md) - [en](https://longbridge.com/en/news/277253295.md) - [zh-HK](https://longbridge.com/zh-HK/news/277253295.md) --- # Establishment Labs | 10-K: FY2025 Revenue Beats Estimate at USD 211.08 M Revenue: As of FY2025, the actual value is USD 211.08 M, beating the estimate of USD 210.61 M. EPS: As of FY2025, the actual value is USD -1.72, beating the estimate of USD -1.8576. EBIT: As of FY2025, the actual value is USD -14.18 M. #### Overall Financial Performance (Year Ended December 31, 2025 vs. 2024) - **Net Loss**: Establishment Labs Holdings Inc. reported a net loss of - $51.1 million for the year ended December 31, 2025, an improvement from - $84.6 million in 2024. - **Gross Profit**: Gross profit increased to $146.3 million in 2025 from $109.5 million in 2024. - **Gross Margin**: Gross margin improved to 69.3% in 2025, up from 66.0% in 2024, primarily due to higher selling prices in the United States. - **Loss from Operations**: Loss from operations was - $39.0 million in 2025, an improvement from - $49.987 million in 2024. - **Sales, General and Administrative (SG&A) Expense**: SG&A expenses increased by $25.3 million, or 18.1%, reaching $165.1 million in 2025 compared to $139.8 million in 2024. - **Research and Development (R&D) Expense**: R&D expenses increased by $0.5 million, or 2.5%, to $20.2 million in 2025 from $19.7 million in 2024. - **Interest Expense**: Interest expense increased to - $25.3 million in 2025 from - $20.8 million in 2024, mainly due to an increase in debt principal. - **Other Income (Expense), Net**: Other income (expense), net, saw a $20.0 million improvement, shifting to an income of $6.2 million in 2025 from an expense of - $13.8 million in 2024, largely due to - $6.0 million in contract termination costs incurred in 2024 and a foreign currency transaction gain of $6.4 million in 2025 compared to a loss of - $8.8 million in 2024. - **Benefit for Income Taxes**: The benefit for income taxes increased to $7.0 million in 2025 from $32.0 thousand in 2024, primarily due to the release of a valuation allowance for one of the U.S. subsidiaries. #### Segment Revenue (Year Ended December 31, 2025) - **EMEA (Europe / Middle East / Africa)**: Revenue in EMEA increased by 16.4% to $91.052 million in 2025 compared to $78.209 million in 2024. - **Latin America**: Revenue in Latin America increased by 14.1% to $39.926 million in 2025 compared to $34.998 million in 2024, driven by stabilization in Brazil and strong growth in Argentina. - **Asia-Pacific**: Revenue in Asia-Pacific decreased by 28.6% to $34.541 million in 2025 compared to $48.408 million in 2024, mainly due to the timing of distributor purchases and lower consumer demand in China. - **North America**: Revenue in North America significantly increased to $45.557 million in 2025 from $4.410 million in 2024, following FDA approval of Motiva Implants in September 2024, with Motiva Implants generating $45.6 million in sales within the United States for the year ended December 31, 2025, and over 1,500 accounts secured. #### Cash Flow (Year Ended December 31, 2025 vs. 2024) - **Net Cash Used in Operating Activities**: Net cash used in operating activities was - $50.9 million in 2025, compared to - $58.5 million in 2024. - **Net Cash Used in Investing Activities**: Net cash used in investing activities was - $7.0 million in 2025, compared to - $15.6 million in 2024. - **Net Cash Provided by Financing Activities**: Net cash provided by financing activities was $40.4 million in 2025, compared to $125.9 million in 2024. - **Cash and Cash Equivalents**: Cash and cash equivalents stood at $75.6 million as of December 31, 2025, down from $90.3 million in 2024. #### Other Key Financial Metrics - **Accumulated Deficit**: As of December 31, 2025, Establishment Labs Holdings Inc. had an accumulated deficit of - $495.8 million. - **Outstanding Debt Principal**: The outstanding principal under the term loan was $246.4 million as of December 31, 2025. - **Inventory Funding Agreement**: The company drew $5 million twice, in June and September 2025, under an Inventory Funding Agreement to finance silicone raw material purchases, recorded as short-term liability. - **Tranche D Term Loan**: A Tranche D Term Loan of $25 million was advanced in September 2025, increasing the minimum liquidity requirement from $25 million to $30 million effective September 28, 2025. - **Short-term Insurance Premium Financing**: Approximately $3.4 million was secured through short-term insurance premium financing arrangements in 2025, bearing interest rates from 7.7% to 8.3% per annum. #### Outlook Establishment Labs Holdings Inc. anticipates continued growth in operating expenses in 2026 due to increased commercial and operational activities following FDA approval of Motiva Implants, while remaining focused on managing these expenses. The company expects to achieve higher selling prices for Motiva Implants in the United States, positively impacting gross margins in 2025. The global macroeconomic environment remains dynamic, with ongoing complexities potentially affecting discretionary spending and product demand. ### Related Stocks - [ESTA.US](https://longbridge.com/en/quote/ESTA.US.md) ## Related News & Research - [Wealth Manager Sells $7 Million of Establishment Labs After Massive Gains. 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