ESTAMEDIUM SIGNALFINANCIAL10-K

ESTA showed strong revenue growth of 77% but concerning equity decline of 56% alongside improved but still substantial operating losses.

The dramatic revenue increase suggests strong market traction for Motiva Implants, but the company remains deeply unprofitable with deteriorating equity position. The substantial reduction in stockholders' equity combined with increased current liabilities indicates potential funding pressures despite operational improvements.

Comparing 2026-02-27 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

Revenue surged 77% to $61.2M with gross profit growing 34% to $146.3M, indicating strong demand and improving unit economics. However, the company burned through equity (down 56% to $23.5M) while cash declined 16% and current liabilities increased 20%, suggesting significant cash consumption despite narrowing operating losses. The overall picture shows a growth-stage company gaining commercial traction but still requiring substantial capital to reach profitability, with equity holders experiencing significant dilution as evidenced by the 1.6% increase in shares outstanding.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+76.5%
$34.7M→$61.2M

Strong top-line growth of 76.5% — accelerating demand or successful expansion into new markets.

Stockholders Equity
Balance Sheet
-55.7%
$53.1M→$23.5M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Net Income
P&L
+39.6%
-$84.6M→-$51.1M

Net income grew 39.6% — bottom-line growth signals improving overall business health.

Gross Profit
P&L
+33.6%
$109.5M→$146.3M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Interest Expense
P&L
+30.9%
$11.8M→$15.4M

Interest expense surged 30.9% — significant debt increase or rising rates materially impacting earnings.

Operating Income
P&L
+22%
-$50.0M→-$39.0M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Current Liabilities
Balance Sheet
+20.3%
$68.3M→$82.1M

Current liabilities rose 20.3% — increased short-term obligations, watch current ratio.

Accounts Receivable
Balance Sheet
+19.2%
$65.0M→$77.5M

Receivables grew 19.2% — monitor days sales outstanding for collection efficiency.

SG&A Expense
P&L
+18.1%
$139.8M→$165.1M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Cash & Equivalents
Balance Sheet
-16.4%
$90.3M→$75.6M

Cash decreased 16.4% — monitor burn rate and upcoming capital needs.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-28
ADDED
As of February 26, 2026, the number of the registrant s common shares outstanding was 29,320,846 .
We own, or have rights to use, trademarks and trade names that we use in connection with the operation of our business, including Establishment Labs and our logo as well as other brands such as Motiva Implants, SilkSurface/SmoothSilk, ProgressiveGel, TrueMonobloc, BluSeal, Divina, Ergonomix, Ergomonix2, Ergonomix2 Diamond, Mia Femtech, MotivaImagine, GEM, Zen and Preserv , among others.
We have incurred losses to date, and our ability to achieve and maintain profitability depends on the commercial success of our Motiva Implants.
2 Pandemics, epidemics, or other public health crises may adversely affect our business and financial results in the future.
We initially incorporated in Costa Rica in 2004 and subsequently reorganized in 2013 under a parent holding company in the British Virgin Islands.
IDE study as well as our patient and practitioner reported post-market surveillance data indicate that Motiva Implants have low rates of adverse events (including rupture, capsular contracture, and implant-related reoperations) that compare favorably with those of our competitors.
We believe these proprietary technologies that differentiate our Motiva Implants result in improved safety and aesthetic outcomes and thus drive our revenue growth.
To date, our Motiva Implants are registered to be sold in over 100 countries, including our line of SmoothSilk Round and SmoothSilk Ergonomix Round Implants recently approved in the United States.
Our portfolio of products are commercially available via exclusive distributors or our direct sales force and includes five product families of Motiva Implants: (i) Round and Ergonomix Round, (ii) Ergonomix Oval, (iii) Anatomical TrueFixation, (iv) Ergonomix2 Round and Ergonomix2 Diamond and (v) Flora Tissue Expander.
Recent Developments Regulatory and Operational Updates On October 14, 2025, we announced the publication of The 3-Year Results of a 100-Patient Prospective Study of Safety and Effectiveness of Mia Femtech in the Aesthetic Surgery Journal .
REMOVED
As of February 27, 2025, the number of the registrant s common shares outstanding was 28,845,813 .
We own, or have rights to, trademarks and trade names that we use in connection with the operation of our business, including Establishment Labs and our logo as well as other brands such as Motiva Implants, SilkSurface/SmoothSilk, VelvetSurface, ProgressiveGel, TrueMonobloc, BluSeal, Divina, Ergonomix, Ergomonix2, Ergonomix2 Diamond, Mia Femtech, MotivaImagine and Zen, among others.
We expect to incur losses for the foreseeable future, and our ability to achieve and maintain profitability depends on the commercial success of our Motiva Implants.
Pandemics, epidemics, or other public health crises may adversely affect our business and financial results in the future, as was the case with the COVID-19 pandemic in recent years.
We initially incorporated in Costa Rica in 2004 and subsequently reorganized under a parent holding company in the British Virgin Islands in 2013.
Our post-market surveillance data (which was not generated in connection with a United States Food and Drug Administration, or FDA, pre-market approval, or PMA, study collected at defined follow-ups, but was patient or practitioner reported) and published third-party registries and data indicate that Motiva Implants have 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 drive our revenue growth.
We have developed other complementary products and services, which are aimed at further enhancing patient outcomes.
To date, our Motiva Implants are registered to be sold in 94 countries, including, most recently, in the United States.
We currently sell our products via exclusive distributors or our direct sales force and have introduced five generations of Motiva Implants.
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