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ESTABLISHMENT LABS HOLDINGS INC

For the period ended Mar 31, 2025. Filed May 9, 2025.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 9, 2025

ESTA$67.02+4.0%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025.

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission File Number:001-38593

Establishment Labs Holdings Inc.

(Exact name of Registrant as specified in its charter)

British Virgin Islands98-1436377
State or Other Jurisdiction of Incorporation or OrganizationI.R.S. Employer Identification No.
Building B23 and B25Coyol Free ZoneAlajuelaCosta RicaNot applicable
Address of Principal Executive OfficesZip Code
+50624342400
Registrant’s Telephone Number, Including Area Code
Not applicable
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒Accelerated filer ☐
Non-accelerated filer ☐Smaller reporting company ☐
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading symbolName of each exchange on which registered
Common Shares, No Par ValueESTAThe NASDAQ Capital Market

The number of the registrant’s common shares outstanding as of May 8, 2025 was 28,917,254.

TABLE OF CONTENTS

Page
Explanatory Note1
Special Note about Forward-Looking Statements1
Summary of Risk Factors2
Part I. Financial Information4
Item 1.Financial Statements - Unaudited4
Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 20244
Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 20245
Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2025 and 20246
Condensed Consolidated Statements of Shareholders’ Equity for the Three Months Ended March 31, 2025 and 20247
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 20248
Notes to the Condensed Consolidated Financial Statements10
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations38
Item 3.Quantitative and Qualitative Disclosures About Market Risk47
Item 4.Controls and Procedures47
Part II. Other Information48
Item 1.Legal Proceedings48
Item 1A.Risk Factors48
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds82
Item 3.Defaults Upon Senior Securities82
Item 4.Mine Safety Disclosure82
Item 5.Other Information82
Item 6.Exhibits82
Signatures83

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.