Establishment Labs (ESTA) financial statements
Establishment Labs reported revenue of $211M in fiscal 2025, up 25.3% a year over 8 years.
Net income was -$51M and the operating margin -18.5%, against -57.6% in 2017.
Free cash flow was -$57M.
The diluted share count rose 190% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Establishment Labs's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $35M | $61M | $90M | $85M | $127M | $162M | $165M | $166M | $211M |
| Cost of revenue | $17M | $25M | $35M | $32M | $41M | $55M | $58M | $56M | $65M |
| Gross profit | $18M | $36M | $55M | $53M | $85M | $107M | $107M | $110M | $146M |
| Research and development | $7M | $13M | $15M | $14M | $18M | $20M | $26M | $20M | $20M |
| Selling, general and admin | $31M | $47M | $71M | $67M | $92M | $126M | $146M | $140M | $165M |
| Operating income | -$20M | -$24M | -$31M | -$28M | -$25M | -$40M | -$65M | -$50M | -$39M |
| Interest expense | $10M | $9M | $9M | $9M | $9M | $12M | $15M | $21M | $25M |
| Pre-tax income | -$35M | -$21M | -$38M | -$38M | -$40M | -$73M | -$79M | -$85M | -$58M |
| Income tax | $105,000 | $215,000 | $640,000 | $104,000 | $1M | $2M | -$81,000 | -$32,000 | -$7M |
| Net income | -$35M | -$21M | -$38M | -$38M | -$41M | -$75M | -$79M | -$85M | -$51M |
| EPS (diluted) | -$3.41 | -$1.22 | -$1.86 | -$1.63 | -$1.72 | -$3.08 | -$3.07 | -$3.00 | -$1.72 |
| Diluted shares | 10M | 17M | 21M | 23M | 24M | 24M | 26M | 28M | 30M |
| Gross margin | 51.0% | 59.0% | 61.3% | 62.0% | 67.4% | 65.9% | 64.8% | 66.0% | 69.3% |
| Operating margin | -57.6% | -39.0% | -34.5% | -33.0% | -19.8% | -24.5% | -39.4% | -30.1% | -18.5% |
| Net margin | -100.6% | -34.5% | -42.6% | -45.0% | -32.5% | -46.5% | -47.5% | -51.0% | -24.2% |
Balance sheet
Fiscal years, from Establishment Labs's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $11M | $53M | $38M | $85M | $53M | $66M | $40M | $90M | $76M |
| Receivables | $13M | $18M | $23M | $19M | $24M | $35M | $47M | $65M | $77M |
| Inventory | $13M | $25M | $29M | $23M | $28M | $37M | $79M | $79M | $86M |
| Total current assets | $39M | $99M | $96M | $132M | $113M | $150M | $175M | $243M | $250M |
| Property, plant and equipment | $14M | $13M | $16M | $16M | $19M | $51M | $77M | $78M | $76M |
| Goodwill | $465,000 | $465,000 | $465,000 | $465,000 | $465,000 | $465,000 | $465,000 | $1M | $1M |
| Total assets | $57M | $117M | $117M | $156M | $140M | $211M | $269M | $347M | $357M |
| Total current liabilities | $57M | $16M | $23M | $26M | $32M | $39M | $57M | $68M | $82M |
| Long-term debt | — | — | $48M | $50M | $52M | $175M | $189M | $220M | $248M |
| Total liabilities | $62M | $47M | $77M | $81M | $89M | $219M | $250M | $294M | $334M |
| Shareholders' equity | -$5M | $69M | $40M | $75M | $51M | -$8M | $18M | $53M | $24M |
| Net debt | -$11M | -$53M | $10M | -$35M | -$2M | $109M | $149M | $129M | $172M |
Cash flow
Fiscal years, from Establishment Labs's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$32M | -$34M | -$30M | -$13M | -$28M | -$52M | -$89M | -$59M | -$51M |
| Capital spending | $901,000 | $2M | $6M | $2M | $2M | $3M | $8M | $6M | $6M |
| Free cash flow | -$33M | -$36M | -$36M | -$15M | -$30M | -$55M | -$96M | -$65M | -$57M |
| Stock-based compensation | — | $7M | $7M | $6M | $10M | $13M | $14M | $14M | $11M |
| Share buybacks (net) | -$5M | $0 | — | — | — | — | — | — | — |
| Free cash flow margin | -94.8% | -58.2% | -40.5% | -17.3% | -23.6% | -34.0% | -58.4% | -38.9% | -27.0% |
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Open ESTA in InvestinglyQuestions
What was Establishment Labs's revenue in 2025?
$211M in fiscal 2025, from its 10-K filing.
How much free cash flow does Establishment Labs generate?
-$57M in fiscal 2025 (operating cash flow minus capital spending).
From Establishment Labs's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.