The revenue beat and raised guidance are the primary catalysts — expect a strong positive reaction. The EPS miss is non-cash and likely ignored. Watch for the conference call at 8:30 AM ET for commentary on minimally invasive platform adoption and free cash flow trajectory. The stock has historically moved +6-11% on neutral filings; this bullish report could drive a larger move.
Price Chart
Executive Summary
Establishment Labs reported Q1 2026 revenue of $59.9M (+44.7% YoY), beating the $57.4M consensus, and a GAAP net loss per share of -$0.45, which is worse than the -$0.28 Street consensus. The company raised its full-year 2026 revenue guidance to $266.5M-$268.5M (from $264M-$266M) and guided for positive adjusted EBITDA every quarter and free cash flow positivity in H2 2026. The combination of a strong revenue beat, raised guidance, and continued operational leverage (third consecutive positive adjusted EBITDA) is clearly bullish.
Key Financial Metrics
Key Facts
- Q1 2026 revenue of $59.9M, up 44.7% YoY from $41.4M, beating $57.4M consensus
- GAAP net loss per share of -$0.45 vs Street consensus of -$0.28 (miss)
- Raised FY2026 revenue guidance to $266.5M-$268.5M from $264M-$266M
- Third consecutive quarter of positive adjusted EBITDA at $1.2M vs -$12.1M a year ago
- Minimally invasive revenue of $9.1M in Q1; FY2026 minimally invasive guidance raised to >$35M from $30M
- Motiva U.S. revenue of $19.6M, up 13.3% from Q4 2025
- Gross margin expanded to 70.7% from 67.2% a year ago
- Cash balance of $68.1M as of March 31, 2026; cash use improved to $7.5M from $21.2M a year ago
- Company expects to be free cash flow positive in H2 2026
Financial Impact
Revenue beat of ~$2.5M (4.4%) vs consensus; guidance raised by ~$2.5M at midpoint; EPS miss of -$0.17 vs consensus but driven by non-cash items (stock comp, restructuring) — adjusted EBITDA positive for third consecutive quarter
Risk Factors
- GAAP EPS miss of -$0.45 vs -$0.28 consensus could create some headline noise
- Cash burn continues ($7.5M in Q1) despite improvement; free cash flow positivity not expected until H2 2026
- High debt load ($248.6M note payable) limits financial flexibility
- Restructuring charges of $1.4M in the quarter suggest ongoing cost actions
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001688757-26-000038 |
| Document: esta-20260506.htm | 0001688757-26-000038 |
| Document: 0001688757-26-000038-index-headers.html | 0001688757-26-000038 |
| Document: 0001688757-26-000038-index.html | 0001688757-26-000038 |
| Document: 0001688757-26-000038.txt | 0001688757-26-000038 |
| 8-K Data (Synthetic) | 0001688757-26-000038 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 12d ago | 8-K | $61.36 | awaiting T+60 | — | $66.92 (+9.06%) |
Aug 6, 2026 11w ago | 8-K | $79.05 | awaiting T+60 | — | $66.92 (−15.34%) |
Jun 29, 2026 17w ago | 3 | $85.81 $67.76 | ▼ −21.03% | ▼ −23.85% | $66.92 (−22.01%) |
Jun 29, 2026 17w ago | 8-K | $87.42 $70.24 | ▼ −19.65% | ▼ −24.04% | $66.92 (−23.45%) |
May 6, 2026 24w ago | 8-K | $74.54 $92.54 | ▲ +24.15% | ▲ +22.09% | $66.92 (−10.22%) |
May 6, 2026 24w ago | Insider Cluster | $74.54 $92.54 | ▼ −24.15% | ▼ −22.09% | $66.92 (+10.22%) |
Apr 24, 2026 26w ago | DEFA14A | $65.47 $93.87 | ▲ +43.38% | ▲ +38.60% | $66.92 (+2.21%) |
Apr 10, 2026 28w ago | DEFA14A | $62.92 $87.99 | ▲ +39.84% | ▲ +30.92% | $66.92 (+6.36%) |
US Market Status
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