The company's inflection to positive free cash flow and raised guidance signal accelerating operating leverage. Watch for continued U.S. market share gains and FDA progress on Motiva for breast reconstruction, which could expand the addressable market.
Price Chart
Executive Summary
Establishment Labs reported Q3 2026 revenue of $72.0M, up 33.9% YoY, driven by 119% U.S. growth. The company achieved its first quarter of positive operating cash flow ($7.7M) and free cash flow ($5.1M), and raised full-year 2026 revenue guidance to more than $274M from $269M-$271M. GAAP net loss narrowed to $10.7M ($-0.35 per share) from $11.1M ($-0.38) a year ago.
Key Financial Metrics
Key Facts
- Q3 2026 revenue of $72.0M, up 33.9% YoY from $53.8M
- U.S. revenue increased 119% to $26.0M; OUS revenue up 9.7% to $46.0M
- Minimally invasive revenue up 124% YoY to approximately $9M
- First quarter of positive operating cash flow ($7.7M) and free cash flow ($5.1M)
- Full-year 2026 revenue guidance raised to more than $274M from $269M-$271M
- Adjusted EBITDA of $6.4M (8.9% of revenue) vs $1.2M (2.2%) a year ago
- GAAP net loss of $10.7M ($-0.35 per share) vs $11.1M ($-0.38) in Q3 2025
- Cash balance of $75.8M at September 30, 2026
Financial Impact
Revenue growth of 33.9% YoY, first positive free cash flow quarter, raised full-year guidance by $3M-$5M
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| United States | $26.0M | +119.0% |
| OUS (Outside United States) | $46.0M | +9.7% |
Risk Factors
- GAAP gross margin declined to 69.1% from 70.1% due to inventory charges and OUS distributor mix
- Company remains GAAP net loss-making with $267.8M in debt
- Forward-looking 2027 growth of 25% is a target, not guidance
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001688757-26-000056 |
| Document: esta-20261029.htm | 0001688757-26-000056 |
| Document: 0001688757-26-000056-index-headers.html | 0001688757-26-000056 |
| Document: 0001688757-26-000056-index.html | 0001688757-26-000056 |
| Document: 0001688757-26-000056.txt | 0001688757-26-000056 |
| 8-K Data (Synthetic) | 0001688757-26-000056 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $68.41 $62.46 | ▼ −8.70% | ▼ −6.92% | $62.46 (−8.70%) |
Oct 15, 2026 17d ago | 8-K | $61.36 $59.18 | ▼ −3.55% | ▼ −2.45% | $62.46 (+1.79%) |
Aug 6, 2026 12w ago | 8-K | $79.05 $77.42 | ▼ −2.06% | ▼ −2.67% | $62.46 (−20.99%) |
Jun 29, 2026 17w ago | 3 | $85.81 $89.23 | ▲ +3.99% | ▲ +4.12% | $62.46 (−27.21%) |
Jun 29, 2026 17w ago | 8-K | $87.42 $85.81 | ▼ −1.84% | ▼ −2.62% | $62.46 (−28.55%) |
May 6, 2026 25w ago | 8-K | $74.54 $72.03 | ▼ −3.37% | ▼ −3.04% | $62.46 (−16.21%) |
May 6, 2026 25w ago | Insider Cluster | $74.54 $72.03 | ▲ +3.37% | ▲ +3.04% | $62.46 (+16.21%) |
Apr 24, 2026 27w ago | DEFA14A | $65.47 $64.40 | ▼ −1.63% | ▼ −1.15% | $62.46 (−4.60%) |
Apr 10, 2026 29w ago | DEFA14A | $62.92 $66.48 | ▲ +5.66% | ▲ +4.45% | $62.46 (−0.73%) |
US Market Status
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