Establishment Labs(ESTA) - 2024 Q4 - Annual Results

Financial Performance - Fourth quarter revenue was $44.5 million, a 41% increase from $31.6 million in the same period of 2023[5]. - Fourth quarter net loss from operations was $18.7 million, a 15% reduction compared to a net loss of $22.1 million in the year-ago period[4]. - Adjusted EBITDA loss for the fourth quarter improved to $13.1 million, a 25% reduction from a loss of $17.4 million in the same quarter last year[4]. - The company reaffirmed 2025 revenue guidance of $205 million to $210 million, representing a 23% to 26% increase over 2024[4]. - Net loss for the year ended December 31, 2024, was $84.596 million, compared to a net loss of $78.502 million in 2023, indicating a deterioration of 8%[25]. - Adjusted EBITDA improved to a loss of $28.251 million in 2024 from a loss of $47.035 million in 2023, showing a 40% reduction in losses[25]. Cash and Assets - Cash balance as of December 31, 2024, was $90.3 million, with an additional $25 million available from a credit facility, totaling approximately $115 million[4]. - Total assets increased to $346.831 million in 2024, up from $268.641 million in 2023, representing a growth of 29%[24]. - Current assets rose to $243.037 million in 2024, compared to $174.901 million in 2023, reflecting an increase of 39%[24]. - Cash reserves significantly increased to $90.347 million in 2024, compared to $40.035 million in 2023, which is a growth of 126%[24]. Expenses - Sales, general and administrative expenses increased to $44.0 million, up from $36.9 million in the fourth quarter of 2023[7]. - Research and development expenses decreased to $5.1 million, down from $5.8 million in the same quarter a year ago[8]. - Interest expense for the year ended December 31, 2024, was $20.829 million, up from $15.393 million in 2023, indicating an increase of 36%[25]. Inventory and Equity - Inventory decreased slightly to $78.766 million in 2024 from $79.471 million in 2023, a decline of 0.9%[24]. - Total shareholders' equity increased to $53.095 million in 2024, compared to $18.395 million in 2023, representing a growth of 189%[24]. Product Development - U.S. sales of Motiva implants reached $3.3 million in the fourth quarter, with expectations of approximately $5.5 million in the first quarter of 2025[4]. - The company launched Preservé in Brazil, expanding its minimally invasive technology portfolio[4]. Liabilities - Total liabilities increased to $293.736 million in 2024, up from $250.246 million in 2023, marking a rise of 17%[24]. - Goodwill rose to $1.209 million in 2024 from $465 million in 2023, reflecting a substantial increase of 160%[24].