Establishment Labs(ESTA) - 2024 Q1 - Quarterly Results

Financial Performance - Total revenue for Q1 2024 was $37.2 million, a decrease of 20% compared to $46.5 million in Q1 2023[4] - Gross profit for Q1 2024 was $24.4 million, representing a gross margin of 65.6%, up from 64.7% in the same period last year[4] - The net loss for Q1 2024 was $16.2 million, compared to a net loss of $11.9 million in Q1 2023[7] - Net loss for the three months ended March 31, 2024, was $16.202 million, compared to a net loss of $11.942 million in the same period of 2023, reflecting a decline of 35.5%[24] - Adjusted EBITDA loss improved to $3.7 million in Q1 2024, compared to a loss of $17.3 million in Q4 2023[5] - Adjusted EBITDA improved to a loss of $3.652 million for Q1 2024, compared to a loss of $4.015 million in Q1 2023, indicating a positive trend[24] Revenue Guidance - The company expects 2024 revenue guidance of $174 million to $184 million, reflecting a growth of 5% to 11% over 2023[5] Operating Expenses - Operating expenses decreased to $33.2 million in Q1 2024, down from $38.2 million in Q1 2023[6] - Research and development expenses were reduced to $4.3 million in Q1 2024, compared to $6.5 million in the same quarter last year[7] Assets and Liabilities - Total current assets increased to $203.695 million as of March 31, 2024, up from $174.901 million on December 31, 2023, representing a growth of 16.4%[23] - Total assets rose to $301.838 million, compared to $268.641 million at the end of 2023, marking an increase of 12.3%[23] - Total liabilities decreased to $244.927 million as of March 31, 2024, down from $250.246 million at the end of 2023, a reduction of 2.5%[23] - Total shareholders' equity significantly increased to $56.911 million, up from $18.395 million at the end of 2023, representing a growth of 209.5%[23] Cash and Inventory - Cash balance increased to $73.0 million as of March 31, 2024, up by $32.9 million from December 31, 2023[8] - Cash balance increased to $72.980 million as of March 31, 2024, compared to $40.035 million at the end of 2023, a rise of 82.1%[23] - Inventory decreased to $72.489 million from $79.471 million, reflecting a decline of 8.3%[23] Other Financial Metrics - Interest expense for Q1 2024 was $4.381 million, compared to $3.756 million in Q1 2023, an increase of 16.6%[24] - Foreign currency losses amounted to $3.019 million in Q1 2024, contrasting with gains of $0.919 million in Q1 2023, indicating a negative shift[24] Product Launches and Research - The company launched Motiva implants in China and Flora tissue expander in the U.S., with plans for U.S. FDA approval of Motiva expected this year[3] - Four-year data from the Motiva U.S. IDE study presented at The Aesthetic Meeting showed low rates of capsular contracture and rupture, setting a new standard for breast implants[3]