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Medical devices & instruments · Healthcare · Fiscal year ends Dec 31
Establishment Labs reported revenue of $211M in the fiscal year ended Dec 2025, up 27.1% from the year before. Operating income was −$39M, an operating margin of −18.5%, and net income was −$51M. Operating cash flow of −$51M less capital expenditure of $6M left free cash flow of −$57M. Net debt was $172M.
Ranks among the 44 medical devices & instruments companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 127 | 162 | 165 | 166 | 211 |
| Cost of revenue | 41.3 | 55.1 | 58.2 | 56.5 | 64.8 |
| Gross profit | 85.4 | 107 | 107 | 110 | 146 |
| Research & development | 18.3 | 20.3 | 26.4 | 19.7 | 20.2 |
| Selling, general & admin | 92.2 | 126 | 146 | 140 | 165 |
| Operating income | −25.1 | −39.7 | −65.0 | −50.0 | −39.0 |
| Interest expense | 9.1 | 11.8 | 15.4 | 20.8 | 25.3 |
| Pre-tax income | −39.7 | −72.8 | −78.6 | −84.6 | −58.0 |
| Income tax | 1.4 | 2.4 | −0.1 | −0.0 | −7.0 |
| Net income | −41.1 | −75.2 | −78.5 | −84.6 | −51.1 |
| Diluted EPS | −1.72 | −3.08 | −3.07 | −3.00 | −1.72 |
| Diluted shares | 24.0 | 24.5 | 25.6 | 28.2 | 29.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 53.4 | 66.4 | 40.0 | 90.3 | 75.6 |
| Receivables | 24.4 | 35.4 | 46.9 | 65.0 | 77.5 |
| Inventory | 28.4 | 36.6 | 79.5 | 78.8 | 85.6 |
| Current assets | 113 | 150 | 175 | 243 | 250 |
| Net PP&E | 18.7 | 51.1 | 77.2 | 78.0 | 75.6 |
| Goodwill | 0.5 | 0.5 | 0.5 | 1.2 | 1.2 |
| Total assets | 140 | 211 | 269 | 347 | 357 |
| Payables | 14.5 | 20.0 | 41.6 | 44.8 | 43.1 |
| Deferred revenue | 0.8 | 1.7 | 1.8 | 1.7 | 1.2 |
| Current liabilities | 31.9 | 39.0 | 57.2 | 68.3 | 82.1 |
| Short-term debt | – | – | – | 0.0 | – |
| Long-term debt | 51.9 | 175 | 189 | 220 | 248 |
| Total liabilities | 88.8 | 219 | 250 | 294 | 334 |
| Shareholders' equity | 50.7 | −8.2 | 18.4 | 53.1 | 23.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −27.5 | −52.2 | −88.5 | −58.5 | −50.9 |
| Capital expenditure | 2.4 | 2.9 | 7.9 | 6.1 | 6.0 |
| Free cash flow | −30.0 | −55.0 | −96.4 | −64.6 | −56.9 |
| Depreciation & amortisation | 2.5 | 2.5 | 2.8 | 4.7 | 6.2 |
| Stock-based compensation | 10.4 | 13.4 | 14.4 | 14.4 | 11.4 |
| Acquisitions | – | 0.0 | 0.0 | 0.1 | 0.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 27.6% | 2.1% | 0.5% | 27.1% |
| Gross margin | 67.4% | 65.9% | 64.8% | 66.0% | 69.3% |
| Operating margin | −19.8% | −24.5% | −39.4% | −30.1% | −18.5% |
| Net margin | −32.5% | −46.5% | −47.5% | −51.0% | −24.2% |
| Return on equityBlank when equity is negative | −81.1% | – | −426.8% | −159.3% | −216.9% |
| ROCEEBIT ÷ (assets − current liabilities) | −23.4% | −23.0% | −30.7% | −17.9% | −14.2% |
| Free cash flow margin | −23.6% | −34.0% | −58.4% | −38.9% | −27.0% |
| Cash conversion (CFO ÷ net income) | 0.67x | 0.69x | 1.13x | 0.69x | 1.00x |
| Receivable days | 70 | 80 | 104 | 143 | 134 |
| Inventory days | 251 | 242 | 499 | 509 | 482 |
| Payable days | 128 | 133 | 261 | 289 | 243 |
| Interest cover | −2.77x | −3.37x | −4.22x | −2.40x | −1.54x |
| Debt ÷ equity | 1.02x | – | 10.3x | 4.14x | 10.5x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −1.5 | 109 | 149 | 129 | 172 |
| Current ratio | 3.55x | 3.85x | 3.06x | 3.56x | 3.04x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.