Q2 2024 Establishment Labs Holdings Inc Earnings Call Transcript
Key Points
- Revenue for the second quarter of 2024 totaled $44.1 million, showing an 18.7% quarter-over-quarter growth, indicating a stabilization in global demand.
- The FDA conducted a pre-approval inspection of the company's manufacturing facility in Costa Rica, with only minor observations, suggesting imminent approval for Motiva Implants in the US.
- The company has seen a strong recovery in demand in the EMEA and APAC regions, with several markets fully rebounding from previous slowdowns.
- Adjusted EBITDA loss was reduced to approximately $4 million, less than half of what was reported in the second quarter of last year, showing improved financial management.
- The company is preparing for a US launch with a strong team and infrastructure in place, anticipating significant growth and profitability from the US market entry.
- Total revenue for the second quarter declined by 9.3% from the year-ago period, indicating challenges in maintaining year-over-year growth.
- The Brazilian market continues to suffer from softer demand, with no expected improvement this year, impacting overall performance in Latin America.
- Despite improvements, the company still reported a net loss from operations of $9.3 million for the second quarter.
- Foreign exchange rates, particularly the strengthening of the Costa Rican Colón, continue to be a headwind, affecting reported costs.
- The company is still facing challenges in onboarding clinics quickly enough for the Mia Femtech product, which could delay revenue growth from this segment.
Good afternoon, and welcome to the Establishment Labs reports second quarter 2024 financial results call. (Operator Instructions) As a reminder this call is being recorded.
I would now like to turn the call over to Raj Denhoy, Chief Financial Officer. Please go ahead.
Thank you, operator, and thank you everyone for joining us. With me today is Juan Jose Chacon Quiros, our Chief Executive Officer. Following our prepared remarks, weâll take your questions.
Before we begin, I would like to remind you that comments made by management during this call will include forward-looking statements within the meaning of federal securities laws. These include statements on Establishment Labs financial outlook and the companyâs plans and timing for product development and sales. These forward-looking statements are based on managementâs current expectations and involve risks and uncertainties.
For a discussion of the principal risk factors and uncertainties that may affect our
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