ESTAESTABLISHMENT LABS HOLDINGS INC.

Orthopedic, Prosthetic & Surgical Appliances & Supplies

Revenue: $211M; 27% YoY
Operating margin: -18.5%; 39% YoY
EBITDA: −$33M; 28% YoY
Market cap: $1.9B
Employees: 278; $759K revenue each
Net debt / EBITDA: —; −$71M net debt
AI in 10-K: 2.1; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$2M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
5% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$759K · 82nd pct
Bottom quartile of its SIC industry
Quiet on AINo
2.1 per 10K words · 56th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$37M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$127M	$162M	$165M	$166M	$211M	27%
Operating income	−$25M	−$40M	−$65M	−$50M	−$39M	22%
Net income	−$41M	−$75M	−$79M	−$85M	−$51M	40%
Operating cash flow	−$28M	−$52M	−$89M	−$59M	−$51M	13%
Capex	$2M	$3M	$8M	$6M	$6M	1.1%
Stock-based comp	$10M	$13M	$14M	$14M	$11M	21%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $37M · 30
Net: −$37M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	194	99
FY2024	$3M	$7M	167	105
FY2023	$2M	$304K	94	106
FY2022	$3M	$6M	237	100
FY2021	$2M	$6M	244	125