Establishment Labs Holdings Inc. (NASDAQ:ESTA) Q3 2024 Earnings Call Transcript November 7, 2024 4:30 PM ET

Company Participants

Rajbir Denhoy - Chief Financial Officer
Juan Jose - CEO and Founder

Conference Call Participants

Allen Gong - JPMorgan
Matt Taylor - Jefferies
Sam Eiber - BTIG
Anthony Pettinari - Citi
Josh Jennings - TD Cowen
Anthony Petrone - Mizuho Group

Operator

Good afternoon. Welcome to Establishment Labs Third Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, today's call is being recorded. I will now turn the call over to your host, Raj Denhoy, Chief Financial Officer. Please go ahead.

Rajbir Denhoy

Thank you, operator, and thank you, everyone, for joining us. With me today is Juan Chacon Quiros, our Chief Executive Officer. Following our prepared remarks, we'll 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 meanings of federal securities laws. These include statements on Establishment Labs' financial outlook and the company's plans and timing for product development and sales. These forward-looking statements are based on management's current expectations and involve risks and uncertainties. For a discussion of the principal risk factors and uncertainties that may affect our performance or cause actual results to differ materially from these statements, I encourage you to review our most recent annual and quarterly reports on Form 10-K and Form 10-Q as well as other SEC filings, which are available on our website at establishmentlabs.com.

I'd also like to remind you that our comments may include certain non-GAAP financial measures with respect to our performance, including, but not limited to sales results, which can be stated on a constant currency basis or profitability of the company's business, which can be stated as EBITDA or adjusted EBITDA. Reconciliations to comparable GAAP financial measures for non-GAAP measures, if available, may be found in today's press release, which is available on our website. The content of this conference call contains time-sensitive information accurate only as of the date of this live broadcast, November 7, 2024. Except as required by law, Establishment Labs undertakes no obligation to revise or otherwise update any statements to reflect events or circumstances after the date of this call. With that, it is my pleasure to turn the call over to our CEO, Juan Jose.

Juan Jose

Thank you, Raj, and good afternoon, everyone. The approval of Motiva Implants on September 26 was a watershed moment for our company and for the plastic surgery industry. The launch has exceeded even our high expectations. The pace at which we are onboarding new accounts and the orders we are seeing validates what we have shown in many other countries around the world that safer and better technology that offers new options can move markets. I'll provide some additional details in a moment. With the launch in the United States going so well, we have taken this opportunity to strengthen our balance sheet. Following FDA approval, we accessed $25 million under our existing credit facility. Today, we are also announcing that we have completed a registered direct offering to invest $50 million at a 5% discount to our closing price. This equity raise was done in conjunction with an amendment to the Oaktree credit facility, where we can now access the remaining $25 million until the end of 2025.