ESTA - Earnings call transcript Q2 2022 | Establishment Labs Holdings Inc.

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Operator

Good afternoon. Welcome to Establishment Labs' Second Quarter 2022 Earnings Call. At this time, all participants will be in a listen-only mode. At the end of this call, we will open the line for a question-and-answer session and instructions will follow at that time.

As a reminder, today's call is being recorded. turn over now Chief Raj will Officer. Financial I the to call Denhoy, And ahead. go Please

Rajbir Denhoy

Officer. operator you, With Jose Chief is us. you, me Juan Executive our Quiros, Thank Chacon thank today and everyone, for joining

Following our prepared we'll take your questions. remarks,

and to federal would by this include for Labs' forward-looking on securities timing include laws. Before will that within statements financial during you the Establishment like and These begin, on and comments remind outlook involve company's development we the sales. call uncertainties. are forward-looking and statements I made management's management meaning plans expectations and product current of risks statements These based

materially review on Form of as which discussion annual may performance actual a other reports from affect our For and I filings on quarterly our differ cause establishmentlabs.com. these our you encourage as most principal uncertainties statements, risk XX-Q well SEC recent website available at to factors and or XX-K that to the Form and are results

As call clinical is the Jose. Establishment conference the Xth, to XXXX. to Motiva required products undergoing date seek States. expand after the update continually With is only from accurate which Implants turn to content in obligation Please information regulatory reflect and statements otherwise investigational events call Juan as as of broadcast, authorities FDA pleasure this the it Except a an call. over a time-sensitive of this We device any specific our or are local August the Labs product this to law, in contains undertakes the regulatory for or CEO, that, for support of to Establishment date by of my approval United revise no Labs circumstances to to live reminder, our approved. check geographies trial exemption received the availability. The

Juan Jose Chacon Quiros

XXXX. quarter to the safe. Thank you, is Revenue healthy record afternoon, continues everyone second quarterly everyone. over of new $XX.X the company. XX% is million, a Raj hope a XXXX quarter and a remain increase good This of and for totaled in I second

the in the Excluding been our impact second approximately changes, quarter have currency XX%. foreign negative would growth of

Our market singular on by and well-being. focus health women's be to our continue driven share strong gains

our Our on are highly and wholly Raj and Most unique design differentiated our markets moment. technology innovation, will categories bring performance commitment outlook and expanding to importantly, on growth detail patient-centric existing to we to that our quarter science this based for come. in commitment provide second creating years is in many sustain a with our will new industry. additional

Before I our turn a little the annual released to events. him, July, differently In Labs. to I call several recent We think like about report. we Establishment over sustainability sustainability at would highlight

industry understanding Our our cannot our legacy founded future. was on of the company that the be

to our commitment by to continued their are how of defined clinically at this offer health and commitment our and and breast recognize to to transformation to its are industry better journey of women's privileged Sustainability the is We key safer options core We lead we our women success. health. growth to in wellness.

strong Motiva performance the world. implants around sold our a from the built trust their over the presented augmentation future investigator have study Glicksman, The results over the this financial who women Motiva. we By in the two-year sustainable. us past we in study we and We years choosing on the importantly, are in foundation on honoring X environmental matched of our strong IDE is about and exceptional Most that the results a believe principal is are practice. US put is XX focused business the seen have in April. positive by primary with it Dr. social trust, our cohort Caroline data million

positive on very sparked receive the to in is community results We tangible. it the and the continue interest clinical has feedback

of reconstruction last the week, have surgeries the remaining announced we the in completed we As trial. cohort

IDE enrolled study follow-up. US is Our now fully moving diligently in are we to

available are for and We communicating, new our also implants. submitted options breast cohort, fourth treatment early the during launch the pursuing artifacts module and related improved Flora expanders, module the modular a announce during to mark oncology aesthetic tissue many Motiva smooth look we've technology advances to stage this our our we port, unique MRI of in patient other we radiation other being an patented the our to Flora to self-friendly nonmagnetic, submitting formation This tissue with cell have after I'm opens users agency aesthetic expander. PMA this final the capsule the pleased On path. the is manufacturing forward third fourth By noted mastectomy. comfort features RFID-enabled first-of-its-kind submission which the has recovery. in review. as the and of have over allows previously used healthier module tissue franchise, surface for the Flora for expander time In Flora expander ongoing. including FDA recon is to and Europe without CE of potentially commercially countries imaging is quarter.

We in step their some and to We reconstructive breast are which clearance reconstruction our you on In are been gaps worldwide. wait timelines. available. Europe adding Labs more minimally Surgeons and surgeries women efforts Flora to aspire created tools the to expander has of Establishment take help in with system. where reconstruction Mia our add recon the from in allow to Motiva achieved invasive making choice. industry can our breast future. technology breast their Europe our Flora the we is forward with and techniques migration are that to is MDR these women adopting offer for they will believe the the democratize ideals initiative, part franchise, for receive the breast our to only the regulation expanding many look enhancement support to in aesthetic the regulatory journey. continue that and tools aesthetic time, of the Mia, will which first markets for have but standard we in The encouraging Flora in MDD that early that work is this consumer regulatory Adoption procedure, the in sharing injectable to efforts

clarity, As we build continue we to wait in direct-to-consumer in our for capabilities centered hub health woman's Barcelona. a

to April also continue the cohort track we year. perform as XXX of We completed new well patient as cases, Mia in original last

of by anticipation have set will the belief new of of transform expand a is months. We could in new patients the we to billion launch a group patients continues the continue considered grow customers. outcomes X and our market from this our aesthetics not with Training more than commercial our had to this base approach found on our half research, to that to bring experience coming Overall, new that early previously that category approximately of follow-up opportunity and support support created XXX% namely breast new first globally, what of surgeons in the enhancement. Mia breast in

now in market I China, to we to over our in approval turn Raj cover of will Our given updated progress the are process. form first we the expectations ongoing this clinical in review expect effects China in restrictions of efforts half the call make commercial and the timing financial of for and Motiva in on regulatory continue regulatory Based of the COVID-related XXXX. reasons. the to

Rajbir Denhoy

Juan Jose. $XX.X was Reported you, Total quarter the second growth revenue million. in was the Thank for XX.X%. quarter revenue

changes currency second Foreign revenue by our $X.X approximately reduced quarter million.

timing sales of distributor XX% currency, have can sales regional which the of while on in reorders quarter of been the impact based perspective, the sales were global Excluding up comprised in this approximately of revenue inventory changes balance. in total, and Europe approximately made growth the XX% would XX.X%. levels, Direct sales. From fluctuate

was the single and largest total balance. Brazil, up made globally, Latin sales. Middle XX% market for our which approximately America quarterly XX.X% and Asia-Pacific East accounted of is

$XX.X XXXX. period. The down second due million million as net XXXX. practices second was compared of and other as in million, $XX in quarter quarter-to-quarter for the the period preparations second second million gross to and the the year same to operations the the normalization reported foreign revenue of of revenue million ago to ago Total year our XX.X% quarter this initiatives margin period from was for normalization R&D second expenses of SG&A expenses The from in XX.X% or a our the expenses timing of operating the spending ago, million the continued U.S. in fluctuate relative quarter the gross and the XXXX. was the were to to compared currency. selling new for will profit compared million in million. approximately million $X.X just $XX.X in second went change loss global million ago from result disruption for changes increased productization of period. $XX.X the and average in $XX.X launch from investments following from the million investments increase the an quarter the initiatives. on loss in R&D and well year again primarily business growth trial prices year SG&A Our a Net same quarter the $X.X clinical increase second increased slightly resulted primarily for of growth quarter $XX.X the based approximately approximately The pandemic activity quarter of from expenses quarter $XX.X increase for in the to in for first was expenses. Overall quarter of a second of $XX.X Mia, in to the quarter like $X.X

$XX.X XXth. net increased loan approximately the tranche the our cash end new quarter $XX the of million. cash previous we as was to previous the $XXX on and June of our cash the result first April increase new Our loan, fees was the million position facility at from The $XX.X secured This the of repayment balance term Net of million by in million. compared the XXth in year.

million under funding initiatives. reminder, the more cashflow allow have we Under the us that hand manufacturing in world's to to Cash million can quarter expand facility still on As market. non-dilutive on facility as $XX.X achieve us current cash of three capacity has the forecast, $XX milestones. capital we loan than regulatory revenue our totaling credit additional our included while as additional of access currently growth our capital can our our the will profitability, in investment half a available the approximately used achievement the of term tranches new well

growth a of $XXX We to million, XXXX our sales are for maintaining annual range $XXX representing guidance in estimated XX%. of to XX% million

important and on even macro results, than saw our environment. in will currency. we current steeper business expect foreign current approximately there a this hold, we guidance the that we rates momentum considerable by update It's As that our from about If in our are is second note will worse quarter continue early last our X.X%. revenues a headwind is despite reported currency in point This May. maintaining impact

impact global it supply to will far immune not to We're rest challenges year. remain relates are that experiencing chain, our have the and companies we so we those the of on As results. anticipate for the minimal many seen

back of will we of As time operating expect increase investments. growth, P&L, competitive rest given less a turn continue as position. as in believe and even We results sales prioritize timing to spending we financial programs investment call of the And our over remains linear, should down our but I have see in strong topline expenses development strategic levels make company significant commercialization as look overall, to and the increase we a The we down expenses Juan our number very Jose. can quarterly with the to trend strong we over that, percentage underway. the

Juan Jose Chacon Quiros

Thank you, Raj.

global the environment. we growth invest ahead, in the significant uncertain are mindful we As of

we has unsettled. our about broadly. macro cognizant Our on growth judicious but and are be to to is taking this, spending are of that business Because momentum, steps considerable environment prioritize initiatives more we spending the

have in But to of review our a areas investments strengthened growth, in the a highest strong The position of few front current foundations last given to opportunities our significant of and unique as number the we sales are reprioritize well are We Labs. months this Establishment as environment return. us. of using

and commitment well-being We is and to reconstruction. to health grounded our within our it become women's the aesthetics well global in reach leading company breast solidly are and in

your create will more growth questions. world. our in will continue I so the transform women for for call now importantly, the and for turn to to the options create over categories will doing markets We and around new new we operator

Operator

Thank you. Instructions] proceed be question with will a At session. this line of question. time, conducting from first comes [Operator we with Our your Chris the Stephens. question-and-answer Cooley Please

Chris Cooley

may afternoon curious you of is of to underlying kind Thank Good I you. And quarter. Appreciate just above on in kind of Good here million relative market think of congratulations on quarter. confident market. and growth, that Appreciate questions range $XXX outpacing questions about the then afternoon, I gains, if much growth. here any our provide, growth. the million, Juan would But what broad as $XXX the maybe to the kind the market taking quick focus right assumption then that And the first and you clearly appreciate today. a like Raj, to record that market and and got taking you're the And guidance could question, you I've implies base now. Jose my rate you follow-up. well on company's congratulations today. record growth I'd global the our of of color for what how continuation back that share of just half in why is here,

Rajbir Denhoy

you, Yes, Chris. thank

again, we expectations, see very work our any continues increase, market. an has able strongly share, around to constant currency Labs though saw to Brazil, performing for market competitive instance, of price-sensitive we example, you coming market, the in XX% that above Establishment type of very through And team as that even feel if in take we our somewhere share out hovering way pricing in and So, is about market amazing performance our XX% increased challenges. Brazil, we're

of world products the you is gains. and renewed the and being to techniques how us our our shows share train around medical surgeons best it best usage move with of the So, helping through able education and technology market strength in

to, share that's think and we coming, course, And will happening. of our the that is, And the from the in of geographic, new of are even growth China. I U.S. with on though agree that market competitors. we us course, that have we question, continue a situation think allow in course, gaining and will expansion of markets

Chris Cooley

that I think us not I And maybe a the roughly a like only you I'll Appreciate it's us to the implications bit, SG&A kind $XX quarter, continue step-up, here. the that's to think that more accelerate for about you the Raj, modeling sales and some China one queue. your for in of, that gating, provided in throughout the maybe more especially of versus additional kind remarks, color on year, and can incremental just me were the stated of now, on get then of most color. you topic And with kind year. a next help prepared knowing and early back side million know, bit in to operating but looking little the there for you specifically, delayed expect so expenses what of underlying, little marketing. But the the those discussion rate. be burn going been there

the drawdown of because on the China? of so push modest see So, first Thank you just over a year? does to the there as you it peak half much. exiting security the into we're And XXXX, start or then out

Rajbir Denhoy

speaking, Chris. at so look clearly the we us opportunities. opportunities of only if Mia. preparing for launch, but preparing Right, were the in company, thanks U.S. you as question, all for not front for a in investing Generally Yes, those

You mentioned the for China a out of distributor us. China's push market

So, on. than other our will the working -- it, some we're contribute while of they things less investments it's there

next tap we're you full earnest. that as business, up But get getting ready in year start half we and for are look in to percentage couple next a time. the sales significant lot past, the below we've tap think will we some the first the on where and of about said the U.S. and a expect people a as our revenue so of of over opportunities we us. spending years the opportunities, at we are should down at leverage next you expenses flow though, last year, these will year, as so And into of year, do over that in to of Having not as Even that, into I generally we're this year commented percentage from trend ended to those. some that we're start this when our of slightly years, leverage into to couple if spending the in where relative operating particular, and look for expect we still of

So, again, in we're to it good just appreciate that things come as investing for all us the company. a

Chris Cooley

and Thank you congratulations.

Operator

And with with proceed Weiner your line question. our comes from Zach next Please of question the Jefferies.

Zach Weiner

that year? just last guys you over And question. the procedure for for the you me thanks learned evolved? on Mia. has about in So the one have Hey, procedure? talk how what And Can

Juan Jose Chacon Quiros

Yes, thank you, Zack.

implant the So, Since Japan the ergonomics if place with properties can in are procedure revelation diamond being XXXX, their experience. are that that had first mechanical old this improvements the superior we there's injected. about the procedure really tell in able has a be chemistry we've you, without to and because think to improved the just silicones, patient I been is the that in the Mia what beginning, procedures procedures allow the tissue itself But today, implant took tremendous way. we and dissecting performed to do

patients all very So, anesthesia. what's preserving we area. And tissue. we decisively not to with general in paying to what's move have endings touching little any that's that's the nerve pain, what has away are patients sensation from because And breast us allowed allowing that's the are keeping, of the that same these

a that clothing consumer that is of may type to breast case insoles, bra, padded who all women for that in not a interested us that new and or really like use. tap using together they are traditional augmentation namely strong being compensatory So, for market able the of makes behaviors are silicon into

products a make as will go real to of are strongly to to they we terms feel market, substantial markets. adding very that as able So, difference in these new soon

excitement necessary, So, happier and Europe, the launch. looking last through all We're I that regulatory launch to at the these I the working and be couldn't of clinics can was there geographies, looking in go to was in see Japan have chains I in progress. products you, the and soon we forward We're ahead tremendous. different week, as requirements especially just can as tell we where

Zach Weiner

Thanks.

Operator

comes And Cowen. from Jennings line question proceed Please our of your with question. with next Josh the

Josh Jennings

navigating through types record and supply and any congratulations that just about executing business progress any Good the the afternoon. challenges business facing, questions chain, reasonable and ask, employee submission revenue categories is is for say pressures managing challenges the a your of wanted to pathway and your of just through? taking but what to just facing? retention, lot result Thanks you on is can and your team wanted Clearly share headwinds, how team or in whether is it's the

Juan Jose Chacon Quiros

hiring in working those has I really supply come good to chain that those rate. On we few the our Yes, difficult find continue. we've difficulties of by expect at to through that we've able half be been done to be we've and it. will Labs Establishment And this team is start years challenges year, first been that chain, and challenges doing turnover I'll worked last been when But over I think other through. I them pivot supply ways seen all it's numbers. in fronts, what think our challenges in to the make Josh, don't saying, supply challenges with and the And able for work has through think necessary, down,

happy our sure So, we high of rate employees and culture we're slow slowing, to that see strongly doing down it's about not coming we especially our of are us. we a strengthen when is course, that we turnover make ahead is think globally, we that project we for have engaged internally the velocity into at but And, everyone, team very to absolutely, to everything that what about are of organization. feel

requires coming Barcelona, And Mia. to working the things different is regulatory to a in board, And a it these help that that are we're challenges. that is slowing experiencing, is complicated Our we the going to skills. have the because through as Florida, as we new and process new that companies comes what's many from And on have of to again, takes. regulatory these products. recipe Europe, something what sure talent unit that of to in think they you different new different comes it's Furthermore, it unique us when of consumer in year the general is going with it lockdowns it's the on move on launch construction that MDR side, make down, business have of like lot in is built, type for China, Establishment to we're course, not a with business I tapping are into all what companies, aesthetics Labs, happened the are in slowing MVD when the well being

the challenges, performance those hopefully type continue through the working we can this for doing So, of year. of and rest

Josh Jennings

all like It for -- Surgery for that physician the this help how States made approval. year Thanks public? be Motiva to thinking will the three-year the or to understand -- I follow-up data course feel well. Thanks then especially data about should patient and Meeting presented as company, has Motiva great three-year of this will we released, But U.S. at data three-year to in of of of questions. all the awareness unlocked or United could front And big Plastic hoping the would over be in building the the data, month. plastic you understand We cohorts their Meeting this think the built this those we finish data, see event. just last augmentation -- set year? surgeon for for Aesthetic a better wanted after about that about the want color. is United taking two-year any was a as when this in to follow-up was and States but the I was in The awareness ask just of

Juan Jose Chacon Quiros

excitement but an of ahead balance excitement approval. Motiva that ahead growing of with we not a U.S. plastic have around there's with -- surgery time, think community, I Motiva promoting Yes, to the

their and subject with are surgeons to to able that the always overseas, brings Motiva. traveling more So course, speak of of up they colleagues

San mentioned, and of Aesthetic X.X% post-suspected at that's capsular X.X% Diego presentation the see that rupture -- data especially been a event, in the rate, was landmark you As contracture Meeting when the you data about. what two-year we've presents rupture

some XX think that, to been be show over less of data able it innovation. our device to than the complications done prove possible. on able X% is with do continue But we've prove to will years, in through last We that the our and three-year we related data. And fourth at is that we the getting it fourth the point, For science focus and right sending now is finalized quarter. FDA module to

going you we well our ourselves, we're So, to date releasing that comes to three-year specific know it's always be favor. not whenever of as ahead going transparent being it get data. for a But data, to with about telling in

so. So, right opportunity to do we're for look to going the

Josh Jennings

Understood. Thanks again.

Operator

from comes the BTIG. of Marie And proceed with question. question with Thibault Please next you. line your our Thank

Marie Thibault

happening mentioned a I a that behind delay just there. love to And is there. the timing strong you congrats tools specifically a the timing particular and secondly, there anything on wanted around the Europe, to about with what's regulatory over little the bit transition or that know the is tools, quarter. is then Mia Hi, in at with the the I evening agency hear scenes in of good timelines China? just what's the little MDR looking first, in the on bit here themselves? ask happening We'd

Juan Jose Chacon Quiros

requirements, to has you, not set have Commission XX. And for to Marie. When we have thank comes submitted those an transition, they that new the annex MVD that need up absolutely we everything Yes, MDR the given it submit in Annex, European Annex called requirements. to to tools, this and there's

that's only not this it's aesthetics affecting us, is So, the why entire affecting industry.

them and hope published as waiting respond that for So, line in then industry, to to we are first able for be get we're as the and those soon to be them. those we we'll

comes now. we to to When have to it definitely is everything China, again, do We related. done could it up needed that be

lot of to the conversations year, this far ability think has good the basically have been last have the have So we making months I you a progress over progress. couple on there's been lockdowns and seen as diminished. news, the on But of

why first updated that's year. our half next we timeline to of the So

Marie Thibault

hear very maybe year helpful. to a for we you Raj, if questions. there's cadences? for considering for QX the we And this, That's I Thanks Okay. for revenue the I question in should I missed taking the the but QX or summer be of back Thank if terms consider like, as that. anything half then apologize wanted and seasonality,

Rajbir Denhoy

Absolutely, Marie.

third we we from step revenue last quarter, saw that year, same the we meaningful in this As trend quarter. our And down saw a expect the in reported second continue will year.

we'll quarter, idea again would, we up Thank you. fourth third pretty quarter, normal matures, pronounced the seasonality factors. third we people in the the then The the is as immune see saw here post business so quarter, new seasonality should as not we're to seasonal our and endorse to definitely in And these again, As see in here back particularly more that nice are a some we traveling things pandemic. getting step last are year. and

Marie Thibault

you. Thank

Operator

line Hazan And question. proceed Please your from question Amit with our the next of comes Goldman. with

Philip Coover

it's taking on Amit. And Thanks, as Phil our thank for for you questions well.

On went decision a competence, provide more timelines is if increased philosophically what interested definitive give when the provide timeline into IDE, for you your an at to the willingness a year indication been by for US historically, to of and reticent little to bit involved FDA timeline is or have a end Module the submission guys specific now this point?

Rajbir Denhoy

Thanks for question. Yes. the

the our with dialogue on the remains the heard FDA. of We've we've it's interaction call a had as really now module, I you think reflection the submitted third active.

month we're augmentation passing August, you on the, on in this on cohorts. As years the three the know,

year, So data full set the we have year now. three

everything based and FDA in things we have how to we're upon everything us by in year given progressing are so for seeing expectation, the end, the has idea with interaction approval. should And confidence again, our endorse our that the again

Philip Coover

believe in I you Comment on helpful. a for commented, FX basis worse that's had than year question side, you anticipated of the XXX the Okay, or XQ. the a points couple on

when $X back to dollar of than worse million you FX set was rolled in $X $X from XQ, to to year, standpoint you If seems in us be remind guidance it you the is terms, can the how your range? kind of the start million at much original anticipated

Rajbir Denhoy

that's It to countries, euro, That the dramatically us at all and bit pound, bit I year to right, million and a the something can year. it or despite now we're have XX little the we the strength some this Nordic the than a currency, million some was to again, worse closer on headwind of might of this closer that exposure our the reported northern and, it looking XX%, actually gotten XX these for And lot probably dollars. that it And we've functional to be main of original a European has guidance of a in the, do worse. business we the absorbing additional year. speaks maintained so to the think quite currencies

Philip Coover

Raj. Thanks, helpful. That's

Operator

Please question of question. comes from proceed your with And with Group. our Anthony line Petrone the next Mizuho

Anthony Petrone

breast to study. on Thanks, congrats implants. on And, the quarter, the back maybe guidance going a follow current FDA and around the silicone IDE really up

submission, that, data bit, FDA again, wants unclear But so years that to but does competence the three still the want three PMA of more I on somewhat And beyond a the least the minimum of three getting submitted, and a the at data. PMA a could see still, years potentially fourth data module suggest is follow-up again, here years for the is three just it's little standard it's they of so sufficient. that years guess, of

guidance, more at a then I'll potentially least for the specifically around sort of looking ups. data, have of and on years So just follow that, data? to temperature want couple check And if of they're three take

Rajbir Denhoy

Yes, thank clearly that And is you, the Anthony. guidance yes, years says data. three of pretty that

XX%. data. that Of strength Also, of also that's in patients, number clinical at numbers, terms helpful, course, done because having look very above up complication our with you when outcomes of, what compliance two it of have we Patient follow the the shows helpful. year very amazing is the that,

that in to produce the XXX% market. at ability three year hitting So all I this Motiva the set to has our if strengthened FDA month, our for data the we anything, think, so, implants approve are U.S. data needs it

Anthony Petrone

That's And and a just on quick follow-ups, macro one related, just is two then FX. helpful. one

market necessarily across the are Perhaps either by compete sounds just left, not maybe some you it price competition any physician noticing little you spending was, dollar practices? seeing there from in establishment total bit saw there FX, up and patient price there's or a are on what quarter? just competition? it in well. Some adding macro So step But And impact certainly specifically, amongst broadly tested headcount. as you out your competitors? translational this So spending a the gets a of like as then the competition

in So what spending? Thanks. dollar overall FX to pickup the on was the sequential uptick related

Rajbir Denhoy

up in dollars, our our we there we operations Anthony. have as quite Europe, So You Mia Yes. mentioned, of of think us, them. expenses in things from in front spending, spending, But we're United me It's that in the at a going have standing But ahead investing revenue realizing an question, look States a to are in when the right? be we that And front of we're here. in fact do a US quite a exposure to of and of have right? number, don't we're as to I at the us. these Costa opportunities exact I a expense you fair we of Rica, with number I for currency bit terms us lot expenses you give business, a don't offset number other natural in it on, detailed honestly, look of of think the for a given lot can working relates when bit I is terribly of in have we

those And launches the so lack as into and leverage a should next year, off year of I in beyond sort to but business pay starts then we areas. new generate really natural this as those earlier, of you're get to seeing and revenue that mentioned start

Juan Jose Chacon Quiros

comes were I mentioning said made Brazil it in to think I we with this competition, year. And instance, what significant share Yes. price before when you gains have as for

week, than share last XX% we a in be premium as XX% Although category in last premium are was brand we market and positioned over higher year, we currency, in solidly and in in the market. local Japan Asia to in and that breast I South we in have in positioned markets. Korea, are aesthetics, continue both and both

So think on industry And we that, a -- when what used it a industry to end. the to continue it what way to comes Establishment aesthetic decade, outcomes. to can safety moved on comes share that to the is over even has it our the prove shows last an based it commodity the be into performed, when we markets have market Labs pricing continue think I I that gain is though higher and

Anthony Petrone

Very helpful. you. Thank

Operator

our comes Sachs. with as next a proceed. from follow-up Please And Goldman Amit question Hazan

Philip Coover

follow It's Hi. taking up. Thanks for the again. Phil

maybe if assume a was move then, euro. in of against and headwind strength, correctly. Europe running LatAm math, the looks the Just I conversely got the little even Europe was most breakdown softer I performance currency in But like the then the given geographic it bit

was wondering geographic could the if color a more it on Thanks. I markets this in and divergence give there's point? causing end So and at what's any bit little you what's going if just

Rajbir Denhoy

market demand bit out distributor We your is following softer question correctly, a from the some of markets. of which to for earlier, just we but currency right, I it you're side in did the other in markets. did Yes. these that Pacific is which mention we think vehicle Europe. a see stronger that demand very quarter, America some our mostly strong Brazil. again, Latin saw If of real we're see both performance better us. I But didn't of a and markets much was exposed little of another Brazil was I'm Asia is out the one

So And your we saw Latin other overwhelmed demand and distributor if in some other question, very America observation our places. some I correct. Europe of saw is demand strong I'm and that conversely, We hearing markets. in the of your think

Operator

Thank you. over And At the closing turn I this back time, we to have reached for the end call Juan of any session. remarks. the Jose now will question-and-answer

Juan Jose Chacon Quiros

Thank in wish joining November. We we today's continued call. update providing look to everyone health. on you next for quarterly And us our good forward

Operator

This concludes conference. today's you. Thank

at lines have your disconnect great time. Thank day. this you for and may a your You participation

Establishment Labs (ESTA) 9 Aug 222022 Q2 Earnings call transcript