TD Cowen analyst Josh Jennings has maintained their bullish stance on ESTA stock, giving a Buy rating on April 7.
Josh Jennings has given his Buy rating due to a combination of factors including the strong preliminary first-quarter results reported by Establishment Labs Holdings. The company achieved a total revenue of $41.4 million, surpassing both its own guidance and the Street’s expectations. This performance was bolstered by the successful launch of the Motiva product in the US, which generated $6.2 million in revenue, exceeding the anticipated $5.5 million.
The rapid adoption of Motiva by US plastic surgeons is another key reason for the positive outlook. The average daily orders for Motiva have shown a significant upward trend, with March figures surpassing 100 orders per day, marking one of the fastest launches in the aesthetic product market. The company’s expanding account base and high reorder rate, with 450 out of 650 accounts actively ordering, further support the Buy rating as these metrics are expected to continue improving.
According to TipRanks, Jennings is an analyst with an average return of -2.0% and a 40.85% success rate. Jennings covers the Healthcare sector, focusing on stocks such as Abbott Laboratories, Boston Scientific, and Stereotaxis.
In another report released on April 7, Mizuho Securities also reiterated a Buy rating on the stock with a $58.00 price target.