Establishment Labs Holdings Inc. (ESTA) faced a significant 24-hour stock plunge of 10.85% on November 8, 2024, driven by a combination of factors related to the company's latest quarterly earnings report and a direct offering announcement.
Firstly, the company's third-quarter earnings report revealed mixed results. While ESTA managed to beat analysts' earnings estimates, reporting a loss of $0.59 per share compared to the expected loss of $0.61, it missed revenue expectations. The company's revenue came in at $40.23 million, missing the consensus estimate of $40.45 million.
Furthermore, the revenue growth of 4.5% year-over-year was relatively modest, which may have disappointed investors expecting stronger growth prospects. Additionally, the medical services industry, in which ESTA operates, currently ranks in the bottom 45% of Zacks Industries, potentially raising concerns about the industry's overall performance and future outlook.
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