EVENTS:   Best Equity Short Ideas Conference Call 12 - Zach Shannon/Corto Capital Advisors & Craig Huber/Huber Research Partners & Thomas Beevers /Forensic Alpha & Ed Steele/Iron Blue Financials & Bill Campbell/Paragon Intel - 12 Nov 25   Will AI Deflate the World? Macro Lessons from Three Industrial Revolutions and China - Manoj Pradhan/Talking Heads Macro - 13 Nov 25     ROADSHOWS: Forest Products Sector Equity and Commodity Research With Expertise in Distressed Debt - Kevin Mason /ERA Research   •   London   12 - 14 Nov 25       Buyside to Buyside Forum and Expert Calls across TMT, Consumer, Healthcare and Fintech - Andrew Peters /Revelare Partners   •   London   17 - 19 Nov 25       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   17 - 19 Nov 25      

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

Establishment Labs (ESTA)

Healthcare

Blueshift Research

Following interviews with several industry specialists, Blueshift finds ESTA will not reach anywhere near majority market share in the US with its Motiva breast implants and faces scepticism about its minimally invasive augmentation technique. Multiple sources cited Sientra as a cautionary tale: it launched in the US with a strategy similar to ESTA (premium pricing based on claims of improved safety) but has largely given up on its pricing goals and has peaked at about 15% market share. Sources forecast Motiva’s US market share at a similar level.

Edition: 152

- 20 January, 2023