Establishment Labs

ESTA • NASDAQ

Establishment Labs is a medical - devices company in the healthcare sector on NASDAQ, led by Juan José Chacón Quirós, with a market cap of $2.1B. As of Q3 2025, 92% of shares are held by 145 institutional investors, with JW Asset Management, LLC as the largest holder at 10.64%.

Chief Executive OfficerJuan José Chacón Quirós

Market Cap$2.1B

Medical - Devices

Healthcare

Employees781.0

Websiteestablishmentlabs.com

Country

United States of America

Overview

Overview of institutional ownership in ESTA as of Q3 2025 with a market cap of $1.2B

All Institutions

Institutions: 145
Value Held: $1.1B
Shares Held: 26.7M
Avg Position: $7.6M
Median Position: $1.0M

Hedge Funds

Hedge Funds: 36
Value Held: $601.1M
Shares Held: 14.7M
Avg Position: $16.7M
Median Position: $5.5M

Ownership Breakdown

Institutional (non-HF)

41.63%

$494.3M

Hedge Funds

50.62%

$601.1M

Retail & Other

7.75%

$92.1M

Based on market cap of $1.2B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in ESTA as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
JW Asset Management, LLC Hedge Fund•Sector	Jason Garrett Wild Managing Partner	$126.4M 60.64% of portfolio	10.64% 3.1M shares	Q3 2018 Held for 7y 2m	$208.4M
RTW INVESTMENTS, LLC Hedge Fund•Sector	Peter M Fong President	$106.1M 1.32% of portfolio	8.94% 2.6M shares	Q3 2018 Held for 7y 2m	$8.1B
B BROWN ADVISORY INC RIA/Wealth	David Alan Miller Founder	$88.8M 0.12% of portfolio	7.48% 2.2M shares	Q4 2019 Held for 5y 11m	$74.0B
N Nantahala Capital Management, LLC Hedge Fund•Multi-Strategy	Daniel J. Mack Managing Partner	$80.9M 5.01% of portfolio	6.81% 2.0M shares	Q3 2018 Held for 7y 2m	$1.6B
FINDELL CAPITAL MANAGEMENT LLC Hedge Fund•Event Driven	Ryan Bradley Voerg CFO	$53.1M 24.63% of portfolio	4.47% 1.3M shares	Q4 2023 Held for 1y 11m	$215.6M
BAMCO INC /NY/ Long Only Manager	Ronald Stephen Baron CEO	$48.4M 0.13% of portfolio	4.08% 1.2M shares	Q2 2021 Held for 4y 5m	$37.7B
Tyro Capital Management LLC Hedge Fund•Long/Short	Daniel H S Mcmurtrie CIO	$44.2M 16.41% of portfolio	3.72% 1.1M shares	Q1 2025 Held for 8 months	$269.2M
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC Long Only Manager	Brent Walker Gledhill CEO	$41.7M 0.11% of portfolio	3.51% 1.0M shares	Q1 2024 Held for 1y 8m	$38.7B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$34.4M 0.00% of portfolio	2.89% 838.5K shares	Q3 2018 Held for 7y 2m	$1.65T
Capital Research Global Investors RIA/Wealth	Maria Alejandra Herrera CIO	$33.4M 0.01% of portfolio	2.81% 814.5K shares	Q1 2024 Held for 1y 8m	$532.36B

Net Capital Flow

Institutional buying and selling activity for ESTA in Q3 2025

Traded: +$11.4M
Buyers: 70
Sellers: 55
Total Bought: +$104.0M
Total Sold: −$92.6M
Avg Position: $7.1M

Biggest Buyers

Institution	Net Bought	Current Position
BAMCO INC /NY/ Long Only Manager	+$11.2M +274.3K shares	$48.4M 1.2M shares
GOLDMAN SACHS GROUP INC Institution	+$10.9M +266.9K shares	$15.3M 373.3K shares
W Woodson Capital Management, LP Hedge Fund•Long/Short	+$10.5M +255.0K shares	$19.7M 480.0K shares
SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC Hedge Fund•Long/Short	+$8.2M +200.3K shares	$17.6M 430.2K shares
N Nantahala Capital Management, LLC Hedge Fund•Multi-Strategy	+$8.1M +198.0K shares	$80.9M 2.0M shares
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC Long Only Manager	+$6.2M +152.3K shares	$41.7M 1.0M shares
Marshall Wace LLP Institution	+$5.3M +129.8K shares	$5.6M 136.0K shares
$DEUTSCHE BANK AG\ logo$ DEUTSCHE BANK AG\ Institution	+$4.1M +100.2K shares	$4.2M 101.5K shares
Vestal Point Capital, LP Hedge Fund•Long/Short	+$4.1M +100.0K shares	$4.1M 100.0K shares
BANK OF AMERICA CORP /DE/ Institution	+$3.8M +92.1K shares	$7.8M 190.0K shares

Biggest Sellers

Institution	Net Sold	Current Position
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$20.9M −488.7K shares	Sold Off 0 shares
JPMORGAN CHASE & CO Institution	−$10.4M −254.5K shares	$4.9M 118.6K shares
Capital Research Global Investors RIA/Wealth	−$8.6M −209.9K shares	$33.4M 814.5K shares
CenterBook Partners LP Hedge Fund•Market Neutral	−$6.4M −156.5K shares	$9.1M 222.8K shares
R ROYCE & ASSOCIATES LLC Institution	−$4.6M −111.7K shares	$11.8M 288.8K shares
BOOTHBAY FUND MANAGEMENT, LLC Fund of Funds	−$4.3M −104.8K shares	$17.7M 432.7K shares
FINDELL CAPITAL MANAGEMENT LLC Hedge Fund•Event Driven	−$3.4M −84.1K shares	$53.1M 1.3M shares
R RICE HALL JAMES & ASSOCIATES, LLC Long Only Manager	−$3.2M −77.5K shares	$31.2M 760.2K shares
Soleus Capital Management, L.P. Hedge Fund•Long/Short	−$3.0M −72.4K shares	$5.7M 139.5K shares
Granite Investment Partners, LLC Long Only Manager	−$2.9M −71.7K shares	$6.6M 161.0K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited ESTA in Q3 2025

New Positions: 10
New Value: $3.5M
Exited Positions: 9
Exited Value: $25.5M

New Positions

Institution	Position Value
Voleon Capital Management LP Hedge Fund•Quant	$1.3M 31.4K shares
L LPL Financial LLC Institution	$980.4K 23.9K shares
Centiva Capital, LP Hedge Fund•Multi-Strategy	$471.8K 11.5K shares
R Rangeley Capital, LLC Hedge Fund•Event Driven	$266.4K 6.5K shares
BRIAN LOW FINANCIAL GROUP, LLC RIA/Wealth	$222.9K 5.4K shares
P PharVision Advisers, LLC Hedge Fund•Long/Short	$202.8K 4.9K shares
S State of Wyoming Institution	$70.7K 1.7K shares
SRS Capital Advisors, Inc. RIA/Wealth	$7.4K 180.0 shares
Farther Finance Advisors, LLC RIA/Wealth	$2.3K 56.0 shares
Sunbelt Securities, Inc. RIA/Wealth	$615.0 15.0 shares

Exited Positions

Institution	Previous Position
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$20.9M 488.7K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$2.1M 49.0K shares
ExodusPoint Capital Management, LP Hedge Fund•Multi-Strategy	$1.6M 37.6K shares
W Winton Capital Group Ltd Institution	$651.3K 15.3K shares
Mount Yale Investment Advisors, LLC RIA/Wealth	$219.0K 5.1K shares
Caitong International Asset Management Co., Ltd RIA/Wealth	$18.3K 429.0 shares
Geneos Wealth Management Inc. RIA/Wealth	$9.0K 210.0 shares
FIRST FINANCIAL HOLDINGS, INC. Institution	$7.6K 178.0 shares
S Skopos Labs, Inc. RIA/Wealth	$1.4K 32.0 shares

Options Activity

Institutions with the largest Call and Put options positions in ESTA as of Q3 2025

Call Positions: 3
Call Value: $7.1M
Put Positions: 3
Put Value: $1.9M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$5.4M 1.3K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.7M 419.0 contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	- - contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.2M 289.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$500.1K 122.0 contracts
J JANE STREET GROUP, LLC Institution	$205.0K 50.0 contracts

Most Committed Institutions

Institutions with ESTA as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
JW Asset Management, LLC Hedge Fund•Sector	Jason Garrett Wild Managing Partner	60.64% $126.4M	10.64% 3.1M shares	Q3 2018 Held for 7y 2m	$208.4M
FINDELL CAPITAL MANAGEMENT LLC Hedge Fund•Event Driven	Ryan Bradley Voerg CFO	24.63% $53.1M	4.47% 1.3M shares	Q4 2023 Held for 1y 11m	$215.6M
Tyro Capital Management LLC Hedge Fund•Long/Short	Daniel H S Mcmurtrie CIO	16.41% $44.2M	3.72% 1.1M shares	Q1 2025 Held for 8 months	$269.2M
PURA VIDA INVESTMENTS, LLC Hedge Fund•Sector	Efrem Jason Kamen Managing Partner	11.97% $1.8M	0.16% 45.0K shares	Q3 2018 Held for 7y 2m	$15.4M
Mudita Advisors LLP Hedge Fund•Multi-Strategy	Thomas Luke Rimington Hardy Founder	8.14% $28.2M	2.37% 686.8K shares	Q4 2021 Held for 3y 11m	$345.8M
N Nantahala Capital Management, LLC Hedge Fund•Multi-Strategy	Daniel J. Mack Managing Partner	5.01% $80.9M	6.81% 2.0M shares	Q3 2018 Held for 7y 2m	$1.6B
Union Square Park Capital Management, LLC Hedge Fund•Event Driven	Leon Michael Zaltzman Managing Partner	5.00% $7.2M	0.60% 175.0K shares	Q1 2024 Held for 1y 8m	$143.6M
G GARNET EQUITY CAPITAL HOLDINGS, INC. Hedge Fund•Long/Short	Joseph A Cohen President	4.05% $9.2M	0.78% 225.1K shares	Q2 2025 Held for 5 months	$228.0M
W Woodson Capital Management, LP Hedge Fund•Long/Short	Jephthah Gerard Dais COO	3.78% $19.7M	1.66% 480.0K shares	Q2 2025 Held for 5 months	$519.9M
T Tejara Capital Ltd Institution	-	2.30% $4.2M	0.35% 102.5K shares	Q1 2025 Held for 8 months	$182.4M

Hedge Fund Spotlight

Discover hedge funds investing in ESTA

GSA CAPITAL PARTNERS LLP

Hedge Fund • Quant

Portfolio ManagerDavid Khabie-Zeitoune

Portfolio Value: $1.1B
Positions: 1,504
Last Reported: Q3 2025

Sector Allocation

Position in Establishment Labs

Market Value: $1.6M
Shares Held: 39.7K
Portfolio Weight: 0.14%
Owned Since: 2025-Q2

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