TD Cowen says breast augmentation trend fueled by GLP-1 drugs supports Establishment Labs

Establishment Labs Holdings

02/09/2026 11:50

** Brokerage TD Cowen views the 2025 American Society of Plastic Surgeons statistics as a meaningful positive datapoint for breast implant maker Establishment Labs ESTA.O 
** U.S. cosmetic surgery market growth accelerated to 7% in 2025, while breast augmentation procedures rose 11% and breast lifts increased 8%, according to the data
** Procedures linked to post-weight-loss body restoration grew more than 20% in several categories, while 82% of plastic surgeons reported GLP-1-related consultations
** "These datapoints make a strong case that GLP-1-driven weight loss is becoming an incremental structural demand driver for breast augmentation procedures and Establishment is best positioned to capitalize" — TD Cowen 
** Brokerage says timing is favorable for ESTA as Motiva breast implants enter a U.S. augmentation market that has accelerated from about 1% growth to 11%
** TD Cowen adds converging trends of GLP-1-driven weight-loss demand, accelerating augmentation volumes and Establishment's differentiated product portfolio make the growth opportunity more compelling than a simple implant market-share gain story
** As of last close, ESTA down 4.6% YTD 

 (Reporting by Siddhi Mahatole)
 ((siddhi.mahatole@thomsonreuters.com))