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

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.

The 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 that 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 was down 4.6% year to date.