Establishment Labs CEO acquires 2,850 shares; trades at $34–$35

Rhea-AI Filing Summary

Establishment Labs Holdings insider Filippo Caldini, who serves as both Chief Executive Officer and a director, reported purchases of 2,850 common shares of the company on 08/11/2025. The Form 4 shows a weighted average purchase price of $35.2 and reports total direct beneficial ownership after the transaction of 35,245 shares. The filing states the trades were executed in multiple transactions at prices ranging from $34.00 to $35.00 and that the reporting person will provide a full breakdown of shares purchased at each price upon request. No derivative securities were reported.

Positive

• CEO and director Filippo Caldini purchased 2,850 common shares, increasing direct holdings to 35,245 shares
• Trades executed on the open market (transaction code P) and the filer offers to provide per-trade details upon request, supporting transparency

Negative

• Reported weighted average price ($35.2) appears inconsistent with the stated trade range of $34.00–$35.00, which requires clarification
• Filing lacks a per-trade breakdown of quantities at each execution price (the filer offers this only on request), limiting immediate transparency

Insights

Securities Analyst

TL;DR: CEO purchased 2,850 shares; ownership rose to 35,245 shares; transaction size appears modest without outstanding share context.

The filing documents a straightforward open-market purchase (code P) of 2,850 common shares by the reporting person, increasing direct holdings to 35,245 shares. The weighted average price is shown as $35.2, while the explanatory note states trade prices ranged $34.00–$35.00, an internal inconsistency the filer offers to clarify on request. Without information on total shares outstanding or recent trading volume in ESTA, this purchase is not clearly material to valuation, but it is a concrete insider buy disclosed under Section 16 rules.

Corporate Governance Expert

TL;DR: Insider purchase by CEO is a routine Section 16 disclosure; reporting shows limited details and a price-range/average mismatch needing clarification.

The report identifies the reporting person as both Chief Executive Officer and a director, and records a direct acquisition of common stock. The filer includes a standard explanatory remark offering to provide per-trade details on request, which suggests compliance but also leaves granular transparency pending. The noted discrepancy between the stated trade range and the reported weighted average price is a factual ambiguity that stakeholders may reasonably ask the issuer to clarify.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Caldini Filippo

(Last) (First) (Middle)

C/O MOTIVA USA LLC

16192 COASTAL HIGHWAY

(Street)

LEWES DE 19958

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ESTABLISHMENT LABS HOLDINGS INC. [ ESTA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/11/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	08/11/2025		P		2,850	A	$35.2(1)	35,245	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This transaction was executed in multiple trades at prices ranging from $34.00 to $35.00 per share. The price reported above reflects the weighted average purchase price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares purchased at each separate price.

Remarks:

	/s/ Rajbir S. Denhoy, Chief Financial Officer, by power of attorney	08/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did the ESTA insider report?

The Form 4 reports that Filippo Caldini purchased 2,850 common shares of Establishment Labs (ESTA) on 08/11/2025.

What price was paid for the shares in the ESTA Form 4?

The form shows a weighted average purchase price of $35.2 and notes trades were executed between $34.00 and $35.00 per share.

How many shares does the reporting person own after the transaction?

After the reported purchase, the filing shows direct beneficial ownership of 35,245 shares.

Was the purchase direct or indirect according to the filing?

The transaction is reported as Direct ownership (Ownership Form: D) in Table I.

Are there any derivative securities reported for ESTA in this filing?

No derivative securities are listed in Table II; the filing contains only a non-derivative common share purchase.

Is there a detailed breakdown of each trade price and quantity?

The filing states trades were executed in multiple trades and the reporting person will provide per-trade details upon request, but the breakdown is not included in the Form 4 itself.