Establishment Labs (ESTA) director reports large share disposition on Form 4

Rhea-AI Filing Summary

Lewin N. Sheridan, a director of Establishment Labs Holdings Inc. (ESTA), reported transactions dated 08/13/2025. The Form 4 discloses a disposition of 1,075,923 common shares and an acquisition of 2,300 common shares at a price of $34.2955 per share. Following the reported transactions the filing shows 16,490 common shares beneficially owned indirectly. A footnote states the shares are held by the reporting person’s spouse. The form was submitted by a single reporting person and executed under power of attorney.

Positive

• None.

Negative

• Reported disposition of 1,075,923 common shares on 08/13/2025, a large reduction in holdings disclosed on Form 4.
• Beneficial ownership following the reported transactions is only 16,490 common shares, held indirectly with a footnote stating the shares are held by the reporting person’s spouse.

Insights

Financial Analyst

TL;DR: Director reports a large disposal of 1,075,923 shares and retains 16,490 shares indirectly.

The Form 4 shows a material disposal of 1,075,923 common shares reported on 08/13/2025, plus a small acquisition of 2,300 shares at $34.2955. Beneficial ownership after these transactions is reported as 16,490 shares held indirectly. The filing identifies the reporting person as a director. All observations are drawn directly from the reported transactions and ownership figures; no additional context about percentage ownership or reasons for the disposition is provided in the document.

Corporate Governance Expert

TL;DR: Insider disclosure shows significant disposal and indirect holdings via spouse; document includes a footnote on beneficial ownership.

The disclosure records a large disposal and notes indirect ownership through a spouse, which is explicitly stated in the footnote. The Form indicates the transactions were reported by one reporting person and the signature block shows a power of attorney was used. The filing does not include explanations for the disposition, any plan designation beyond listed transaction codes, or changes to board or officer status.

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
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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^*

LEWIN NICHOLAS SHERIDAN

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/13/2025

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	08/13/2025		P		2,300	A	$34.2955	16,490	I	See Footnote(1)
Common Shares								1,075,923	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. The shares are held by the Reporting Person's spouse.

Remarks:

	/s/ Rajbir S. Denhoy, Chief Financial Officer, by power of attorney	08/13/2025
	** 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 transactions did Lewin N. Sheridan report on Form 4 for ESTA?

The Form 4 reports a disposition of 1,075,923 common shares and an acquisition of 2,300 common shares at $34.2955 per share, dated 08/13/2025.

How many shares does the reporting person beneficially own after the transactions?

The filing shows 16,490 common shares beneficially owned indirectly following the reported transactions.

What relationship does the reporting person have to Establishment Labs (ESTA)?

The reporting person, Lewin Nicholas Sheridan, is identified as a Director of Establishment Labs Holdings Inc.

Are the indirectly held shares attributed to anyone else?

Yes. The footnote explicitly states that the shares are held by the reporting person's spouse.

Was the Form 4 filed by one person or multiple reporting persons?

The form indicates it was a Form filed by One Reporting Person.