Brown Advisory Inc. and affiliated entities filed Amendment No. 3 to a Schedule 13G with the SEC on November 13, 2026, disclosing beneficial ownership of 1,159,479 common shares of Establishment Labs Holdings Inc. as of September 30, 2026.

Key Highlights

  • Aggregate beneficial ownership: Brown Advisory Inc. reported beneficial ownership of 1,159,479 common shares, representing 3.89% of the class.
  • Sole voting power: Brown Advisory Inc. holds sole voting power over 1,007,787 shares; it holds no sole dispositive power.
  • Shared dispositive power: Brown Advisory Inc. holds shared dispositive power over 1,158,915 shares.
  • Subsidiaries included: The filing covers three subsidiaries: Brown Investment Advisory & Trust Co. (bank), Brown Advisory LLC (investment adviser), and Signature Financial Management, Inc. (investment adviser).
  • Triggering event date: The date of the event requiring this filing was September 30, 2026.
  • Ordinary course certification: The filing states the securities "were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer."

Brown Advisory's Amended Ownership Position in Establishment Labs Holdings

According to the filing, Brown Advisory Inc., a Maryland-incorporated parent holding company, submitted Amendment No. 3 to Schedule 13G disclosing a combined beneficial ownership of 1,159,479 common shares, no par value, of Establishment Labs Holdings Inc. The aggregate stake represents 3.89% of the outstanding class as of September 30, 2026. The filing identifies Item 5 as applicable, noting ownership of 5 percent or less of the class.

The filing reports that the total securities are "beneficially owned by investment companies and other managed accounts of direct/indirect subsidiaries of Brown Advisory Inc." and that "these subsidiaries may be deemed to be beneficial owners of the reported securities because applicable investment advisory contracts provide voting and/or investment power over securities." Brown Advisory LLC, classified as an investment adviser, holds sole voting power over 1,000,691 shares and shared dispositive power over 1,152,238 shares, representing 3.87% of the class on its own. Brown Investment Advisory & Trust Co., classified as a bank, reports 5,906 shares beneficially owned, or 0.02% of the class. Signature Financial Management, Inc., also an investment adviser incorporated in Virginia, reports 788 shares beneficially owned, representing 0% of the class as stated in the filing.

None of the four reporting persons holds any sole dispositive power over the reported shares. All shared dispositive power is held at the entity level, with Brown Advisory Inc. holding the broadest shared dispositive position at 1,158,915 shares. The filing was signed by Victor Fernandez, Chief Compliance Officer, on behalf of all four entities on November 13, 2026.

What Was Disclosed

Brown Advisory Inc. and three subsidiaries filed Amendment No. 3 to Schedule 13G reporting combined beneficial ownership of 1,159,479 common shares of Establishment Labs Holdings Inc., equal to 3.89% of the class, triggered by an event on September 30, 2026.