Establishment Labs Holdings (ESTA) Announces CEO Transition

Establishment Labs Holdings Inc. (NASDAQ: ESTA), a global medical technology company dedicated to improving women’s health and wellness in breast aesthetics and reconstruction, announced today that after twenty years as Chief Executive Officer (CEO), Juan José Chacón-Quirós has decided to retire as CEO, effective March 1, 2025. Peter Caldini, currently President of Establishment Labs, will serve as Interim CEO after that date.

Mr. Chacón-Quirós will continue with Establishment Labs as both a board member and an active advisor to the Company, working with the plastic surgeon community to expand the breast aesthetics and reconstruction markets. He will continue to support the development and launch of next generation technologies and will continue as an industry advocate for keeping safety, innovation, and women’s choice at the forefront of the aesthetics industry.

On his decision to retire as CEO, Mr. Chacón-Quirós said, “Twenty years after founding Establishment Labs in my parents’ house, I feel privileged to have led a transformation in breast aesthetics and reconstruction by focusing on women’s health and wellbeing. Motiva is a testament to the power of science and engineering. We have significantly lowered implant-related complications and solved many of the legacy issues of our industry. Our team will continue to innovate so that we can grow the plastic surgery market by addressing women’s unmet needs with our pioneering minimally invasive technologies.”

“The Board thanks Juan José for his tireless work over the past two decades — he has had a major impact on women’s lives, the aesthetics industry, as well as Costa Rica and Central America — and we look forward to his continued contributions,” added Nick Lewin, Chairman of Establishment Labs. “With his deep operational, commercial, and financial capabilities, we are confident in Peter’s ability to lead Establishment Labs. As a company, we are very focused on continued innovation, becoming the market leader in the United States, and establishing minimally invasive breast aesthetics as a standard in the industry. We have the team and the balance sheet to achieve all these goals and more, and we look forward to strong growth and profits for many years.”

Peter Caldini joined Establishment Labs as President in 2024. Previously, he served as the Chief Executive Officer and Director of Acreage Holdings, Inc. from 2020 to 2023 and of Bespoke Capital Acquisition Corp from 2019 to 2020. From 2015 to 2019, Mr. Caldini worked at Pfizer Consumer Healthcare where he was the Regional President for North America and prior to that role, Regional President of EMEA. He worked at Bayer Consumer Healthcare from 2009 to 2014 where he held several roles of increasing responsibility, including Head of Emerging Markets, GM China, and Head of the Nutritionals Strategic Business Unit. Mr. Caldini received his undergraduate degree from Boston University, his MBA from Northeastern University, and a Master’s in International Economics and Management from SDA Bocconi.

Preliminary Unaudited Fourth Quarter and 2024 Revenue Results

Establishment Labs also announced preliminary unaudited results for fiscal year 2024:

• 2024 revenue is expected to be between $166.0 million and $166.5 million.
• Revenue for the quarter ended December 31, 2024 is expected to be between $44.5 million and $45.0 million, including approximately $3.2 million from Motiva sales in the United States.

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