Alajuela, June 23, 2021. Establishment Labs Holdings Inc. (NASDAQ: ESTA), a Costa Rican medical technology company focused on women’s health, initially in the breast aesthetics and reconstruction market, today held the groundbreaking ceremony for its new Sulàyöm Innovation Campus in Costa Rica. When complete, the new facilities will total approximately 145,000 square feet (13,500 square meters) and will support the company’s continued global growth with additional capacity and capabilities in
manufacturing, R&D, digital media, training, and medical education.
“The groundbreaking on our Sulàyöm Innovation Campus is a critical next step in our growth, as Motiva Implants continue to gain recognition as a new standard in breast aesthetics,” said Juan José Chacón-Quirós, CEO and Founder of Establishment Labs.
“The name Sulàyöm comes from Bribri, an indigenous Costa Rican language, and is translated to mean, ‘The place in the mountains at the center of the world.’ This new, state-of-the-art facility will give us the manufacturing capacity to support our planned global growth over the next several years, from entering the U.S. and China to our market expansion initiatives in minimally invasive breast aesthetics and breast reconstruction. We are also expanding our research labs for new development programs and enhancing our digital media outreach, training, and medical education capabilities. The campus underscores our commitment to a sustainable future and will continue our traditions of being carbon neutral and utilizing sustainable materials and methods. After just a decade of commercial sales with Motiva, we now look forward to expanding our capacity so that we can supply more than half of the current worldwide market.”
The new plant will expand the company's annual production capacity from the 700,000 implants currently in production to more than 1,900,000 Motiva implants per year, once fully operational. This expansion is part of the Establishment Labs growth plan, which also includes launching two new products: Motiva® Flora® and Motiva MIA®.
Andrés Valenciano, the Minister of Foreign Trade, commented, “Once again, Establishment Labs has emerged as a true example of innovation and competitiveness; they demonstrate to entrepreneurs, business people, students, and Costa Ricans, in general, that we can dream big. In Costa Rica, we understand the language of business and know that if we work with excellence, we can help build the businesses of the future – the ones that will stand as pillars for the world economy. The new 'Sulàyöm' Innovation Campus is a reflection of how we continue to demonstrate to the world that Costa Rica may be a small country, but we are one of world-class talent and with a vision for the future that leverages the opportunities that lie ahead. We welcome this news with great joy and wish them every success!"
The new campus will be completed in two phases: the first one is expected to cost approximately $35 million, the majority of which the company intends to finance with a local credit partner. The construction is anticipated to begin in the second half of 2021, following the finalization and execution of certain contractual arrangements. The new facilities will add up to 1,000 new jobs over the next several years and will be located in the Coyol Free Zone in Costa Rica.
Jorge Sequeira, Managing Director of
CINDE, highlighted the project's importance in driving the country's
Research and Development sector. “This project is an example of the transformation our country is actively undertaking, as part of Industry 4.0. Costa Rica has enormous potential to become a hub for technological convergence,
innovation, research, and product development. This innovation center marks a milestone for the newest generation of companies, and for Foreign Direct Investment that leaps from products manufactured in Costa Rica to products developed, researched, and created in Costa Rica."
Establishment Labs's new facilities are designed with the strictest global quality standards, seek to be certified carbon neutral, and will employ sustainable materials and other green design elements and standards.
About Establishment Labs Establishment Labs Holdings Inc. (NASDAQ: ESTA) is a global medical technology company focused on women’s health, initially in the breast aesthetics and reconstruction market, by designing, developing, manufacturing and marketing an innovative portfolio of silicone gel-filled breast implants, branded as Motiva Implants®, the centerpiece of the MotivaImagine® platform. Motiva Implants® are produced at our two manufacturing sites that are compliant with ISO13485:2016, FDA 21 CFR 820 under the MDSAP program, and are currently commercially available in more than 80 countries through exclusive distributors or the company’s direct salesforce. In March 2018, Establishment Labs received approval for an investigational device exemption (IDE) from the FDA and initiated the Motiva Implant® clinical trial in the United States in April 2018. In addition to Motiva Implants®, Establishment Labs’ product and technologies portfolio includes the Divina® 3D Simulation System and other products and services. Please visit our website for additional information at
www.establishmentlabs.com.
