San José, Costa Rica – November 11, 2021 – Nevro Corp. (NYSE: NVRO), a global medical device company that is providing
innovative, evidence-based solutions for the treatment of chronic pain, inaugurated today its global manufacturing operations in Costa Rica. Participating in the inaugural event and ribbon-cutting ceremony were Costa Rican President, Carlos Alvarado; Minister of Foreign Trade, Andrés Valenciano; CINDE’s Managing Director, Jorge Sequeira, and Nevro Chairman, CEO and President D. Keith Grossman.
The facility, located in the
Coyol Free Trade Zone in Alajuela, covers approximately 10,700 square meters. Nevro expects to invest approximately $21 million by the end of 2022 to support future growth initiatives. This new facility enables Nevro to establish its own manufacturing operations in Costa Rica, thus ensuring greater controls and efficiency in the manufacture of products to patients around the world.
The President of Costa Rica, Carlos Alvarado Quesada, attended the opening ceremony and expressed his enthusiasm for the positive impact of Nevro's decision to set up its first manufacturing operations in Costa Rica.
"A company that is a global leader in medical devices to treat chronic pain through state-of-the-art
technology puts its trust in Costa Rica. This is possible thanks to the highly qualified human talent and the country's track record in
life sciences. As well as our political stability and our vision of sustainable development, which make us a reliable partner for investors who want to increase their efficiencies and their integral value proposition," said the Costa Rican president.
Andrés Valenciano, Minister of Foreign Trade, participated in the ceremony and highlighted: "Thanks to Costa Rica's positioning as a regional leader in quality, efficiency, and product innovation, it has attracted and made viable investments from leading companies in the medical device sector, such as Nevro. As a result, the 10,700 square meters at the Coyol Free Trade Zone will house the first
global manufacturing site to provide solutions to patients with chronic diseases through highly advanced technology manufacturing processes operated by 100 Costa Rican employees. We appreciate the trust and know that it will mark the beginning of great opportunities and growth."
For his part,
CINDE's Director, Jorge Sequeira, indicated: "Costa Rican human talent has proven to be a key element in our value proposition, integrated by
people, planet, and prosperity. As a result, the country has positioned itself as a strategic destination to attract more foreign direct investment. In this case, life sciences, where Costa Ricans have shown maturity in developing complex medical device manufacturing processes such as those that Nevro will develop in Alajuela. As a result, since 2016, employment in this sector has grown at an average of 16% each year. And, as the country's leading export product, it has shown an average annual growth of 14% in the value of exports in the last decade."
The nation’s positive conditions for investment, particularly regarding highly skilled human talent and medical device manufacturing expertise, were key factors in choosing Costa Rica as the location to establish the company’s first global manufacturing operations. The company expects the new manufacturing facility to be validated and approved in 2022, after which it will manufacture its proprietary high frequency spinal cord stimulation (“SCS”) systems for the treatment of chronic pain, including its recently launched HFX product platform. The company has begun hiring and expects to have approximately 100 team members in Costa Rica by the end of 2022.
"As part of our growth plans, Nevro is proud to establish our very first insourced global manufacturing operations in Costa Rica,” stated D. Keith Grossman, Chairman, CEO and President of Nevro. “Our new facility will ensure that we have the most efficient cost structure and flexible capacity for our pipeline of future products, while maintaining the highest level of quality control as we scale. This investment will allow us to continue to accomplish our mission to deliver comprehensive, life-changing solutions that continue to set the standard for enduring patient outcomes in chronic pain treatment.”
To apply for career opportunities at Nevro you can write to:
Scott.schone@nevro.com
About NevroHeadquartered in Redwood City, California, Nevro is a global medical device company focused on providing innovative products that improve the quality of life of patients suffering from debilitating chronic pain. Nevro has developed and commercialized the Senza spinal cord stimulation (SCS) system, an evidence-based, non-pharmacologic neuromodulation platform for the treatment of chronic pain. Nevro’s proprietary 10 kHz Therapy has demonstrated the ability to reduce or eliminate opioids in ≥65% of patients across six peer-reviewed clinical studies. The Senza® System, Senza II™ System, and the Senza® Omnia™ System are the only SCS systems that deliver Nevro's proprietary 10 kHz Therapy.
SENZA, SENZA II, SENZA OMNIA, OMNIA, HF10, the HF10 logo, HFX, the HFX logo, HFX CONNECT, the HFX Connect logo, HFX ACCESS, the HFX Access logo, HFX COACH, the HFX Coach logo, HFX CLOUD, the HFX Cloud logo, RELIEF MULTIPLIED, the X logo, NEVRO, and the NEVRO logo are trademarks or registered trademarks of Nevro Corp.
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