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Press Release

Establishment Labs becomes the first Costa Rican MedTech company to trade on Nasdaq

JULY 19th 2018

· "This achievement reflects the maturity and high competitiveness of Costa Rican exports and the life sciences industry,” said President Carlos Alvarado. 

· The MedTech company, one of the most important within the life sciences sector in Costa Rica, exports breast implants to 60 countries. 

· "Joining Nasdaq represents a significant milestone for Establishment Labs and our shareholders, as our business grows globally," said Juan José Chacón Quirós, founder and CEO of the company.


New York, USA. Thursday, July 19, 2018. Establishment Labs Holdings announced the pricing of its initial public offering of common shares, becoming the first MedTech Costa Rican company to trade on Nasdaq Stock Exchange.

Within the framework of this event, the Costa Rican Investment Promotion Agency (CINDE) organized a conference call, from its facilities in San José, between President Carlos Alvarado, the Minister of Foreign Trade, Dyalá Jiménez, and the Minister of Coordination with the Private Sector, André Garnier, along with the investors and company representatives in New York.

"This is a big recognition, not only for Establishment Labs, but for Costa Rica, because it reflects the maturity and high competitiveness of Costa Rican exports and the life sciences industry," said President Alvarado, after congratulating the representatives of the company and wish them a promising future.

"As a part of the main exporting sector of our country, Establishment Labs has become a true example of innovation and competitiveness. Today, this announcement proves that in Costa Rica we work with excellence, in outstanding conditions of competitiveness and in a very favorable investment climate. For the Government of Costa Rica this represents a great commitment to continue working towards strengthening our education system, services and infrastructure so that more companies like Establishment Labs can develop in the country. This achievement fills us with pride and it reminds us of the great human talent that Costa Rica has. This is not only a historic milestone for the Establishment Labs company, but for Costa Rica, where once again we reaffirm the desire of this country to dream big, "said Minister Jiménez.

Establishment Labs is a global medical technology corporation focused on the development of breast implants and medical technologies for breast reconstruction, founded in 2004 by the Costa Rican Juan José Chacón Quirós. Currently exports to 60 countries on 5 continents.

"Joining Nasdaq represents a significant milestone for Establishment Labs and our shareholders, as our business grows globally and develops clinical trials in the United States," said Chacón Quirós, founder and CEO of the company.

He added: "Today the strength of our people and the technologies that allow us to provide better safety and aesthetic results for our patients is reaffirmed. We started in a garage in a small urban town in Costa Rica less than 10 years ago and of course it is an honor to be the first company based in Costa Rica that is listed on one of the main stock exchanges in the United States. "

While introducing the company to the Nasdaq family, President Nelson Griggs highlighted that "Establishment Labs represents the kind of progressive growth company that symbolizes the spirit of Nasdaq working continuously to improve patient safety and aesthetic outcomes while simultaneously projecting to enter the US market."

Costa Rica continues to position itself as a leader of medical devices exports. According to CINDE, Establishment Labs is part of the life sciences sector in Costa Rica, identified as the most important industrial export good during 2017, with a total value of USD $2,8 billion ($ 278 million more than in 2016). These numbers have enabled Costa Rica to become the second largest exporter of medical devices in Latin America. 

According to data from PROCOMER, Establishment Labs generates more than 300 direct jobs and exports to 60 countries in Europe, Asia and America. The institution emphasized this achievement is an example to follow, since the firm started as a small business, but its vision and strategy has allowed it to grow, consolidate and shine in international markets. Establishment Labs has been assisted by COMEX, PROCOMER and CINDE’s advice, training and support, especially through its expansion process in topics such as new markets, country brand, local linkages and free zone regime. To date, more than 70% of its suppliers are local.

About Establishment Labs
Establishment Labs (NASDAQ: ESTA) is a global medical technology company focused on improving patient safety and aesthetic results, initially in the aesthetic and breast reconstruction market, designing, developing, manufacturing an innovative portfolio of filled breast implants of silicone gel, called Motiva Implants®, the centerpiece of the MotivaImagine® platform. Post-sale monitoring and third-party data indicate that Motiva Implants® shows lower rates of adverse events such as: rupture, capsular contracture and re-interventions related to safety. Motiva Implants® are produced in two state-of-the-art plants that meet FDA standards in Costa Rica and are currently sold in more than 60 countries through exclusive distributors and direct sales effort. In March 2018, Establishment Labs received approval for an exemption from an investigational device (IDE) from the FDA to start the Motiva Implants® clinical trial in the United States. In addition to Motiva Implants®, the Establishment Labs portfolio of products and technologies includes Divina® 3D Simulation System, Puregraft and MotivaImage® Centers. You can find additional information about the Company here: http://establishmentlabs.com/.

About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, compensation, exchange technology, listing, information and public companies’ services. Through its diverse portfolio, Nasdaq allows clients to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and knowledge to navigate the current global capital markets. As the creator of the world's first electronic stock market, its technology drives more than 90 markets in 50 countries and 1 in 10 global securities transactions. Nasdaq has 3,900 companies and corporations with a market value of $ 13 billion. For more information, visit: http://business.nasdaq.com.

More press information
Fabiola Domínguez-CINDE 
fdominguez@cinde.org

Katherine Chinchilla-Establishment Labs
kchinchilla@establishmentlabs.com

Ofelia Fernández-PROCOMER
ofernandez@procomer.com