Saturday, 15 Dec 2018

Establishment Labs: the first ethical company to reach the Nasdaq


Costa Rica makes history, one of its companies starts trading on the US stock market, listed on the NASDAQ. This is Establishment Labs Holdings, a medical device company, one of the most important companies in the Life Sciences sector in Costa Rica.

“This achievement reflects the maturity and high competitiveness of the Costa Rican export sector and industry in the country,” said President Carlos Alvarado on the passage of the firm that already exports breast implants to 60 countries.

“Integrating Nasdaq represents a significant milestone for Establishment Labs and our shareholders, as our business grows globally,” said Chacón Quirós, founder and CEO of the company.

Under the trade name “ESTA”, since Thursday, July 19, the ordinary shares of the Costa Rican company Establishment Labs Holdings were listed on the Nasdaq Stock Exchange.

Within the framework of this event, the Costa Rican Coalition for Development (CINDE) organized a videoconference, from its facilities in San José, between the President of the Republic, Carlos Alvarado, the Minister of Foreign Trade, Dyalá Jiménez, and the Coordinating Minister with the Private Sector, André Garnier, with the investors and representatives of the company, in New York.

“This is a fact of great recognition not only for Establishment Labs, but for Costa Rica, because it reflects the maturity and high competitiveness of the national export sector and industry in the country,” said President Alvarado, after congratulating the representatives of the company and wish them a promising future.

The Minister of Foreign Trade, Dyalá Jiménez, also agreed with the importance for the country of the participation of the first company of Costa Rican origin in Nasdaq, the second largest stock exchange in the world in stock market capitalization and the first one of an automated nature.

“As part of the main export sector of our country, Establishment Labs has become a true example of innovation and competitiveness; today it shows that in Costa Rica we work with excellence, in favorable conditions of competitiveness and in a very favorable climate for investment. For the Government of Costa Rica this means a great commitment to continue working on strengthening the conditions in education, services and infrastructure so that more companies like Establishment Labs can develop in the country. My most sincere congratulations for this achievement that fills us with pride and especially for reminding 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.

“Integrating Nasdaq represents a significant milestone for Establishment Labs and our shareholders, as our business grows globally and advances with a clinical trial 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 Pavas 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. ”

Welcoming 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 market. American, “he said, while predicting” a successful future. ”

According to CINDE, Establishment Labs is part of the medical device sector in Costa Rica, which was located the previous year as the first exporter of goods in the country, with a total value of exports of $ 2,847 million ($ 278 million more than in 2016). These figures have enabled Costa Rica to position itself as 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 highlighted this achievement is an example to follow, since the firm started as an SME, but its vision and strategy has allowed it to grow, consolidate and shine in international markets. Establishment Labs has counted on the advice, training and support of COMEX, PROCOMER and CINDE in 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.

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