NEW YORK - Establishment Labs Holdings Inc . (NASDAQ: NASDAQ:ESTA), a prominent medical technology company with a market capitalization of $1.28 billion, announced a significant leadership transition today. Juan José Chacón-Quirós, the company's founder and long-standing CEO, will retire from his role effective March 1, 2025. Peter Caldini, who currently serves as President, will assume the position of Interim CEO.
Chacón-Quirós, who has led the company for two decades, will continue to contribute as a board member and advisor, focusing on expanding the breast aesthetics and reconstruction markets and advocating for safety and innovation in the industry.
The Board expressed its gratitude for Chacón-Quirós's enduring impact on women’s health and the aesthetics industry, particularly in Central America. Nick Lewin, Chairman of Establishment Labs, praised the outgoing CEO's vision and dedication, and expressed confidence in Caldini's ability to steer the company toward continued growth and innovation.
Caldini brings a wealth of experience to his new role. Before joining Establishment Labs, he held CEO positions at Acreage Holdings (OTC:ACRGF), Inc. and Bespoke Capital Acquisition Corp. His tenure at Pfizer (NYSE:PFE) Consumer Healthcare and Bayer (OTC:BAYRY) Consumer Healthcare has equipped him with extensive operational, commercial, and financial expertise.
In conjunction with the leadership change, Establishment Labs also released preliminary unaudited financial results for the fourth quarter and the full year of 2024. The company expects 2024 revenue to range between $166.0 million and $166.5 million. Fourth-quarter revenue is anticipated to be between $44.5 million and $45.0 million, with approximately $3.2 million attributed to Motiva sales in the United States. According to InvestingPro analysis, while the company maintains strong liquidity with a current ratio of 3.62, it is currently trading above its Fair Value. InvestingPro subscribers can access 6 additional key insights about ESTA's financial health and valuation metrics.
Establishment Labs is known for its focus on women's health and wellness in breast aesthetics and reconstruction, offering a suite of innovative products across over 90 countries. The company's commitment to safety and patient satisfaction is supported by extensive scientific research and a robust patent portfolio. With analyst price targets ranging from $46 to $75 per share, detailed analysis and comprehensive insights are available through InvestingPro's exclusive research reports, which provide in-depth coverage of ESTA along with 1,400+ other US stocks.
The information in this article is based on a press release statement from Establishment Labs Holdings Inc.
In other recent news, Establishment Labs Holdings Inc. reported a steady growth in its Q3 2024 earnings call, with a year-over-year revenue increase to $40.2 million and significant reductions in cash loss and operating expenses. The FDA approval of Motiva Implants was highlighted as a key driver for future growth, with over 250 accounts onboarded in three weeks. The company also raised $50 million through a registered direct offering and accessed $25 million from a credit facility, boosting its pro forma cash position to approximately $114 million.
Despite challenges in Latin America, particularly in Brazil, the company aims for U.S. revenue to exceed $35 million in 2025 and expects mid-single-digit growth in international markets. Establishment Labs updated its revenue guidance for the year to $165 million to $168 million and aims for its first EBITDA positive quarter in 2025.
The company is focusing on expansion in China with a $10 million commitment from its distributor and strategic financing to support growth. Despite manufacturing challenges due to the decommissioning of the B15 facility expected to impact Q4, it is projected to stabilize by Q1 2025. These are recent developments for Establishment Labs as it positions itself for sustained profitability and market share capture in the years ahead.
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