ESTABLISHMENT LABS HOLDINGS Business Summary

Establishment Labs Holdings Inc. (ESTA) is a global medical technology company that generates revenue primarily through the transaction-based sale of its Motiva brand silicone-filled breast and body-shaping implants. The company’s business model is centered on a direct-to-hospital and distributor-led commercial strategy, supported by a diverse portfolio that includes the Motiva Flora tissue expander for reconstruction and the Mia Femtech minimally invasive breast harmonization system. Operating across segments in breast aesthetics and reconstructive surgery, the company has successfully disrupted the market by leveraging its proprietary SmoothSilk surface technology and RFID-enabled safety features. Its primary direct competitors include industry incumbents Mentor (a subsidiary of Johnson & Johnson), Allergan Aesthetics (AbbVie), GC Aesthetics, and Tiger Aesthetics Medical (which acquired the assets of Sientra). Establishment Labs currently positions itself as a high-growth innovator, having rapidly captured nearly 20% of the U.S. breast augmentation market within 18 months of its 2024 FDA approval. The company was founded by Juan José Chacón-Quirós, who transitioned from CEO to a strategic role on the Board of Directors in early 2025 to focus on global advocacy and R&D. The current leadership team is headed by Chief Executive Officer Filippo “Peter” Caldini, an industry veteran with a pedigree at Pfizer Consumer Healthcare and Bayer, and Chief Financial Officer Rajbir Denhoy, formerly a top-ranked medical technology analyst at Jefferies. Technical innovation is overseen by Chief Technology Officer Roberto de Mezerville, who leads the company’s extensive intellectual property development. The board is chaired by Nick Lewin, Managing Partner at Crown Predator Holdings, a key institutional investor alongside other notable firms such as Perceptive Advisors and JW Asset Management. This executive team is currently focused on achieving positive free cash flow in 2026 by scaling U.S. commercial operations and expanding into the post-mastectomy reconstruction segment.