Establishment Labs Announces Appointment of Raj Denhoy as Chief Financial Officer

Rhea-AI Summary

Establishment Labs (NASDAQ: ESTA) has appointed Raj Denhoy as Chief Financial Officer, effective immediately. Denhoy, who joined the company in February 2021 and served as Interim CFO since August, has extensive experience in medical device research. CEO Juan José Chacón-Quirós highlighted Denhoy's understanding of the business and industry vision. Denhoy expressed optimism about the company's potential to lead in breast aesthetics and reconstruction, emphasizing innovation and stakeholder value.

Positive

• Raj Denhoy's appointment as CFO is expected to bring a trusted leadership presence.
• Denhoy emphasizes a vision of growth and innovation in breast health markets.

Negative

• Transition from interim to permanent CFO may raise concerns about leadership continuity.
• Denhoy's lack of extensive prior experience in a CFO capacity may present risks.

SANTA BARBARA, Calif.--(BUSINESS WIRE)-- Establishment Labs Holdings Inc. (NASDAQ: ESTA), a global medical technology company dedicated to improving women’s health and wellness, principally in breast aesthetics and reconstruction, today announced the appointment of Raj Denhoy as Chief Financial Officer effective immediately. Mr. Denhoy has been with the company since February 2021, including as Interim Chief Financial Officer since August.

“Raj has quickly become a trusted and vital colleague to me and many others at Establishment Labs,” said Juan José Chacón-Quirós, Founder and CEO of Establishment Labs. “His depth of knowledge about our business and industry are matched by a clear vision of what we must do to achieve success as a global leader in women’s health. After discussions with a number of qualified candidates during this process, I could not be more pleased that Raj has accepted the position of our Chief Financial Officer.”

“I am grateful every day to be part of the exceptional team at Establishment Labs,” said Raj Denhoy. “What we have accomplished already is significant, but the next chapter in our story will be even more consequential. It is within our reach to become not only the leading global company in breast aesthetics and reconstruction, but to fundamentally transform and expand these markets through science and consumer-centric innovation. It is a privilege to be taking on this expanded role as we work to create value for all our stakeholders.”

Raj Denhoy joined Establishment Labs in February 2021 as the company’s Head of Strategy and Investor Relations and has served as Interim Chief Financial Officer since August 2021. Prior to joining the company, he was with Jefferies Group, LLC where he was a Managing Director and led the US medical device research team for the previous eleven years, including coverage of Establishment Labs. He covered the medical device industry as an equity research analyst for over twenty years. Mr. Denhoy holds a bachelor’s degree in biology from UC Berkeley, a master’s degree in physiology from Georgetown University, and an MBA from Cornell University.

About Establishment Labs

Establishment Labs Holdings Inc. is a global medical technology company dedicated to improving women’s health and wellness. The company’s initial focus is breast health, principally breast aesthetics and reconstruction. Establishment Labs offers a portfolio of advanced silicone gel-filled breast implants, branded as Motiva Implants^® that include a number of innovative and patented features designed to deliver improved aesthetic and clinical outcomes. Since commercial launch in 2010, more than 1.8 million Motiva Implants^® have been delivered to plastic surgeons in over 80 countries. The company also offers or has under development a number of related products and technologies, including the Motiva Flora^® tissue expander and Motiva MIA^®, the company’s minimally invasive breast enhancement procedure. In 2018, Establishment Labs received an investigational device exemption (IDE) from the FDA for the Motiva Implant^® and began a clinical trial to support regulatory approval in the United States. Motiva Implants^® are manufactured at the company’s two facilities in Costa Rica, which are compliant with all applicable regulatory standards under ISO13485:2016 and FDA 21 CFR 820 under the MDSAP program. Please visit our website for additional information at www.establishmentlabs.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). You can find many (but not all) of these statements by looking for words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “intends to,” “would,” “will,” “may” or other similar expressions in this press release. Any statements that refer to projections of our future financial or operating performance, anticipated trends in our business, our goals, strategies, focus and plans, including related product development and commercialization and regulatory approvals, and other characterizations of future events or circumstances, including statements expressing general optimism about future operating results, related to the company’s performance are forward-looking statements. We claim the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995. We caution investors that any forward-looking statements presented in this report, or that we may make orally or in writing from time to time, are expressions of our beliefs and expectations based on currently available information at the time such statements are made. Such statements are based on assumptions, and the actual outcome will be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control. Although we believe that our assumptions are reasonable, we cannot guarantee future performance, and some will inevitably prove to be incorrect. As a result, our actual future results and the timing of events may differ from our expectations, and those differences may be material. Factors, among others, that could cause actual results and events to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: our ability to successfully, timely and cost-effectively develop, seek and obtain regulatory clearance for and commercialize our product offerings; the rate of adoption of our products by healthcare providers or other customers; the success of our marketing initiatives; the safe and effective use of our products; our ability to protect our intellectual property; our future expansion plans and capital allocation; our ability to expand upon and/or secure sources of credit or capital; our ability to develop and maintain relationships with qualified suppliers to avoid a significant interruption in our supply chains; our ability to attract and retain key personnel; our ability to scale our operations to meet market demands; the effect on our business of existing and new regulatory requirements; and other economic and competitive factors. These and other factors that could cause or contribute to actual results differing materially from our expectations include, among others, those risks and uncertainties discussed in the company’s quarterly report on Form 10-Q filed on November 9, 2021, and other filings made by the company with the Securities and Exchange Commission. The risks included in those documents are not exhaustive, and additional factors could adversely affect our business and financial performance. We operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for us to predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We are not undertaking any obligation to update any forward-looking statements. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on known results and trends at the time they are made, to anticipate future results or trends.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211213005284/en/

Investor/Media Contact:

Raj Denhoy

415-828-1044

rdenhoy@establishmentlabs.com

Source: Establishment Labs Holdings Inc.

FAQ

Who is the new Chief Financial Officer of Establishment Labs?

Raj Denhoy has been appointed as the new Chief Financial Officer of Establishment Labs.

When did Raj Denhoy start his role as Chief Financial Officer for ESTA?

Raj Denhoy's appointment as Chief Financial Officer of Establishment Labs is effective immediately.

What was Raj Denhoy’s role before becoming CFO of Establishment Labs?

Prior to becoming CFO, Raj Denhoy served as Interim CFO and Head of Strategy and Investor Relations.

What are the future plans for Establishment Labs under Raj Denhoy?

Raj Denhoy aims to lead Establishment Labs in transforming the breast aesthetics and reconstruction markets through innovation.

How long has Raj Denhoy been with Establishment Labs?

Raj Denhoy joined Establishment Labs in February 2021.