Establishment Labs Announces National Medical Products Administration Approval for Motiva Implants in China

Rhea-AI Summary

Establishment Labs Holdings Inc. (NASDAQ: ESTA) has received NMPA approval in China for Motiva® Implants, marking their entry into the second largest global market for breast aesthetics. The company expects Chinese plastic surgeons to adopt their technology as their first choice, based on their success in South Korea.

Positive

• Establishment Labs has successfully obtained NMPA approval, indicating a significant milestone for the company's expansion into the Chinese market.
• The company's previous success in South Korea suggests a potential for market leadership and recognition in China as well.

Negative

• None.

NEW YORK--(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 it has received National Medical Products Administration (NMPA) approval in China for Motiva^® Implants.

“Our approval in China marks Establishment Labs’ entry into the second largest global and most dynamic market for breast aesthetics in the world,” said Juan José Chacón-Quirós, Chief Executive Officer. “This is the first breast implant technology approved in China in more than a decade. Many Chinese plastic surgeons are familiar with Motiva Implants from other Asian countries where we have leading market shares, and we expect they will adopt our technology as their first choice."

“We transformed the breast aesthetics market in South Korea with Motiva, and we are excited to replicate that success in China,” added John Lim, Founder and CEO of Motiva China Ltd., Establishment Labs exclusive distribution partner in the market. “Three years after launching in Korea in 2016, we became the market leader. Today, Motiva is far and away the most chosen and most recognized brand in Korea. Most importantly, we changed the perception of our industry. Chinese plastic surgeons and consumers are highly attuned to the latest innovations in science and technology, and, just like the Koreans, we expect they will recognize Motiva as truly innovative and differentiated.”

About Establishment Labs

Establishment Labs Holdings Inc. is a global medical technology company dedicated to improving women’s health and wellness through the power of science, engineering, and technology. The Company offers a portfolio of Femtech solutions for breast health, breast aesthetics and breast reconstruction. The over three million Motiva^® devices Establishment Labs has delivered to plastic and reconstructive surgeons since 2010 have created a new standard for safety and patient satisfaction in the over 85 countries in which they are available. The Motiva Flora^® tissue expander is used to improve outcomes in breast reconstruction following breast cancer and it is the only regulatory-approved expander in the world with an integrated port using radio-frequency technology that is MRI conditional. Mia Femtech™, Establishment Lab’s unique minimally invasive experience for breast harmony, is the Company’s most recent breakthrough innovation. These solutions are supported by over 200 patent applications in 25 separate patent families worldwide and over 50 scientific studies and publications in peer reviewed journals. Establishment Labs manufactures at two facilities in Costa Rica compliant with all applicable regulatory standards under ISO13485:2016 and FDA 21 CFR 820 under the MDSAP program. In 2018, the Company received an investigational device exemption (IDE) from the FDA for Motiva Implants^® and began a clinical trial to support regulatory approval in the United States. Please visit our website for additional information at www.establishmentlabs.com.

Establishment Labs' Motiva silicone gel-filled implants are currently not approved for commercial distribution in the United States. The Company’s implants are undergoing PMA clinical investigation pursuant to U.S. FDA regulations for investigational medical devices.

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 annual report on Form 10-K filed on March 1, 2023 and discussed in the company's quarterly report on Form 10-Q filed on November 8, 2023, which risks and uncertainties may be updated in the future in 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/20231109738556/en/

Investor/Media Contact:

Raj Denhoy

415-828-1044

rdenhoy@establishmentlabs.com

Source: Establishment Labs Holdings Inc.

FAQ

What is the NMPA approval in China for Motiva Implants?

The NMPA approval in China for Motiva Implants marks Establishment Labs' entry into the second largest global market for breast aesthetics.

Who is the exclusive distribution partner for Establishment Labs in China?

John Lim, Founder and CEO of Motiva China Ltd., is Establishment Labs' exclusive distribution partner in the Chinese market.

What is the significance of the company's success in South Korea?

The company's success in South Korea suggests a potential for market leadership and recognition in China as well, given the similarities in consumer and industry trends.