Business
Establishment Labs Announces Transition to a Direct Sales Force in Italy
NEW YORK, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Establishment Labs Holdings Inc. (NASDAQ: ESTA), a medical technology company focused on women’s health, initially
About this update from Establishment Labs Holdings Inc.
[{"type":"text","content":"NEW YORK, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Establishment Labs Holdings Inc. (NASDAQ: ESTA), a medical technology company focused on women’s health, initially in the breast aesthetics and reconstruction market, today announced it has entered into a definitive agreement with its Italian distributor to transition to a direct sales force in that market, effective August 1, 2020.\n “This action is core to our strategy of driving sustainable growth and achieving profitability in our business,” said chief executive officer Juan José Chacón-Quirós. “Our investment in a direct sales force structure in Italy, one of the key markets in the world for breast aesthetics and reconstruction, will enable us to continue to grow in this important geography while serving our customers better. That we are completing this purchase now, as the world still grapples with the ongoing effects of COVID-19, is another indication that we have seen a significant rebound in our business over the past few months, and have confidence in the long-term outlook for our company.” Under the terms of the agreement, Orion Trading S.r.l., the Motiva distributor in Italy, will terminate its distribution arrangement with Establishment Labs and pay all outstanding balances due. Establishment Labs will acquire all product inventory and customer relationships in Italy for approximately $1.1 million. The net financial impact of these transactions to Establishment Labs is expected to be minimal. Within the European region, the Company has an established direct sales presence in France, Germany, Spain, the United Kingdom and several additional countries. According to data published by the International Society of Aesthetic Plastic Surgery, Italy is the fifth largest country in the world for breast augmentation procedures. About Establishment Labs Establishment Labs Holdings Inc. (NASDAQ: ESTA) is a global medical technology company focused on women’s health, initially in the breast aesthetics and reconstruction market, by designing, developing, manufacturing and marketing an innovative portfolio of silicone gel-filled breast implants, branded as Motiva Implants®, the centerpiece of the MotivaImagine® platform. Motiva Implants® are produced at our two manufacturing sites that are compliant with ISO13485:2016, FDA 21 CFR 820 under the MDSAP program, and are currently commerciall...