Investing.com -- Shares of Establishment Labs Holdings Inc . (NASDAQ: NASDAQ:ESTA) tumbled 30% following the announcement that long-time CEO Juan José Chacón-Quirós is set to retire. The company, known for its innovations in breast aesthetics and reconstruction, disclosed that Chacón-Quirós will step down effective March 1, 2025, with current President Peter Caldini taking over as Interim CEO.
The departure of Chacón-Quirós, who founded the company two decades ago, marks the end of an era for Establishment Labs. His leadership saw the company grow into a global entity, with its Motiva implants now sold in over 85 countries, including the United States and China. Despite this change, Chacón-Quirós will remain engaged with the company as a board member and active advisor, focusing on expanding the breast aesthetics and reconstruction markets and continuing advocacy for safety and innovation in the industry.
In a recent press release, Nick Lewin, Chairman of Establishment Labs, expressed gratitude for Chacón-Quirós’s significant contributions and confidence in Caldini’s ability to lead the company. Caldini, who joined Establishment Labs in 2024, brings a wealth of experience from his previous roles, including CEO positions at Acreage Holdings (OTC:ACRGF), Inc. and Bespoke Capital Acquisition Corp, as well as leadership roles at Pfizer (NYSE:PFE) Consumer Healthcare and Bayer (OTC:BAYRY) Consumer Healthcare.
Alongside the CEO transition news, Establishment Labs reported preliminary unaudited results for the fourth quarter and fiscal year 2024. The company expects 2024 revenue to be between $166.0 million and $166.5 million, with fourth-quarter revenue projected between $44.5 million and $45.0 million. This includes approximately $3.2 million from Motiva sales in the United States, following its recent approval.
TD Cowen analyst Joshua Jennings remarked on the CEO’s retirement and the company’s performance, stating, "Mr. Chacón-Quirós has guided ESTA from its early development stages to become a publicly traded company with global scale." Jennings noted that the preliminary fourth-quarter results matched guidance and Street expectations, and while guidance for 2025 was not provided, it is anticipated that the company will share this information with its full fourth-quarter results release.
As the market absorbs the news of the leadership transition, investors are reflecting on the company’s achievements under Chacón-Quirós and looking ahead to its future under Caldini’s direction.
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