Sientra, Inc. (NASDAQ: SIEN) (“Sientra” or the “Company”), a
surgical aesthetics company delivering the safest and most
innovative solutions for the best outcomes, today announced
preliminary unaudited financial results for the fiscal third
quarter ended September 30, 2023.
Total unaudited revenue for the third quarter of 2023 is
expected to be in the range of $19.2
million to $19.7 million, compared to total revenue
of $22.6 million in the prior year period. Third quarter
results were adversely affected by overall softness in the market
as well as more pronounced seasonal headwinds that led to a reduced
number of augmentation and reconstruction cases during the third
quarter, particularly in July and August.
As a result of the preliminary third quarter financial
performance and based on the Company’s expectations that a volatile
operating environment will continue in the fourth quarter due to
the macroeconomic and geopolitical factors, the Company is
withdrawing its fiscal year 2023 guidance.
Unaudited net cash and cash equivalents as of September 30,
2023, are expected to be in the range of $14.7 to $15.2 million,
compared to $26.1 million on December 31, 2022, and $18.6 million
on June 30, 2023.
Sientra and its advisors continue to find ways to improve the
Company’s balance sheet and, together with its financial partners,
are exploring strategic alternatives to provide the strongest path
forward for continued success. Throughout this process, it remains
business as usual and Sientra will continue to deliver for its
customers, patients, employees, and partners seamlessly.
"We remain focused on delivering the safest and most innovative
solutions for the best aesthetic outcomes,” said Ron Menezes,
President and CEO of Sientra. “While we continue to see softness in
the augmentation market, we are encouraged by our growth in breast
reconstruction as we gain momentum from new products such as
Viality and SimpliDerm. We are also committed to enhancing our
financial footing to position Sientra as a partner of choice for
plastic surgeons."
Conference Call
Sientra will host a conference call on Thursday, November 9,
2023, at 4:30 pm ET to discuss third quarter 2023 results. The
dial-in numbers are (844) 735-3763 for domestic callers and (412)
317-5711 for international callers. The webcast link is the
following: Sientra Q3 2023 Earnings Call Webcast Registration
Link. The webcast will be archived on the website following the
call’s completion.
Use of Non-GAAP Financial Measures
Sientra has supplemented its U.S. GAAP net income (loss) with a
non-GAAP measure of adjusted EBITDA, U.S. GAAP gross profit and
gross margin with a non-GAAP measure of adjusted gross profit and
gross margin, U.S. GAAP operating expenses with a non-GAAP measure
of non-GAAP operating expenses, and U.S. GAAP cash flow from
operating activities with a non-GAAP measure of free cash flow.
Management believes that these non-GAAP financial measures provide
useful supplemental information to management and investors
regarding the performance of the Company, facilitate a more
meaningful comparison of results for current periods with previous
operating results, and assist management in analyzing future
trends, making strategic and business decisions and establishing
internal budgets and forecasts. Reconciliations of non-GAAP
adjusted EBITDA, non-GAAP adjusted gross profit and gross margin,
non-GAAP operating expenses, and free cash flow to U.S. GAAP net
income (loss), U.S. GAAP operating expenses and U.S. GAAP cash flow
from operating activities, the most directly comparable U.S. GAAP
measures, are provided in the schedules below. There are
limitations in using these non-GAAP financial measures because they
are not prepared in accordance with U.S. GAAP and may be different
from non-GAAP financial measures used by other companies. These
non-GAAP financial measures should not be considered in isolation
or as a substitute for U.S. GAAP financial measures. Investors and
potential investors should consider non-GAAP financial measures
only in conjunction with Sientra’s financial statements prepared in
accordance with U.S. GAAP and the reconciliations of the non-GAAP
financial measures provided in the schedules below.
About Sientra
Headquartered in Irvine, California, Sientra is a surgical
aesthetics company focused on empowering people to change their
lives through increased self-confidence and self-respect. Backed by
unrivaled clinical and safety data, Sientra’s platform of products
includes a comprehensive portfolio of round and shaped breast
implants, the first fifth-generation breast implants approved by
the FDA for sale in the United States, the ground-breaking
AlloX2®breast tissue expander with patented dual-port and integral
drain technology, the next-generation AlloX2Pro™, the first and
only FDA-cleared MRI-compatible tissue expander, the Viality™ with
AuraClens™ enhanced viability fat transfer system, the SimpliDerm®
Human Acellular Dermal Matrix, and BIOCORNEUM the #1 performing,
preferred and recommended scar gel of plastic surgeons (*).
Sientra uses its investor relations website to publish important
information about the Company, including information that may be
deemed material to investors. Financial and other information about
Sientra is routinely posted and is accessible on the Company’s
investor relations website at www.sientra.com.
To learn more about Sientra, visit our website and follow
Sientra on LinkedIn, Instagram, and Facebook.
(*) Data on file
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, based on management’s current assumptions and expectations
of future events and trends, which affect or may affect the
Company’s business, strategy, operations or financial performance,
and actual results may differ materially from those expressed or
implied in such statements due to numerous risks and uncertainties.
Forward-looking statements are made only as of the date of this
release. The words ‘‘believe,’’ ‘‘may,’’ ‘‘might,’’ ‘‘could,’’
‘‘will,’’ ‘‘aim,’’ ‘‘estimate,’’ ‘‘continue, ‘‘anticipate,’’
‘‘intend,’’ ‘‘expect,’’ ‘‘plan,’’ ‘‘position,” or the negative of
those terms, and similar expressions that convey uncertainty of
future events or outcomes are intended to identify estimates,
projections and other forward-looking statements. Forward-looking
statements may include information concerning the Company’s
unaudited financial information for the third quarter ended
September 30, 2023, the Company’s possible or assumed future
results of operations, including descriptions of the Company’s
revenues, operating expense, profitability, outlook and overall
business strategy, the Company’s ability and timing to successfully
integrate the Viality™ with AuraClens™ fat transfer system and
SimpliDerm® human Acellular Dermal Matrix into its existing
operations, the reception of plastic surgeons to the Company’s
products, the Company’s ability to expand into aesthetic
applications outside of breast procedures, the Company’s ability to
add additional products and strategic partnerships, the Company’s
ability to capture additional market share and customer accounts in
the plastic surgery market, and the Company’s ability to obtain and
execute on any strategic alternatives. Such statements are subject
to risks and uncertainties, including the audit of the Company’s
financial statements which audit is not yet complete and the
numbers presented here could differ from the final audited
financial statements presented by the Company, the Company’s
ability to recapture delayed procedures resulting from the COVID-19
pandemic and other macroeconomic pressures, the positive reaction
from plastic surgeons and their patients to the Company’s products,
the ability to meet consumer demand including any potential supply
issues resulting from the COVID-19 pandemic or the war in Ukraine,
the growth of the plastic surgery market and breast procedures, and
the ability of the Company to execute on its commercial,
operational, marketing, research and development and regulatory
plans, and the Company’s ability to obtain and execute on any
strategic alternatives. Additional factors that could cause actual
results to differ materially from those contemplated in this press
release can be found in the Risk Factors section of Sientra’s
public filings with the Securities and Exchange Commission. All
statements other than statements of historical fact are
forward-looking statements. The words ‘‘believe,’’ ‘‘may,’’
‘‘might,’’ ‘‘could,’’ ‘‘will,’’ ‘‘aim,’’ ‘‘estimate,’’ ‘‘continue,
‘‘anticipate,’’ ‘‘intend,’’ ‘‘expect,’’ ‘‘plan,’’ ‘‘position,” or
the negative of those terms, and similar expressions that convey
uncertainty of future events or outcomes are intended to identify
estimates, projections and other forward-looking statements. You
are cautioned not to place undue reliance on these forward-looking
statements, and such estimates, projections and other
forward-looking statements speak only as of the date they were
made, and, except to the extent required by law, the Company
undertakes no obligation to update or review any estimate,
projection or forward-looking statement. Actual results may differ
from those set forth in this press release due to the risks and
uncertainties inherent in the Company’s business.
Investor Relations Contact
Aman R. Patel, CFA
aman.patel@westwicke.com
Sientra (NASDAQ:SIEN)
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