Sientra, Inc. (NASDAQ: SIEN) (“Sientra” or the “Company”), a
surgical aesthetics company developing the safest and most
innovative solutions for the best aesthetic outcomes, today
announced its financial results for the third quarter that ended
September 30, 2023.
Third Quarter 2023
Financial and Business Highlights
- Net sales of $19.5 million representing a decrease of 13.7%
over the third quarter of 2022. For the first nine months of 2023,
net sales totaled $65.2 million, approximately flat from $65.5
million for the same period in 2022.
- Free cash flow usage of $3.6 million, a slight improvement from
$3.7 million in the same period in 2022. For the first nine months
of 2023, free cash flow usage totaled $11.2 million, a 68.3%
improvement versus free cash usage of $35.3 million for the same
period in 2022.
- Adjusted EBITDA loss of $6.4 million, a 25.6% improvement from
a $8.6 million loss for the same period in 2022. For the first nine
months of 2023, adjusted EBITDA loss totaled $15.4 million, a 47.4%
improvement versus a $29.3 million loss for the same period in
2022.
- Presented at the American Society of Plastic Surgeons meeting
in Austin, Texas, unparalleled 12-month interim clinical data for
the Viality™ fat transfer system demonstrating over 80% fat
retention at all time points.
- Obtained approval for Viality from Health Canada, representing
the first international expansion for the Company’s novel fat
transfer technology.
Ron Menezes, Sientra’s President and Chief
Executive Officer, said, "As reported in our October 30
pre-release, Q3 revenues were negatively impacted by more
pronounced seasonality resulting in softer procedural volumes as
compared to prior periods. We remain enthusiastic on the potential
of our portfolio, which we believe is unmatched in the industry.
With the early controlled launches of Viality and SimpliDerm®
starting to take effect, and the upcoming launch of Allox2 PRO™,
which is the first and only dual port, MRI-compatible tissue
expander, we believe 2024 will be an inflection point for the
Company, driven by both top-line growth and profitability."
“We are extremely excited about the interim
12-month clinical data on our Viality long-term retention study
presented at Plastic Surgery: The Meeting,” commented Dr. Denise
Dajles, Sientra’s Chief Technology Officer. “This first-of-its-kind
study has demonstrated unparalleled fat retention of over 80% at
the 3-, 6- and now 12-month time points. This retention rate is
also consistent across cohorts, showing predictable, high retention
rates for augmentation and reconstruction patients, including
patients using fat with implants or just fat alone. This is highly
significant, as it represents a truly minimally invasive option for
patients who want to add volume without an implant, providing an
important new tool for plastic surgeons in their patient care.”
Third Quarter 2023 Financial
Results
- Total net sales were $19.5 million, a decrease of 13.7%
compared to total net sales of $22.6 million for the same period in
2022.
- GAAP gross profit for the third quarter of 2023 was $10.0
million, or 51.3% of sales, compared to gross profit of $12.8
million, or 56.6% of sales, for the same period in 2022. This
quarter’s results were negatively affected by a non-cash
depreciation and amortization charge of $1.4 million. This charge
is primarily due to the inclusion of non-cash amortization of
Viality manufacturing know-how and developed technology in cost of
sales. Non-GAAP gross margin, excluding this non-cash depreciation
and amortization charge, was 58.4% of sales for the current period
as compared to 57.9% for the prior year period.
- Total GAAP loss from continuing operations for the third
quarter of 2023 was $14.8 million, compared to $14.9 million for
the same period in 2022, a 0.7% improvement from the prior year
period.
- Total GAAP operating expense for the third quarter of 2023 was
$19.4 million, compared to $25.3 million for the prior year period,
a decrease of $5.9 million or 23.3%.
- Non-GAAP total operating expenses for the third quarter of 2023
were $17.8 million, compared to $21.7 million for the same period
in 2022, an 18.0% reduction from the prior year period.
- On a non-GAAP basis, adjusted EBITDA for the third quarter of
2023 was a $6.4 million loss, a 25.6% improvement from a loss of
$8.6 million for the same period in 2022.
- Net cash and cash equivalents as of September 30, 2023, were
$15 million, compared to $26.1 million on December 31, 2022, and
$18.6 million on June 30, 2023.
Conference Call
Sientra will hold a conference call today,
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. A live conference call webcast will be available
on the Investor Relations section of the Company's website at
www.sientra.com. 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, and the
Company’s ability to capture additional market share and customer
accounts in the plastic surgery market. 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, 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, the ability of the Company to
execute on its commercial, operational, marketing, research and
development and regulatory plans, and the Company’s ability to
comply with the terms of the Facility Agreement, including
financial covenants, both during and after any waiver period,
and/or obtain any additional waivers of any terms of the Company’s
Facility Agreement to the extent required. 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, Inc. |
|
Condensed Consolidated Statements of
Operations |
|
(In thousands, except per share and share
amounts) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net sales |
|
$ |
19,544 |
|
|
$ |
22,570 |
|
|
$ |
65,231 |
|
|
$ |
65,481 |
|
Cost of goods sold |
|
|
9,515 |
|
|
|
9,794 |
|
|
|
30,440 |
|
|
|
27,118 |
|
Gross profit |
|
|
10,029 |
|
|
|
12,776 |
|
|
|
34,791 |
|
|
|
38,363 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
9,330 |
|
|
|
12,290 |
|
|
|
29,487 |
|
|
|
41,542 |
|
Research and development |
|
|
2,476 |
|
|
|
3,720 |
|
|
|
7,571 |
|
|
|
9,823 |
|
General and administrative |
|
|
7,620 |
|
|
|
9,324 |
|
|
|
24,805 |
|
|
|
31,589 |
|
Total operating expenses |
|
|
19,426 |
|
|
|
25,334 |
|
|
|
61,863 |
|
|
|
82,954 |
|
Loss from operations |
|
|
(9,397 |
) |
|
|
(12,558 |
) |
|
|
(27,072 |
) |
|
|
(44,591 |
) |
Other (expense) income, net: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
168 |
|
|
|
41 |
|
|
|
458 |
|
|
|
58 |
|
Interest expense |
|
|
(2,367 |
) |
|
|
(2,364 |
) |
|
|
(7,250 |
) |
|
|
(6,584 |
) |
Change in fair value of derivative liability |
|
|
(3,153 |
) |
|
|
— |
|
|
|
(3,153 |
) |
|
|
— |
|
Other (expense) income, net |
|
|
(24 |
) |
|
|
(6 |
) |
|
|
(125 |
) |
|
|
(1 |
) |
Total other (expense) income, net |
|
|
(5,376 |
) |
|
|
(2,329 |
) |
|
|
(10,070 |
) |
|
|
(6,527 |
) |
Loss from continuing operations before income taxes |
|
|
(14,773 |
) |
|
|
(14,887 |
) |
|
|
(37,142 |
) |
|
|
(51,118 |
) |
Loss from continuing
operations |
|
|
(14,773 |
) |
|
|
(14,887 |
) |
|
|
(37,142 |
) |
|
|
(51,118 |
) |
Loss from discontinued
operations, net of income taxes |
|
|
— |
|
|
|
(94 |
) |
|
|
— |
|
|
|
(208 |
) |
Net loss |
|
$ |
(14,773 |
) |
|
$ |
(14,981 |
) |
|
$ |
(37,142 |
) |
|
$ |
(51,326 |
) |
Basic and diluted net loss per
share attributable tocommon stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(1.31 |
) |
|
$ |
(2.37 |
) |
|
$ |
(3.23 |
) |
|
$ |
(8.16 |
) |
Discontinued operations |
|
|
— |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
(0.03 |
) |
Basic and diluted net loss per share |
|
$ |
(1.31 |
) |
|
$ |
(2.38 |
) |
|
$ |
(3.23 |
) |
|
$ |
(8.20 |
) |
Weighted average outstanding
common shares used for net loss per share attributable to common
stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
11,290,699 |
|
|
|
6,284,817 |
|
|
|
11,488,310 |
|
|
|
6,261,350 |
|
Sientra, Inc. |
|
Condensed Consolidated Balance Sheets |
|
(In thousands) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
15,026 |
|
|
$ |
26,071 |
|
Accounts receivable, net |
|
|
29,610 |
|
|
|
36,892 |
|
Inventories |
|
|
39,268 |
|
|
|
42,692 |
|
Prepaid expenses and other current assets |
|
|
2,604 |
|
|
|
2,094 |
|
Total current assets |
|
|
86,508 |
|
|
|
107,749 |
|
Property and equipment, net |
|
|
13,289 |
|
|
|
14,941 |
|
Goodwill |
|
|
9,202 |
|
|
|
9,202 |
|
Other intangible assets, net |
|
|
24,332 |
|
|
|
25,676 |
|
Right of use assets, net |
|
|
5,753 |
|
|
|
7,004 |
|
Other assets |
|
|
849 |
|
|
|
849 |
|
Total assets |
|
$ |
139,933 |
|
|
$ |
165,421 |
|
Liabilities and
Stockholders’ Deficit |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Current portion of long-term debt |
|
$ |
58,810 |
|
|
$ |
- |
|
Accounts payable |
|
|
5,284 |
|
|
|
6,818 |
|
Accrued and other current liabilities |
|
|
20,655 |
|
|
|
22,599 |
|
Customer deposits |
|
|
53,598 |
|
|
|
45,161 |
|
Sales return liability |
|
|
13,745 |
|
|
|
15,773 |
|
Total current liabilities |
|
|
152,092 |
|
|
|
90,351 |
|
Long-term debt |
|
|
— |
|
|
|
55,406 |
|
Derivative liability |
|
|
3,153 |
|
|
|
880 |
|
Deferred and contingent
consideration |
|
|
1,794 |
|
|
|
2,791 |
|
Warranty reserve |
|
|
8,758 |
|
|
|
8,186 |
|
Lease liabilities |
|
|
4,129 |
|
|
|
5,518 |
|
Other liabilities |
|
|
2,052 |
|
|
|
2,698 |
|
Total liabilities |
|
|
171,978 |
|
|
|
165,830 |
|
Stockholders’ deficit: |
|
|
|
|
|
|
Total stockholders’ deficit |
|
|
(32,045 |
) |
|
|
(409 |
) |
Total liabilities and stockholders’ deficit |
|
$ |
139,933 |
|
|
$ |
165,421 |
|
Sientra, Inc. |
|
Condensed Consolidated Statements of Cash
Flows |
|
(In thousands) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
Cash flows from operating
activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(37,142 |
) |
|
$ |
(51,326 |
) |
Loss from discontinued operations, net of income taxes |
|
|
— |
|
|
|
(208 |
) |
Loss from continuing operations, net of income taxes |
|
|
(37,142 |
) |
|
|
(51,118 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
5,546 |
|
|
|
4,947 |
|
Provision for doubtful accounts |
|
|
448 |
|
|
|
1,086 |
|
Provision for warranties |
|
|
1,510 |
|
|
|
583 |
|
Provision for inventories |
|
|
68 |
|
|
|
607 |
|
Fair value adjustments to derivative liability |
|
|
3,153 |
|
|
|
— |
|
Fair value adjustments of other liabilities held at fair value |
|
|
350 |
|
|
|
(88 |
) |
Amortization of debt discount and issuance costs |
|
|
3,621 |
|
|
|
3,029 |
|
Employee stock-based compensation expense |
|
|
4,293 |
|
|
|
6,113 |
|
Other non-cash adjustments |
|
|
— |
|
|
|
135 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
6,610 |
|
|
|
(2,341 |
) |
Inventories |
|
|
3,357 |
|
|
|
667 |
|
Prepaid expenses, other current assets and other assets |
|
|
741 |
|
|
|
1,997 |
|
Accounts payable, accrued and other liabilities |
|
|
(9,122 |
) |
|
|
(5,514 |
) |
Customer deposits |
|
|
8,437 |
|
|
|
7,830 |
|
Sales return liability |
|
|
(2,029 |
) |
|
|
(1,383 |
) |
Net cash flow used in operating activities - continuing
operations |
|
|
(10,159 |
) |
|
|
(33,450 |
) |
Net cash flow used in operating activities - discontinued
operations |
|
|
— |
|
|
|
(208 |
) |
Net cash used in operating activities |
|
|
(10,159 |
) |
|
|
(33,658 |
) |
Cash flows from investing
activities: |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(1,056 |
) |
|
|
(1,856 |
) |
Net cash flow used in investing activities - continuing
operations |
|
|
(1,056 |
) |
|
|
(1,856 |
) |
Net cash used in investing activities |
|
|
(1,056 |
) |
|
|
(1,856 |
) |
Cash flows from financing
activities: |
|
|
|
|
|
|
Proceeds from issuance of common stock for employee stock-based
plans |
|
|
428 |
|
|
|
475 |
|
Shares repurchased for tax withholding on vesting RSUs |
|
|
(96 |
) |
|
|
(448 |
) |
Gross borrowings under the Term Loan |
|
|
— |
|
|
|
5,000 |
|
Gross borrowings under the Revolving Loan |
|
|
— |
|
|
|
5,440 |
|
Repayments of the Revolving Loan |
|
|
— |
|
|
|
(7,678 |
) |
Deferred financing costs |
|
|
(162 |
) |
|
|
(73 |
) |
Net cash provided by financing activities - continuing
operations |
|
|
170 |
|
|
|
2,716 |
|
Net cash provided by financing activities |
|
|
170 |
|
|
|
2,716 |
|
Net decrease in cash, cash equivalents and restricted cash |
|
|
(11,045 |
) |
|
|
(32,798 |
) |
Cash, cash equivalents and
restricted cash at: |
|
|
|
|
|
|
Beginning of period |
|
|
26,677 |
|
|
|
52,068 |
|
End of period |
|
$ |
15,632 |
|
|
$ |
19,270 |
|
|
|
|
|
|
|
|
Reconciliation of cash, cash
equivalents, and restricted cash to the condensed consolidated
balance sheets |
|
|
|
|
|
|
Cash and cash equivalents |
|
|
15,026 |
|
|
|
18,975 |
|
Restricted cash included in other assets |
|
|
606 |
|
|
|
295 |
|
Total cash, cash equivalents and restricted cash |
|
$ |
15,632 |
|
|
$ |
19,270 |
|
Sientra, Inc. |
|
Reconciliation of US GAAP Loss from Continuing Operations
to Non-GAAP Adjusted EBITDA |
|
(In thousands) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Loss from continuing operations, as reported |
|
$ |
(14,773 |
) |
|
$ |
(14,887 |
) |
|
$ |
(37,142 |
) |
|
$ |
(51,118 |
) |
Adjustments to loss from
continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest (income) expense and other, net |
|
|
2,223 |
|
|
|
2,329 |
|
|
|
6,917 |
|
|
|
6,528 |
|
Depreciation and amortization |
|
|
1,887 |
|
|
|
1,545 |
|
|
|
5,546 |
|
|
|
4,947 |
|
Fair value adjustments to contingent consideration |
|
|
— |
|
|
|
— |
|
|
|
90 |
|
|
|
(88 |
) |
Fair value adjustments to derivative liability |
|
|
3,153 |
|
|
|
— |
|
|
|
3,153 |
|
|
|
— |
|
Stock-based compensation |
|
|
1,233 |
|
|
|
1,855 |
|
|
|
4,293 |
|
|
|
6,113 |
|
Provision for doubtful accounts |
|
|
(86 |
) |
|
|
582 |
|
|
|
448 |
|
|
|
1,086 |
|
Severance |
|
|
280 |
|
|
|
— |
|
|
|
598 |
|
|
|
1,635 |
|
SEC/DOJ related legal fees |
|
|
— |
|
|
|
— |
|
|
|
1,016 |
|
|
|
— |
|
Legal settlement expense |
|
|
(265 |
) |
|
|
— |
|
|
|
(265 |
) |
|
|
1,600 |
|
Total adjustments to loss from continuing operations |
|
|
8,425 |
|
|
|
6,311 |
|
|
|
21,796 |
|
|
|
21,821 |
|
Adjusted EBITDA |
|
$ |
(6,348 |
) |
|
$ |
(8,576 |
) |
|
$ |
(15,346 |
) |
|
$ |
(29,297 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
As a Percentage of
Revenue** |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Loss from continuing operations,
as reported |
|
|
(75.6 |
%) |
|
|
(66.0 |
%) |
|
|
(56.9 |
%) |
|
|
(78.1 |
%) |
Adjustments to loss from
continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest (income) expense and other, net |
|
|
11.4 |
% |
|
|
10.3 |
% |
|
|
10.6 |
% |
|
|
10.0 |
% |
Depreciation and amortization |
|
|
9.7 |
% |
|
|
6.8 |
% |
|
|
8.5 |
% |
|
|
7.6 |
% |
Fair value adjustments to contingent consideration |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.1 |
% |
|
|
(0.1 |
%) |
Fair value adjustments to derivative liability |
|
|
16.1 |
% |
|
|
0.0 |
% |
|
|
4.8 |
% |
|
|
0.0 |
% |
(Loss) gain on extinguishment of debt |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
Stock-based compensation |
|
|
6.3 |
% |
|
|
8.2 |
% |
|
|
6.6 |
% |
|
|
9.3 |
% |
Provision for doubtful accounts |
|
|
(0.4 |
%) |
|
|
2.6 |
% |
|
|
0.7 |
% |
|
|
1.7 |
% |
Severance |
|
|
1.4 |
% |
|
|
0.0 |
% |
|
|
0.9 |
% |
|
|
2.5 |
% |
SEC/DOJ related legal fees |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
1.6 |
% |
|
|
0.0 |
% |
Legal settlement expense |
|
|
(1.4 |
%) |
|
|
0.0 |
% |
|
|
(0.4 |
%) |
|
|
2.4 |
% |
Total adjustments to loss from continuing operations |
|
|
43.1 |
% |
|
|
28.0 |
% |
|
|
33.4 |
% |
|
|
33.3 |
% |
Adjusted EBITDA |
|
|
(32.5 |
%) |
|
|
(38.0 |
%) |
|
|
(23.5 |
%) |
|
|
(44.7 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
** Adjustments
may not add to the total figure due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sientra, Inc. |
|
Reconciliation of US GAAP Gross Profit to Adjusted Gross
Profit and Adjusted Gross Margin |
|
(In thousands) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net sales |
|
$ |
19,544 |
|
|
$ |
22,570 |
|
|
$ |
65,231 |
|
|
$ |
65,481 |
|
Cost of goods sold |
|
|
9,515 |
|
|
|
9,794 |
|
|
|
30,440 |
|
|
|
27,118 |
|
Gross profit |
|
$ |
10,029 |
|
|
$ |
12,776 |
|
|
$ |
34,791 |
|
|
$ |
38,363 |
|
Gross margin |
|
|
51.3 |
% |
|
|
56.6 |
% |
|
|
53.3 |
% |
|
|
58.6 |
% |
Adjustments to gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,386 |
|
|
|
301 |
|
|
|
4,087 |
|
|
|
1,132 |
|
Total adjustments to gross profit |
|
|
1,386 |
|
|
|
301 |
|
|
|
4,087 |
|
|
|
1,132 |
|
Adjusted gross profit |
|
$ |
11,415 |
|
|
$ |
13,077 |
|
|
$ |
38,878 |
|
|
$ |
39,495 |
|
Adjusted gross margin |
|
|
58.4 |
% |
|
|
57.9 |
% |
|
|
59.6 |
% |
|
|
60.3 |
% |
Sientra, Inc. |
|
Reconciliation of US GAAP Operating Expenses to Non-GAAP
Operating Expenses |
|
(In thousands) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
US GAAP operating expenses, as reported |
|
$ |
19,426 |
|
|
$ |
25,334 |
|
|
$ |
61,863 |
|
|
$ |
82,954 |
|
Adjustments to GAAP operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
501 |
|
|
|
1,244 |
|
|
|
1,459 |
|
|
|
3,815 |
|
Fair value adjustments to contingent consideration |
|
|
— |
|
|
|
— |
|
|
|
90 |
|
|
|
(88 |
) |
Stock-based compensation |
|
|
1,233 |
|
|
|
1,855 |
|
|
|
4,293 |
|
|
|
6,113 |
|
Provision for doubtful accounts |
|
|
(86 |
) |
|
|
582 |
|
|
|
448 |
|
|
|
1,086 |
|
Severance |
|
|
280 |
|
|
|
— |
|
|
|
598 |
|
|
|
1,635 |
|
SEC/DOJ related legal fees |
|
|
— |
|
|
|
— |
|
|
|
1,016 |
|
|
|
— |
|
Legal settlement expense |
|
|
(265 |
) |
|
|
— |
|
|
|
(265 |
) |
|
|
1,600 |
|
Total adjustments to GAAP operating expenses |
|
|
1,663 |
|
|
|
3,681 |
|
|
|
7,639 |
|
|
|
14,161 |
|
Non-GAAP operating expenses |
|
|
17,763 |
|
|
|
21,653 |
|
|
|
54,224 |
|
|
|
68,793 |
|
Sientra, Inc. |
|
Reconciliation of US GAAP Operating Expenses to Non-GAAP
Operating Expenses |
|
(In thousands) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
US GAAP operating expenses, as
reported |
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
$ |
9,330 |
|
|
$ |
12,290 |
|
|
$ |
29,487 |
|
|
$ |
41,542 |
|
Research and development |
|
|
2,476 |
|
|
|
3,720 |
|
|
|
7,571 |
|
|
|
9,823 |
|
General and administrative |
|
|
7,620 |
|
|
|
9,324 |
|
|
|
24,805 |
|
|
|
31,589 |
|
Total GAAP operating expenses,
as reported |
|
$ |
19,426 |
|
|
$ |
25,334 |
|
|
$ |
61,863 |
|
|
$ |
82,954 |
|
Adjustments to GAAP operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
425 |
|
|
|
640 |
|
|
|
1,332 |
|
|
|
3,065 |
|
Research and development |
|
|
205 |
|
|
|
173 |
|
|
|
528 |
|
|
|
575 |
|
General and administrative |
|
|
1,033 |
|
|
|
2,868 |
|
|
|
5,779 |
|
|
|
10,521 |
|
Total adjustments to GAAP operating expenses |
|
|
1,663 |
|
|
|
3,681 |
|
|
|
7,639 |
|
|
|
14,161 |
|
Non-GAAP operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
8,905 |
|
|
|
11,650 |
|
|
|
28,155 |
|
|
|
38,477 |
|
Research and development |
|
|
2,271 |
|
|
|
3,547 |
|
|
|
7,043 |
|
|
|
9,248 |
|
General and administrative |
|
|
6,587 |
|
|
|
6,456 |
|
|
|
19,026 |
|
|
|
21,068 |
|
Total Non-GAAP operating
expenses |
|
$ |
17,763 |
|
|
$ |
21,653 |
|
|
$ |
54,224 |
|
|
$ |
68,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sientra, Inc. |
|
Free Cash Flow |
|
(In thousands) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flow used in
operating activities - continuing operations |
|
$ |
(3,367 |
) |
|
$ |
(2,605 |
) |
|
$ |
(10,159 |
) |
|
$ |
(33,450 |
) |
Purchases of property and
equipment |
|
|
(270 |
) |
|
|
(1,043 |
) |
|
|
(1,056 |
) |
|
|
(1,856 |
) |
Free cash flow |
|
$ |
(3,637 |
) |
|
$ |
(3,648 |
) |
|
$ |
(11,216 |
) |
|
$ |
(35,306 |
) |
Sientra (NASDAQ:SIEN)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Sientra (NASDAQ:SIEN)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024