Sientra Shines Following Third Quarter Financial and Operational Results

Surgical aesthetics company, Sientra (Nasdaq: SIEN) saw its share price gain nearly 40% in intraday trading after it announced its financial results for Q3, 2023.

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. We believe 2024 will be an inflection point for the Company, driven by both top-line growth and profitability.”

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.

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.

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.

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.