Sientra, Inc. (NASDAQ: SIEN) (“Sientra” or the “Company”), a
diversified medical aesthetics company, today announced its
financial results for the fourth quarter and full year ended
December 31, 2019.
Jeff Nugent, Sientra’s Chairman and Chief
Executive Officer, said, “2019 was a pivotal year of growth and
strategic transformation for Sientra. We achieved important
vertical integration through our fourth-quarter acquisition of
OPUS® breast implant manufacturing operations from Vesta, which
complements our innovation lab, enables us to directly control our
manufacturing and product development efforts, and increases our
speed-to-market. At the same time, we continued to gain market
share in Breast Products, growing full year 2019 net sales by 25%
over 2018 through continued strong growth in cosmetic procedures
and record growth in our tissue expander business. In addition, we
had a record year in our miraDry segment, which grew full year 2019
net sales by 20% over 2018, reflecting record system placements in
North America and continued growth in bioTips utilization, as well
as our targeted, cost-effective global marketing campaign.”
Mr. Nugent added, “We remain focused on
strengthening our balance sheet and were pleased to announce today
that we have raised $60 million through a convertible debt
financing with Deerfield Management. This infusion of capital
provides us with enhanced financial flexibility to execute on our
strategic initiatives as we continue on our path to aesthetics
market leadership.”
Mr. Nugent concluded, “Looking ahead, we remain
focused on driving growth in net sales and profitability by
continuing to gain market share in Breast Products, leveraging the
significant brand value of miraDry, executing on our operational
efficiency initiatives and realizing the full benefits of our OPUS®
implant manufacturing acquisition. I am confident our recent
achievements, well-capitalized balance sheet, talented team and
commitment to innovation will drive significant value for our
shareholders and other stakeholders in 2020 and beyond.”
Fourth Quarter and Full Year 2019
Financial ReviewTotal net sales for the fourth quarter
2019 were $23.2 million, an increase of 22% compared to total net
sales of $19.0 million for the same period in 2018. Total net sales
for full year 2019 were $83.7 million, an increase of 23% compared
to total net sales of $68.1 million for full year 2018.
Net sales for the Breast Products segment
totaled $12.8 million in the fourth quarter 2019, a 22% increase
compared to $10.4 million for the same period in 2018. Net sales
for the Breast Products segment in full year 2019 totaled $46.4
million, representing a 25% increase compared to $37.0 million in
full year 2018. Breast Products sales growth was primarily driven
by continued market share growth resulting from the Company’s new
customer conversion programs and deeper penetration of existing
accounts.
Net sales for the miraDry segment totaled $10.4
million in the fourth quarter 2019, a 22% increase compared to $8.6
million for the same period in 2018. Net sales for the miraDry
segment in full year 2019 totaled $37.3 million, representing a 20%
increase compared to $31.1 million in full year 2018. miraDry sales
growth was driven by continued momentum in both systems placements
and consumables utilization, as well as the Company’s
cost-effective global marketing and brand awareness initiatives,
which led to more than 2.7 million visits to miraDry.com and more
than 100,000 new patient leads for providers in 2019.
Gross profit for the fourth quarter 2019 was
$14.2 million, or 61.3% of sales, compared to gross profit of $11.4
million, or 59.7% of sales, for the same period in 2018. Gross
profit for the full year 2019 was $50.7 million, or 60.6% of sales,
compared to gross profit of $41.3 million, or 60.6% of sales, for
full year 2018.
With respect to Sientra’s organizational
efficiency initiative, the Company remains on track to reduce
annual pre-tax operating expenses by approximately $10 million in
2020 and another $5 million in 2021. Sientra is in the process of
closing miraDry's Santa Clara facility, outsourcing miraDry product
assembly and consolidating a number of business support functions
at Sientra’s Santa Barbara headquarters.
Excluding $1.1 million of restructuring charges
related to Sientra’s organizational efficiency initiative,
operating expenses for the fourth quarter 2019 were $32.4 million,
compared to $35.7 million of operating expenses for the same period
in 2018.
Net loss for the fourth quarter 2019 was ($20.2)
million, or ($0.41) per share, compared to a net loss of ($24.6)
million, or ($0.86) per share, for the same period in 2018. Net
loss for the full year of 2019 was ($106.8) million, or ($2.63) per
share, compared to a net loss of ($82.6) million, or ($3.25) per
share, for full year 2018.
On a non-GAAP basis, the Company reported an
adjusted EBITDA loss of ($14.0) million and ($72.8) million
for the fourth quarter and full year 2019, respectively, compared
to a loss of ($19.4) million and ($60.0) million for the
fourth quarter and full year 2018, respectively.
Net cash and cash equivalents as of December 31,
2019 were $88 million, compared to $121 million as of September 30,
2019. Uses of cash in the quarter included a $14 million upfront
payment for the Vesta manufacturing operations to Lubrizol Life
Science and $5 million of working capital investments associated
with the acquisition of the OPUS® manufacturing operation.
Subsequent to year-end and as announced on March 11, 2020, Sientra
completed a $60 million convertible financing with Deerfield
Management.
2020 Net Sales OutlookFor full
year 2020, the Company expects to achieve total net sales of $94
million to $98 million, representing growth of 12% to 17% compared
to net sales of $83.7 million in 2019.
- Breast Products net sales of $55 to $57 million; and
- miraDry net sales of $39 to $41 million.
The current 2020 net sales outlook factors in anticipated impact
from COVID-19. There is a significant level of uncertainty
with this dynamic and evolving situation, and the Company will
provide a financial and operational update if its 2020 outlook
changes.
Conference Call
Sientra will hold a conference call today, March
11, 2020 at 5:00 pm ET to discuss fourth quarter results. The
dial-in numbers are 844-464-3933 for domestic callers and
765-507-2612 for international callers. The conference ID is
9744698. A live webcast of the conference call 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 completion of the call.
Use of Non-GAAP Financial
MeasuresSientra has supplemented its US GAAP net
income (loss) with a non-GAAP measure of Adjusted EBITDA.
Management believes that this non-GAAP financial measure provides
useful supplemental information to management and investors
regarding the performance of the Company, facilitates a more
meaningful comparison of results for current periods with previous
operating results, and assists management in analyzing future
trends, making strategic and business decisions and establishing
internal budgets and forecasts. A reconciliation of non-GAAP
Adjusted EBITDA to GAAP net income (loss), the most directly
comparable GAAP measure, is provided in the schedule below.
There are limitations in using this non-GAAP
financial measure because it is not prepared in accordance with
GAAP and may be different from non-GAAP financial measures used by
other companies. This non-GAAP financial measure should not be
considered in isolation or as a substitute for 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 GAAP and the
reconciliations of the non-GAAP financial measure provided in the
schedule below.
About SientraHeadquartered in
Santa Barbara, California, Sientra is a diversified global medical
aesthetics company and a leading partner to aesthetic physicians.
The Company offers a suite of products designed to make a
difference in patients' lives by enhancing their body image,
growing their self-esteem, and restoring their confidence. Sientra
has developed a broad portfolio of products with technologically
differentiated characteristics, supported by independent laboratory
testing and strong clinical trial outcomes. The Company’s Breast
Products Segment includes its OPUS® breast implants, the first
fifth generation breast implants approved by the FDA for sale in
the United States, its ground-breaking Allox2® breast tissue
expander with patented dual-port and integral drain technology, and
BIOCORNEUM® the #1 performing, preferred and recommended scar gel
of plastic surgeons(*). The Company’s miraDry Segment, comprises
its miraDry® system, which is approved for sale in over 40
international markets, and is the only non-surgical FDA-cleared
device for the permanent reduction of underarm sweat, odor and hair
of all colors.
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.
(*) Data on file
Forward-Looking StatementsThis
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
possible or assumed future results of operations, including
descriptions of the Company’s revenues, profitability, outlook and
overall business strategy. Such statements are subject to risks and
uncertainties, including the positive reaction from plastic
surgeons and their patients to Sientra’s Breast Products, the
ability to meet consumer demand, the acceptance and growth of its
miraDry segment, and the Company’s ability to realize the expected
benefits of its organizational efficiency initiative. 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.
Sientra,
Inc |
|
Consolidated
Statements of Operations |
|
(In
thousands, except per share and share amounts) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Net sales |
|
$ |
23,210 |
|
|
$ |
19,022 |
|
|
$ |
83,699 |
|
|
$ |
68,126 |
|
Cost of goods sold |
|
|
8,971 |
|
|
|
7,668 |
|
|
|
33,012 |
|
|
|
26,822 |
|
Gross profit |
|
|
14,239 |
|
|
|
11,354 |
|
|
|
50,687 |
|
|
|
41,304 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
19,202 |
|
|
|
21,725 |
|
|
|
80,189 |
|
|
|
67,715 |
|
Research and development |
|
|
4,011 |
|
|
|
3,015 |
|
|
|
13,537 |
|
|
|
10,945 |
|
General and administrative |
|
|
9,233 |
|
|
|
10,999 |
|
|
|
46,771 |
|
|
|
42,418 |
|
Restructuring |
|
|
1,083 |
|
|
|
— |
|
|
|
1,083 |
|
|
|
— |
|
Goodwill and other intangible impairment |
|
|
— |
|
|
|
— |
|
|
|
12,674 |
|
|
|
— |
|
Total operating expenses |
|
|
33,529 |
|
|
|
35,739 |
|
|
|
154,254 |
|
|
|
121,078 |
|
Loss from operations |
|
|
(19,290 |
) |
|
|
(24,385 |
) |
|
|
(103,567 |
) |
|
|
(79,774 |
) |
Other income (expense), net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
323 |
|
|
|
318 |
|
|
|
1,406 |
|
|
|
532 |
|
Interest expense |
|
|
(1,292 |
) |
|
|
(954 |
) |
|
|
(4,568 |
) |
|
|
(3,428 |
) |
Other income (expense), net |
|
|
46 |
|
|
|
386 |
|
|
|
(55 |
) |
|
|
39 |
|
Total other income (expense), net |
|
|
(923 |
) |
|
|
(250 |
) |
|
|
(3,217 |
) |
|
|
(2,857 |
) |
Loss before income taxes |
|
|
(20,213 |
) |
|
|
(24,635 |
) |
|
|
(106,784 |
) |
|
|
(82,631 |
) |
Income tax (benefit) expense |
|
|
34 |
|
|
|
(4 |
) |
|
|
34 |
|
|
|
(4 |
) |
Net loss |
|
$ |
(20,247 |
) |
|
$ |
(24,631 |
) |
|
$ |
(106,818 |
) |
|
$ |
(82,627 |
) |
Basic and diluted net loss per
share attributable to common stockholders |
|
$ |
(0.41 |
) |
|
$ |
(0.86 |
) |
|
$ |
(2.63 |
) |
|
$ |
(3.25 |
) |
Weighted average outstanding
common shares used for net loss per share attributable to
common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
49,506,169 |
|
|
|
28,623,232 |
|
|
|
40,654,272 |
|
|
|
25,402,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sientra,
Inc |
|
Condensed
Consolidated Balance Sheets |
|
(In
thousands) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2019 |
|
|
2018 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
87,608 |
|
|
$ |
86,899 |
|
Accounts receivable, net |
|
|
27,548 |
|
|
|
22,527 |
|
Inventories, net |
|
|
39,612 |
|
|
|
24,085 |
|
Prepaid expenses and other current assets |
|
|
2,489 |
|
|
|
2,612 |
|
Total current assets |
|
|
157,257 |
|
|
|
136,123 |
|
Property and equipment, net |
|
|
12,314 |
|
|
|
2,536 |
|
Goodwill |
|
|
9,202 |
|
|
|
12,507 |
|
Other intangible assets, net |
|
|
17,390 |
|
|
|
16,495 |
|
Other assets |
|
|
8,241 |
|
|
|
698 |
|
Total assets |
|
$ |
204,404 |
|
|
$ |
168,359 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Current portion of long-term debt |
|
$ |
6,508 |
|
|
$ |
6,866 |
|
Accounts payable |
|
|
9,352 |
|
|
|
13,184 |
|
Accrued and other current liabilities |
|
|
32,551 |
|
|
|
27,697 |
|
Legal settlement payable |
|
|
— |
|
|
|
410 |
|
Customer deposits |
|
|
13,943 |
|
|
|
9,936 |
|
Sales return liability |
|
|
8,116 |
|
|
|
6,048 |
|
Total current liabilities |
|
|
70,470 |
|
|
|
64,141 |
|
Long-term debt, net of current
portion |
|
|
38,248 |
|
|
|
27,883 |
|
Deferred and contingent
consideration |
|
|
5,177 |
|
|
|
6,481 |
|
Warranty reserve and other
long-term liabilities |
|
|
8,627 |
|
|
|
2,976 |
|
Total liabilities |
|
|
122,522 |
|
|
|
101,481 |
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
|
81,882 |
|
|
|
66,878 |
|
Total liabilities and stockholders’ equity |
|
$ |
204,404 |
|
|
$ |
168,359 |
|
|
|
|
|
|
|
|
|
|
Sientra, Inc |
|
Condensed Consolidated Statements of Cash
Flows |
|
(In thousands) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2019 |
|
|
2018 |
|
Cash flows from operating
activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(106,818 |
) |
|
$ |
(82,627 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
Goodwill impairment |
|
|
7,629 |
|
|
|
— |
|
Intangible asset impairment |
|
|
5,045 |
|
|
|
— |
|
Depreciation and amortization |
|
|
3,524 |
|
|
|
3,321 |
|
Provision for doubtful accounts |
|
|
2,298 |
|
|
|
2,043 |
|
Provision for warranties |
|
|
929 |
|
|
|
325 |
|
Provision for inventory |
|
|
2,626 |
|
|
|
955 |
|
Amortization of right-of-use assets |
|
|
4,174 |
|
|
|
— |
|
Lease liability accretion |
|
|
1,627 |
|
|
|
— |
|
Change in fair value of warrants |
|
|
(75 |
) |
|
|
(81 |
) |
Change in fair value of deferred consideration |
|
|
100 |
|
|
|
24 |
|
Change in fair value of contingent consideration |
|
|
1,044 |
|
|
|
2,528 |
|
Change in deferred revenue |
|
|
1,124 |
|
|
|
627 |
|
Non-cash portion of debt extinguishment loss |
|
|
53 |
|
|
|
— |
|
Amortization of debt discount and issuance costs |
|
|
359 |
|
|
|
174 |
|
Stock-based compensation expense |
|
|
12,478 |
|
|
|
13,824 |
|
Loss on disposal of property and equipment |
|
|
119 |
|
|
|
74 |
|
Deferred income taxes |
|
|
18 |
|
|
|
(8 |
) |
Payments of contingent consideration liability in excess of
acquisition-date fair value |
|
|
(1,968 |
) |
|
|
(320 |
) |
Restructuring charges |
|
|
1,083 |
|
|
|
— |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(7,320 |
) |
|
|
(14,094 |
) |
Inventories |
|
|
(10,921 |
) |
|
|
(4,144 |
) |
Prepaid expenses, other current assets and other assets |
|
|
(11,102 |
) |
|
|
(1,302 |
) |
Insurance recovery receivable |
|
|
— |
|
|
|
39 |
|
Accounts payable |
|
|
(2,225 |
) |
|
|
8,502 |
|
Accrued and other liabilities |
|
|
3,500 |
|
|
|
7,885 |
|
Legal settlement payable |
|
|
(410 |
) |
|
|
(590 |
) |
Customer deposits |
|
|
4,008 |
|
|
|
4,513 |
|
Sales return liability |
|
|
2,068 |
|
|
|
2,142 |
|
Net cash used in operating activities |
|
|
(87,033 |
) |
|
|
(56,190 |
) |
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
|
(4,071 |
) |
|
|
(855 |
) |
Business acquisitions, net of cash and restricted cash
acquired |
|
|
(17,943 |
) |
|
|
— |
|
Net cash used in investing activities |
|
|
(22,014 |
) |
|
|
(855 |
) |
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
Net proceeds from issuance of common stock |
|
|
107,734 |
|
|
|
107,551 |
|
Proceeds from exercise of stock options |
|
|
125 |
|
|
|
1,149 |
|
Proceeds from issuance of common stock under ESPP |
|
|
1,216 |
|
|
|
993 |
|
Tax payments related to shares withheld for vested restricted stock units (RSUs) |
|
|
(3,064 |
) |
|
|
(1,635 |
) |
Gross borrowings under the Term Loan |
|
|
5,000 |
|
|
|
10,000 |
|
Gross borrowings under the Revolving Loan |
|
|
22,296 |
|
|
|
12,109 |
|
Repayment of the Revolving Loan |
|
|
(15,788 |
) |
|
|
(12,109 |
) |
Payments of contingent consideration up to acquisition-date fair
value |
|
|
(5,766 |
) |
|
|
(680 |
) |
Deferred financing costs |
|
|
(1,997 |
) |
|
|
(22 |
) |
Net cash provided by financing activities |
|
|
109,756 |
|
|
|
117,356 |
|
Net increase in cash, cash equivalents and restricted cash |
|
|
709 |
|
|
|
60,311 |
|
Cash, cash equivalents and
restricted cash at: |
|
|
|
|
|
|
|
|
Beginning of period |
|
|
87,242 |
|
|
|
26,931 |
|
End of period |
|
$ |
87,951 |
|
|
$ |
87,242 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of cash, cash
equivalents, and restricted cash to the consolidated balance
sheets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
87,608 |
|
|
$ |
86,899 |
|
Restricted cash included in other assets |
|
|
343 |
|
|
|
343 |
|
Total cash, cash equivalents and restricted cash |
|
$ |
87,951 |
|
|
$ |
87,242 |
|
|
|
|
|
|
|
|
|
|
Sientra, Inc. |
|
Reconciliation of Net Loss to Non-GAAP Adjusted
EBITDA |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
December 31, |
|
|
December 31, |
|
Dollars, in
thousands |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Net loss, as reported |
|
$ |
(20,247 |
) |
|
$ |
(24,631 |
) |
|
$ |
(106,818 |
) |
|
$ |
(82,627 |
) |
Adjustments to net loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest (income) expense and other, net |
|
|
923 |
|
|
|
250 |
|
|
|
3,217 |
|
|
|
2,857 |
|
Provision for income taxes |
|
|
34 |
|
|
|
(4 |
) |
|
|
34 |
|
|
|
(4 |
) |
Depreciation and amortization |
|
|
986 |
|
|
|
821 |
|
|
|
3,524 |
|
|
|
3,427 |
|
Accretion in fair value adjustments to contingent
consideration |
|
|
454 |
|
|
|
368 |
|
|
|
1,044 |
|
|
|
2,528 |
|
Stock-based compensation |
|
|
2,797 |
|
|
|
3,748 |
|
|
|
12,478 |
|
|
|
13,824 |
|
Restructuring |
|
|
1,083 |
|
|
|
— |
|
|
|
1,083 |
|
|
|
— |
|
Goodwill and other intangible impairment |
|
|
— |
|
|
|
— |
|
|
|
12,674 |
|
|
|
— |
|
Total adjustments to net loss |
|
|
6,277 |
|
|
|
5,183 |
|
|
|
34,054 |
|
|
|
22,632 |
|
Adjusted EBITDA |
|
$ |
(13,970 |
) |
|
$ |
(19,448 |
) |
|
$ |
(72,764 |
) |
|
$ |
(59,995 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
December 31, |
|
|
December 31, |
|
As a Percentage of
Revenue** |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Net loss, as reported |
|
|
(87.2 |
%) |
|
|
(129.5 |
%) |
|
|
(127.6 |
%) |
|
|
(121.3 |
%) |
Adjustments to net loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest (income) expense and other, net |
|
|
4.0 |
% |
|
|
1.3 |
% |
|
|
3.8 |
% |
|
|
4.2 |
% |
Provision for income taxes |
|
|
0.1 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
Depreciation and amortization |
|
|
4.2 |
% |
|
|
4.3 |
% |
|
|
4.2 |
% |
|
|
5.0 |
% |
Accretion in fair value adjustments to contingent
consideration |
|
|
2.0 |
% |
|
|
1.9 |
% |
|
|
1.2 |
% |
|
|
3.7 |
% |
Stock-based compensation |
|
|
12.1 |
% |
|
|
19.7 |
% |
|
|
14.9 |
% |
|
|
20.3 |
% |
Restructuring |
|
|
4.7 |
% |
|
|
0.0 |
% |
|
|
1.3 |
% |
|
|
0.0 |
% |
Goodwill and other intangible impairment |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
15.1 |
% |
|
|
0.0 |
% |
Total adjustments to net loss |
|
|
27.0 |
% |
|
|
27.2 |
% |
|
|
40.7 |
% |
|
|
33.2 |
% |
Adjusted EBITDA |
|
|
(60.2 |
%) |
|
|
(102.2 |
%) |
|
|
(86.9 |
%) |
|
|
(88.1 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Adjustments
may not add to the total figure due to rounding |
|
|
|
Contact
Investor Relations
805-679-8885
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