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18
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
|
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended September 30, 2020
OR
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from
to
Commission file number: 001-36709
SIENTRA, INC.
(Exact Name of Registrant as Specified in its Charter)
|
Delaware
(State or Other Jurisdiction of
Incorporation or Organization)
|
|
20-5551000
(I.R.S. Employer
Identification No.)
|
|
420 South Fairview Avenue, Suite 200
Santa Barbara, California
(Address of Principal Executive Offices)
|
|
93117
(Zip Code)
|
(805) 562-3500
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the
Act:
|
Title of each class
|
|
Trading
Symbol(s)
|
|
Name of each exchange on which registered
|
|
Common Stock, par value $0.01 per share
|
|
SIEN
|
|
The Nasdaq Stock Market LLC
|
Indicate by check mark whether the registrant: (1) has filed
all reports required to be filed by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject
to such filing requirements for the past 90
days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§232.405 of this
chapter) during the preceding 12 months (or for such shorter period
that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, a
smaller reporting company or an emerging growth company. See the
definitions of “large accelerated filer,” “accelerated filer”
“smaller reporting company” and “emerging growth company” in
Rule 12b-2 of the Exchange Act.
|
Large accelerated filer
|
☐
|
|
Accelerated filer
|
☒
|
|
Non-accelerated filer
|
☐
|
|
Smaller reporting company
|
☒
|
|
|
|
|
|
Emerging growth company
|
☐
|
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange
Act. ☐
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange
Act). Yes ☐ No ☒
As of November 2, 2020, the number of outstanding shares of the
registrant’s common stock, par value $0.01 per share, was
50,454,122.
SIENTRA, INC.
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2020
TABLE OF CONTENTS
“Sientra”, “Sientra Platinum20”, “Sientra Full Circle”, “OPUS”,
“Allox”, “Allox2”, “BIOCORNEUM”, “Curve”, “Dermaspan”, “Luxe”,
“Softspan”, “Silishield”, “miraDry”, “Miramar Labs”, “miraDry and
Design”, “miraDry Fresh”, “bioTip”, “The Sweat Stops Here”, “No
Sweat No Stress”, “Sweat Less Live More”, “Drop Design”,
“miraWave”, “miraSmooth”, “miraFresh”, “freshRewards”, “freshNet”,
“freshEquity”, “freshConnect”, and “ML Stylized mark” are
trademarks of our company. Our logo and our other trade names,
trademarks and service marks appearing in this document are our
property. Other trade names, trademarks and service marks appearing
in this document are the property of their respective owners.
Solely for convenience, our trademarks and trade names referred to
in the document, appear without the TM or the (R) symbol, but those
references are not intended to indicate, in any way, that we will
not assert, to the fullest extent under applicable law, our rights,
or the rights of the applicable licensor to these trademarks and
trade names.
PART I —
FINANCIAL INFORMATION
ITEM 1.
FINANCIAL STATEMENTS
SIENTRA, INC.
Condensed
Consolidated Balance Sheets
(In thousands, except per share and share amounts)
(Unaudited)
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
63,483
|
|
|
$
|
87,608
|
|
|
Accounts receivable, net of allowances of $4,893 and $3,835 at
September 30, 2020 and December 31, 2019,
respectively
|
|
|
23,637
|
|
|
|
27,548
|
|
|
Inventories, net
|
|
|
48,467
|
|
|
|
39,612
|
|
|
Prepaid expenses and other current assets
|
|
|
2,113
|
|
|
|
2,489
|
|
|
Total current assets
|
|
|
137,700
|
|
|
|
157,257
|
|
|
Property and equipment, net
|
|
|
12,742
|
|
|
|
12,314
|
|
|
Goodwill
|
|
|
9,202
|
|
|
|
9,202
|
|
|
Other intangible assets, net
|
|
|
9,719
|
|
|
|
17,390
|
|
|
Other assets
|
|
|
8,441
|
|
|
|
8,241
|
|
|
Total assets
|
|
$
|
177,804
|
|
|
$
|
204,404
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Current portion of long-term debt
|
|
$
|
928
|
|
|
$
|
6,508
|
|
|
Accounts payable
|
|
|
4,071
|
|
|
|
9,352
|
|
|
Accrued and other current liabilities
|
|
|
26,679
|
|
|
|
32,551
|
|
|
Customer deposits
|
|
|
15,490
|
|
|
|
13,943
|
|
|
Sales return liability
|
|
|
10,079
|
|
|
|
8,116
|
|
|
Total current liabilities
|
|
|
57,247
|
|
|
|
70,470
|
|
|
Long-term debt
|
|
|
63,330
|
|
|
|
38,248
|
|
|
Derivative liability
|
|
|
24,520
|
|
|
|
—
|
|
|
Deferred and contingent consideration
|
|
|
5,342
|
|
|
|
5,177
|
|
|
Warranty reserve and other long-term liabilities
|
|
|
9,281
|
|
|
|
8,627
|
|
|
Total liabilities
|
|
|
159,720
|
|
|
|
122,522
|
|
|
Commitments and contingencies (Note 14)
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
|
Preferred stock, $0.01 par value – Authorized 10,000,000 shares;
none issued or outstanding
|
|
|
—
|
|
|
|
—
|
|
|
Common stock, $0.01 par value — Authorized 200,000,000 shares;
issued 50,507,635 and 49,612,907 and outstanding 50,434,908 and
49,540,180 shares at September 30, 2020 and December 31,
2019, respectively
|
|
|
504
|
|
|
|
495
|
|
|
Additional paid-in capital
|
|
|
555,465
|
|
|
|
550,562
|
|
|
Treasury stock, at cost (72,727 shares at September 30, 2020
and December 31, 2019)
|
|
|
(260
|
)
|
|
|
(260
|
)
|
|
Accumulated deficit
|
|
|
(537,625
|
)
|
|
|
(468,915
|
)
|
|
Total stockholders’ equity
|
|
|
18,084
|
|
|
|
81,882
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
177,804
|
|
|
$
|
204,404
|
|
See accompanying notes to condensed consolidated financial
statements.
1
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,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
Net sales
|
|
$
|
19,217
|
|
|
$
|
22,412
|
|
|
|
48,597
|
|
|
|
60,489
|
|
|
Cost of goods sold
|
|
|
8,391
|
|
|
|
9,754
|
|
|
|
20,733
|
|
|
|
24,041
|
|
|
Gross profit
|
|
|
10,826
|
|
|
|
12,658
|
|
|
|
27,864
|
|
|
|
36,448
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
|
12,872
|
|
|
|
18,668
|
|
|
|
37,614
|
|
|
|
60,987
|
|
|
Research and development
|
|
|
2,060
|
|
|
|
3,201
|
|
|
|
7,747
|
|
|
|
9,526
|
|
|
General and administrative
|
|
|
10,238
|
|
|
|
12,249
|
|
|
|
27,500
|
|
|
|
37,538
|
|
|
Restructuring
|
|
|
(386
|
)
|
|
|
—
|
|
|
|
1,849
|
|
|
|
—
|
|
|
Impairment
|
|
|
—
|
|
|
|
—
|
|
|
|
6,432
|
|
|
|
12,674
|
|
|
Total operating expenses
|
|
|
24,784
|
|
|
|
34,118
|
|
|
|
81,142
|
|
|
|
120,725
|
|
|
Loss from operations
|
|
|
(13,958
|
)
|
|
|
(21,460
|
)
|
|
|
(53,278
|
)
|
|
|
(84,277
|
)
|
|
Other income (expense), net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
5
|
|
|
|
510
|
|
|
|
203
|
|
|
|
1,083
|
|
|
Interest expense
|
|
|
(2,059
|
)
|
|
|
(1,344
|
)
|
|
|
(7,289
|
)
|
|
|
(3,276
|
)
|
|
Change in fair value of derivative liability
|
|
|
10,090
|
|
|
|
—
|
|
|
|
(8,420
|
)
|
|
|
—
|
|
|
Other income (expense), net
|
|
|
101
|
|
|
|
(139
|
)
|
|
|
74
|
|
|
|
(101
|
)
|
|
Total other income (expense), net
|
|
|
8,137
|
|
|
|
(973
|
)
|
|
|
(15,432
|
)
|
|
|
(2,294
|
)
|
|
Loss before income taxes
|
|
|
(5,821
|
)
|
|
|
(22,433
|
)
|
|
|
(68,710
|
)
|
|
|
(86,571
|
)
|
|
Income tax
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Net loss
|
|
$
|
(5,821
|
)
|
|
$
|
(22,433
|
)
|
|
|
(68,710
|
)
|
|
|
(86,571
|
)
|
|
Basic and diluted net loss per share attributable to common
stockholders
|
|
$
|
(0.12
|
)
|
|
$
|
(0.45
|
)
|
|
|
(1.37
|
)
|
|
|
(2.30
|
)
|
|
Weighted average outstanding common shares used for net loss per
share attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
50,394,858
|
|
|
|
49,401,094
|
|
|
|
50,155,623
|
|
|
|
37,671,215
|
|
See accompanying notes to condensed consolidated financial
statements.
2
SIENTRA, INC.
Condensed Consolidated Statement of Stockholders' Equity
(In thousands, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
|
|
|
Total
|
|
|
|
|
Preferred stock
|
|
|
Common stock
|
|
|
Treasury stock
|
|
|
paid-in
|
|
|
Accumulated
|
|
|
stockholders'
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
capital
|
|
|
deficit
|
|
|
equity
|
|
|
Balances at December 31, 2018
|
|
|
—
|
|
|
$
|
—
|
|
|
|
28,701,494
|
|
|
$
|
286
|
|
|
|
72,727
|
|
|
$
|
(260
|
)
|
|
$
|
428,949
|
|
|
$
|
(362,097
|
)
|
|
$
|
66,878
|
|
|
Stock-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,772
|
|
|
|
—
|
|
|
|
3,772
|
|
|
Stock option exercises
|
|
|
|
|
|
|
|
|
|
|
45,453
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
106
|
|
|
|
—
|
|
|
|
106
|
|
|
Employee stock purchase program (ESPP)
|
|
|
—
|
|
|
|
—
|
|
|
|
68,899
|
|
|
|
1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
682
|
|
|
|
—
|
|
|
|
683
|
|
|
Vested restricted stock
|
|
|
—
|
|
|
|
—
|
|
|
|
671,245
|
|
|
|
7
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(7
|
)
|
|
|
—
|
|
|
|
—
|
|
|
Shares withheld for tax obligations on vested RSUs
|
|
|
—
|
|
|
|
—
|
|
|
|
(212,714
|
)
|
|
|
(2
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(2,723
|
)
|
|
|
—
|
|
|
|
(2,725
|
)
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(26,484
|
)
|
|
|
(26,484
|
)
|
|
Balances at March 31, 2019
|
|
|
—
|
|
|
|
—
|
|
|
|
29,274,377
|
|
|
$
|
292
|
|
|
|
72,727
|
|
|
$
|
(260
|
)
|
|
$
|
430,779
|
|
|
$
|
(388,581
|
)
|
|
$
|
42,230
|
|
|
Proceeds from follow-on offering, net of costs
|
|
|
—
|
|
|
|
—
|
|
|
|
20,000,000
|
|
|
|
200
|
|
|
|
—
|
|
|
|
—
|
|
|
|
107,534
|
|
|
|
—
|
|
|
|
107,734
|
|
|
Stock-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,963
|
|
|
|
—
|
|
|
|
2,963
|
|
|
Vested restricted stock
|
|
|
—
|
|
|
|
—
|
|
|
|
88,454
|
|
|
|
1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1
|
)
|
|
|
—
|
|
|
|
—
|
|
|
Shares withheld for tax obligations on vested RSUs
|
|
|
—
|
|
|
|
—
|
|
|
|
(12,565
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(100
|
)
|
|
|
—
|
|
|
|
(100
|
)
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(37,654
|
)
|
|
|
(37,654
|
)
|
|
Balances at June 30, 2019
|
|
|
—
|
|
|
$
|
—
|
|
|
|
49,350,266
|
|
|
$
|
493
|
|
|
|
72,727
|
|
|
$
|
(260
|
)
|
|
$
|
541,175
|
|
|
$
|
(426,235
|
)
|
|
$
|
115,173
|
|
|
Stock-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,115
|
|
|
|
—
|
|
|
|
3,115
|
|
|
Stock option exercises
|
|
|
—
|
|
|
|
—
|
|
|
|
3,271
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
9
|
|
|
|
—
|
|
|
|
9
|
|
|
Employee stock purchase program (ESPP)
|
|
|
—
|
|
|
|
—
|
|
|
|
106,725
|
|
|
|
1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
533
|
|
|
|
—
|
|
|
|
534
|
|
|
Vested restricted stock
|
|
|
—
|
|
|
|
—
|
|
|
|
92,676
|
|
|
|
1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1
|
)
|
|
|
—
|
|
|
|
—
|
|
|
Shares withheld for tax obligations on vested RSUs
|
|
|
—
|
|
|
|
—
|
|
|
|
(18,524
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(131
|
)
|
|
|
—
|
|
|
|
(131
|
)
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(22,433
|
)
|
|
|
(22,433
|
)
|
|
Balances at September 30, 2019
|
|
|
—
|
|
|
$
|
—
|
|
|
|
49,534,414
|
|
|
$
|
495
|
|
|
|
72,727
|
|
|
$
|
(260
|
)
|
|
$
|
544,700
|
|
|
$
|
(448,668
|
)
|
|
$
|
96,267
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
|
|
|
Total
|
|
|
|
|
Preferred stock
|
|
|
Common stock
|
|
|
Treasury stock
|
|
|
paid-in
|
|
|
Accumulated
|
|
|
stockholders'
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
capital
|
|
|
deficit
|
|
|
equity
|
|
|
Balances at December 31, 2019
|
|
|
—
|
|
|
$
|
—
|
|
|
|
49,612,907
|
|
|
$
|
495
|
|
|
|
72,727
|
|
|
$
|
(260
|
)
|
|
$
|
550,562
|
|
|
$
|
(468,915
|
)
|
|
$
|
81,882
|
|
|
Issuance of common stock through ATM
|
|
|
—
|
|
|
|
—
|
|
|
|
37,000
|
|
|
|
1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
263
|
|
|
|
—
|
|
|
|
264
|
|
|
Stock-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,000
|
|
|
|
—
|
|
|
|
2,000
|
|
|
Employee stock purchase program (ESPP)
|
|
|
—
|
|
|
|
—
|
|
|
|
113,615
|
|
|
|
1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
533
|
|
|
|
—
|
|
|
|
534
|
|
|
Vested restricted stock
|
|
|
—
|
|
|
|
—
|
|
|
|
472,914
|
|
|
|
5
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(5
|
)
|
|
|
—
|
|
|
|
—
|
|
|
Shares withheld for tax obligations on vested RSUs
|
|
|
—
|
|
|
|
—
|
|
|
|
(157,412
|
)
|
|
|
(2
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,199
|
)
|
|
|
—
|
|
|
|
(1,201
|
)
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(28,612
|
)
|
|
|
(28,612
|
)
|
|
Balances at March 31, 2020
|
|
|
—
|
|
|
|
—
|
|
|
|
50,079,024
|
|
|
$
|
500
|
|
|
|
72,727
|
|
|
$
|
(260
|
)
|
|
$
|
552,154
|
|
|
$
|
(497,527
|
)
|
|
$
|
54,867
|
|
|
Stock-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,718
|
|
|
|
—
|
|
|
|
1,718
|
|
|
Stock option exercises
|
|
|
—
|
|
|
|
—
|
|
|
|
5,454
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
13
|
|
|
|
—
|
|
|
|
13
|
|
|
Employee stock purchase program (ESPP)
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,012
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(5
|
)
|
|
|
—
|
|
|
|
(5
|
)
|
|
Vested restricted stock
|
|
|
—
|
|
|
|
—
|
|
|
|
363,795
|
|
|
|
4
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(4
|
)
|
|
|
—
|
|
|
|
—
|
|
|
Shares withheld for tax obligations on vested RSUs
|
|
|
—
|
|
|
|
—
|
|
|
|
(91,529
|
)
|
|
|
(1
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(226
|
)
|
|
|
—
|
|
|
|
(227
|
)
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(34,277
|
)
|
|
|
(34,277
|
)
|
|
Balances at June 30, 2020
|
|
|
—
|
|
|
$
|
—
|
|
|
|
50,355,732
|
|
|
$
|
503
|
|
|
|
72,727
|
|
|
$
|
(260
|
)
|
|
$
|
553,650
|
|
|
$
|
(531,804
|
)
|
|
$
|
22,089
|
|
|
Stock-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,574
|
|
|
|
—
|
|
|
|
1,574
|
|
|
Stock option exercises
|
|
|
—
|
|
|
|
—
|
|
|
|
727
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3
|
|
|
|
—
|
|
|
|
3
|
|
|
Employee stock purchase program (ESPP)
|
|
|
—
|
|
|
|
—
|
|
|
|
91,125
|
|
|
|
1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
306
|
|
|
|
—
|
|
|
|
307
|
|
|
Vested restricted stock
|
|