Sientra, Inc. (NASDAQ: SIEN) (“Sientra” or the “Company”), a
medical aesthetics company uniquely focused on plastic surgeons,
today announced its preliminary unaudited financial results for the
fourth quarter and full year ended December 31, 2020.
Ron Menezes, President and Chief Executive
Officer of Sientra, stated, “As the only breast aesthetics company
committed exclusively to the plastic surgery channel, Sientra is
focused on becoming the leader in novel treatments that progress
the art of plastic surgery. Throughout 2020, Sientra increased
investment in our breast aesthetics business, expanding our
salesforce and production capacity, and launching strategic
marketing programs tailored to the plastic surgery community to
effectively drive new patients to their practices. We believe the
results of our disciplined focus and execution are validated by our
performance in Q4 2020, nearly doubling the year-over-year growth
reported in Q3 2020. Importantly, this performance has provided
strong momentum as we head into 2021, with these revenue trends
continuing into Q1 2021 to date. Our 2021 strategy emphasizes our
continued marketing focus to increase awareness of the Sientra
brand among both women and surgeons. This campaign is designed to
gain market share in private practices and hospitals, as well as
drive home our scientific advantage and value to plastic
surgeons.
Mr. Menezes continued, “During 2020, we also
evolved our plans for miraDry to accelerate our goal to achieve
break-even contribution margin in 2021 and enable Sientra to
aggressively fuel our growth in the breast aesthetics and
reconstruction markets. This included refocusing our miraDry
selling efforts on high-margin bioTip® sales, transitioning miraDry
sales responsibility into an expanded Breast Products practice
management team, and eliminating the separate miraDry sales force.
While these changes were not easy for our miraDry sales team, they
were important to the future plans for Sientra, as we evaluate the
strategic alternatives for the miraDry business.”
Fourth Quarter and Full Year 2020
Preliminary Results
The quarterly financial estimates included in
this release are prior to the completion of management’s review and
audit procedures by Sientra’s external auditors and are therefore
subject to adjustment.
- Total estimated net sales for the
fourth quarter 2020 of approximately $22.6 million, a decrease of
2% compared to total net sales of $23.2 million for the same period
in 2019.
- Estimated Breast Products segment
net sales of approximately $17.9 million in the fourth quarter
2020, an increase of 40% compared to $12.8 million for the same
period in 2019 and 17% sequential growth over the quarter ending
September 30, 2020.
- Estimated miraDry segment net sales
of approximately $4.8 million in the fourth quarter 2020, a 54%
decrease compared to $10.4 million for the same period in 2019 and
22% sequential growth over the quarter ending September 30,
2020.
- Estimated fiscal year 2020 net
sales of approximately $71 million, above the $63 million to $66
million guidance previously reported by the Company.
- Net cash and cash equivalents as of
December 31, 2020 is expected to be approximately $55.0 million,
compared to $63.5 million as of September 30, 2020.
Key Business 2020
Highlights
- Received 510(k) approval for the
Sientra Gel Sizer to supplement the Saline Sizer line of products,
further strengthening the Company’s breast reconstruction
portfolio.
- Achieved $1.7 million in first year
sales to our distributor in Japan, following the third quarter 2020
product launch.
Fourth Quarter Earnings Call
Information
Sientra expects to announce its full fourth
quarter and fiscal year 2020 results in early March
2021 and will host a conference that day to discuss those
results. The reporting date and conference call information will be
announced in mid-February.
About Sientra
Headquartered in Santa Barbara, California,
Sientra is a medical aesthetics company uniquely focused on plastic
surgeons. 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 Sientra round and shaped 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, comprised of its miraDry® system, is approved for sale in
over 56 international markets and is the only non-surgical,
FDA-cleared device indicated for the permanent reduction of
underarm sweat and hair and may also reduce odor.
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 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 preliminary unaudited financial information for the
quarter and year ended December 31, 2020, and the impact of the
COVID-19 pandemic on the Company and its operations, 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 closing and audit of the Company’s
financial statements which audit is not yet complete and the
preliminary estimates presented here could differ from the final
audited financial statements presented by the Company, the scope
and duration of the COVID-19 pandemic, the Company’s ability to
recapture delayed procedures resulting from the COVID-19 pandemic,
the positive reaction from plastic surgeons and their patients to
Sientra’s Breast Products, the ability to meet consumer demand, the
growth of the sale of bioTips in its miraDry segment, and the
Company’s ability to manage its operating expenses and cash
balance. 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.
ContactInvestor Relations805-679-8885
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