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Sientra, Inc. (NASDAQ: SIEN) is a surgical aesthetics company headquartered in Irvine, California. The company is dedicated to developing innovative and safe solutions aimed at achieving the best aesthetic outcomes. Sientra's diverse product portfolio includes round and shaped breast implants, the first fifth-generation breast implants approved by the FDA for sale in the United States, and the groundbreaking AlloX2® breast tissue expander with patented dual-port and integral drain technology. The company also offers the next-generation AlloX2Pro™, the first and only FDA-cleared MRI-compatible tissue expander, the Viality™ with AuraClens™ enhanced viability fat transfer system, and the SimpliDerm® Human Acellular Dermal Matrix. One of the flagship products in its lineup is BIOCORNEUM, the top-performing and most recommended scar gel by plastic surgeons.
In recent developments, Sientra has reported substantial progress toward sustainable and profitable growth. The second quarter of 2023 marked the twelfth consecutive quarter of year-over-year revenue growth, largely driven by strong performance in reconstruction and despite a decline in elective cash pay aesthetics procedures. New products like Viality™ and SimpliDerm® have received positive feedback and are expected to boost the company's long-term growth and solidify its leading position in the reconstruction market.
The company's financial condition has shown improvement, with effective measures in place to reduce operating expenses. Total net sales for the full year 2023 are expected to be between $98 million to $102 million, reflecting an annual growth rate of 8% to 13%. Sientra's operating spend is forecasted to be significantly lower, demonstrating the firm's commitment to long-term profitability. Despite some market softness in the augmentation segment, Sientra remains focused on enhancing its financial footing and strategic partnerships.
One of the significant steps taken by Sientra to ensure operational continuity during its Chapter 11 proceedings is securing $22.5 million in debtor-in-possession financing from existing lenders. This fund will support ongoing operations during the sale process, aiming for increased financial stability and long-term success under new ownership. The company has also announced a definitive agreement with Tiger Aesthetics Medical, LLC and Nuance Intermediary, LLC for the sale of its breast reconstruction and BIOCORNEUM businesses, respectively.
Sientra continues to use its investor relations website as a primary source for disseminating important information, ensuring transparency and accessibility for investors. To learn more about Sientra, visit their website and follow them on LinkedIn, Instagram, and Facebook.
Sientra, Inc. (NASDAQ: SIEN) reported financial results for Q4 and full year 2022, showcasing a continued trend of record quarterly growth. Q4 net sales reached $25.1 million, an 11% increase year-over-year, while total sales for 2022 hit $90.5 million, a 12% rise from 2021. Free cash flow usage improved to $3.6 million in Q4 2022, down from $6.0 million in Q4 2021. Significant product launches, including Viality and SimpliDerm, are set to expand the total addressable market to over $1 billion. Despite losses, Sientra expects 2023 net sales of $104-$109 million, reflecting a growth of 15-20% over 2022.
On March 20, 2023, Sientra announced plans to release its financial results for Q4 and full year 2022 on March 30, 2023, post-market close. A conference call discussing the results will follow at 4 p.m. Eastern Time. Interested parties can join via domestic (877-270-2148) or international (412-902-6510) dial-in numbers, and a live webcast will be available on the Company's investor relations website.
Sientra is a medical aesthetics company that specializes in plastic surgery innovations, offering products such as FDA-approved breast implants and the Allox2® breast tissue expander.
Sientra, Inc. (NASDAQ: SIEN) has commenced commercial shipping of its Viality with AuraClens fat transfer system. Preliminary results from an ongoing clinical study indicate over 80% volume retention in patients at both 3 and 6 months post-procedure, marking Viality as the first system to demonstrate such results. The study has enrolled 68 patients, showing minimal volume change (3.59%) between the 3- and 6-month marks. Surgeons report significant demand for Viality, with expectations that the complete study will set a new standard for fat transfer evidence. The full study results will continue to develop.
Sientra, Inc. (NASDAQ: SIEN) recently announced a 1-for-10 reverse stock split, effective January 19, 2023, to comply with Nasdaq listing requirements. Approved by stockholders on January 12, 2023, this move aims to reduce the number of outstanding shares and increase the stock's price. The new CUSIP number will be 82621J204, with trading on a split-adjusted basis commencing January 23, 2023. No fractional shares will be issued; instead, stockholders entitled to fractions will receive cash compensation. The split will not affect share ownership rights, authorized shares, or the company's voting power.
Sientra, Inc. (NASDAQ:SIEN) announced on December 27, 2022, the approval of equity award grants for 13 new employees under its Inducement Plan. The grants consist of 902,096 restricted stock units, which will vest in time-based installments, contingent upon the recipients' continued service with the company. This initiative aims to enhance compensation packages and attract talent, aligning with NASDAQ Listing Rule 5635(c)(4) as approved by the Compensation Committee. Sientra focuses on innovative medical aesthetic products for plastic surgeons, including FDA-approved breast implants and other specialized technologies.
Sientra has received approval from the UAE Ministry of Health to market its High-Strength Cohesive silicone gel breast implants in the UAE, marking its third international expansion in 2022. CEO Ron Menezes emphasized this quick approval as a testament to the company's high clinical and quality standards. Collaboration with local partner Rose Aljazera is set to enhance Sientra's presence in the GCC region. Dr. Zuhair Alfardan highlighted the 10-year clinical safety data of Sientra's products, expressing enthusiasm for introducing advanced breast implant technology in the UAE.
Sientra reported third-quarter 2022 net sales of $22.6 million, a 15% increase from Q3 2021. Year-to-date sales reached $65.5 million, growing nearly 13%. The gross profit was $12.8 million (56.6% margin), up from $10.6 million (54% margin) in the previous year. However, a loss from continuing operations was noted at $14.9 million compared to a net income of $28.5 million in Q3 2021. Sientra also reported cash of $19.0 million, significantly down from $51.8 million at year-end 2021. The company expects growth from new product launches.
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