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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) announces the appointment of Dr. Irina Erenburg and Nori Ebersole to its Board of Directors effective July 16, 2021. Their extensive experience in Medical Aesthetics will enhance Sientra's growth strategy and product development. Dr. Erenburg, a med tech innovator, has a proven track record in developing market-leading technologies, while Ebersole brings over 20 years of HR expertise from leading companies. These additions aim to strengthen diversity within the leadership team and propel Sientra's mission in the aesthetics market.
Sientra, Inc. (NASDAQ: SIEN) has appointed Andy Schmidt as the new Chief Financial Officer (CFO), effective immediately. With over 20 years of financial leadership experience, Schmidt previously served as CFO at Guardion Health Sciences, where he successfully raised $35 million and ensured Nasdaq listing compliance. Sientra's President and CEO, Ron Menezes, expressed confidence in Schmidt's ability to drive financial operations and support the company's growth strategy, aiming to become one of the top two breast implant companies within two years.
Sientra, Inc. (NASDAQ: SIEN) has completed the sale of its miraDry business to 1315 Capital. This decision allows Sientra to concentrate on expanding its Breast Products segment. CEO Ron Menezes expressed excitement over the closure, stating that the proceeds from the sale will be invested in growth initiatives. The miraDry system is FDA-cleared for reducing underarm sweat and odor. 1315 Capital aims to enhance the miraDry business, improving service and support for patients globally.
Sientra, Inc. (NASDAQ: SIEN) has appointed Denise Dajles as Vice President of Research & Development, effective immediately. Ms. Dajles, previously a senior director at Establishment Labs, will lead Sientra's R&D and medical affairs teams. CEO Ron Menezes expressed confidence in her ability to guide the company towards innovative advancements in plastic surgery. Dajles holds degrees in Biomedical Engineering and has extensive experience in product development and regulatory approvals across multiple regions. This leadership change aims to bolster Sientra's position in the medical aesthetics market.
Sientra, a medical aesthetics company based in Santa Barbara, California, announced management participation in two virtual investor conferences. The first event is the William Blair 41st Annual Growth Stock Conference on June 1, 2021, featuring a fireside chat at 8:00 a.m. PT. The second is the 18th Annual Craig-Hallum Institutional Investor Conference on June 2, 2021, which will include 1x1 meetings. These events will allow Sientra to showcase its innovative products, including FDA-approved fifth-generation breast implants and the Allox2® breast tissue expander.
Sientra, Inc. (NASDAQ: SIEN) reported a robust Q1 2021, achieving total net sales of $23.2 million, marking a 37% year-over-year increase. Notably, Breast Products net sales surged 47% to $18.3 million, the highest in company history. The company has updated its full-year guidance, expecting Breast Products sales between $72 to $76 million, up from prior expectations. Although cash reserves stand at $80.4 million, the net loss for the quarter widened to $54.7 million, influenced by a non-cash charge related to convertible notes.
Sientra, Inc. (NASDAQ: SIEN) announced a definitive agreement to sell its miraDry business to 1315 Capital, enabling a sharper focus on its growing Breast Products business. The transaction, expected to close within 30 days, comes as Sientra aims to strengthen its presence in the breast surgery market. CEO Ron Menezes highlighted that the sale would allow the company to concentrate on its core operations and growth strategies. The miraDry business will benefit from 1315 Capital’s investment to expand its reach in underarm sweat treatment.
Sientra, Inc. (NASDAQ: SIEN) announced the AlloX2 tissue expander has been awarded an Innovative Technology contract from Vizient, Inc., effective May 1, 2021. This contract signifies the AlloX2's unique qualities that enhance clinical care and patient safety. The AlloX2 features a dual-port design allowing less invasive draining of fluids, which aids in quicker treatment responses and potentially reduces reoperation rates. With this award, AlloX2 is now accessible to over 50% of the U.S. acute care providers, marking a critical step in expanding its market presence.
Sientra announced a strategic partnership with Butterfly Network to enhance breast implant safety through advanced ultrasound technology. This collaboration allows plastic surgeons to conduct real-time diagnostic screenings using Butterfly iQ+. Sientra, known for its innovative breast products, aims to leverage this partnership to improve patient care and safety. The integration of Butterfly iQ+ into Sientra’s education platform reinforces their commitment to quality and safety in plastic surgery.
Sientra (NASDAQ: SIEN) will release its first-quarter 2021 financial results on May 11, 2021, after market close, with a conference call scheduled for 4:30 p.m. ET. The company specializes in medical aesthetics, particularly products for plastic surgeons, including FDA-approved breast implants and the miraDry system for sweat and hair reduction. A live webcast of the call will be accessible on Sientra's website, where important investor information is also routinely posted.
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