Sientra Selects Leading Distributors for Two Key International Markets In Preparation for Further Expansion and Growth Acceleration
Sientra, Inc. (NASDAQ: SIEN) has announced exclusive distribution agreements with Kai Aesthetics in Canada and Paragon Meditech in China for its breast implants. This expansion aligns with Sientra's goal to enter the Canadian market and taps into China's rapidly growing aesthetic market. The company is optimistic about securing regulatory approvals within 18 to 36 months. Sientra is the fastest-growing breast implant brand in the U.S., having doubled its market share since January 2020, underpinned by strong safety data and warranties for its products.
- Exclusive agreements with Kai Aesthetics and Paragon Meditech for breast implants distribution.
- Entering the Canadian aesthetic market, a long-term goal for the company.
- China recognized as a significant growth market for aesthetics.
- Sientra has doubled its market share in the U.S. since January 2020.
- Breast implants are not yet approved for sale in Canada or China.
- Regulatory approval processes in both countries may take 18 to 36 months.
SANTA BARBARA, Calif., Dec. 02, 2021 (GLOBE NEWSWIRE) -- Sientra, Inc. (NASDAQ: SIEN) (“Sientra” or the “Company”), a medical aesthetics company focused on enhancing lives by advancing the art of plastic surgery, today announced that it has entered into exclusive agreements with Kai Aesthetics, Inc., and Paragon Meditech Company for the distribution of Sientra’s breast implants in Canada and China, respectively.1
“We are delighted to partner with Kai Aesthetics and Paragon, each with a long history of success in the aesthetics markets in their respective countries,” commented Ron Menezes, Sientra’s President and Chief Executive Officer. “Expansion into the Canadian market has long been a priority for Sientra. We look forward to providing Canadian consumers with the clinically-proven benefits of Sientra implants, backed by our unrivaled ten-year safety data and Sientra Platinum20™ warranty, and continue to work proactively with Health Canada for approval anticipated in the next several months.”
Mr. Menezes continued, “China represents a strategically important market for Sientra, estimated to be the second or third largest aesthetic market in the world and one the fastest growing.2,3 In partnership with Paragon, we have begun the regulatory process for approval and are optimistic that our industry-leading safety profile and clinical data will be well-received by the regulatory authorities and provide an expedited pathway for approval within the next eighteen to thirty six months.”
Paragon Meditech Company is based in Shanghai and has previously served as the distributor for CoolSculpting® and Thermage®, and is currently the exclusive distributor for Cutera®. Paragon has deep relationships with private hospitals in China, where
“With expansion into these new markets, Sientra is further building on the growth we’ve seen over the past 18 months, both for our products, as well as in the breast implant market overall.
Sientra is the fastest growing breast implant brand in the U.S., having doubled our market share since January 20204. We are seeking to elevate the standard of care by expanding access and improving patient outcomes with our highly differentatied products, both inside the U.S. and around the globe,” concluded Mr. Menezes.
About Sientra
Headquartered in Santa Barbara, California, Sientra is a medical aesthetics company exclusively focused on plastic surgery. The Company mission is to offer proprietary innovations and unparalleled partnerships that radically advance how plastic surgeons think, work and care for their patients. 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 product portfolio 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(*).
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 pathway and timing of approval of the Company’s products by foreign regulatory authorities, the positive reception of Sientra’s products by phyisians and consumers in the United States and abroad, the expected size and growth of the Company’s market share in the United States and abroad, and the Company’s ability to penetrate foreign markets. Such statements are subject to risks and uncertainties, including the reception of foreign regulators to the Company’s regulatory submissions, the ability of the Company to satisfactorily answer any questions from foreign regulatory agencies, the timeliness of responses by the Company and/or foreign regulatory agencies, the positive reaction from plastic surgeons and their patients to Sientra’s Breast Products, the ability to meet consumer demand, and the continued growth of the Company’s market share. 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.
Investor Relations Contact
Leigh Salvo
ir@sientra.com
___________________________
1 Sientra’s breast implants are not yet approved for sale in Canada or China
2 Daxue Consulting “How China Became The World’s Second Largest Plastic Surgery Market” (March 24, 2020) (https://daxueconsulting.com/plastic-surgery-market-in-china/)
3 Deloitte-Meituan, “China Aesthetic Medicine Market Outlook” (2021) (https://www2.deloitte.com/content/dam/Deloitte/cn/Documents/life-sciences-health-care/deloitte-cn-lshc-china-aesthetic-medicine-market-outlook-en-210113.pdf)
4 Data on file
FAQ
What recent agreements has Sientra (SIEN) announced?
When does Sientra expect regulatory approval in Canada and China?
How has Sientra's market position changed recently?
Is Sientra's breast implant product available in Canada and China?
