Sientra (SIEN) Reports Preliminary Q4 Results
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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.
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