Sientra, Inc. (NASDAQ: SIEN), a medical aesthetics company, today
announced preliminary unaudited net sales for the fourth quarter
2019. In addition, the Board of Directors has appointed global
commercial leader Caroline Van Hove as a director of Sientra
effective January 10, 2020.
Jeff Nugent, Chairman and Chief Executive
Officer of Sientra, commented, “In the fourth quarter, Sientra
achieved record net sales of $23.2 million, a 22% increase compared
to the year-ago period. I am very proud of the continued solid
performance across both our Breast Products and miraDry
segments.”
Mr. Nugent continued, “We will look back on 2019
as a pivotal year for Sientra on its path to aesthetics market
leadership. In addition to achieving 2019 net sales that exceeded
the high end of the original guidance provided last May, we
strengthened our competitive position by acquiring our OPUS® breast
implant manufacturing operation in Franklin, WI and implementing an
organizational efficiency initiative to simplify operations and
reduce spend. I am confident these achievements and our consistent
business momentum position Sientra for continued success in 2020
and beyond.”
Fourth quarter 2019 preliminary net
salesThe 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.
Sientra anticipates total net sales for the
fourth quarter 2019 to be approximately $23.2 million, an increase
of 22% compared to $19.0 million for the same period in 2018.
Fourth quarter 2019 net sales expectations
anticipate Breast Products segment net sales of $12.8 million, an
increase of 22% compared to $10.4 million for the same period in
2018, reflecting new account wins as well as deeper penetration of
existing breast implant and tissue expander customers.
Fourth quarter 2019 net sales expectations
anticipate record miraDry segment net sales of $10.4 million, an
increase of 22% compared to $8.6 million for the same period in
2018, reflecting strong system placements and consumables growth in
both the United States and international markets.
Sientra anticipates net cash and cash
equivalents as of December 31, 2019 to be approximately $88
million, compared to $121 million as of September 30, 2019. Uses of
cash in the quarter included $14 million upfront payment to
Lubrizol Life Science and $5 million of working capital investments
associated with the previously announced acquisition of the OPUS
manufacturing operation.
Caroline Van Hove appointed to Sientra’s
Board of DirectorsThe Board of Directors has appointed
Caroline Van Hove as a director of Sientra, effective January 10,
2020.
Mr. Nugent said, “It is with great pleasure that
we welcome Caroline to our Board of Directors. Her commercial
expertise and deep aesthetics industry experience will be extremely
valuable as we advance towards our goal of becoming a global,
diversified aesthetics leader.”
Ms. Van Hove is a global commercial leader with
over 20 years of diverse experience in the pharmaceutical, consumer
and medical device industry. Her experience spans North America to
Europe, Africa, the Middle East to Asia Pacific and Latin America.
Ms. Van Hove recently served as Chief Commercial Officer of Sienna
Biopharmaceuticals, Inc., a clinical-stage biopharmaceutical
company focused on therapies in immunology and inflammation.
Prior to Sienna, Ms. Van Hove served as Senior
Vice President of International Strategic Marketing at Allergan,
where she oversaw commercial operations for the medical aesthetics,
eye care and specialty care franchises. Previously, Ms. Van Hove
managed commercial operations in Europe, Africa and the Middle East
and led Allergan’s international medical aesthetics operations. Ms.
Van Hove also served as part of Allergan’s Global Operations &
International Leadership Teams.
“I am excited to join the Board of Sientra, a
company whose commitment to patient safety and clinical quality has
earned the trust of physicians and their patients,” said Ms. Van
Hove. “I am looking forward to collaborating with the Board and
senior management team to support Sientra’s continued growth and
success.”
About SientraHeadquartered in
Santa Barbara, California, Sientra is a diversified global medical
aesthetics company and a leading partner to aesthetic physicians.
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 OPUS® 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, comprises
its miraDry® system, which is approved for sale in over 40
international markets, and is the only non-surgical FDA-cleared
device for the permanent reduction of underarm sweat, odor and hair
of all colors.(*) Data on file
Forward-Looking StatementsThis
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 include, but are not limited to,
statements regarding the Company’s expected net sales for the
quarter ended December 31, 2019, the Company’s net cash and cash
equivalents as of December 31, 2019, the Company’s ability to
achieve sustainable, long-term growth across its business segments,
the Company’s ability to implement and execute its organizational
efficiency initiatives, and the expected reduction in pre-tax
operating expenses and pre-tax charges from its organizational
efficiency initiatives. Such statements are subject to risks and
uncertainties, including the dependence on conclusion of the audit
procedures for the year ended December 31, 2019 by the Company’s
independent auditors, positive reaction from plastic surgeons and
their patients to Sientra’s Breast Products, the ability to meet
consumer demand, the acceptance and growth of its miraDry segment,
and the Company’s ability to realize the expected benefits of its
organizational efficiency initiative. 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
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