Eleventh consecutive quarter of year-over-year growth, fueled by
market outperformance in reconstruction
Continued improvement in non-GAAP OPEX, adjusted
EBITDA, and free cash flow performance demonstrating clear
pathway to profitability
Doubled total addressable market in the United
States with commercial launch of Viality™ and SimpliDerm® ADM
partnership
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 its financial results
for the first quarter that ended March 31, 2023.
First Quarter 2023 Financial and Business
Highlights
- Net sales of $22.6 million,
representing growth of 5.4% over the first quarter of 2022, driven
by strong growth in reconstruction.
- Improved key operational metrics for
non-GAAP OPEX (+25%), adjusted EBITDA (+54%) and free cash flow
(+62%) compared to first quarter of 2022.
- Continued market share gains, adding
approximately 270 new accounts, comprised of approximately 150
augmentation and 120 reconstruction accounts.
- Began commercial launch of Viality™,
the first and only enhanced viability fat transfer system with over
80% fat retention clinically demonstrated at 6-months.1
- Entered distribution agreement with
Aziyo Biologics to promote SimpliDerm®, an Acellular Dermal Matrix
(ADM), creating the industry’s most compelling reconstruction
portfolio.
- Released interim 6-year data of our
breast implant post-approval study, providing further clinical
evidence of the compelling safety profile of Sientra’s
implants.2
Ron Menezes, Sientra’s President and Chief Executive Officer,
said, "I am proud to announce another record-breaking quarter for
Sientra with continued top-line and bottom-line improvement. These
results are further proof that we remain focused on delivering
sustainable growth by increasing operating efficiencies and
creating leverage, thereby paving the path to profitability.”
“The Aesthetics Society meeting in Miami this April marked
another important milestone for Sientra, as we released our interim
FDA post-approval study results. This study involves over 5,000
patients, over 10,000 implants and over 130 study sites. This
interim data continues to support Sientra’s unrivaled safety
profile, providing robust real-world clinical evidence of our
implants, with six-year, by patient, Kaplan-Meier risk rates at the
95% confidence interval across all cohorts (augmentation,
reconstruction, and revisions) of 4.1% for capsular contracture,
and 11.6% for reoperation, with only 18 implant ruptures.”
“As we expand our portfolio of products and strategic
partnerships, we remain committed to delivering the highest quality
solutions to our customers. Looking ahead to the remainder of the
year, we are looking forward to sharing our plans for the pace of
Sientra's product launches. This quarter, we are continuing the
rollout of Viality to most reconstruction and augmentation plastic
surgeons, where we have already seen a very positive response.”
“We are excited about the opportunities that lie ahead. We
believe that Sientra’s plastic surgery platform has the momentum to
drive positive change in the market,” concluded Mr. Menezes.
________________________1 Shridharani, S.M.,
Calobrace, M.B., Dajles, D. and Hamilton, B., “Preliminary Results
from Multi-Center Volume Retention Study of Viality™ with
AuraClens™ Lipoaspirate Wash System Support Enhanced Viability Fat
Transfer” (available at
https://sientra.com/app/uploads/2023/02/MDC-0914-R1-Sientra-Viality-White-Paper.pdf)
2 Calobrace, M.B., Schwartz, M.R., Kaufman, D.L.,
Gordon, A.E., Cohen, R, Harrington, J., Dajles, D., Zeidler, K.,
“Safety and Efficacy of the Sientra Round and Shaped Breast
Implants with Cohesive Silicone Gel: Results of the US
Post-Approval Study at 6 Years” [Manuscript submitted for
publication]
First Quarter 2023 Financial Results
- Total net sales were $22.6 million, an
increase of 5.4% compared to total net sales of $21.4 million for
the same period in 2022.
- Gross profit for the first quarter 2023
was $12.1 million, or 54% of sales, compared to gross profit of
$12.8 million, or 60% of sales, for the same period in 2022.
Excluding non-cash adjustments of depreciation and amortization,
first quarter 2023 gross profit was $13.5 million, or 60% of sales,
compared to gross profit of $13.3 million, or 62% of sales, for the
same period in 2022.
- Operating expenses for the first
quarter 2023 of $22.7 million compared to $28.9 million for the
same period in 2022.
- Loss from continuing operations for the
first quarter 2023 was $12.9 million, or $(1.06) per share,
compared to $18.0 million, or $(2.89) per share, for the same
period in 2022.
- On a non-GAAP basis, adjusted EBITDA
loss for the first quarter 2023 was $5.4 million as compared to an
adjusted EBITDA loss of $11.8 million for the same period in
2022.
- Net cash and cash equivalents as of
March 31, 2023, were $19.4 million, compared to $26.1 million at
December 31, 2022.
Full Year 2023 Guidance
For full year 2023, the Company continues to expect to achieve
total net sales of $104 million to $109 million, representing
growth of 15% to 20% compared to net sales of $90.5 million in
2022. The Company continues to expect non-GAAP operating expenses
to be $78 million to $82 million representing a decrease of 10% to
15% compared to non-GAAP operating expenses of $91.6 million in
2022.
Conference Call
Sientra will hold a conference call today, May 11, 2023, at 4:30
pm ET to discuss first quarter 2023 results. The dial-in numbers
are 1-877-270-2148 for domestic callers and 1-412-902-6510 for
international callers. A live webcast of the conference call will
be available on the Investor Relations section of the Company's
website at www.sientra.com. The webcast will be archived on
the website following the completion of the call.
Use of Non-GAAP Financial Measures
Sientra has supplemented its US GAAP net income (loss) with a
non-GAAP measure of Adjusted EBITDA, US GAAP gross profit and gross
margin with a non-GAAP measure of Adjusted gross profit and gross
margin, US GAAP Operating Expenses with a non-GAAP measure of
Non-GAAP Operating Expenses, and US GAAP cash flow from operating
activities with a non-GAAP measure of Free Cash Flow. Management
believes that these non-GAAP financial measures provide useful
supplemental information to management and investors regarding the
performance of the Company, facilitate a more meaningful comparison
of results for current periods with previous operating results, and
assist management in analyzing future trends, making strategic and
business decisions and establishing internal budgets and forecasts.
Reconciliations of non-GAAP Adjusted EBITDA, non-GAAP Adjusted
Gross Profit and Gross Margin, Non-GAAP Operating Expenses, and
Free Cash Flow to US GAAP net income (loss), US GAAP Operating
Expenses and US GAAP Cash flow from operating activities, the most
directly comparable US GAAP measures, are provided in the schedules
below.
There are limitations in using these non-GAAP financial measures
because they are not prepared in accordance with US GAAP and may be
different from non-GAAP financial measures used by other companies.
These non-GAAP financial measures should not be considered in
isolation or as a substitute for US GAAP financial measures.
Investors and potential investors should consider non-GAAP
financial measures only in conjunction with Sientra’s financial
statements prepared in accordance with US GAAP and the
reconciliations of the non-GAAP financial measures provided in the
schedules below.
About Sientra
Headquartered in Irvine, 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, the Viality™ with AuraClens enhanced viability fat
transfer system, the SimpliDerm® human Acellular Dermal Matrix, 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 Company’s
unaudited financial information for the first quarter ended March
31, 2023, the Company’s possible or assumed future results of
operations, including descriptions of the Company’s revenues,
profitability, outlook and overall business strategy, the Company’s
ability and timing to successfully integrate the Viality with
AuraClens fat transfer system and SimpliDerm human Acellular Dermal
Matrix into its existing operations, the reception of plastic
surgeons to the Company’s products, the Company’s ability to expand
into aesthetic applications outside of breast procedures, the
Company’s ability to add additional products and strategic
partnerships, and the Company’s ability to capture additional
market share and customer accounts in the plastic surgery market.
Such statements are subject to risks and uncertainties, including
the audit of the Company’s financial statements which audit is not
yet complete and the numbers presented here could differ from the
final audited financial statements presented by the Company, , the
Company’s ability to recapture delayed procedures resulting from
the COVID-19 pandemic, the positive reaction from plastic surgeons
and their patients to the Company’s products, the ability to meet
consumer demand including any potential supply issues resulting
from the COVID-19 pandemic or the war in Ukraine, the growth of the
plastic surgery market and breast procedures, and the ability of
the Company to execute on its commercial, marketing, research and
development and regulatory plans. 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 ContactAman R. Patel,
CFAaman.patel@westwicke.com
|
|
|
|
Sientra, Inc. |
|
|
Consolidated Statements of Operations |
|
|
(In thousands, except per share and share
amounts) |
|
|
(Unaudited) |
|
| |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
March 31, |
|
|
|
|
2023 |
|
|
2022 |
|
|
Net sales |
|
$ |
22,557 |
|
|
$ |
21,398 |
|
| Cost of goods sold |
|
|
10,410 |
|
|
|
8,553 |
|
| Gross profit |
|
|
12,147 |
|
|
|
12,845 |
|
| Operating expenses: |
|
|
|
|
|
|
| Sales and marketing |
|
|
10,152 |
|
|
|
15,588 |
|
| Research and development |
|
|
2,708 |
|
|
|
3,144 |
|
| General and
administrative |
|
|
9,851 |
|
|
|
10,208 |
|
| Total operating expenses |
|
|
22,711 |
|
|
|
28,940 |
|
| Loss from operations |
|
|
(10,564 |
) |
|
|
(16,095 |
) |
| Other (expense) income,
net: |
|
|
|
|
|
|
| Interest income |
|
|
106 |
|
|
|
2 |
|
| Interest expense |
|
|
(2,377 |
) |
|
|
(1,897 |
) |
| Other (expense) income,
net |
|
|
(57 |
) |
|
|
5 |
|
| Total other (expense) income,
net |
|
|
(2,328 |
) |
|
|
(1,890 |
) |
| Loss from continuing
operations before income taxes |
|
|
(12,892 |
) |
|
|
(17,985 |
) |
| Income tax expense |
|
|
— |
|
|
|
— |
|
| Loss from continuing
operations |
|
|
(12,892 |
) |
|
|
(17,985 |
) |
| Loss from discontinued
operations, net of income taxes |
|
|
— |
|
|
|
(56 |
) |
| Net loss |
|
$ |
(12,892 |
) |
|
$ |
(18,041 |
) |
| Basic and diluted net loss per
share attributable to common stockholders |
|
|
|
|
|
|
| Continuing operations |
|
$ |
(1.06 |
) |
|
$ |
(2.89 |
) |
| Discontinued operations |
|
|
— |
|
|
|
(0.00 |
) |
| Basic and diluted net loss per
share |
|
$ |
(1.06 |
) |
|
$ |
(2.89 |
) |
| Weighted average outstanding
common shares used for net loss per share attributable to common
stockholders: |
|
|
|
|
|
|
| Basic and diluted |
|
|
12,197,294 |
|
|
|
6,233,407 |
|
|
|
|
|
Sientra, Inc. |
|
|
Condensed Consolidated Balance Sheets |
|
|
(In thousands) |
|
|
(Unaudited) |
|
| |
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
|
2023 |
|
|
2022 |
|
| Assets |
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
19,356 |
|
|
$ |
26,071 |
|
| Accounts receivable, net |
|
|
35,546 |
|
|
|
36,892 |
|
| Inventories, net |
|
|
40,641 |
|
|
|
42,692 |
|
| Prepaid expenses and other
current assets |
|
|
1,389 |
|
|
|
2,094 |
|
| Total current assets |
|
|
96,932 |
|
|
|
107,749 |
|
| Property and equipment,
net |
|
|
14,658 |
|
|
|
14,941 |
|
| Goodwill |
|
|
9,202 |
|
|
|
9,202 |
|
| Other intangible assets,
net |
|
|
24,813 |
|
|
|
25,676 |
|
| Right of use assets, net |
|
|
6,590 |
|
|
|
7,004 |
|
| Other assets |
|
|
849 |
|
|
|
849 |
|
| Total assets |
|
$ |
153,044 |
|
|
$ |
165,421 |
|
| Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
| Accounts payable |
|
|
5,480 |
|
|
|
6,818 |
|
| Accrued and other current
liabilities |
|
|
17,710 |
|
|
|
22,599 |
|
| Customer deposits |
|
|
49,846 |
|
|
|
45,161 |
|
| Sales return liability |
|
|
15,458 |
|
|
|
15,773 |
|
| Total current liabilities |
|
|
88,494 |
|
|
|
90,351 |
|
| Long-term debt |
|
|
56,583 |
|
|
|
55,406 |
|
| Derivative liability |
|
|
- |
|
|
|
880 |
|
| Deferred and contingent
consideration |
|
|
2,851 |
|
|
|
2,791 |
|
| Warranty reserve |
|
|
8,266 |
|
|
|
8,186 |
|
| Lease liabilities |
|
|
4,987 |
|
|
|
5,518 |
|
| Other liabilities |
|
|
2,346 |
|
|
|
2,698 |
|
| Total liabilities |
|
|
163,527 |
|
|
|
165,830 |
|
| Stockholders’ deficit: |
|
|
|
|
|
|
| Total stockholders’
deficit |
|
|
(10,483 |
) |
|
|
(409 |
) |
| Total liabilities and
stockholders’ deficit |
|
$ |
153,044 |
|
|
$ |
165,421 |
|
|
|
|
|
Sientra, Inc. |
|
|
Condensed Consolidated Statements of Cash
Flows |
|
|
(In thousands) |
|
|
(Unaudited) |
|
| |
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
2023 |
|
|
2022 |
|
| Cash flows from operating
activities: |
|
|
|
|
|
|
|
Net loss |
|
$ |
(12,892 |
) |
|
$ |
(18,041 |
) |
| Loss from discontinued
operations, net of income taxes |
|
|
— |
|
|
|
(56 |
) |
| Loss from continuing
operations, net of income taxes |
|
|
(12,892 |
) |
|
|
(17,985 |
) |
| Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
|
| Depreciation and
amortization |
|
|
1,842 |
|
|
|
1,744 |
|
| Provision for doubtful
accounts |
|
|
707 |
|
|
|
315 |
|
| Provision for warranties |
|
|
248 |
|
|
|
291 |
|
| Provision for inventory |
|
|
213 |
|
|
|
(56 |
) |
| Fair value adjustments of
other liabilities held at fair value |
|
|
66 |
|
|
|
— |
|
| Amortization of debt discount
and issuance costs |
|
|
1,285 |
|
|
|
938 |
|
| Stock-based compensation
expense |
|
|
1,722 |
|
|
|
2,196 |
|
| Other non-cash
adjustments |
|
|
— |
|
|
|
60 |
|
| Changes in operating assets
and liabilities: |
|
|
|
|
|
|
| Accounts receivable |
|
|
639 |
|
|
|
(6,474 |
) |
| Inventories |
|
|
1,838 |
|
|
|
(1,253 |
) |
| Prepaid expenses, other
current assets and other assets |
|
|
705 |
|
|
|
907 |
|
| Accounts payable, accrued and
other liabilities |
|
|
(7,011 |
) |
|
|
(1,754 |
) |
| Customer deposits |
|
|
4,685 |
|
|
|
118 |
|
| Sales return liability |
|
|
(315 |
) |
|
|
3,094 |
|
| Net cash flow used in
operating activities - continuing operations |
|
|
(6,268 |
) |
|
|
(17,859 |
) |
| Net cash flow used in
operating activities - discontinued operations |
|
|
— |
|
|
|
(56 |
) |
| Net cash used in operating
activities |
|
|
(6,268 |
) |
|
|
(17,915 |
) |
| Cash flows from investing
activities: |
|
|
|
|
|
|
| Purchases of property and
equipment |
|
|
(618 |
) |
|
|
(246 |
) |
| Net cash flow used in
investing activities - continuing operations |
|
|
(618 |
) |
|
|
(246 |
) |
| Net cash used in investing
activities |
|
|
(618 |
) |
|
|
(246 |
) |
| Cash flows from financing
activities: |
|
|
|
|
|
|
| Proceeds from issuance of
common stock for employee stock-based plans |
|
|
— |
|
|
|
329 |
|
| Proceeds from issuance of
common stock under ESPP |
|
|
256 |
|
|
|
— |
|
|
Tax payments related to shares withheld for vested RSUs |
|
|
(40 |
) |
|
|
(255 |
) |
| Gross borrowings under the
Term Loan |
|
|
— |
|
|
|
5,000 |
|
| Gross borrowings under the
Revolving Loan |
|
|
— |
|
|
|
2,774 |
|
| Repayments of the Revolving
Loan |
|
|
— |
|
|
|
(2,552 |
) |
| Deferred financing costs |
|
|
(45 |
) |
|
|
(25 |
) |
| Net cash provided by financing
activities |
|
|
171 |
|
|
|
5,271 |
|
| Net decrease in cash, cash
equivalents and restricted cash |
|
|
(6,715 |
) |
|
|
(12,890 |
) |
| Cash, cash equivalents and
restricted cash at: |
|
|
|
|
|
|
| Beginning of period |
|
|
26,677 |
|
|
|
52,068 |
|
| End of period |
|
$ |
19,962 |
|
|
$ |
39,178 |
|
| |
|
|
|
|
|
|
| Reconciliation of cash, cash
equivalents, and restricted cash to the condensed consolidated
balance sheets |
|
|
|
|
|
|
| Cash and cash equivalents |
|
|
19,356 |
|
|
|
38,883 |
|
| Restricted cash included in
other assets |
|
|
606 |
|
|
|
295 |
|
| Total cash, cash equivalents
and restricted cash |
|
$ |
19,962 |
|
|
$ |
39,178 |
|
|
|
|
Sientra, Inc. |
|
Reconciliation of US GAAP Loss from Continuing Operations
to Non-GAAP Adjusted EBITDA |
|
(Unaudited) |
| |
|
|
|
|
|
|
| |
|
Three Months Ended |
|
| |
|
March 31, |
|
| Dollars, in
thousands |
|
2023 |
|
|
2022 |
|
|
Loss from continuing operations, as reported |
|
$ |
(12,892 |
) |
|
$ |
(17,985 |
) |
| Adjustments to loss from
continuing operations: |
|
|
|
|
|
|
| Interest (income) expense and
other, net |
|
|
2,328 |
|
|
|
1,890 |
|
| Depreciation and
amortization |
|
|
1,879 |
|
|
|
1,744 |
|
| Stock-based compensation |
|
|
1,722 |
|
|
|
2,196 |
|
| Provision for doubtful
accounts |
|
|
707 |
|
|
|
314 |
|
| SEC/DOJ related legal
fees |
|
|
807 |
|
|
|
— |
|
| Total adjustments to loss from
continuing operations |
|
|
7,443 |
|
|
|
6,144 |
|
| Adjusted EBITDA |
|
$ |
(5,449 |
) |
|
$ |
(11,841 |
) |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
Three Months Ended |
|
| |
|
March 31, |
|
| As a Percentage of
Revenue** |
|
2023 |
|
|
2022 |
|
| Loss from continuing
operations, as reported |
|
|
(57.2 |
%) |
|
|
(84.0 |
%) |
| Adjustments to loss from
continuing operations: |
|
|
|
|
|
|
| Interest (income) expense and
other, net |
|
|
10.3 |
% |
|
|
8.8 |
% |
| Depreciation and
amortization |
|
|
8.3 |
% |
|
|
8.2 |
% |
| Stock-based compensation |
|
|
7.6 |
% |
|
|
10.3 |
% |
| Provision for doubtful
accounts |
|
|
3.1 |
% |
|
|
1.5 |
% |
| SEC/DOJ related legal
fees |
|
|
3.6 |
% |
|
|
0.0 |
% |
| Total adjustments to loss from
continuing operations |
|
|
33.0 |
% |
|
|
28.7 |
% |
| Adjusted EBITDA |
|
|
(24.2 |
%) |
|
|
(55.3 |
%) |
| |
|
|
|
|
|
|
| ** Adjustments may
not add to the total figure due to rounding. |
| |
|
|
|
|
|
|
|
Sientra, Inc. |
|
Reconciliation of US GAAP Gross Profit to Adjusted Gross
Profit and Adjusted Gross Margin |
|
(In thousands) |
|
(Unaudited) |
| |
|
|
|
|
|
|
| |
|
Three Months Ended |
|
| |
|
March 31, |
|
| Dollars, in
thousands |
|
2023 |
|
|
2022 |
|
|
Net sales |
|
$ |
22,557 |
|
|
$ |
21,398 |
|
| Cost of goods sold |
|
|
10,410 |
|
|
|
8,553 |
|
| Gross profit |
|
$ |
12,147 |
|
|
$ |
12,845 |
|
| Gross margin |
|
|
53.85 |
% |
|
|
60.03 |
% |
| Adjustments to gross
profit: |
|
|
|
|
|
|
| Depreciation and
amortization |
|
|
1,345 |
|
|
|
461 |
|
| Total adjustments to gross
profit |
|
|
1,345 |
|
|
|
461 |
|
| Adjusted gross profit |
|
$ |
13,492 |
|
|
$ |
13,306 |
|
| Adjusted gross margin |
|
|
59.8 |
% |
|
|
62.2 |
% |
|
|
|
|
Sientra, Inc. |
|
|
Reconciliation of US GAAP Operating Expenses to Non-GAAP
Operating Expenses |
|
|
(In thousands) |
|
|
(Unaudited) |
|
| |
|
|
|
|
|
|
| |
|
Three Months Ended |
|
| |
|
March 31, |
|
| |
|
2023 |
|
|
2022 |
|
|
US GAAP operating expenses, as reported |
|
$ |
22,711 |
|
|
$ |
28,940 |
|
| Adjustments to US GAAP
operating expenses: |
|
|
|
|
|
|
| Depreciation and
amortization |
|
|
534 |
|
|
|
1,283 |
|
| Stock-based compensation |
|
|
1,722 |
|
|
|
2,196 |
|
| Provision for doubtful
accounts |
|
|
707 |
|
|
|
314 |
|
| SEC/DOJ related legal
fees |
|
|
807 |
|
|
|
— |
|
| Total adjustments to US GAAP
operating expenses |
|
|
3,770 |
|
|
|
3,793 |
|
| Non-GAAP operating
expenses |
|
|
18,941 |
|
|
|
25,147 |
|
|
|
|
|
Sientra, Inc. |
|
|
Reconciliation of US GAAP Operating Expenses to Non-GAAP
Operating Expenses |
|
|
(In thousands) |
|
|
(Unaudited) |
|
| |
|
|
|
|
|
|
| |
|
Three Months Ended |
|
| |
|
March 31, |
|
| |
|
2023 |
|
|
2022 |
|
| US GAAP operating expenses, as
reported |
|
|
|
|
|
|
|
Sales and marketing |
|
$ |
10,152 |
|
|
$ |
15,588 |
|
| Research and development |
|
|
2,708 |
|
|
|
3,144 |
|
| General and
administrative |
|
|
9,851 |
|
|
|
10,208 |
|
| Total US GAAP operating
expenses, as reported |
|
$ |
22,711 |
|
|
$ |
28,940 |
|
| Adjustments to US GAAP
operating expenses: |
|
|
|
|
|
|
| Sales and marketing |
|
|
614 |
|
|
|
744 |
|
| Research and development |
|
|
165 |
|
|
|
305 |
|
| General and
administrative |
|
|
2,991 |
|
|
|
2,744 |
|
| Total adjustments to US GAAP
operating expenses |
|
|
3,770 |
|
|
|
3,793 |
|
| Non-GAAP operating
expenses |
|
|
|
|
|
|
| Sales and marketing |
|
|
9,538 |
|
|
|
14,844 |
|
| Research and development |
|
|
2,543 |
|
|
|
2,839 |
|
| General and
administrative |
|
|
6,860 |
|
|
|
7,464 |
|
| Total Non-GAAP operating
expenses |
|
$ |
18,941 |
|
|
$ |
25,147 |
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Sientra, Inc. |
|
|
Free Cash Flow |
|
|
(In thousands) |
|
|
(Unaudited) |
|
| |
|
|
|
|
|
|
| |
|
Three Months Ended |
|
| |
|
March 31, |
|
| |
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
|
|
| Net cash flow used in
operating activities - continuing operations |
|
$ |
(6,268 |
) |
|
$ |
(17,859 |
) |
| Purchases of property and
equipment |
|
|
(618 |
) |
|
|
(246 |
) |
| Free cash flow |
|
$ |
(6,886 |
) |
|
$ |
(18,105 |
) |
Sientra (NASDAQ:SIEN)
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From Apr 2024 to May 2024
Sientra (NASDAQ:SIEN)
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From May 2023 to May 2024
