Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Sientra, Inc. | sien-8k_20210311.htm |
Exhibit 99.1
Sientra Reports Fourth Quarter and Full Year 2020 Financial Results
Santa Barbara, CA – March 11, 2021 – Sientra, Inc. (NASDAQ: SIEN) (“Sientra” or the “Company”), a medical aesthetics company uniquely focused on plastic surgeons, today announced its audited financial results for the fourth quarter and full year ended December 31, 2020.
Ron Menezes, President and Chief Executive Officer of Sientra, stated, “We continue to build on our strong fourth quarter results, which were driven primarily by our investment and market outperformance in our core breast products segment. While the augmentation channel remains a key performance driver, we were also able to gain market share in the hospital channel despite pandemic related challenges faced by the reconstruction market. Ahead of further market normalization in 2021, we remain hyper focused on expanding our hospital account base by continuing to capitalize on customer receptivity to the technical differentiation and compelling safety profile of our tissue expander portfolio, grounded by AlloX2®. We also expect to benefit in 2021 from targeted digital efforts directed towards patients and surgeons, an expanded and more productive sales force, and educational peer to peer initiatives that will add new accounts and drive continued share gains."
Mr. Menezes continued, “Our 2021 performance will also be driven by our commitment to establish a culture of focus and accountability, with disciplined investment and execution on commercial, product development and manufacturing initiatives designed to drive revenue and operating leverage. Meanwhile, we expect to reach our goal to achieve break-even contribution margin from miraDry in 2021, as we evaluate the strategic alternatives for the business.”
Mr. Menezes concluded, “Given our progress to date on each of these initiatives, we currently expect breast product segment net sales to grow in excess of 30% in the first quarter 2021 compared to the first quarter 2020.”
Fourth Quarter 2020 Financial Results
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Total net sales for the fourth quarter 2020 were $22.6 million, a decrease of 2% compared to total net sales of $23.2 million for the same period in 2019. |
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Net sales for the Breast Products segment totaled $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. |
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• |
Net sales for the miraDry segment totaled $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. |
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• |
Gross profit for the fourth quarter 2020 was $11.1 million, or 48.9% of sales, compared to gross profit of $14.2 million, or 61.3% of sales, for the same period in 2019. |
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• |
Operating expenses for the fourth quarter 2020 decreased by 13.1% to $28.2 million from $32.4 million, excluding $1.1 million of restructuring charges related to Sientra’s organizational efficiency initiative, in the same period in 2019. |
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Net loss for the fourth quarter 2020 was ($21.2) million, or ($0.42) per share, compared to a net loss of ($20.2) million, or ($0.41) per share, for the same period in 2019. |
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• |
On a non-GAAP basis, adjusted EBITDA loss for the fourth quarter 2020 decreased by 24.6% to ($10.5) million from ($14.0) million for the same period in 2019. |
Full Year 2020 Financial Results
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Total net sales for the full year 2020 were $71.2 million, a decrease of 14.9% compared to total net sales of $83.7 million for the same period in 2019. |
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• |
Net sales for the Breast Products segment totaled $55.0 million in the full year 2020, an increase of 18.6% compared to $46.4 million for the full year 2019. |
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• |
Net sales for the miraDry segment totaled $16.2 million in the full year 2020, a 56.5% decrease compared to $37.3 million for the full year 2019. |
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Gross profit for the full year 2020 was $38.9 million, or 54.7% of sales, compared to gross profit of $50.7 million, or 60.6% of sales, for the full year 2019. |
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Operating expenses for the full year 2020 decreased by 29.2% to $109.2 million from $154.3 million for the full year 2019. |
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Net loss for the full year 2020 was ($89.9) million, or ($1.79) per share, compared to a net loss of ($106.8) million, or ($2.63) per share, for the full year 2019. |
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• |
On a non-GAAP basis, adjusted EBITDA loss for the full year 2020 decreased by 35.4% to ($47.0) million from ($72.8) million for the full year 2019. |
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Net cash and cash equivalents as of December 31, 2020 were $55.0 million, compared to $63.5 million as of September 30, 2020. The cash balance as of December 31, 2020 does not include net proceeds from the closing of the Company’s public offering of common stock on February 11, 2021 of approximately $39.1 million. |
Full Year 2021 Financial Outlook
For full year 2021, the Company expects to achieve total net sales of $78 million to $84 million, representing growth of 10% to 18% compared to net sales of $71.2 million in 2020.
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Anticipates Breast Products net sales of $70 to $74 million, representing growth of 27% to 35% over 2020; and |
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Anticipates miraDry net sales of $8 to $10 million. |
Conference Call
Sientra will hold a conference call today, March 11, 2021 at 4:30 pm ET to discuss third quarter results. The dial-in numbers are 844-464-3933 for domestic callers and 765-507-2612 for international callers. The conference ID is 3371629. 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. Management believes that this non-GAAP financial measure provides useful supplemental information to management and investors regarding the performance of the Company, facilitates a more meaningful comparison of results for current periods with previous operating results, and assists management in analyzing future trends, making strategic and business decisions and establishing internal budgets and forecasts. A reconciliation of non-GAAP Adjusted EBITDA to GAAP net income (loss), the most directly comparable GAAP measure, is provided in the schedule below.
There are limitations in using this non-GAAP financial measure because it is not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. This non-GAAP financial measure should not be considered in isolation or as a substitute for 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 GAAP and the reconciliations of the non-GAAP financial measure provided in the schedule below.
About Sientra
Headquartered in Santa Barbara, California, Sientra is a medical aesthetics company uniquely focused on plastic surgeons. 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 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(*). The Company’s miraDry Segment, comprised of its miraDry® system, is approved for sale in over 56 international markets and is the only non-surgical, FDA-cleared device indicated for the permanent reduction of underarm sweat and hair and may also reduce odor.
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 impact of the COVID-19 pandemic on the Company and its operations, the Company’s possible or assumed future results of operations, including descriptions of the Company’s revenues, profitability, anticipated growth rates, market outlook, impact of marketing programs and overall business strategy. Such statements are subject to risks and uncertainties, including the scope and duration of the COVID-19 pandemic, the Company’s ability to recapture delayed procedures resulting from the COVID-19 pandemic, the positive reaction from plastic surgeons and their patients to Sientra’s Breast Products, the positive reaction from plastic surgeons and patients to Sientra’s marketing, sales and educational programs, the ability to execute on the Company’s commercial, product development and manufacturing initiatives, the ability of the Company to drive revenue and operating leverage, the ability to meet consumer demand, the growth of the sale of bioTips in its miraDry segment, and the Company’s ability to manage its operating expenses and cash balance. 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.
Contact
Investor Relations
805-679-8885
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Sientra, Inc. |
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Consolidated Statements of Operations |
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(In thousands, except per share and share amounts) |
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(Unaudited) |
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Three Months Ended |
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Year Ended |
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December 31, |
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December 31, |
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2020 |
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2019 |
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2020 |
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2019 |
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Net sales |
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$ |
22,644 |
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$ |
23,210 |
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$ |
71,241 |
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$ |
83,699 |
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Cost of goods sold |
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11,569 |
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8,971 |
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32,302 |
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33,012 |
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Gross profit |
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11,075 |
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14,239 |
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38,939 |
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50,687 |
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Operating expenses: |
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Sales and marketing |
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14,939 |
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19,202 |
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52,553 |
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80,189 |
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Research and development |
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2,564 |
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4,011 |
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10,311 |
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13,537 |
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General and administrative |
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10,691 |
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9,233 |
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38,191 |
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46,771 |
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Restructuring |
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(87 |
) |
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1,083 |
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|
1,762 |
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|
1,083 |
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Impairment |
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— |
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— |
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6,432 |
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|
12,674 |
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Total operating expenses |
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28,107 |
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33,529 |
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109,249 |
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154,254 |
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Loss from operations |
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(17,032 |
) |
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(19,290 |
) |
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(70,310 |
) |
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(103,567 |
) |
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Other income (expense), net: |
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Interest income |
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3 |
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323 |
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|
206 |
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1,406 |
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Interest expense |
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(2,162 |
) |
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(1,292 |
) |
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(9,451 |
) |
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(4,568 |
) |
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Change in fair value of derivative liability |
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(2,050 |
) |
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— |
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(10,470 |
) |
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— |
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Other income (expense), net |
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37 |
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46 |
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111 |
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(55 |
) |
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Total other income (expense), net |
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(4,172 |
) |
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(923 |
) |
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(19,604 |
) |
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(3,217 |
) |
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Loss before income taxes |
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(21,204 |
) |
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(20,213 |
) |
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(89,914 |
) |
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(106,784 |
) |
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Income tax |
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33 |
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|
|
34 |
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33 |
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34 |
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Net loss |
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$ |
(21,237 |
) |
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$ |
(20,247 |
) |
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$ |
(89,947 |
) |
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$ |
(106,818 |
) |
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Basic and diluted net loss per share attributable to common stockholders |
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$ |
(0.42 |
) |
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$ |
(0.41 |
) |
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$ |
(1.79 |
) |
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$ |
(2.63 |
) |
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Weighted average outstanding common shares used for net loss per share attributable to common stockholders: |
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Basic and diluted |
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50,462,124 |
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49,506,169 |
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50,233,175 |
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40,654,272 |
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Sientra, Inc. |
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Condensed Consolidated Balance Sheets |
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(In thousands) |
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(Unaudited) |
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December 31, |
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December 31, |
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2020 |
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2019 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
54,967 |
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$ |
87,608 |
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Accounts receivable, net |
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23,503 |
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27,548 |
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Inventories, net |
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48,648 |
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|
39,612 |
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Prepaid expenses and other current assets |
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2,154 |
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|
2,489 |
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Total current assets |
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129,272 |
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|
157,257 |
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Property and equipment, net |
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|
13,106 |
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|
12,314 |
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Goodwill |
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9,202 |
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|
9,202 |
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Other intangible assets, net |
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9,387 |
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|
17,390 |
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Other assets |
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|
8,011 |
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|
8,241 |
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Total assets |
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$ |
168,978 |
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$ |
204,404 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Current portion of long-term debt |
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$ |
4,670 |
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$ |
6,508 |
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Accounts payable |
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|
6,504 |
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9,352 |
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Accrued and other current liabilities |
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|
32,389 |
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|
32,551 |
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Customer deposits |
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17,905 |
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13,943 |
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Sales return liability |
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9,192 |
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|
8,116 |
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Total current liabilities |
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70,660 |
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70,470 |
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Long-term debt, net of current portion |
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|
60,500 |
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38,248 |
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Derivative liability |
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26,570 |
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— |
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Deferred and contingent consideration |
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|
2,350 |
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5,177 |
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Warranty reserve and other long-term liabilities |
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|
9,455 |
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8,627 |
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Total liabilities |
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169,535 |
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|
122,522 |
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Stockholders’ equity: |
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Total stockholders’ equity |
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(557 |
) |
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|
81,882 |
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Total liabilities and stockholders’ equity |
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$ |
168,978 |
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$ |
204,404 |
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Sientra, Inc. |
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Condensed Consolidated Statements of Cash Flows |
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(In thousands) |
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(Unaudited) |
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Year Ended December 31, |
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2020 |
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2019 |
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Cash flows from operating activities: |
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Net loss |
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$ |
(89,947 |
) |
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$ |
(106,818 |
) |
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Adjustments to reconcile net loss to net cash used in operating activities: |
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|
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|
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|
|
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Impairment |
|
|
6,432 |
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|
|
12,674 |
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Depreciation and amortization |
|
|
4,094 |
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|
3,524 |
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Provision for doubtful accounts |
|
|
4,423 |
|
|
|
2,298 |
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Provision for warranties |
|
|
1,271 |
|
|
|
929 |
|
|
Provision for inventory |
|
|
3,601 |
|
|
|
2,626 |
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|
Fair value adjustments to derivative liability |
|
|
10,470 |
|
|
|
— |
|
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Fair value adjustments of other liabilities held at fair value |
|
|
96 |
|
|
|
969 |
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Amortization of debt discount and issuance costs |
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|
4,347 |
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|
|
359 |
|
|
Stock-based compensation expense |
|
|
8,344 |
|
|
|
12,478 |
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Payments of contingent consideration liability in excess of acquisition-date fair value |
|
|
— |
|
|
|
(1,968 |
) |
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Other non-cash adjustments |
|
|
375 |
|
|
|
290 |
|
|
Changes in assets and liabilities: |
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|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(378 |
) |
|
|
(7,320 |
) |
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Inventories |
|
|
(12,808 |
) |
|
|
(10,921 |
) |
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Prepaid expenses, other current assets and other assets |
|
|
935 |
|
|
|
(8,513 |
) |
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Accounts payable, accrueds, and other liabilities |
|
|
(6,420 |
) |
|
|
6,694 |
|
|
Customer deposits |
|
|
3,961 |
|
|
|
4,008 |
|
|
Sales return liability |
|
|
1,077 |
|
|
|
2,068 |
|
|
Legal settlement payable |
|
|
— |
|
|
|
(410 |
) |
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Net cash used in operating activities |
|
|
(60,127 |
) |
|
|
(87,033 |
) |
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Cash flows from investing activities: |
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|
|
|
|
|
|
|
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Purchase of property and equipment |
|
|
(4,037 |
) |
|
|
(4,071 |
) |
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Business acquisitions, net of cash and restricted cash acquired |
|
|
— |
|
|
|
(17,943 |
) |
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Net cash used in investing activities |
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|
(4,037 |
) |
|
|
(22,014 |
) |
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Cash flows from financing activities: |
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|
|
|
|
|
|
|
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Proceeds from option exercises and employee stock purchase plan |
|
|
865 |
|
|
|
1,341 |
|
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Net proceeds from issuance of common stock |
|
|
263 |
|
|
|
107,734 |
|
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Payments related to tax witholding on vested restricted stock units (RSUs) |
|
|
(1,791 |
) |
|
|
(3,064 |
) |
|
Gross borrowings under the Term Loan |
|
|
— |
|
|
|
5,000 |
|
|
Repayments under the Term Loan |
|
|
(25,000 |
) |
|
|
— |
|
|
Gross borrowings under the PPP loan |
|
|
6,652 |
|
|
|
— |
|
|
Gross borrowings under the Revolving Loan |
|
|
— |
|
|
|
22,296 |
|
|
Repayment of the Revolving Loan |
|
|
(6,508 |
) |
|
|
(15,788 |
) |
|
Net proceeds from issuance of the Convertible Note |
|
|
60,000 |
|
|
|
— |
|
|
Payments of contingent consideration up to acquisition-date fair value |
|
|
— |
|
|
|
(5,766 |
) |
|
Deferred financing costs |
|
|
(2,958 |
) |
|
|
(1,997 |
) |
|
Net cash provided by financing activities |
|
|
31,523 |
|
|
|
109,756 |
|
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
(32,641 |
) |
|
|
709 |
|
|
Cash, cash equivalents and restricted cash at: |
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
87,951 |
|
|
|
87,242 |
|
|
End of period |
|
$ |
55,310 |
|
|
$ |
87,951 |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
54,967 |
|
|
$ |
87,608 |
|
|
Restricted cash included in other assets |
|
|
343 |
|
|
|
343 |
|
|
Total cash, cash equivalents and restricted cash |
|
$ |
55,310 |
|
|
$ |
87,951 |
|
|
Sientra, Inc. |
|
|||||||||||||||
|
Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA |
|
|||||||||||||||
|
(Unaudited) |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||
|
|
|
December 31, |
|
|
December 31, |
|
||||||||||
|
Dollars, in thousands |
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||
|
Net loss, as reported |
|
$ |
(21,237 |
) |
|
$ |
(20,247 |
) |
|
$ |
(89,947 |
) |
|
$ |
(106,818 |
) |
|
Adjustments to net loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest (income) expense and other, net |
|
|
2,122 |
|
|
|
923 |
|
|
|
9,134 |
|
|
|
3,217 |
|
|
Provision for income taxes |
|
|
33 |
|
|
|
34 |
|
|
|
33 |
|
|
|
34 |
|
|
Depreciation and amortization |
|
|
1,098 |
|
|
|
986 |
|
|
|
4,094 |
|
|
|
3,524 |
|
|
Fair value adjustments to contingent consideration |
|
|
68 |
|
|
|
454 |
|
|
|
135 |
|
|
|
1,044 |
|
|
Fair value adjustments to derivative liability |
|
|
2,050 |
|
|
|
— |
|
|
|
10,470 |
|
|
|
— |
|
|
Stock-based compensation |
|
|
2,879 |
|
|
|
2,797 |
|
|
|
8,344 |
|
|
|
12,478 |
|
|
Restructuring |
|
|
(87 |
) |
|
|
1,083 |
|
|
|
1,762 |
|
|
|
1,083 |
|
|
One-time severance charges |
|
|
2,539 |
|
|
|
— |
|
|
|
2,539 |
|
|
|
— |
|
|
Impairment |
|
|
— |
|
|
|
— |
|
|
|
6,432 |
|
|
|
12,674 |
|
|
Total adjustments to net loss |
|
|
10,702 |
|
|
|
6,277 |
|
|
|
42,943 |
|
|
|
34,054 |
|
|
Adjusted EBITDA |
|
$ |
(10,535 |
) |
|
$ |
(13,970 |
) |
|
$ |
(47,004 |
) |
|
$ |
(72,764 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||
|
|
|
December 31, |
|
|
December 31, |
|
||||||||||
|
As a Percentage of Revenue** |
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||
|
Net loss, as reported |
|
|
(93.8 |
%) |
|
|
(87.2 |
%) |
|
|
(126.3 |
%) |
|
|
(127.6 |
%) |
|
Adjustments to net loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest (income) expense and other, net |
|
|
9.4 |
% |
|
|
4.0 |
% |
|
|
12.8 |
% |
|
|
3.8 |
% |
|
Provision for income taxes |
|
|
0.1 |
% |
|
|
0.1 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
Depreciation and amortization |
|
|
4.8 |
% |
|
|
4.2 |
% |
|
|
5.7 |
% |
|
|
4.2 |
% |
|
Fair value adjustments to contingent consideration |
|
|
0.3 |
% |
|
|
2.0 |
% |
|
|
0.2 |
% |
|
|
1.2 |
% |
|
Fair value adjustments to derivative liability |
|
|
9.1 |
% |
|
|
0.0 |
% |
|
|
14.7 |
% |
|
|
0.0 |
% |
|
Stock-based compensation |
|
|
12.7 |
% |
|
|
12.1 |
% |
|
|
11.7 |
% |
|
|
14.9 |
% |
|
Restructuring |
|
|
(0.4 |
%) |
|
|
4.7 |
% |
|
|
2.5 |
% |
|
|
1.3 |
% |
|
One-time severance charges |
|
|
11.2 |
% |
|
|
0.0 |
% |
|
|
3.6 |
% |
|
|
0.0 |
% |
|
Impairment |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
9.0 |
% |
|
|
15.1 |
% |
|
Total adjustments to net loss |
|
|
47.3 |
% |
|
|
27.0 |
% |
|
|
60.3 |
% |
|
|
40.7 |
% |
|
Adjusted EBITDA |
|
|
(46.5 |
%) |
|
|
(60.2 |
%) |
|
|
(66.0 |
%) |
|
|
(86.9 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Adjustments may not add to the total figure due to rounding |
|
|||||||||||||||