Unveils Sientra Platinum20™ Best in Class Warranty Program for OPUS Breast Implants
Announces Preliminary Unaudited First Quarter 2018 Net Sales of Approximately $14.5 Million
SANTA BARBARA, Calif., April 25, 2018 (GLOBE NEWSWIRE) -- Sientra, Inc. (SIEN) (“Sientra” or the “Company”), a medical aesthetics company, today announced its participation at the 2018 Aesthetic Meeting being held at the Jacob K. Javits Convention Center in New York from April 26 – May 1. The Company will be showcasing both its OPUS branded breast products (booth #405) and new miraDry fresh™ procedure which reduces underarm sweat, odor and hair (booth #249). The Company also unveiled its new, best-in-category Sientra Platinum20™ Product Replacement and Limited Warranty Program for the OPUS line of silicone gel breast implants – the only brand of silicone gel breast implants sold exclusively to board-certified and board-eligible plastic surgeons. Additionally, the Company announced preliminary unaudited net sales for the first quarter 2018 of approximately $14.5 million.
Jeffrey M. Nugent, Chairman and Chief Executive Officer of Sientra, commented, “Sientra Platinum20 demonstrates Sientra’s confidence and conviction in the safety and performance of OPUS branded products, which are backed by superior long term clinical data, and are now manufactured exclusively in the United States. The OPUS line represents our commitment to be different by design, to drive thoughtful innovation, and to provide safe, best-in-class products that improve outcomes and change lives. Designed to stand behind the robust and unrivaled safety and clinical data from Sientra’s 10-year FDA-clinical study, Sientra Platinum20 is the most comprehensive warranty program in the industry.”
The Sientra Platinum20 Program will be available only to patients of board-certified and board-eligible plastic surgeons and will cover all eligible primary and revision augmentation and reconstruction patients with any style and size of Sientra OPUS breast implants for the replacement. The Sientra Platinum20 Warranty Program provides superior benefits than what are available under competitive breast implant warranty programs in the United States. Complete details on the Sientra Platinum20 Product Replacement and Limited Warranty Program terms & conditions can be found on Sientra’s website at www.sientra.com/resources.
Mr. Nugent added, “Sientra OPUS and our Platinum20 Program clearly demonstrate our commitment to the breast implant category and to our board-certified and board-eligible plastic surgeons customers and their patients, while validating our confidence in the quality and safety of Sientra’s products. Our resolve to our plastic surgeon partners is stronger than ever, as is our focus on providing best-in-class products, and safety and protection for patients undergoing aesthetic or reconstructive breast surgery.”
Mr. Nugent concluded, “Over the past two and a half years, we have been focused on getting our supply of Sientra breast implants back to full scale to meet customer demand while also diversifying our product portfolio. We have made steady and significant progress on both of these fronts: first, with our acquisition of the miraDry® business last year, and second with last week’s announcement of the FDA approval, we can begin commercializing our breast implants. Our move to become a more diversified global aesthetic company is evident in our most recent preliminary unaudited first quarter 2018 net sales results which were the highest in Sientra’s history. In the first quarter 2018, we continued to successfully manage our breast implant inventory levels and physician customer expectations while also continuing the positive momentum with our tissue expander products and driving record sales of our BIOCORNEUM® scar management product. We also made significant progress in the execution of our miraDry strategy with the segment growing substantially in both U.S. and international markets. We believe we can continue to grow the miraDry segment throughout 2018 and beyond as our newly expanded global sales force continues the launch of the new miraDry fresh protocol and gains further traction in the field.”
First Quarter 2018 Preliminary Net Sales
The quarterly financial estimates included in this release are prior to the completion of review procedures by Sientra’s external auditors and are therefore subject to adjustment.
Sientra anticipates total net sales for the first quarter 2018 to be approximately $14.5 million, compared to total net sales for the first quarter 2017 of $7.5 million. First quarter 2018 net sales expectations include anticipated segmented Breast Product net sales of $8.5 million and miraDry net sales of $6.0 million. First quarter 2017 net sales only includes Breast Products as the miraDry acquisition was completed in the third quarter 2017.
The company also expects net cash and cash equivalents as of March 31, 2018 to be approximately $16.0 million compared to $26.6 million as of December 31, 2017.
Headquartered in Santa Barbara, California, Sientra is a medical aesthetics company committed to making a difference in patients’ lives by enhancing their body image, growing their self-esteem and restoring their confidence. The Company was founded to provide greater choice to board-certified plastic surgeons and patients in need of medical aesthetics products. The Company has developed a broad portfolio of products with technologically differentiated characteristics, supported by independent laboratory testing and strong clinical trial outcomes. The Company sells its OPUS™ brand of breast implants and breast tissue expanders exclusively to board-certified and board-admissible plastic surgeons and tailors its customer service offerings to their specific needs. The Company also offers a range of other aesthetic and specialty products including BIOCORNEUM®, the professional choice in scar management, and miraDry®, the only FDA-cleared device to reduce underarm sweat, odor and permanently reduce hair of all colors.
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 include, but are not limited to, statements regarding the Company’s expected net sales for the quarter ended, and its net cash and cash equivalents as of, March 31, 2018, the Company’s ability to regain share in the U.S. breast implant market, the Company’s ability to meet customer demand, the expected growth of the Company’s current customer base and acquisition of new customers, the Company’s ability to deliver value and become a world class, diversified aesthetics organization, and the Company’s ability to finance its near and long-term strategic growth initiatives. Such statements are subject to risks and uncertainties, including the dependence on conclusion of review procedures for the quarter ended March 31, 2018 by the Company’s independent auditors, positive reaction from plastic surgeons and their patients to Sientra’s breast products, risks associated with contracting with any third-party manufacturer and supplier, including uncertainties that such parties will be able to meet consumer demand, that the integration of recently acquired product lines will not achieve the anticipated benefits, and the ability to obtain additional capital on acceptable terms. 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 Annual Report on Form 10-K for the year ended December 31, 2017. 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,’’ 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. 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.
Patrick F. Williams
Sientra, Chief Financial Officer
Tram Bui / Brian Johnston
The Ruth Group
(646) 536-7035 / (646) 536-7028