SIEN - Sientra Reports Preliminary Unaudited Third Quarter 2023 Financial Results and Provides Update on Outlook | Benzinga
IRVINE, Calif., Oct. 30, 2023 (GLOBE NEWSWIRE) -- Sientra, Inc. (NASDAQ:SIEN) ("Sientra" or the "Company"), a surgical aesthetics company delivering the safest and most innovative solutions for the best outcomes, today announced preliminary unaudited financial results for the fiscal third quarter ended September 30, 2023.
Total unaudited revenue for the third quarter of 2023 is expected to be in the range of $19.2 million to $19.7 million, compared to total revenue of $22.6 million in the prior year period. Third quarter results were adversely affected by overall softness in the market as well as more pronounced seasonal headwinds that led to a reduced number of augmentation and reconstruction cases during the third quarter, particularly in July and August.
As a result of the preliminary third quarter financial performance and based on the Company's expectations that a volatile operating environment will continue in the fourth quarter due to the macroeconomic and geopolitical factors, the Company is withdrawing its fiscal year 2023 guidance.
Unaudited net cash and cash equivalents as of September 30, 2023, are expected to be in the range of $14.7 to $15.2 million, compared to $26.1 million on December 31, 2022, and $18.6 million on June 30, 2023.
Sientra and its advisors continue to find ways to improve the Company's balance sheet and, together with its financial partners, are exploring strategic alternatives to provide the strongest path forward for continued success. Throughout this process, it remains business as usual and Sientra will continue to deliver for its customers, patients, employees, and partners seamlessly.
"We remain focused on delivering the safest and most innovative solutions for the best aesthetic outcomes," said Ron Menezes, President and CEO of Sientra. "While we continue to see softness in the augmentation market, we are encouraged by our growth in breast reconstruction as we gain momentum from new products such as Viality and SimpliDerm. We are also committed to enhancing our financial footing to position Sientra as a partner of choice for plastic surgeons."
Conference Call
Sientra will host a conference call on Thursday, November 9, 2023, at 4:30 pm ET to discuss third quarter 2023 results. The dial-in numbers are (844) 735-3763 for domestic callers and (412) 317-5711 for international callers. The webcast link is the following: Sientra Q3 2023 Earnings Call Webcast Registration Link. The webcast will be archived on the website following the call's completion.
Use of Non-GAAP Financial Measures
Sientra has supplemented its U.S. GAAP net income (loss) with a non-GAAP measure of adjusted EBITDA, U.S. GAAP gross profit and gross margin with ...