Sientra® Reports Third Quarter 2016 Financial Results

Highlights
  • On track to submit PMA supplement for new manufacturing by end of Q1 2017 with resupply commencing in Q4 2017 
  • Acquired Specialty Surgical Products, Inc. tissue expander portfolio to further penetrate $235 million U.S. breast reconstruction market 
  • Announced preliminary settlement of shareholder class action litigation  
  • Appointed medical device industry veteran Patrick F. Williams as Chief Financial Officer, Senior Vice President, and Treasurer 
  • Continued strong commercial traction following market re-entry with cash and cash equivalents of $79.3 million as of September 30, 2016

SANTA BARBARA, Calif., Nov. 08, 2016 (GLOBE NEWSWIRE) -- Sientra, Inc. (NASDAQ:SIEN) ("Sientra" or the "Company"), a medical aesthetics company, today announced its financial results for the third quarter ended September 30, 2016.

Jeffrey M. Nugent, Chairman and Chief Executive Officer of Sientra, said, "We have made extraordinary progress on a number of strategic and operational initiatives in recent months and remain on track with our previously stated manufacturing timeline. Together with our partner Vesta, we have completed the build-out of a manufacturing facility for our breast implants and we are proceeding with final verification and testing of product in preparation to submit our PMA supplement by the end of the first quarter 2017.  There is no greater priority at the Company than for us to have a qualified partner that is FDA approved and ready to supply our premium implants to the U.S. board-certified plastic surgery market by the end of 2017." 

Mr. Nugent continued, "We have also continued our focused business development effort to diversify our revenue stream and broaden our aesthetics offering.  Starting with our bioCorneum acquisition earlier this year and continuing with today's announced acquisition of the Specialty Surgical Products tissue expander portfolio, we continue to move into adjacent markets by adding innovative, proven products. We are making steady progress in transitioning our business back on a path toward historical levels of revenue and growth and we remain committed to our long term goal of creating a world class, diversified aesthetics organization."

If you liked this article you might like

5 Stocks Triggering Breakout Trades

10 Best-Performing Small-Cap Stocks in 2016

5 Stocks Under $10 Set to Soar

4 Stocks Under $10 to Trade for Breakouts

Why Sientra (SIEN) Stock Is Down Today