Goleta-based Sientra to offer 525,000 new shares
Goleta-based breast implant manufacturer Sientra updated documents for its second public offering on Sept. 14 and it will offer 525,000 new shares.
On Sept. 3, Sientra filed documents with the Securities and Exchange Commission for a new public offering. At the time, the documents did not list the amount of shares Sientra planned to offer. At Sientra’s closing price on Monday of $23.33, the value of the offering would be about $93.9 million.
Sientra raised about $77 million after paying underwriting expenses when it started trading on the Nasdaq on Oct. 29, 2014. The company said at the time that it sold 5.75 million shares for $15 each.
The company said in the filings that it plans to use the new proceeds for working capital, to invest in new technologies and repay some of its $25.7 million in debt.
Sientra’s sales were up 21 percent in the second quarter of 2015 from $11.7 million last year to $14.2 million this year. The company lost $2.1 million in the second quarter though, which was up from the $1.2 million it lost in the second quarter last year.
While it was a private company, it raised $151 million in venture capital. Founded in 2007, in 2012 it became just the third company to get approval from the U.S. Food and Drug Administration to sell silicone breast implants.
Shares of Sientra were up on Sept. 15 after the announcement and closed up 19 cents to $23.52. When markets closed on Sept. 15, Sientra had a market capitalization of about $352.5 million.
According to Yahoo Finance, analysts expect the stock to trade between $12.53 and $26.67 after the stock offering.