Sientra, the Goleta-based breast implant company which resumed sales in March after suspending them last fall, posted a loss of $11.9 million for the first quarter.
With its core products back on the market after a months long hiatus, the company said it hopes that resumption of marketing efforts will help it resume its prior fast track for sales. The company also said it had $93.5 million in cash and equivalents on hand, giving it a big buffer against future losses.
In announcing the $11.9 million loss, Sientra said May 5 that revenue for the quarter ended March 31 was $1.5 million. That figure is sharply below the $12.4 million reported a year earlier, when it lost $3.4 million, and about 17 percent of the revenue was attributed to bioCorneum, an advanced silicone scar treatment acquired earlier this year.
The loss per share was 66 cents versus 23 cents for the 2015 quarter.
Sientra suffered an enormous setback last fall when sales of its core implant products were suspended amid regulatory questions and a fire at a Silimed manufacturing plant in Brazil. The company turned a corner when sales resumed in March and CEO Jeffrey Nugent said in a statement that “demand for our portfolio has been robust.” He added that “Sientra’s development of a long-term manufacturing solution remains the highest priority of the company.”
The company said that operating expenses for the first quarter were $12.7 million, up $900,000 from a year earlier. The company said that increased legal costs, product development costs and public filings accounted for some of the increase, which was offset by cost cuts in sales and marketing.
As of March 31, the company said, it had cut its sales organization to 35 sales representatives versus 43 a year earlier.
Sientra shares closed down 28 cents to $7.08 before the earnings announcement. The shares traded in the mid-$20s prior to the suspension of sales and fell below $3. They began a steady rise after the company announced it was resuming sales.