Sientra reports bigger losses but rebound in sales in fourth quarter
Goleta-based breast implant maker Sientra reported a small decline in net sales over the final three months of 2020 and a net loss bigger than the previous year’s fourth quarter, in an earnings report released March 11.
Sientra had a net loss of $21.2 million in the fourth quarter, or 42 cents per share, more than the $20.2 million it lost in the same quarter last year. For the full year, Sientra had a net loss of $89.9 million, a better performance than 2019, when the company reported a net loss of $106.8 million.
Sientra sales did bounce back a bit in the fourth quarter, with net sales of $22.6 million, down just 2% from the same quarter a year earlier.
Most of the cosmetic surgery company’s revenue is in its breast products segment, which had net sales of $17.9 million in the fourth quarter, an increase of 40% from the same period in 2019. For the full year, net sales of breast products were $55 million, an increase of 18.6% from 2019.
Other product lines had a weaker year, though and total net sales dropped 14.9%, to $71.2 million, in 2020.
Ron Menezes, president and CEO of Sientra, called the results in the breast products segment a “market outperformance” in a company news release and said he expects the recent growth in sales to continue in 2021.
“Given our progress to date on each of these initiatives, we currently expect breast product segment net sales to grow in excess of 30% in the first quarter 2021 compared to the first quarter 2020,” Menezes said.
Sientra released its financial results after the markets closed on March 11, with the stock price at $7.54 at the end of the trading day. Shares were down about 1% in after-hours trading.
The company also announced March 11 that Paul Little will be stepping down as Sientra’s CFO. Sientra said in a news release that Little’s departure is not “related to any disagreement with the company’s accounting principles or practices or financial statement disclosures.”
Valerie Miller, currently the vice president and corporate controller, will serve as interim CFO effective March 12.