Sientra missed estimates and almost doubled its net loss over the course of a year, but saw increases in net sales and gross profit as well as decreases in operating expenses, according to its first-quarter earnings report, released May 11.
The Goleta-based medical aesthetics company saw a net loss of $54.7 million, or $1.01 per share, compared to a net loss of $28.6 million, or 57 cents per share, in the first quarter of 2020. The company attributed the higher net loss to a $42.7 million non-cash charge from the change in fair value of the derivative liability associated with Sientra’s convertible note.
Sientra also posted higher sales in the first quarter, with total net sales of $23.2 million, a 37% increase from the same quarter of 2020. Much of the increase was from the breast products line, which saw a 47% year-over-year gain and had the largest ever quarterly sales in the company’s history.
Sientra expects sales in the breast products segment to total between $72 million and $76 million in 2021, or 31%-38% more than in 2020.
The company has also signed a definitive agreement to sell miraDry, a nonsurgical dermatological treatment, to 1315 Capital Partners, and it earned $39.2 million from the closing of Sientra’s public offering of common stock on Feb. 11.
Sientra shares closed at $6.74 on May 11 and climbed to $7.43 in after-hours trading, after the earnings announcement.