Sientra closes sale of miraDry at $10M loss
Sientra, a Goleta-based plastic surgery device company specializing in breast implants, announced June 11 that it had closed the sale of miraDry, a non-surgical dermatological treatment. The $10 million sale brought half of what Sientra paid for the business four years ago.
The miraDry system is an FDA-approved treatment to reduce underarm sweat, hair and odor. The buyer, 1315 Capital, is a private investment firm focused on health care and based in Philadelphia.
Sientra sold the business for $10 million in cash, according to a May filing by Sientra with the U.S. Securities and Exchange Commission. Sientra acquired miraDry when it bought Miramar Labs for $20 million in June 2017.
“We are delighted to close our transaction with 1315 Capital,” Sientra CEO Ron Menezes said in a company news release. “With the sale of the miraDry business, we can now focus on our rapidly growing breast products business, and intend to utilize the proceeds from the sale to strategically invest in programs that we believe will grow our market share and advance the art of plastic surgery.”