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Sientra, Inc. (NASDAQ: SIEN) is a surgical aesthetics company headquartered in Irvine, California. The company is dedicated to developing innovative and safe solutions aimed at achieving the best aesthetic outcomes. Sientra's diverse product portfolio includes round and shaped breast implants, the first fifth-generation breast implants approved by the FDA for sale in the United States, and the groundbreaking AlloX2® breast tissue expander with patented dual-port and integral drain technology. The company also offers the next-generation AlloX2Pro™, the first and only FDA-cleared MRI-compatible tissue expander, the Viality™ with AuraClens™ enhanced viability fat transfer system, and the SimpliDerm® Human Acellular Dermal Matrix. One of the flagship products in its lineup is BIOCORNEUM, the top-performing and most recommended scar gel by plastic surgeons.
In recent developments, Sientra has reported substantial progress toward sustainable and profitable growth. The second quarter of 2023 marked the twelfth consecutive quarter of year-over-year revenue growth, largely driven by strong performance in reconstruction and despite a decline in elective cash pay aesthetics procedures. New products like Viality™ and SimpliDerm® have received positive feedback and are expected to boost the company's long-term growth and solidify its leading position in the reconstruction market.
The company's financial condition has shown improvement, with effective measures in place to reduce operating expenses. Total net sales for the full year 2023 are expected to be between $98 million to $102 million, reflecting an annual growth rate of 8% to 13%. Sientra's operating spend is forecasted to be significantly lower, demonstrating the firm's commitment to long-term profitability. Despite some market softness in the augmentation segment, Sientra remains focused on enhancing its financial footing and strategic partnerships.
One of the significant steps taken by Sientra to ensure operational continuity during its Chapter 11 proceedings is securing $22.5 million in debtor-in-possession financing from existing lenders. This fund will support ongoing operations during the sale process, aiming for increased financial stability and long-term success under new ownership. The company has also announced a definitive agreement with Tiger Aesthetics Medical, LLC and Nuance Intermediary, LLC for the sale of its breast reconstruction and BIOCORNEUM businesses, respectively.
Sientra continues to use its investor relations website as a primary source for disseminating important information, ensuring transparency and accessibility for investors. To learn more about Sientra, visit their website and follow them on LinkedIn, Instagram, and Facebook.
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