SIEN - Earnings call transcript Q4 2020

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Sientra’s Fourth Quarter 2020 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, today’s program is being recorded. I would now like to introduce your host for today’s program, Oliver Bennett, Chairman and CLO. sir. ahead, go Please

Oliver Bennett

we afternoon, States year to I XXXX everyone the remarks to Good considered that quarter statements laws. forward-looking would Sientra and remind within today, our in full earnings of that include and operator. statements the are United welcome meaning fourth like will securities Thanks, conference call.

in questions. your addition, may In to management make response additional forward-looking statements

Miller, Corporate and Financial is turn call, and over Actual pleasure company’s which Executive Menezes, today on uncertainties now the President business, note implied Form to the and or are also the information operations would and that obligation Chief encourage estimate, expectations current Officer, Ron? you uses Chief slides President, of information Please Officer. company, quarterly may website our results Form we to and based on be and that important accompany affect to contained deemed in on those to forward-looking Controller on the and information can materially the commentary by events to risks Valerie material investor any have and company reports note I relations statements that found performance. relations accessible XX-K my Ron. the we is website, President about review. publish Forward-looking company or Chief expressed Ron Sientra is from Interim financial update to be website that XX-Q differ It relations the to undertakes our filed investors. is assumptions Executive its www.sientra.com. afternoon. trends, which strategy, of at may Today call other projection and our or statements. our its A statement. this that on may future The posted Financial discussion forward-looking Report review previously Officer; Sientra’s including Annual no about in routinely on its like faces or company company’s investor management’s also detailed Sientra our the investor and Vice filed that

Ron Menezes

and Oli, year call. quarter earnings our joining fourth you on today us full Thanks, XXXX thank and for all

begin decades our performance strategic Controller and Corporate Interim I’d priorities including LinkedIn strong on Miller, Financial the Sientra President, we Before Vice of discussion Chief quarter several at like XXXX, and and introduce joined companies, experience first XXXX, Officer. fourth following for to in Val our Valerie Mentor. and

quarter, third decision quarter Breast and the $XX.X fourth for totaled business. million to Breast focus year-over-year segment another quarter, role over the and the great business reporting ability in Net new our confidence on Given a recruit sheet Officer. a Sientra his XX% on to Products path my a to Products Financial have will basis vision of an fourth accelerate and an focus the moment Without as balance of his to her our on and our that, endeavors. doubt, I’ll her He well our the a positioning knowledge help move future take standards, I our our validated now ahead. strong quarter for in I strong our Chief in growth. with fourth to in for like I financial year results, thank overview lead leaves quarter revenue future to growth. for of summary company business finance him record Also team Paul the XX% sales interim XXXX. that wish representing growth With

within medical to space market Our COVID-related device primarily by growth was driven and aesthetics. against increase overall compared the remains market and share outperformance augmentation strong continued as overall pressures

within made progress accounts. incremental also continue in we While opening existing new accounts market accelerate, share growth to

account an over at year-end. XXX added defined accounts base XX as in ordered X,XXX the months, over fourth bringing in we Just account total not quarter, to our accounts, we active that the has new last which

our believe of elements that success confidence our strategy. growth appreciate our of validates of our is strategy the strongly Our several growth the that share-taking and Sientra’s of surgeons our indicative I and current products. partnership value

Our goal a productivity of happened XX%-plus of further the in leveraging where A busy by Southwest Sientra existing area in with drive very market has a is relationships our share. to efforts, refocusing digital great growing share example our accounts surgeons. rep gains the practice this and U.S. plastic in

around about was become for marketing surgeon her awareness plastic medical about brands, patients add implants broadcasting months, from leveraged outcomes, pace a once Based seen taken After benefits our if ask surgeons brand surveyed, more leading a team, for six it. our our and Sientra know focused differences the to informed, He by her likely safety product patients accelerated. ask calls new the Sientra’s and internal leading implants. what benefits. persistent. using our we for most. It data, Sientra name. programs has and sales to which From for tells want plus care is unique are Sientra are by patients of very to our grow Meanwhile, representative patients group, several our consumers the new marketing now XX% has between supplier. implant that perspective, majority research after Our Sientra backed warranty, to approach continued affairs positive is support our implants access Those us with to widely on PlatinumXX of see market but profile, also have by patients demand our amongst would

more information of the Given a in It direct our Yourself modernized, the have their relaunched is across built around for Since performing campaign. facilitated we web have plastic See we and patient-focused our website own referrals thousands of them diligence, patient’s U.S. January. in surgeons Sientra relaunch, likelihood the to increasing desire

customers that products. more to efforts for continue patients bolstered also more amongst Sientra’s patients surgeons. presence from those believe and their plastic to social on will Sientra educate lead proactively We have asking our them grow We media reach implants to brand equity and our

in While market augmentation impacts expansion proved we be growth medium-term as view from significant key reconstruction XXXX, driver also a insulated the our to driver. more COVID-XX within and

hospitals elective the testing our expect in late more to quarter into as and gained We beginning increasing of within presence more conduct hospital impact diagnostic fourth impacts the pandemic year, expanding focused which expander is to Despite expanded and procedures technical Ahead schedule safety highly XXXX, on continuing the differences of further COVID grounded decreases. on remain by we the market this share compelling by AlloxX. hospital channel. base we account normalization interest portfolio, our in customer in capitalize tissue and per of profile our and

approximately of hospitals. reconstruction XX% selling currently X,XXX We’re

this and emphasis sales and renewed beyond. representatives, our data-driven believe able expand which year Given we’ll productivity, on PSC targeting is to we that number our be

a As both specifically channel. on to the our focused PSCs hospital reconstruction cross-functional, XX augmentation and and accounts, are managers additional reminder, we four selling have

trends have Our XXXX this to recent strategic industry and strategy fourth three identified the priorities me of the ahead. our levels In and provide XXXX, performance, with regards high year. quarter growth for for key I for year confidence drivers

accountability expander our accounts and we’ll within growth be growing top accounts to third, on First, investments market growth, we’ll focus which of offerings; share and existing a pipeline organic we’ll within focus for and accelerate or make second, to implant reconstruction increase increase execute accelerating to drive innovation and a company culture Sientra’s while in efforts and and new two products establish will margins. augmentation adding extend development systematic by U.S.; and in fuel productivity evolve core

of meet leader goal treatments transformative Taken positioned focused well to technologies become together, a the plastic to I surgery. strongly my believe on progressing we of are and art

the for Products $XX expectation expect to XX% year net between our achieve to full growth of million, currently we $XX terms In to XXXX, XX% sales million year-over-year. representing Breast

strong $X on net excited XXXX first started quarter between total to business, are in our to we million. current $XX million in to have Products sales $XX to million. XXXX in to miraDry expect Products segment compared Together, project we quarter the sales position. the very trends, Based Breast between $XX Relative expect Breast million to We full grow net we XXXX. of XX% a sales first excess year

continue breakeven guidance the miraDry does consideration miraDry prioritization – implant for in miraDry. take options over Our our for turn consider the of more quarter the We segment Val? results. financial over this a year. strategic as to our business for Val to that, I’ll of With to point breast achieve do for our call intend detailed fourth business we all review of

Valerie Miller

quarter fourth to totaled the decrease $XX.X miraDry September and XX% million In $X.X decrease Thanks, year-over-year of for by business of growth fiscal the quarter XX% sales the quarter XXXX the in sales specifically a $XX.X XXXX. XX.X% same million quarter $XX.X XXXX, overall this XXXX, attributed sequential XX% on in bioTips a ending sales in net impact sequential and the the for representing XX, increase compared $XX.X our expected Breast driven profit gross period Ron. segment million over of reduction our for sales XXXX same $XX.X profit September the of for with was XXXX. in the million Products consolidated decrease in due segment Sientra a the XX, the totaled increase period the the XX.X% XX% achieved ending segment over decision compared of of in to for focus fourth miraDry COVID-XX, level the million, in sales to decline Net an business. of XXXX. or investment fourth quarter X% sales Gross XXXX, and Net fourth quarter of year-over-year to million the to sales or the

XXXX in the million reserves production. or overhead miraDry segment, absorption decline of sales. unfavorable Excluding period miraDry to from related prior include our profit impacts $XX.X impacts for fourth versus XX.X% console was a and the quarter of gross inventory These

for period Excluding operating the restructuring expenses XXXX. compared to were same efficiency for organizational initiative, quarter $X.X related $XX.X million $XX.X XXXX of the of to million fourth charges million in Sientra’s

of period compared to for in XX.X% loss $X.XX XXXX. charges. million in quarter the the $XX.X $XX for in range Looking operating $XX.X to restructuring same On excluding adjusted annual expenses million loss to XXXX compared period million per quarter a decreased impairment for was to fourth million million million $XXX.X of by the ahead, XXXX XXXX expects same million $XX the and share EBITDA $XX to or $XX.X XXXX, XXXX. Net per for the be $X.XX the in or a share company from basis, loss non-GAAP net fourth

balance XX, on the from $XX XXXX, to equivalents XX, of September proceeds of public December and Turning closing the of does million sheet. of ended balance as cash The of compared at common stock We XXXX. offering million. million not year February $XX.X with XXXX, company’s cash net cash the to include approximately $XX.X our XX,

in million expects the XXXX $XX.X sales to turn the $XX to compared operator back XXXX. total million will company discussed, now net I Q&A. sales call $XX Ron to the Operator? in As the of range for million of

Operator

Certainly. of [Operator Instructions] Blair. Our line from first Margaret question Kaczor the from comes William

Your question, please.

Margaret Kaczor

afternoon. over Valerie, good you least. Hey at guys, phone, the meet good to

Valerie Miller

Nice to meet you.

Margaret Kaczor

you. meet to Good

first else push if there’s the the you read that. it just the got I operating of is the question second guy the to profitability. he’s guys ask sort question piece So is I that’s Paul detail of I’ve release, press – the really about been of know to leaving. And because to anything around trying

So XXXX around it’s still? up? that, net pushing in any Are can you color we income to give commitment whether that profitability

Ron Menezes

Ron. is Margaret, this Hey

have to So no all, that closer soon he’ll statement, of be will for his his means an come there’s opportunity. he home. on personal in outside the announcement Barbara. reasons to – Paul. of able new He make Not you to stay Santa And first saw to as reasons

a in it’s that. That have really, at is personal becoming the be we for – goal to really start So came of regards XXXX, November, business. Paul. close have be that not on commitment by still our I my changed we at In to the not when least committed decision with to, changed Board by least the and breakeven, end to to breakeven

Margaret Kaczor

straightforward. Thanks. and is guidance, thought great. kind going what okay, of and Breast Okay, then guidance if stronger core Sientra And quarter. at than the the Products into Quick much we look we

you’re more bit on. so if and about of little still know that’s rep a reps. to at around productivity that? the per million us drivers you close $X.X referenced give XX look at color you can assuming So I rep, that, I But

then be within in that augmentation rebound, sales So and there? any or demand, color terms could of included expand OUS

Ron Menezes

seeing is medical to in regards – all, our Margaret, our sooner on the From in Number hear see of on experience website. because first some focus additional team also takes with in in to six in Breast all two consumers to vast hospitals. a be will increase reflection representatives driving they productivity. investment focus months Yes. in we’re you to really, of We’ve it devices past, Products. marketing new seen come and us of representatives, that our that usually, the

reflection quarter, You’re performance on first seeing in us that confident the very gives already all We’ve confidence, that. seen and in the our that XXXX.

and so. acceleration our are sustaining kind back reconstruction quarter, in current every soon. that open, as to hospitals business but and different pace, on augmentation it the already quarter, a comes mid-second hospital, depends it’s bring an by business does the performance. starting state So some of recon And late back on, obviously, how way, every second it’ll And

Margaret Kaczor

sales? OUS the And

Ron Menezes

OUS shared still that before. be us. going to It’s be We project in much. sales, range we haven’t we for Japan changed for to modest the

sometime do Canada is expect this very opportunity hear for the us sales. from the still summer. back driving much in Health I to We U.S. think that

from more it’s Canada it’s a XXXX So perspective. late probably –

Margaret Kaczor

then And a on just one last Okay. miraDry.

that you $X change your kind to we million in customers $X.X of the million of the any Thanks. million should that business? expecting assuming $X field for the over distributors? of And million $XX strategic maybe color said to any a of any whether year. quarter? guys providing are you’re – sales Or support Is had assume or within You kind any to

Ron Menezes

Yes.

We’re was driving a still strong we we the that growth. growth alternatives at stated. U.S. have coming now, still the Asia still from strategic Right in have a business well. the business, of as lot And looking for

nice cost same revenue, it’s we this and the flow you have a to the As time, minimized of expect do a year, know, even At and positive cash break so. miraDry. we structure

Margaret Kaczor

Okay. Thanks, guys.

Operator

Thank you.

line question Stifel. Our of the from from comes next Block Jon

question, Your please.

Jon Block

and Great. afternoon. Valerie. Ron Thanks, the Maybe guys. one Good both first form

bit talk OpEx. could little about you more the if Just a

OpEx for think impressive I sort the XXXX or quarter, guidance. but OpEx you $XX said was give the million, take, of

while and that to maybe seems $XX like want as detail the rate guys I do achieve was million, make XXs you low So about reallocation $XX the to focus still you in million of Breast, run call please. the think talk the investments exiting a on Breast that it how it you it business? just XX making resources the versus of Ron, year. you can

Ron Menezes

you Yes. have dedicated structure And now that’s why – cost very mostly for regulatory. minimal manufacturing to because and miraDry

commercial PSCs. very those needed. And We’ve implants, in breast key three is adding One For team new representatives continuing adding from feel there areas. areas added to new we’re that approach when Nebraska. our PSCs a systematic to it’s

the We more marketing But source is use have or company two the to go they’re actually surgeon patients. the and in added websites more created from needs going Patients which implant in two create Chicago and team down to decide number and Number Florida. for which our it’ll number be as information one resources to based of on demand demand. see.

safety go manufacturing. actually you and well. are One customers, And also our – two impressed of to the then if you’d implants the sientra.com, safety very attract as So finally of more. at is website there be plus is our great how about information provide our dynamic expanders

We of lot probably now the it. They accelerate in pipeline. several manufacturing But it. to We’ve projects a working half days doing and as are at have through have great created a goes early the XXXX. And those field A Wisconsin, products the product in the last capacity. new submission our where through project – XXXX and job development our be is will system team seven working that they process well. of we’re week, products are for a supplying team implants. had We back the one new really we

you top watch miraDry key we’ll we’re Because continuing our to not three ability streamlined So invest. the also to in a very and expenses, areas growth having drive line be that’s the see the that expenses. out

Jon Block

Great.

have time, the to faced? gave some cetera. product going maybe gross that’s it challenges bit Valerie, do more I you. warranty, of disparate margin plastic at more and make but the Maybe range? perfect. approach, push-pull you I have you to that feel was everything And and a your that’s highlighting want top talked quite the Ron, for you or an unfolded competitors coming follow-up, lot you the the you Thanks a can marketplace, number Okay, your going you surgeons talk two-parter, little miss about of a for alternative gaining if superior outreach you from for et I And But on to surgeon, right? dynamic Would did issues and think community, of the the sure, or guys line guys just OpEx. I in in been a if time. would. more the explicit wanting certainly share might just mean due then, field, that be some to some

Ron Menezes

in medical our than is working and continue I’ll shared answer to to surgeons. our we expand they punt – then and dedication That I plastic I’ll surgeons. And the affairs just of surgeon’s we’re story focused where plastic persistence from the team, see very share. able to stories I’ve team closely margins. With with one on for that, – market to also see Valerie and have Southwest They several perspective sales marketing had regards about to we’re our one.

be – synonymous surgeons company the plastic to to is with really, goal a surgeons. seen are We as plastic

in also the and of advantages Now the gaining those reps our environments. hospital they hospital our see in experience that share now we’re and products because that vast environment, technical the have

you surgeon. products, two you hospital that key our two with is and can what So doing, focused commercial really with products key continued but multiple the products surgeons, competition we’re committed other have growth. can’t those customers. and We combine they to on discuss I obviously have drive you the two also the share the comment see and for the incentives and combine team within

that, with about Val, comments margins? So

Valerie Miller

Sure.

Our XX.X%. QX gross margin for was

the If mainly of for the been out those get related and The the XX.X% quarter. really start related of see you slightly acquisition the reserves implant of we miraDry of selling following higher have rest differential costs absorption the the unit some is That’s Franklin We overhead, XXXX and of into impacts until benefits would plant. inventory won’t out gel the down adjust for XXXX. plant QX to at to of Franklin we through. that lower of cost from

we think the In that, terms see to going XXs of how and XXXX year. for we to at look are the upper

Jon Block

the Thanks guys. Perfect. time, for

Valerie Miller

Thank you.

Operator

you. Thank

from SVB Leerink. Richard Our next of Newitter question line from the comes

question Your please.

Richard Newitter

Thank to question. on question. taking the you Thanks for gross Maybe margin up just follow for the that.

So that upper I past, run. in maybe we shave of a range as back you Into towards the up had think guess just off XXXX. track still think I mean you I getting over for we range? we long bit a and talked think in are XXs of mid-XX%, about that? on to a trajectory, the the do beyond, as XXs? do mid-XX you just Or low XXXX little XX%

Ron Menezes

Yes.

track We’re product cost said of to just is for mid-XXs what Val yield which and Wisconsin. our the in of back still in the in exactly XXXX, lot on a regards

We’re accelerating.

new through, giving great obviously, resources to in the those And translates, goods, sometime will this of latter be year. cost We’re really our translate team probably as yield, will seen the some implants this which start Wisconsin. which of into summer selling we’ve which in part improvements lower in

improvement XXXX, XXXX the into part and see to getting So of latter margins to of go in with mid-XXs. in the you’ll continue goal

Richard Newitter

more, maybe housekeeping, just one picture. one And two bigger helpful. That’s thanks. Okay,

housekeeping, do share growing? see versus the was – where your How just picture, couple of past, down you fast right you of you’ve can market where where On the here? breast the your do years Thanks. for I market? now growth think you is share wondering and you I next growth. to And if bigger And market market guess the in then estimate is tissue just break get you implant can us. expander over just what kind given that the

Ron Menezes

Plastic April. Society in X% do Surgeons published that guessing last not have the we American were Breast based – – they year. are shares of The yet, But we Yes. usually

my And now. augmentation XX% negative. to market market conversations market to multiple the regards XX% in in the the augmentation about thinking based surgeons, with plastic went and grew on reconstruction We’re

expanders. accelerate But two So XX growth goal become to we the have that we a goal XX the on a that’s get above – surgery for and to to within getting breast months, within our to next get into XXXX. moving XXXX XX% within in have kind company – top plastic our obviously, – mid-teens of and in to implants

Richard Newitter

And just tissue versus expander? Thanks. breast implant the

Ron Menezes

happened higher augmentation. for But versus little of it usually, Right higher. a – due it’s it’s was was higher actually implants a it implants, closer. implants to now – to little a But really I’m year – little XX-XX expanders. COVID, this because It’s what sorry, driven from the by was due

Richard Newitter

very much. Thank you

Operator

Thank you.

Our Kyle comes the question from next from Canaccord. Rose of line

please. question Your

Kyle Rose

you Thank the questions. taking Great. for

some understand I I some maybe a you growth Sientra about wanted account confidence year understand us loyalists. in competitors. sticky the you’ve some you’re of well added given of you’re some bit the and to have sticky, obviously, very mean, how the are seeing Just from just But ask backdrop. this utilization disruption trialing? of get going your that as from as the some what to So the macro on little gains help growth the that additions. you accounts account maybe of account There’s a standpoint trying historical share versus seeing strong some competitive just is

Ron Menezes

Yes.

stand look there – If are implants, at from areas in you key out XXXX. that two

bit, grew and a accounts. quite double-digit they hit Our loyalists, new growth, our Sientra

more in Our continue expand jump longer, a stated us start to example, because and to takes for of use patients recommending she to Sientra share. I started implants outcome, takes the our patients. surgeon little the lot a a it data resources and obviously, in, once new But the It that proven from team or the he their accounts, as they share. see they to tries as expand has market more

add which to rates, now I for for But see us and But like to their are to within certain have is see reps our supporters are a products. and drivers – continue for longer. And a X,XXX accounts the said, key share number of existing lot of accounts accounts. those per right of high and ones now, two accounts all tracking the also and we’re we expand sticking So the compensation quarter new sticky current Sientra over accounts.

Kyle Rose

was I you the $X.X revenue expect preannounced, business much from million in trend how as Maybe in kind that to stocking me I you to you just talked had just $XX in Japan talked $X.X think of previously a think I about in then of sell-through? gets about How versus Japan help annualize XXXX. mean million, million I that us And that opportunity. If $X.X Great. XXXX? understand million. that

How your we share. it? fair think Is that to there? way market a about the about trajectory So XX-ish think percent do

Ron Menezes

We’ve representatives there now Japan. there had the XX thing are in Japan, – great about selling Yes.

all and So reconstruction, Japan coming COVID. because same year. market quite by it’s exceed goals was we impacted, careful time, our to do the because But meet expect this for the we’re at

what in are quarter rest the to happens the first what invest. we’re year. So happen continuing assessing of assess we the would in to But

Japanese have continuing look sizes different market. to They business drive there, the committed at reconstruction – We are for to the business. the

do COVID quarter. in for a hard in this of for first of one Japan we the we It’s the have see within guidelines because So impact year. Japan the

Kyle Rose

questions. taking for Great. Thank you the

Operator

Thank you.

from comes Stephens. of the question Our next Chris Cooley from line

Your please. question

Chris Cooley

assuming clear completely it’s you if and But about a be the XXXX, for Breast assumed questions. Products and primary clear a take aggregate in of very were kind Good should afternoon if for historically for category in a the and wasn’t referenced driver there. recon firstly you’re Maybe Didn’t seen. that to of thinking you wasn’t more note, XX-XX When taking know weighting balance that earlier aug greater the healthy housekeeping between I on still XXXX. growth rate. reconstruction growth thank that just a be you you’ve

if had just around can a give clarity of some then that? – couple just So I you quick follow-ups. And

Ron Menezes

Yes.

back recon in and the expect second to summer, the as quarter. through of quarter XX-XX, expect, comes to market in very We to the the sometime the still We quarter the fourth XX-XX at second back go do similar year. half obviously first

on stated, accounts a we gaining very from I As perspective. additional are focused hospital

So Probably will those quite hospitals definitely quarter, second a here generate be as next on be XX-XX. the online, to come that’s for going But the XX-XX. second in they us. half – half this growth

Chris Cooley

you your regarding the then Thank Understood. to wanted up commentary I that. pipeline. new And follow for product clarifying on

If more how XXX(k), should so about us additional with these of sounds It in color these maybe XXXX an some think just as give a prioritization we think spend you a more products just like could as of coming perspective? like of tool nature. that should of we from R&D calendar maybe in

you Just the curious XX some consideration Thank if which months. as U.S. ultimately the put of likely be you. to next in of well you outside will think within in the United of greater types focus kind here competition, on transformative you need facing products most of the States and

Ron Menezes

more at current core business. our The looking supporting focusing core Yes. we’re products business, is on

some currently current Some technology in supporting technology really sizes reconstruction our at us. also require of new the and But improve really, and end from – them them core day, that missing are business are bringing expander of submission. that a line will XXX(k) extensions, for the expansion of the our

from the For dive looking kind at when perspective. that me, growth areas that’s into also technology right we’re may surgeons, the focus XXXX, surgery, the and adjacencies transformative the is all plastic But improving to of plastic on in advantage be products do going we demand, have need the one. number the hospital all and environment. get current to And XXXX and we products that additional two, how from be that meet within we

this and year, for goal launch a in really a that’s So XXXX.

Chris Cooley

Thank you.

Operator

you. Thank

from Nowak from of Alex line next Our the comes question Craig-Hallum.

Your question please.

Alex Nowak

first about category sounds surgeons you’ve months. been the Great. It Good you through the maybe Can efforts plastic afternoon, company, Sientra about in learned specifically specifically? walk the everyone. what five you’ve CEO since joining almost for reshape the Ron, vision? now of to down doubling is to you do years next on Sientra really do you’re to one experience. the several the your doing marketing like here over patient what want else But

Ron Menezes

Yes.

stated Wisconsin, back of on a they feeding the right development. I all, SKUs manufacturing but And to with our they a to make and the The First doing great development, beast. commercial manufacture expedite and team. sure our their call part places, needed and I folks And really they’re to have product of for another supply for it’s hard, as and team, a are, the lot of in resources allocating the resources before. working right resources the it, now process this create is are job also a rigor

with How we as find art not right through, surgery. five partnership years, we the awaits come we is four to the money. and we the And have plan up to a find What So or time, their in months. and From it’s a plastic times, new technology really we partner more plastic XX of XX surgeons? the lot at way next submit a next go closely to partnership? do with support the necessarily of way spending approvals

way a greatest from surgeons each technique. find You other latest to Plastic needs – educate what like their the are.

new practices? for facilitate from come the of go to surgeons to surgeons, if plastic we same improve for do They’re ways the And outcome. XX looking surgery. ways ideas, themselves. do XX different sharing you’ll times, always those new ideas Sometimes see them new lot products best – you plastic a help you patient different to How

products, can on develop of help we’re times, and we’re to So really new if listening, them, some ideas, we we’re those well. a that talking get if them as lot focused

us understand some it and are that working to forward. surgeons. ideas new plastic our for moving so want we’re partner on from that focus ideas things see surgery, you they on plastic And products they new with So

is technologies, improve to next the five us the that come transformational leader So fit patient’s what physicians in need a key outcome. products years up become between to the four with or for the and

Alex Nowak

new? levels, out in it Okay. it safety shake helpful. is the how out you so That’s where XXXX, at does with aug. – it XXXX? and concerns, overall to for got here back here on go in then got initially the COVID, back But does if than market category all? changing XXXX more in do market Does coming of something or The it maybe dinged implants hit XXXX recon And this change the see

Ron Menezes

months. surgeons plastic Yes. I XX over talked last in the to five

there Now year year ever, small can surgeons But n. of their to if XXn this augmentation. is ever majority X,XXX the those out for are closer surgeons not you so there, I best plastic tell best a have,

see negative you next or augmentation, data see it to it to be interesting market, will down. month was the when So see if comes overall the out

sit those if So down I – those schedule before visit have consultation. May to be and and in to if you talked you surgeons you a a now, you’ll now, with – probably actually initial or June surgeons try

So for first just quarter they’re augmentation. busy, still like very quarter, fourth

what reconstruction, see For that’s we’re obviously to happening. waiting

As different to states impact a the open it direction. decreases, move in up, COVID we as expect

very office augmentation, I’m conversation quarter fourth as somewhere with as don’t similar what’s a to very to XX market with quarter, reconstruction completely was probably I had we impact those negative XXXX, for to if you to to is it’s was my XXXX. in positive. because be first even about robust But surgeons, closed on be we look eight surgeons three to in out probably But close the are regards weeks find because conversations a still So quarter healthy, second you yet. XXXX know their excited my XXXX, in of going doubt based though won’t as it think most we’ll number, in happen COVID. between

Alex Nowak

looks $X already it. or the after just commercial specifically? No, it was last think getting And again, you cut have by sense. Got happened about – half. Okay. guidance, And like but did all miraDry made then I here, and In I million changes. that QX makes completely to missed business might in in miraDry, what it’s this, you the about

just taken curious down it’s another why So step I’m again?

Ron Menezes

like just to to having quarter. back. you continue anything it’s going Asia, and first coming are we Well, very and so else, invest We from – to do again, that continue revenue so will the you’re do in less, coming healthy less get

on focused commitment, selling the U.S. I making in manufacturing. the XXX% think tips see you – That’s we’re our impact is

have six We still representatives.

half they’ll out miraDry. the – time, – Our XX% that help have development practice managers do the of

I demand. investment. is that’s still lower it’s the before, you stated first bit little year. seeing of So this but impact we why you’re main to And a still and have expect a breakeven number revenue, thing point But of a COVID, nice very three, that quarter, lower have

Alex Nowak

you much. Thank very Okay, helpful.

Operator

our line And final you. Maxim comes today question Group. for from from of the Vendetti Thank Anthony

Your question please.

Matt Bullock

educational release? quickly This in wanted mentioned I Anthony the to Vendetti. if could about plans is press your Matt Bullock just for are on XXXX. some And initiatives talk for Thanks. touch on briefly peer-to-peer what of force the sales those in you

Ron Menezes

Yes.

and I our to of for on sales our told that the has Sales, So ability representatives add based needs the he demands. Head Kirk, have force,

something number Florida. to obviously, rep. we as I we’re said And to had continues demand. We to the I four regards on well. dollars as have Nebraska, Margaret of we’re business now number going to add we of some expand, somebody added I at goal certain based we that a GPO Like number hospitals. And based reps very that managers. we’re a certain in for every dashboard the dollars, before, add as more a We every we We’ll hospitals methodical the very strive somebody track more think systematic, two week. increase review we we to have it Monday. I adding about have look hospital more. business, because, needs. of be in contracts, per on seeing In and continue the said And reconstruction account

really we teach facilitate discussion. at their day, facilitate our from peer-to-peer, share like like a at physicians the going as practice, very to With each day, other. the help end goal of to discussion going they of like to of physicians. – that each are that the specialties we’re It’s be is help to of topic, to end perspective. So And them where that teach to to that’s talk be lot where That’s plastic but to surgeons kind them similar regards best the to other. they

as second media this in quarter six half in second our focus surgeons creating and time the patient So quarter four, a and to surgeon surgeon five, and the demand, the our third plastic of then this of shift – lot year. spend first focus in a and begin on enhancing part quite a social we’ll that of standing, the We’ll bit year. we’ll months

Matt Bullock

you. Great. Thank That’s helpful.

Operator

session you. and well as gentlemen Thank today’s conference. program. This you, conclude question-and-answer as participation ladies Thank for today’s does your in the

disconnect. You day. may now Good

Sientra (SIENQ) 12 Mar 212020 Q4 Earnings call transcript