SIEN - Earnings call transcript Q1 2021

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Operator

Good day and thank you for standing by. Welcome to the Sientra First Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. now today hand Oliver would to conference I speaker your Bennett. Instructions] like the to over [Operator Please go ahead.

Oliver Bennett

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

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

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

Ron Menezes

earnings XXXX first and priorities the call, proud for the us this in drivers for outstanding call. Sientra today first of on the our Thanks priorities team XXXX quarter thank joining On all you our and strategic for growth last I'm three quarter. Oliver our very of year. identified I execution

organic fueling efforts share existing growing two be adding implant a new within accelerating and accounts reconstruction and while market within by accounts First, years. to company two our and augmentation growth our top in expand

grew we Products and the have Second, outperformed purchases. income take executing progress breast Breast towards market to augmentation and XX% over of to believe growth We versus that to market during strong made exciting the And business our and their segment innovation our continue representing augmentation establishing sales Products grew pipeline. breast minutes Net the while a the breast few increasing as the in market finally, Breast US first and our focus research momentum share quarter revenue in our on this quarter, continue a priority. and X% development acceleration on market highlight accountability. I'd extra QX data, the next business year-over-year. focus culture record $XX.X third-party each in XX% we year-over-year, year-over-year. grew for million, the We'll from QX home market where use saw growth. discretionary patients augmentation more totaled working both According like

same QX accounts and ended business active X,XXX over expanders accounts current implants in market share came our time. XXX total and XX% US accelerating The both little grew new reconstruction accounts. from includes approximately breast quarter growth with and a which new the business the We over Our in opening over accounts. added within

and force a full This uptick visits the sales to was XX,XXX late as opportunity and we hosting cosmetic look relaunch come market, us on This and that closer a of consumer share modernized driving innovative a first We're included growth as started innovation the campaign We toolkit. shown put top company successful brand in new and program to a research two brand in the trained surgeons patients launched the company in those focused targeting in focused of and AlloXX tissue campaign position acquisition. the accelerating QX in know efforts for which week little market mid-term XXXX, January In as driver. expanding and executional by social quarter remained digital on this one outcome ground websites brand sources back visits In that marketing. significant marketing execution. new Sientra our versus website well patient of on media segments. our both implant high-volume sales awareness a commercial marketing our our to on of Sientra a readiness highly turning surgeons ask a million consumers the X.X market national and quarter traffic marketing have included The successful Through to we hit an focused use to if reconstruction first larger during and in week fourfold January, hospitals XX% We DTC the first excellence. meeting trends as through surgeons. expander. exciting capitalize XX,XXX those leveraging in Now, this searches of website customer sales would market reached of area base almost year. patients our our a it. by view a yielding add breast we the overall web now directly and more If a thousands reconstruction with market the expansion of an last of increase with has we brand and information fully referrals running we

awarded to As member-driven company. a reminder, leading diagnostics recently were that simply less recognizes reoperation periprosthetic reconstruction to treatment for force in distinction pull-through innovative on focus patients. performing This reduced healthcare complications expander our go the in Vizient, space surgery. pen technology and improvement now provides makes all off AlloXX an of expander is the ready contract the only and kicked from nation's XX% unique market access field the to AlloXX surgeons of heavier reconstruction with rates largest We features the and US to and the contracting X,XXX accelerated to for major product with of a hospitals. and an top the hospitals promotion the Sientra's available the benefits it broadly seromas they hospitals is those

Now our turning our development on innovation pipeline. focus in

about our partnership at Aesthetics American meeting and implants with announce affairs to Sientra's Miami. to display most using excited and imaging surgeons condition the of The promote iQ+. Butterfly ultrasound reconstruction very to full managers now decisions are promoting in device. recent key can partnership begun Butterfly network in informed the their recent make iQ+ the their more was from information Plastic customers. hospitals Butterfly medical have We

that novel We drainage better tissue will patent targeted The design. therapy. dual upon minimally for MRI outcomes have radiation system also also patient promote our allow and our on port new due made expander builds next-generation invasive will and significant progress expander its to

smooth was thrilled great first rated process, XXXX. to last As miraDry for of our After with Sientra's reported, on to highly from business transition under are previously seven as for and is within application review for of miraDry. reached FDA following an we removed for team. I hyperhidrosis. a to distractions and mostly we We'll as high rigor's expander our service. application came we're months of aesthetic optimistic customers FDA. one XXX(k) on committed to the our we're active the ensure a focus level customer this When this a is and XXXX launch onboard and the core with agreement half closing buyer accelerate continue that the work year filed This for for a commercial ago, And in treatment patients, presently committed I is our next-generation

on more In XXXX $XX for the terms have representing strong of quarter year-over-year. our expectation year breast to financial to sales review to we million first net expect quarter We'll results, the based over between a and XX% achieve XX% turn for call $XX results. updated full Val detailed million to guidance Val? growth first our our of now our product and

Valerie Miller

XXXX sales entered profit adjustment close XXXX was the in days. due we historically sell first to to XX% asset sales to where for increase ever represented substantial period and as million progress to Breast XXXX same The a compared compared within performance miraDry $XX.X XX.X% our increase to quarter million the sequential in Ron increase into first conditions Products related for even XXXX, the and the agreement $X.X sales also continued history. of sales XX% strong an for or cash Ron. miraDry XXXX. in high of lower by XXXX, the subject certain company strategic of growth assumption same May efficiencies fiscal a the sales in This and XX, for routine highest achieved closing agreement first quarterly a by million net largely $XX.X sale the totaled level period increase across for total specifically XX of segment, agreed first driven Capital Products provided be to business representing $XX.X the was sales the or consolidated profit were quarter to tend XX% though initiatives of the year-over-year of segment to $XX is in totaled cost XXXX, sales. number Thanks, million quarter expect the $XX.X bioTip of Breast Products with million segment This QX million Gross of sales. million, certain of sales XXXX. year-over-year first and In Net to On in of seasonality liabilities. $XX.X the Sientra purchase we the of purchase subject earlier. with the driven we quarter execution operational in gross from for Breast assets XX.X% an approximately Net in outlined

which Operating This of to in and or $XX.X the included million million period expenses adjusted for the from Excluding million was value XXXX XXXX. loss for the the non-cash XXXX segment first includes company On $XX.X convertible miraDry profit for XX.X% quarter million $X.X the of were fair the $XX.X sales. year for first by XXXX. excluding QX unfavorable loss $XX.X first basis $X.XX of XXXX. to was liability first of XX% Net million for of of was charges. debt in share same million the XXXX of in QX impact of share $XX.X the impairment overhead the to that for loss XXXX, restructuring a $XX EBITDA quarter non-GAAP last derivative absorption in decreased loss quarter our net Net to gross million. change a compares first loss compared related in $XX.X announced same $X.XX per related the the a period million, per the for of to or or quarter quarter XXXX

cash with Turning balance ended the compared of in to million our $XX quarter $XX.X sheet. equivalents to cash and XXXX. We million

Turning to XXXX. guidance for

As Products Ron XX% in to to XX% the Breast of $XX noted, in sales million XXXX net reflecting million growth million compared XXXX. of $XX.X to we $XX sales of expect range

expect to be expenses $XX remarks. XXXX XXXX restructuring to annual to million compared that range excluding With million operating to closing $XX back of would for the turn the charges. in We like in to call impairment million I and Ron $XXX.X

Ron Menezes

Val. Thanks

innovation our like unmatched back. is during about continue unique to strengths. and have expect growth bouncing a Operator? time Butterfly; And follows: as optimistic surgeons leveraging They addition XXXX education are and marketing call to accelerate patient the and including our market acquisition, We products when which I'd market than the for with to reconstruction by safety of ever new our our and both the is are important program also open we remainder to the up partnership hospitals more now very share profile of surgeon to patients; and Q&A.

Operator

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

Your line is open. now

Margaret Kaczor

the afternoon. Hey for taking guys, good Thanks question.

certainly it's to versus been want and first productivity versus with maybe even pretty climbing like seems it significantly So really I 'XX. XXXX because start sales rep

feel reps can to you go? sales can to it more a where do that do continue? accelerated pace? hire Or continue you at today? is And an Where think need So grow to you

Ron Menezes

Margaret. for Hi Thanks question. the

territory, per in the sales from well. PSCs for even new we a First with discussed but then the before, last ones couple of trending year, for we new the which closer -- year about that the was when managers so rep PSC about split for a to X.X of territory at one recomp we than close territory. up had the beginning a all, three much million of little $X And higher we us as of rounded our $XXX,XXX yes, get we as we last this did had hub side inclination productivity as gives were But so business, add to is that's areas by a year do three three couple to to looking example -- it X.X year. we're the X.X

assessing we're evaluate to So, our it's to current going slow as and revenue, the we really And systematic productivity. representatives. need current in accelerate our the add growth and continue obviously more to environment

now right head we So any with add, of or not the a but our to in a quarter-to-quarter It's quarter-to-quarter discussion. our don't plans sales. again second that's quarter, year-end have a operations discussion and

So...

Margaret Kaczor

Okay.

first still guys and the think year, start theoretically look reopen. to throughout we recon XX% should as the a grew So especially see as quarter. in hospitals you we hospital That accelerate, I to start

guidance many drive hospital productivity more able theoretically kits. just that add be you think to per are how that in I PSC assuming given will the ASPs So should you and would accounts

Ronald Menezes

were large accounts as the Yeah. added than like little were were grow. to the hospitals of at that continue more we hospitals a cosmetics The we one-third but XXX did over majority add about we side,

key -- available deeper go -- we every four I we're in does account, -- every as as in get months is much account here it every one sometimes goal pretty because we long add think not now nine our all to is take account ex-dues GPO. as them sometimes

goal GPO. long account. with you pull-through each contract in sometimes months see as the go Now that manager is And PSC that the as your to -- it the little but nine as and and months, takes from some to four down process first how working sale recon to as

that long-term thing lot already. year So but seen a productivity we that it's last did of a we've -- add accounts

the next So in nine months. looking at that's what we're six,

Margaret Kaczor

from Or is thing? of of XXXX that assuming of of that you terms contracts more guidance, kind are in much guess that new And I these some have signed? you a

Ron Menezes

We're we've that building as up come of also back more seen And surgeries. drive continue doors in from but that we and as is more a are hospitals that obviously accounts Yeah. or open side, starting guidance their well. business elective recon which to going hospital to add for part reconstruction patients our to

build that's guidance on all So of year. our for rest the the

Margaret Kaczor

Thanks. Okay.

Operator

you. Thank

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

open. is line Your now

Jaime Morgan

for guess my It Morgan I guidance. on a just Ron on Rich. Hi, taking bit this is seems conservative. the Jaime little Thanks for question.

beat. raised it You typically by is the XQ XQ a quarter. seasonally lower

just you how about cadence was could I revenue quarterly of wondering as through thinking if about move year. the you're rest this we So talk the

Ron Menezes

seasonality or the second quarters cosmetic Yeah. the either drop The two quarter in a a very down as then things fourth high side quarter Usually is you number from a and third quarter. quarter. the first have

a third in quarter. third always are So quarter very which we go our the cosmetic-specific the obvious quarter. year busy the surgeons. going expectation COVID numbers. way the It's the in the years, plastic offices of case. a our reasons we're the that not not second in seen of It for worst still quarter by to high this plastic in competing to for because last was cosmetic is against case second is most surgery enter the Unlike quarter But seasonality vast very for going we obviously back to space, have

to compare going we're So against two. those

But being to where at we're that's really $XX in looking the next what $XX is months. to million million. of happen going six So sensitive

So...

Jaime Morgan

it, roughly to down strength? first first to obviously, is second your that in in way as quarter stronger the sounds XQ typical -- thinking then just the And something quarter should So that lower $XX be still right a little just million get a seasonal you maybe and to thinking the the whether bit to like the perspective. little trying sense a strength the relative dollar quarter stepping to about would bit Just the typically see that well. relative the be then assumption from of third in quarter Is it XX we in be a about second quarter? like saw

Ron Menezes

No.

you given quarter trends the some in the still if at the started we that saw similar it's acceleration. think look way very quarter second quarter, we second I and first

that back a ready patients for see in summer get see third quarter. expectations and can volume you the So as off then you quarter high second from the

So we're I assume a seasonality second quarter But always back is quarter. quarter a second after busy obviously, everyone. again, for

So...

Jaime Morgan

we different And is for kind should back market million? the market the segments, sounds are million like helpful. contemplated That's Okay. market two the just that your what's of recon to two just I guess kind guess in more -- thinking And between normalization? of and should is little how $XX see I a be bit. coming expectations about businesses then your One the when some what it $XX

Ron Menezes

not first impact of see all hospitals others closed more were impact it's are of did of the We – the for well, see did lot reconstruction surgeries. see any some back. elective and whole teaching those an to they institutions they coming And surgeries, their now a

obviously we diagnosis for and in see So slowdown a mastectomies.

really surgeries. – sorry for I'm you're So

you've was up. and hospitals So more the that's seen and in our more hospitals seeing interest expander up going now coming whole as start open open thing in in more some are also with up implants to We're backed so hospitals.

the again happened next in so quarter And from fourth sideline from that second to nine what electrosurgery. waiting half, specifically recon our and quarter we on the accelerating months six, the see see individuals even third in were

for making QX probably QX we'll in Now that reconstruction. be deceleration and decision was

Jaime Lynn

little potentially we guess And I squeeze How going? that? CFO helpful. the a more. one And That's is more about I process expect then to just can in bit Okay. if learn when search

Ron Menezes

It's very going well.

That's depending to by what on a that's in individual's commitments the June. we're target July-ish, but our at. goal that's on goal what are And end beginning the get somebody shedding right now. this We of June, or board hoping looking

So...

Jaime Lynn

my taking Thanks for question.

Ron Menezes

Thank you.

Operator

Thank you.

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

now line Your is open.

Jon Block

Ron, what alluded like was XXX maybe think to big accelerate the first believe one the I I notably It and number you the seems a prior XXX new – accounts. quarter. from

So the over of And the we step-up and about to I can also in think help or terms I think in do know that months? to if about goes solid you XX on change any accounts there. how you active don't next longer-term to aid comp there that? think XXXX that maybe if plans then acceleration. Was alluded incentives where elaborate we XX the Maybe

Ron Menezes

Yes.

on is goals also It keep new right there accounts. with first the You're existing growth in goals those expanded of first money over But add certain day, of XX% We're of additional Jon. the existing accounts we quarter certain of that that share. It's guidelines share in each in is over seen to regards – market saw how of mind, just to came Sales cetera. our for new calls quarter versus accounts. our they're new we've XXX And tracking number representatives. one but they double that. our accounts per of Kirk, performing et our results market Head the a from we a is addition and in the set PSC, regards a did It low where of we the the to and had accounts

that there really the from accounts to were PSCs coming growth did Tier big big job expand opportunity and the market X. lot or whales share. had what It's fantastic executing the expanding from not that called existing from accounts and So a that's were of a our the

over year same it at a total like growth a time. From way X,XXX accounts accounts last year. last a over the that's about We're at a really to XX% So little go. X,XXX, is

ensure accounts the So is on we that with that key that you've thing acceleration. how seen are coming board stay But do us.

the XX% goal. one to right just multiple now So future. we're and about reorder close orders of not part of our order accounts, rate in but that's It's

So...

Jon Block

be the And sort use certain Very rumors out competitive chatter, businesses I'd for helpful. sale. there on word that landscape, for Thanks that. then may some rumor. it. But of Got there are the

even what your place on top thoughts coming like map, something you road mean does bring company your on level into take of to that if quarters? would were implant is which to two out equation embolden you've I that does market that expander we If laid certain that and Just see conviction years? you a in your give disruption, a two would share further further the in gains

Ron Menezes

what from Yes. seen competitors. Jon, teams team we've rumors that where really of can a there's of at execution and from also as fantastic We And innovation, both a job that's outcome. regards manufacturing our marketing commercial out there to do in on from a did focus lot well. to patient and improve the were we the sale the looking our

right center seven of other floor. our still actually lot control we Wisconsin, coming days we booth the where have goal week, production last companies aesthetics there. the us. the questions patients' We know ago. about how the the committed was saw we at And all now different surgeons. plan to – our future. Sientra We out and improve the is will But there They we their abilities are why time. in going had It can meeting by that difference have is they and plastic is Sientra the outcome. it versus weeks committed Sientra know walked seeing They now have a the that to in in on that Miami as two do that's to talk surgeons focus

way really So market we our find a growth, support control away share and which surgeons. we're is patients accelerating can taking competition on to our from focused what now, right accelerating and

Jon Block

sure make Got correctly. it. heard Val, That's One one I to me. want helpful. you. last numbers I some over maybe to for

I print in XX% the or were So XX.X%. think GM's

and exit when still forward back I the there? attainable guys. XX% we you to think the going about had breast the part was of think And number year XXXX? high you specific mid-XXs can in Thanks, do still said maybe right unchanged the then XXs to the you maybe I it is us business think if talk

Valerie Miller

Yes.

XX.X%, next In the Products end was target and as upper XXs We year Breast the you in gross terms of the the business still for in a have year expect margin to XXs. mentioned. we

Jon Block

thank Great, you.

Operator

Thank you.

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

is now line open. Your

Kyle Rose

I little you're question. bit performance was the what Breast Great. internationally. entrant Thank the strong just wondered Obviously, you you seeing about if in for could a Japan a taking in talk side, XXXX. any How has year? expectations I in about trended that countries, to Canada, And of start six then, to we for new the course over additional this the next when think think nine new months?

Ron Menezes

we came at close $XXX,XXX. to Kyle, Hi. in

So Canada. it's of well new kind still which end in of for expectations our year In be for whole the enter regards will markets in year. waiting line of line the Health at as we're to the the

We markets next to are the assessing six different XX months. within

we for margin different we too there do But sense a the markets product. They're have Obviously and where team us. some of into looking we make past. a into. are get low good there's how margin a areas is areas that's for for that at the some to us where regions in possibility So, the get discussed that

So that markets. look adjacencies our from different to part is at expansion of

Kyle Rose

not or bringing accounts. far new as as little And the to operated the the progress QX in far you talked new on in the channel you're Maybe just much think growth now as accounts you from when versus have on just a the that have not that QX. as of recon comes for help diagnosed that going expectations better and Great. recon about patients backlog understand, how in are seeing bit about the us were we coming

dynamics Just those help us recon. understand in

Ron Menezes

residents majority were get have Yes, us well-known of a X, in us, and to which XXX% already of in purchasing call extremely, they the did it's company if and we taken actually our previous the and academic the growth well. have accounts they to from tuition but it a our an for while extremely at you been took is that Tier flip example I QX, and were came we the look the southeast product. from get really training institution Sientra, that reconstruction And they what just while, a had the inventory able to surgeons the a with

months, six why nine to about this four the get six takes board, I moving. months in beginning, you months said process. get hospital the So, sometime everything four it to that's on to a is After

So, that's side. the existing from but why for accounts growth like I'm the QX, majority QX thinking QX, just still came cosmetic

Kyle Rose

the one But overall for talked then you last on talk me. numbers. know also appreciate I rep three those you about sales I metrics. Okay, reps. did about and adding

of reps think a states, And about if in just half on you your will you an the how of areas those underlying couple the -- Lakes Great even has additional Florida, guess XXXX? productivity I to about the cohort, bring in you Maybe there. key think trended? back year I new this what when or trigger think into

Ron Menezes

Yes.

New the you has number three Our from York's number you the because two the and from states, three what base, is is is augmentation. actually -- three. PSC after New think It's in cosmetic if Florida, Nebraska top look Florida; person one, top California; a really York individual number and did growing exactly not Texas; In right the is extremely business. well in Obviously, the first lower quarter. at

at you territory. to states, be But a if a usually looking goal the metric or PSC, is, New assess opportunities start the we're will see those territories fast if kind $X will a million. there's every So if quarter. that $X.X, closer the add to the by you're $X.X three growing have thinking And those territory are and be probably, add assessed areas we'll And we of dividing we more, But want to assess per against territory. to our territory to or million moving also adding York, when And I to not states about more. PSC, then we be need four be way close $X mark. going that's to gets and if add the million if surprised

Kyle Rose

you Thank Great. the very questions. much for taking

Ron Menezes

Thanks.

Operator

Thank you.

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

is now line Your open.

Alex Nowak

everyone. afternoon, Good Great.

focus this a really So plastic the solidified with to the surgeon company sale. organization shift miraDry

expander, put the new of the the using sales products and channel a you plastic So, facilities what Butterfly Ron partnership. develop your that you have existing manufacturing are suite? through internally mentioned, you But the

Ron Menezes

Yes.

expander the So technology value-added It in potential that a to I new two. us from be cost for some year. we're safety new safety consumers in Obviously, thing number two. patients shared would number forefront. one that on and the researching, doing -- the a brings one, beginning number is used cost -- the the where Butterfly for brings next number be It look

ability it's an in flipped. the XX- to us et Butterfly to or safety supports cetera, assess we implants. the ability is the of is, to and which of implant Now surgeon And data that our XX-year one things give that XX-year warranty, the talk to our device the network gives about assess is regards where ultrasound patient

They the a lot I've can we need for look growth coming shared They we'll that products they Then our be within looking there everything starting prototype. ideas just us have from commercialization. that and are well, of But invest at into. as plastic in reconstruction. Now of help products we're business, is core as help past started this are and lot looking to surgeons. within that us. for those get in out breast year and at to we'll at A any reconstruction augmentation regards next development as need be the which from ideas well. the also, year within from there make And is sense them sense makes breast end products. looking of augmentation we'll with have But surgery anything is

our lots share outside So in core away ideas are right And business, offerings business, of busy really assessing to start likely in enhance current competition, then the we with we're offerings, in is our different addition look things we and core core business. as core how in But lots our take now our XXXX from very opportunity of at The most to thinking it, the XXXX. well the we those focus the to expertise. opportunities coming products. expand outside do

Alex Nowak

DTC that number be two question is of breast year? revenue become That's great. planned just, number to you status? wants rest And are you would for hit sense. two third a Makes product Sientra implant the a ton said the what provider then through what And here then, programs that have a the years, of to the

Ron Menezes

Yes.

-- you in be Keep have mind to a of north in of and $XXX sales. our want you've number if got competitors lot think the US two, to in outside are US. be focused we US I million the

to $XXX we million. the And have sooner So be than the above how do key get that's for us acceleration through goal a thinking later. we

half our ask We're continue a away them of going great now marketing, the out great brand adding there side the do work and support into leverage in from the our next that education, name of education do social patients managers. everything understand and doing be Peer-to-peer our expand reconstruction peer-to-peer consumers. uniqueness on continue uniqueness going but PSCs, the Again and for to peer-to-peer And going surgeons lot Sientra of second in as other the media a of getting education we're our education. On will implants, to not from six work we're really expander we're transitioned surgeons' help to walk of consumers, and to our for well physicians' in we're our digital months. to our lot uniqueness be to shift. products, to front support our more

Alex Nowak

update. That's great. Appreciate the you. Thank

Operator

you. Thank

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

now is line open. Your

Chris Cooley

for questions. and the thanks taking afternoon Good

me. Just two for

about First, X,XXX accounts when account base, you just little active a there, so very impressive over think expanding now. given

running thinking if if back so, US. of here and were at you I'm we around in kind accounts what, the think And pre-Brazil X,XXX

deeper just give so accounts within us existent where the if X,XXX? you within scaling that two or potentially tow account of And achieve X,XXX there let's player go growth help you a follow-up account say terms to drove the for So, US? could about existent here of I've X,XXX number the are in a becoming in And to one, Thanks. that. you could you maybe you that roadmap of are help relative after goal see where think that terms you top based you just got a how where us existing now quick share base in then also the you characterize can

Ron Menezes

do because because of -- go up phone was cracking and how we answer like because our it an try X,XXX your from bit. I'll hard share. interesting understand they it society Yeah, different to number surgeons we sounds But little was And grow thing share is your a down are had to the you're the is market accounts plastic our and from got two data one X%. societies. market -- the question, market

over one XX% other XXXX a XXXX. a in had The little versus down market

were track the surgeons, able Solutions that they'd get this we look us, a and have is to is data XXX-plus on last live -- hard what the up X% share year able to XXXX And from out, team but first they And data with data quarter quarter. versus XXXX. live was Run-In so X% figure versus [ph] it's in they market was to So market down XXX-plus surgeons. in the

is a not that if that So and to augmentation but anyone decision a revision, just a implant. make went you'll go in as well a for -- reason and data adding you in get also make decision you're as which utilizing for new some a surgeries patient got to

that, all this from first of X% add quarter share X% a a we in share You actually the to year. went

So in increase the point quarter. one share three

it's extrapolated data live interesting a So confidence market X% data it's the XXX interval. that plus/minus that's to is it's because why and from and

So that now. about is we’re X%

as QX. accounts. -- existing one, it's lot XX% to where a was ability accounts. in accounts accounts where like make a reordering to just within the market sure share but to continue sustain our well; of So add to came that's they're is Like also we number adding And to growth but continue our expansion and do how accounts new from I our two said existing we new accelerate of do not those be it grow

programs have marketing surgeons So now, we initiatives expand share. that our market reward that

surgeon We board have out of comes a fresh initiatives residency. that on that reward new

surgeon programs implants and be out see surgeons and Sientra are well. have we those get try with comfortable to So our And that to to have used as to Sientra. programs also comfortable expanders with

implants are And Sientra they to those large patients that the XX% outcome, that fact of with is market they the see of what share. their outcome they they that majority we surgery. our once expand over satisfied see for the themselves patient how once So implant, very do the happy a of things are our with the patient outcome, Sientra see

those things account. the So their of is again comfortable. expand goal part we're are doing to surgeon get the to And

like X So we with higher Tier a X% XX% prefer that have don't I market X,XXX then X,XXX XX%, somewhere X,XXX to have accounts specific are X,XXX our accounts have we goal need accounts. to a the be accounts to between XX%. have share share we of to

manufacturers them a a for challenge because the -- two lot of Now account sometimes share most market two manufacturers, they data. don't that share three, surgeons carry each get of carries to majority if

it's XX% our And offices is X% that we so share they've us acceleration -- or figure some from hard to but seen of of buying the patient we those outcome. once are if out know the

So miss answer to I'm was I hear some hard Did It questions. anything? hoping I dared question. the of to your

Chris Cooley

I for the the was bit that or excluding million curious miraDry? a million maybe that. $XX about which milestones similarly of appreciate color. great miraDry company little of all paid I'd year And And $XX I'm then had here one just response still based just been guess to upfront contribution lastly out. performance, a and the miraDry's That that's the paid sale provide of in appreciate here $XX at million million end. $XX guidance the that I all operating million, no I'm be me. ask No, in $XX the inclusive to I expense did you assuming on and for is the price, first quarter, had the

sale on focus two, valuation set just trying you. support in on the but aesthetics, breast completely guide. and Thank the to or miraDry, process if level elaborate Just what you the the there the was could not of curious, on was valuation, there for one then, the OpEx implied the

Ron Menezes

Yeah.

Let to And and part did as me on question. what actually I'll more for board. answer let Regards companies, that, that of you the look answer Val assess fit. obviously least we than makes discuss, miraDry discussed two your a talk little and bring to first companies the the you also at could that second question. evaluation, sense

team place set XXXX. miraDry. X,XXX takeover of economics the revenue looking At miraDry is time, at with we're the valuation the a $XX a And to goal proper to for time, we're be also it. sense And same million at made assess where goals for company it in the seem XXXX. fit great like is a from You our that really has up what

We It And to freedom XXX% breast all us so may miraDry. but the commercial do. reconstruction. the refocus gives we on US a XXX% augmentation can for and have to shared working and closely services dedicated very that in not on we're supporting team miraDry,

is a Val? support equipment, their XXX% on advantage and customers team going them. XXX% not are that's close to we able be which the tip a XXX% of dedicate this Now, going being in is team different we'd great be to sales, for fantastic capital to activities focus after deal have distracted really XXX% to the X,XXX from and a all And by meantime great Sientra miraDry miraDry.

Valerie Miller

$XX the the OpEx shared our inside had of We In nearly million. our OpEx, operating of expect G&A into of terms range million we moved to center. all normal be still service $XX to

big most see the in So initiatives of place. we're OpEx, downturn elimination the we going during not the the of because eliminated costs process had of taking because to a already XXXX

Chris Cooley

Thank forward look And I it. you. to

Operator

you. Thank

line Maxim question comes of Our next from Matt Group. Bullock from the

Your line open. is now

Matt Bullock

if then rest in is quarter third to higher XXXX. forward Yeah. sales growth. I you the Do a And then, if expect to down slightly touch for OpEx in bit This and you Hi. could could support your guys scaling bit the NIM expect on a foresee throughout the second cadence little for coming higher Vendetti. back was of you you Matt on and the and capacity little Thanks. going up you going production in manufacturing your on touch Anthony fourth? hoping on, increase

Ron Menezes

Val?

Valerie Miller

Yeah.

the the quarterly terms next be cadence, cadence three we OpEx to of flat so even. quarters, expect over the In about pretty

Ron Menezes

to in implants a the cost the improving And the done manufacturing for to team, good great regards job we're there lowering point and Franklin of that, future shape the We're really we're in manufacturing improving in Wisconsin inventory in yield, selling we're today, fall of end still We're year. But selling probably from that, making today, quarter. not middle selling goods we're regards to our cost last fourth sold. making or tomorrow. of this have

we like outstanding week seven have shifts right So said two days now. right before, And working I are that's an I'll going on. performance. a now

We space. to office space right added more in additional We for have add now there capacity Franklin, shifts. right

And in supporting obviously, good our demand facility created now right that's our make the manufacturing we're we'll commercial So really and the well implants. by making but shape being Montana, our team. from in really expanders

Matt Bullock

Thank you. Excellent.

Operator

no this remarks. to questions. time, would the showing to, closing Oliver I further over turn call Bennett back for I'm like At you. Thank

Oliver Bennett

everyone Thank Operator. We you, would joining earnings like to for our call. quarter thank on XXXX us first

day. his forward remarks, are progress you. Thank we Wish in you of XXXX, on to Ron updating As very for remainder you call. all our look second mentioned wonderful and earnings optimistic all closing a at the quarter our

Operator

participating. concludes This Thank today's for call. conference you

disconnect. now may You

Sientra (SIENQ) 12 May 212021 Q1 Earnings call transcript