Benzinga - by Vandana Singh, Benzinga Editor.
Sientra Inc (NASDAQ: SIEN) shares are down after the company withdrew its FY23 guidance and reported interim Q3 financial results.
Interim Q3 revenues are expected to be $19.2 million-$19.7 million, compared to total revenue of $22.6 million a year ago, below the consensus of $24.25 million.
The company said Q3 results were adversely affected by overall softness in the market as well as more pronounced seasonal headwinds that led to a reduced number of augmentation and reconstruction cases during the third quarter, particularly in July and August.
As a result of the preliminary third-quarter financial performance and based on the company's expectations that a volatile operating environment will continue in the fourth quarter due to macroeconomic and geopolitical factors, the company is withdrawing its FY23 guidance.
Unaudited net cash and cash equivalents as of September 30, 2023, are expected to be $14.7-$15.2 million, compared to $26.1 million on December 31, 2022, and $18.6 million on June 30, 2023.
Sientra and its advisors continue to find ways to improve the company's balance sheet and, together with its financial partners, are exploring strategic alternatives.
"While we continue to see softness in the augmentation market, we are encouraged by our growth in breast reconstruction as we gain momentum from new products such as Viality and SimpliDerm," commented Ron Menezes, President and CEO of Sientra.
Price Action: SIEN shares are down 54.8% at $0.66 on the last check Tuesday.
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