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Shares of Sientra rise amid strong 2Q sales pegged to its miraDry device

The medical aesthetics company also saw steady gains in the breast-implant market
A woman
Sientra, Allergan, Mentor Worldwide and GC Aesthetics dominate the global breast-implant market

Shares of Sientra Inc (NASDAQ:SIEN) climbed Wednesday after the medical aesthetics company reported a slightly wider loss on better-than-expected revenue.

For the quarter ended June 2018, the Santa Barbara, California, company posted a loss of US$0.73 per share on revenue of US$17.6mln. The consensus estimate called for was a loss of US$0.71 per share on revenue of US$15.3mln.

Investors gave the company a pass as revenue more than doubled year over year, and shares jumped nearly 7% to US$22.88.

"In the second quarter, we achieved record net sales of US$17.6mln, our highest quarterly net sales in the company's history,” said Sientra CEO Jeff Nugent.

The company saw brisk sales for its FDA-approved miraDry device, which helps people who are victims of a condition called hyperhidrosis or excessive sweating. The technology uses precise microwave electromagnetic energy to destroy sweat glands while leaving surrounding tissues unharmed, resulting in an effective, long-lasting treatment with minimal down time.

“miraDry continued to outperform with strong international system placements and solid sequential growth in the US for both systems and consumables,” said Nugent. “Our breast implant sales showed steady gains as we continue to build manufacturing capacity at our Vesta facility for which we expect to see further improvement in the second half of the year.”

READ: Carl Icahn snaps up stake in drugmaker Allergan

The CEO said the company was hoping to gain implant market share and was “encouraged by both the level of physician demand,” and feedback on our its new industry-leading Sientra Platinum warranty program.

The market is fragmented with many players but dominated by the top five players — Allergan Plc (NYSE:AGN), Mentor Worldwide, GC Aesthetics, and Sientra hold more than 85% of market share in the total global breast-implant market.

Sientra serves plastic surgeons and offers a portfolio of silicone shaped and round breast implants, tissue expanders and body contouring products.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter@UttaraProactive

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