Sientra, Inc. (NASDAQ:SIEN) Q2 2018 Earnings Conference Call - Final Transcript

Aug 07, 2018 • 04:30 pm ET

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Sientra, Inc. (NASDAQ:SIEN) Q2 2018 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, ladies and gentlemen, and welcome to Sientra's Second Quarter 2018 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will be given at that time. (Operator Instructions) As a reminder, this call is being recorded.

I would now like to introduce your host for today's conference, Tram Bui with The Ruth Group. Please go ahead, ma'am.

Executive
Tram Bui

Thanks, operator.

(Forward-Looking Cautionary Statements)

With that said, I'll hand the call over to Jeff Nugent, Chairman and CEO of Sientra.

Executive
Jeffrey Nugent

Thank you, Tram, and good afternoon, everyone. Joining me today are Patrick Williams, who we announced in our press release earlier today, will be transitioning from his role as CFO to SVP and General Manager of our miraDry business; Charlie Huiner, our COO and SVP of Corporate Development and Strategy; and I'd also like to welcome Paul Little, who is joining us today as our newly appointed CFO, SVP and Treasurer.

Since our last call, we have continued to build on our first quarter momentum, making significant progress on a number of initiatives which I'll review on a high level before Patrick provides additional insights on our second quarter performance. First, we achieved another record quarter, with $17.6 million in consolidated net sales, marking the second consecutive record revenue level for the company, reflecting positive growth in both our Breast Products as well as miraDry segments. Second, along with these strong business results, we have begun to leverage our recently strengthened balance sheet with a particular new focus on driving innovation, product improvements, and line extensions that can enable sustainable, short, medium, and long-term organic growth across both miraDry and Breast Products segments.

We have decided to make innovation, a significant focus for Sientra. And for miraDry our goal is continue to expand the miraDry platform beyond its current indication for the permanent reduction of sweat, odor, and hair of all colors in the underarm area, which I must say is a unique claim that is proprietary to miraDry and Sientra. To do so we are looking to address other clinically relevant body parts while simultaneously exploring new indications for this novel technology. Related to our Breast Products segment, last week we announced the launch of SLICE, the Sientra Laboratory and Innovation Center of Excellence, our new development center for Breast Products and a signal of our commitment to driving competitive differentiation to benefit our board-certified plastic surgeon customer base and their patients.

And finally, we strengthened our team at an operation level, mostly notably with today's announcement that Patrick will transition to General Manager of miraDry with which he has extensive experience, as Keith Sullivan remains engaged in an advisory role and a member of our Board of Directors. And last, Paul Little, another aesthetics veteran, takes over as CFO. And I'll speak a little bit more about each of these individuals in a minute. I am confident that these achievements combined with a number of other positive