Sientra, Inc. (SIEN) saw its loss narrow to $11.42 million, or $0.61 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $11.94 million, or $0.66 a share.
Revenue during the quarter surged 409.11 percent to $7.49 million from $1.47 million in the previous year period. Gross margin for the quarter expanded 2066 basis points over the previous year period to 68.99 percent.
Operating loss for the quarter was $11.42 million, compared with an operating loss of $11.94 million in the previous year period.
Adjusted EBITDA for the quarter stood at negative $9.29 million compared to negative $11.06 million in the prior year second quarter.
Jeffrey M. Nugent, chairman and chief executive officer of Sientra, said, "I am pleased with our first quarter performance which was in line or above our expectations. In the first quarter, we also continued to make progress toward establishing high quality U.S. based manufacturing supply, while continuing to serve our Board Certified Plastic Surgeon customers under our precision controlled supply strategy. We have been working diligently with our new manufacturing partner, Vesta, following the submission of our PMA Supplement during the quarter. Our focus now is to be fully prepared for the FDA facility inspection and we remain confident in our expectation for FDA approval of our new manufacturing site by the end of the year."
Operating cash flow remains negative
Sientra, Inc. has spent $8.19 million cash to meet operating activities during the quarter as against cash outgo of $12.40 million in the last year period. The company has spent $0.95 million cash to meet investing activities during the quarter as against cash outgo of $7.36 million in the last year period.
Cash flow from financing activities was $0.69 million for the quarter, up 51.10 percent or $0.23 million, when compared with the last year period.
Cash and cash equivalents stood at $58.76 million as on Mar. 31, 2017, down 37.15 percent or $34.74 million from $93.49 million on Mar. 31, 2016.
Working capital drops significantly
Sientra, Inc. has witnessed a decline in the working capital over the last year. It stood at $63.18 million as at Mar. 31, 2017, down 37.32 percent or $37.62 million from $100.80 million on Mar. 31, 2016. Current ratio was at 4.52 as on Mar. 31, 2017, down from 6.81 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 244 days for the quarter from 2207 days for the last year period. Days sales outstanding went down to 42 days for the quarter compared with 215 days for the same period last year.
Days inventory outstanding has decreased to 333 days for the quarter compared with 2440 days for the previous year period. At the same time, days payable outstanding went down to 131 days for the quarter from 449 for the same period last year.
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