Sientra, Inc. (SIEN) saw its loss narrow to $8.07 million, or $0.43 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $28.25 million, or $1.57 a share.
Revenue during the quarter surged 322.12 percent to $6.49 million from $1.54 million in the previous year period. Gross margin for the quarter contracted 388 basis points over the previous year period to 60.53 percent.
Operating loss for the quarter was $8.11 million, compared with an operating loss of $28.20 million in the previous year period.
Jeffrey M. Nugent, chairman and chief executive officer of Sientra, said, "As promised, we have made significant progress on a number of strategic and operational initiatives over the last several months and met an important milestone today with the submission of our final PMA Supplement to the FDA for our new U.S. based manufacturing facility. I want to acknowledge our entire organization and especially our regulatory and R&D teams that have worked diligently to get us to this significant milestone and keep us on track for FDA approval of our new manufacturing site by the end of the year. 2017 is a pivotal year for us as we prepare to move into 2018 and beyond with our breast implant supply chain back and intact. We also put in place financing to access up to $20 million in additional capital to go along with our current solid cash position to ensure we have the flexibility to support our working capital and inventory needs as we ramp up toward re-supply along with supporting any strategic initiatives."
Working capital drops significantly
Sientra, Inc. has witnessed a decline in the working capital over the last year. It stood at $72.48 million as at Dec. 31, 2016, down 38.89 percent or $46.13 million from $118.61 million on Dec. 31, 2015. Current ratio was at 3.63 as on Dec. 31, 2016, down from 6.78 on Dec. 31, 2015.
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