Sientra, Inc. (NASDAQ:SIEN) Q3 2023 Earnings Conference Call November 9, 2023 4:30 PM ET

Company Participants

Oliver Bennett - Chief Legal, Compliance and Corporate Development Officer

Ron Menezes - President and Chief Executive Officer

Denise Dajles - Chief Technical Officer

Andy Schmidt - Chief Financial Officer

Conference Call Participants

Jordan Bernstein - Stifel

Jeremy Pearlman - Maxim Group

Operator

Good afternoon and welcome to the Sientra Third Quarter 2023 Financial Results Conference Call. My name is Dave. At this time, all participants are in a listen-only mode. After Sientra executives provide their business updates, we will open the floor for a question-and-answer session. Today's conference call is being recorded.

I'd like to turn the conference call over to your host, Oliver Bennett, Sientra's Chief Legal Compliance and Corporate Development Officer. Mr. Bennett, you may begin.

Oliver Bennett

Welcome, and thank you for joining us on today's call to discuss Sientra’s third quarter 2023 financial results. On our call today, we have Ron Menezes, Sientra’s President and Chief Executive Officer; Denise Dajles, Sientra’s Chief Technical Officer; and Andy Schmidt, Sientra’s Chief Financial Officer.

Before I turn the call over to Ron, I must remind everyone that we will include forward-looking statements in our prepared remarks and in response to any questions you may ask. These forward-looking statements are based on management's current assumptions and expectations of future events and trends. Our actual results may differ materially from those expressed in or implied by the forward-looking statements. The company undertakes no obligation to update or review any estimate, projection, or forward-looking statements. For a more detailed discussion of the company's risks and uncertainties, I would refer you to our SEC filings, including our Form 10-K and Form 10-Q to be filed later this month, available on the company's website.

With that, I'll ask Ron to comment on our third quarter results.

Ron Menezes

Thank you, Oliver. The third quarter was a challenging quarter for Sientra as we experienced a much larger impact from seasonality during the summer months than we had in prior years. This impact was most pronounced in our augmentation business, which is more prone to seasonality and changes in consumer spending. Our reconstruction business, which is less vulnerable to these trends, was less impacted by seasonality this quarter.

Importantly, those trends were not unique to Sientra with the breast implants. There has been a broad trend across aesthetic companies reporting lower-than-expected procedural volumes during the third quarter. This has been reflected in our discussions with surgeons. We have reported lower than average surgical cases during the third quarter driven by consumer and certainly over macro-economic trends, as well as an increase in physician, inpatient leisure, travel during the summer.