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Sientra Raises $36.5M At 16% Discount From Last Close

  • Sientra Inc (NASDAQ: SIENprices its previously announced underwritten public offering of 5.4 million common shares at $6.75 per share, with gross proceeds of approximately $36.5 million. The offer price represents a discount of 16% from the last close of $7.99. 
  • The offering is expected to close by February 11, 2021. Underwriters have an option to purchase up to 811 thousand additional shares.
  • Sientra intends to use the proceeds for general corporate purposes and acquire or invest in complementary businesses, products, and technologies.
  • Stifel is acting as book-running manager for the offering.
  • Last week, the company announced interim fourth-quarter results, and it expects net sales of $22.6 million, representing a 2% year-over-year decrease. Sientra estimates the Breast Products segment net sales of approximately $17.9 million, an increase of 40% from a year ago.
  • "During 2020, we also evolved our plans for miraDry to accelerate our goal to achieve break-even contribution margin in 2021 and enable Sientra to aggressively fuel our growth in the breast aesthetics and reconstruction markets. This included refocusing our miraDry selling efforts on high-margin bioTip sales, transitioning miraDry sales responsibility into an expanded Breast Products practice management team, and eliminating the separate miraDry sales force. While these changes were not easy for our miraDry sales team, they were important to the future plans for Sientra, as we evaluate the strategic alternatives for the miraDry business."
  • Price Action: SIEN closed 36.6% higher at $7.99 on Monday.

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Posted-In: News Health Care Offerings Small Cap General

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