Home Financial Markets Why Sientra Inc (SIEN) stock popup on Tuesday?

Why Sientra Inc (SIEN) stock popup on Tuesday?

Sientra Inc. (SIEN) shares rose 10.09% to trade at $7.42 in after-market on Tuesday, May 11, 2021. Earlier, SIEN’s stock gained 1.51% to close Tuesday’s session at $6.74. SIEN shares have soared 179.09% over the last 12 months, and they have moved down only 0.15% in the past week. Over the past three months, the stock has lost 11.78%, while over the past six months, it has climbed 52.83%.

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Let’s check out its latest news.

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Recent financial result announcement

On May 11, 2021, Sientra, Inc reported its financial results for the first quarter ended March 31, 2021.

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Q1 2021 financial highlights

  • Total net sales for the first quarter of 2021 were $23.2 million compared to total net sales of $16.9 million for the same period in 2020.
  • Gross profit was $12.3 million in Q1 2021 compared to gross profit of $10.1 million, in Q1 2020.
  • Operating expenses were $22.1 million in Q1 2021 compared to $37.1 million in operating expenses for Q1 2020.
  • Sientra Inc suffered a net loss of $54.7 million, or $1.01 per share in Q1 2021 compared to a net loss of $28.6 million, or $0.57 per share in Q1 2020.
  • Non-GAAP net loss for the first quarter of 2021 was $5.3 million, or $0.10 per share, compared to $15.5 million, or $0.31 per share for the same period in 2020.
  • On March 31, 2021, Sientra had net cash and cash equivalents of 80.4 million, compared to $55.0 million as of December 31, 2020 

Financial outlook

For the full year of 2021, the Company is expecting net sales of $72 million to $76 million.

SientraSold itsmiraDrybusiness

On May 11, 2021, Sientra, Inc. entered into a definitive agreement to sell its miraDry business to 1315 Capital.

The deal is expected to close within the next 30 days, subject to certain terms and conditions.

The miraDry system is the only FDA-cleared device to reduce underarm sweat, odor and permanently reduce the hair of all colors.

Innovative Technology Contract from Vizient

On May 05, 2021, Sientra, Inc, AlloX2 tissue expander received an Innovative Technology contract from Vizient, Inc.

Innovative Technology contracts are awarded based on the recommendations of health care experts serving on a Vizient member-led council.

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Conclusion

In our opinion, the recent improved financial results announcement and sale of the miraDry system are the reasons behind its gains on Tuesday, and SIEN stock can continue to surge on Wednesday as well.

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