Brief: Sientra Inc Reports Q3 Loss Per Share Of $0.45

Project Sage Oldco

07/11/2019 22:27

Nov 7 (Reuters) - Sientra Inc  SIEN.O :
    * SIENTRA REPORTS THIRD QUARTER 2019 FINANCIAL RESULTS
    * Q3 LOSS PER SHARE $0.45
    * Q3 SALES $22.4 MILLION VERSUS REFINITIV IBES ESTIMATE OF
$20.1
MILLION
    * Q3 EARNINGS PER SHARE ESTIMATE $-0.47 -- REFINITIV IBES
DATA
    * SEES FY 2019 SALES $82.5 MILLION TO $83.5 MILLION
    * ANNOUNCED ORGANIZATIONAL EFFICIENCY INITIATIVE DESIGNED TO
SIMPLIFY OPERATIONS & REDUCE SPENDING
    * CO WILL IMPLEMENT INITIATIVES & CONSOLIDATE BUSINESS
SUPPORT
FUNCTIONS VIA SHARED SERVICES ORGANIZATION AT SANTA BARBARA
HEADQUARTERS
    * SIENTRA - SHARED SERVICES ORGANIZATION WILL INTEGRATE
MIRADRY'S
QUALITY, CLINICAL, REGULATORY, CUSTOMER SERVICE, AND G&A
FUNCTIONS IN SANTA BARBARA
    * NOTIFIED AFFECTED EMPLOYEES AND HAS TAKEN STEPS TO ENSURE
A
SMOOTH TRANSITION FOR THESE EMPLOYEES AND ORGANIZATION
    * SIENTRA - EXPECTS INITIAL PHASE OF ORGANIZATIONAL
EFFICIENCY
INITIATIVE TO BE COMPLETED IN NEXT 10 MONTHS
    * SIENTRA -  ADDITIONAL EFFICIENCY INITIATIVES TO BE
IMPLEMENTED &
FINALIZED BY YEAR-END 2020
    * SIENTRA - ESTIMATES THAT EFFICIENCY INITIATIVES PROGRAM
WILL
REDUCE ANNUAL PRE-TAX OPERATING EXPENSES BY ABOUT $10 MILLION IN
2020 AND $15 MILLION IN 2021
    * EXPECTS TO RECORD TOTAL PRE-TAX CHARGES RELATED TO
INITIATIVE OF
BETWEEN $3.7 MILLION AND $4.5 MILLION OVER NEXT 10 MONTHS
    * FY2019 REVENUE VIEW $81.9 MILLION -- REFINITIV IBES DATA
    * WILL BE CLOSING MIRADRY'S SANTA CLARA FACILITY AND
OUTSOURCING
MIRADRY PRODUCT ASSEMBLY TO A THIRD PARTY

Source text for Eikon:  ID:nGNXh7sgc 
Further company coverage:  SIEN.O 

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