Sientra(SIEN) - 2022 Q3 - Quarterly Report

Financial Performance - Net sales increased by approximately $3.0 million, or 15.0%, to $22.6 million for the three months ended September 30, 2022, compared to $19.6 million for the same period in 2021[148] - Net sales increased by approximately $7.4 million, or 12.8%, to $65.5 million for the nine months ended September 30, 2022, compared to $58.0 million for the same period in 2021[159] - Loss from operations was $12.6 million for the three months ended September 30, 2022, compared to a loss of $11.7 million for the same period in 2021[147] - Net loss for the three months ended September 30, 2022, was $14.98 million, compared to a net loss of $28.41 million for the same period in 2021[147] - Net loss for the nine months ended September 30, 2022, was $51.3 million, compared to a net loss of $46.4 million for the same period in 2021[158] Cost and Expenses - Cost of goods sold rose by approximately $0.8 million, or 8.5%, to $9.8 million for the three months ended September 30, 2022, compared to $9.0 million for the same period in 2021[149] - Cost of goods sold increased by approximately $1.1 million, or 4.2%, to $27.1 million for the nine months ended September 30, 2022, compared to $26.0 million for the same period in 2021[160] - Sales and marketing expenses increased by approximately $0.2 million, or 2.0%, to $12.3 million for the three months ended September 30, 2022, compared to $12.1 million for the same period in 2021[151] - Sales and marketing expenses rose by approximately $7.2 million, or 20.9%, to $41.5 million for the nine months ended September 30, 2022, compared to $34.3 million for the same period in 2021[163] - Research and development expenses surged by approximately $1.4 million, or 57.2%, to $3.7 million for the three months ended September 30, 2022, compared to $2.4 million for the same period in 2021[152] - Research and development expenses increased by approximately $2.9 million, or 41.1%, to $9.8 million for the nine months ended September 30, 2022, compared to $7.0 million for the same period in 2021[164] - General and administrative expenses rose by approximately $1.5 million, or 18.6%, to $9.3 million for the three months ended September 30, 2022, compared to $7.9 million for the same period in 2021[153] - General and administrative expenses increased by approximately $8.3 million, or 35.5%, to $31.6 million for the nine months ended September 30, 2022, compared to $23.3 million for the same period in 2021[165] Profitability Metrics - Gross margin improved to approximately 56.6% for the three months ended September 30, 2022, up from 54.0% for the same period in 2021[150] - Gross margin improved to 58.6% for the nine months ended September 30, 2022, up from 55.2% for the same period in 2021[161] Cash Flow and Financing - Cash used in operating activities was $33.5 million for the nine months ended September 30, 2022, compared to $28.6 million for the same period in 2021[175] - The company had cash and cash equivalents of $19.0 million as of September 30, 2022[169] - The company completed a public offering on October 25, 2022, raising approximately $13.7 million in net proceeds[171] Interest and Taxes - Interest income was $41, while interest expense was $2.36 million for the three months ended September 30, 2022[147] - There was no income tax expense for the three months ended September 30, 2022, and 2021[155]