UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): August 10, 2020
 
SIENTRA, INC.
(Exact Name of Registrant as Specified in Its Charter)

Delaware	 	001-36709	 	20-5551000	
(State or Other Jurisdiction
of Incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification No.)	
 
420 South Fairview Avenue, Suite 200
Santa Barbara, CA 93117
(Address of Principal Executive Offices and Zip Code)
Registrant’s Telephone Number, Including Area Code: (805) 562-3500
Securities registered pursuant to Section 12(b) of the Act:

Title of each class	 	Trading
Symbol(s)	 	Name of each exchange on which registered	
Common Stock, par value $0.01 per share	 	SIEN	 	The Nasdaq Stock Market LLC	
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 
Item 2.02.	Results of Operations and Financial Condition.	
On August 10, 2020, Sientra, Inc. (the “Company”) issued a press release announcing its financial condition and results of operations for the period ended June 30, 2020. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.
The information under Item 2.02 of this Current Report on Form 8-K, including the press release furnished as Exhibit 99.1, is being furnished, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any of the Company’s filings, whether made before or after the date hereof, regardless of any general incorporation language in any such filing.
Item 9.01.	Financial Statements and Exhibits.	
(d)	Exhibits.	
 
Exhibit No.	 	Description	
99.1	 	Earnings Press Release of Sientra, Inc. dated August 10, 2020.	
 
2

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized.
 
 	 	SIENTRA, INC.	
 	 	 	
Dated: August 10, 2020	 	By:	/s/ Jeffrey Nugent	
 	 	 	Jeffrey Nugent	
 	 	 	Chairman and Chief Executive Officer	
 
3

Exhibit 99.1

 
Sientra Reports Second Quarter 2020 Financial Results
 
Continued Strength in Core Breast Products Business Despite COVID-19 Headwinds
 
Demonstrated Results Through “Drive the Recovery” Practice Initiatives
 
High-Margin miraDry bioTip® Consumable Model Implemented

Santa Barbara, CA – August 10, 2020 – Sientra, Inc. (NASDAQ: SIEN) (“Sientra” or the “Company”), a diversified medical aesthetics company, today announced its financial results for the second quarter ended June 30, 2020.
 
Jeff Nugent, Sientra’s Chairman and Chief Executive Officer, said, “While the COVID-19 pandemic has posed unprecedented challenges, we are encouraged by our performance during this stage of the recovery as well as our competitive position as we exit Q2 and move into Q3.  We are particularly encouraged by the durability of the demand for our OPUS® breast implants and tissue expanders, as well as the effectiveness of our Drive the Recovery initiatives as we continued to take share from our competitors through new account additions and further penetration of our existing customers. We also successfully transitioned our miraDry business to focus on the high-margin, recurring bioTip sales and have seen utilization rates return to pre-COVID-19 levels in key geographic markets, including the United States, as we exited Q2.”
 
Mr. Nugent concluded, “Overall, these results exceeded our initial expectations and confirmed our confidence in the strength of our business segments.  While uncertainty around the future of the recovery persists, we are confident in our ability to emerge from these uncertain times in a position of strength and remain steadfast in building on our core advantages by filling an important real-time need among our customers to help them rebuild their practices stronger than ever.”
 
Second Quarter 2020 Financial Results
 
 	•	Total net sales for the second quarter 2020 were $12.4 million, a decrease of 39% compared to total net sales of $20.5 million for the same period in 2019.	
 
 	•	Net sales for the Breast Products segment totaled $9.3 million in the second quarter 2020, a decrease of 17% compared to $11.2 million for the same period in 2019.	
 
 	•	Net sales for the miraDry segment totaled $3.1 million in the second quarter 2020, a 66% decrease compared to $9.3 million for the same period in 2019.	
 
 	•	Gross profit for the second quarter 2020 was $6.9 million, or 55.4% of sales, compared to gross profit of $12.7 million, or 61.9% of sales, for the same period in 2019.  	

 	•	Excluding non cash impairment charges and restructuring charges, operating expenses for the second quarter 2020 were $18.7 million, compared to $37.0 million for the same period in 2019.	
 
 	•	Net loss for the second quarter 2020 was ($34.3) million, or ($0.68) per share, compared to a net loss of ($37.7) million, or ($1.10) per share, for the same period in 2019.	
 
 	•	On a non-GAAP basis, the Company reported an adjusted EBITDA loss of ($9.2) million for the second quarter 2020, compared to a loss of ($20.4) million for the same period in 2019.	
 
 	•	Net cash and cash equivalents as of June 30, 2020 were $71.8 million, compared to $112.1 million as of March 31, 2020.	
 
Key 2020 Business Highlights
 
 	•	Filed a PMA Supplement for a line extension to the Company’s portfolio of Sientra OPUS Gel Implants to include larger sizes up to 850 cc.  	
 
 	•	Filed a 510(k) for a next generation Allox2® Tissue Expander.	
 
 	•	Filed a 510(k) for the Sientra OPUS Gel Sizer to supplement the OPUS Saline Sizer line of products.	
 
 	•	Re-launched the Sientra.com website to provide a refreshed, up-to-date platform for both augmentation and reconstruction procedures and generate new patients for our plastic surgeons’ practices.  	
 
2020 Financial Outlook
 
 	•	As previously announced, Sientra is not providing annual guidance for 2020 due to the uncertain scope and duration of the COVID-19 pandemic, and unknown timing of global recovery and economic normalization.	
 
 	•	To maintain financial health in response to the COVID-19 pandemic and in conjunction with the Company’s previously announced organization efficiency initiatives, management took a number of steps over the previous quarters to simplify operations and reduce spending while ensuring that resources are prioritized on physician and patient-facing activities for the core Breast Product segment.  Based on current market conditions the Company is forecasting 2020 annual operating expenses of approximately $105 million to $110 million, excluding impairment and restructuring charges compared to $140 million in 2019, excluding impairment and restructuring charges.    	

Conference Call
 
Sientra will hold a conference call today, August 10, 2020 at 4:30 pm ET to discuss second quarter results. The dial-in numbers are 844-464-3933 for domestic callers and 765-507-2612 for international callers. The conference ID is 1379352. A live webcast of the conference call will be

available on the Investor Relations section of the Company's website at www.sientra.com. The webcast will be archived on the website following the completion of the call.  

Use of Non-GAAP Financial Measures
 
Sientra has supplemented its US GAAP net income (loss) with a non-GAAP measure of Adjusted EBITDA. Management believes that this non-GAAP financial measure provides useful supplemental information to management and investors regarding the performance of the Company, facilitates a more meaningful comparison of results for current periods with previous operating results, and assists management in analyzing future trends, making strategic and business decisions and establishing internal budgets and forecasts. A reconciliation of non-GAAP Adjusted EBITDA to GAAP net income (loss), the most directly comparable GAAP measure, is provided in the schedule below.
 
There are limitations in using this non-GAAP financial measure because it is not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. This non-GAAP financial measure should not be considered in isolation or as a substitute for GAAP financial measures. Investors and potential investors should consider non-GAAP financial measures only in conjunction with Sientra’s financial statements prepared in accordance with GAAP and the reconciliations of the non-GAAP financial measure provided in the schedule below.
 
About Sientra
 
Headquartered in Santa Barbara, California, Sientra is a diversified global medical aesthetics company and a leading partner to aesthetic physicians. The Company offers a suite of products designed to make a difference in patients' lives by enhancing their body image, growing their self-esteem, and restoring their confidence. Sientra has developed a broad portfolio of products with technologically differentiated characteristics, supported by independent laboratory testing and strong clinical trial outcomes. The Company’s Breast Products Segment includes its OPUS® breast implants, the first fifth generation breast implants approved by the FDA for sale in the United States, its ground-breaking Allox2® breast tissue expander with patented dual-port and integral drain technology, and BIOCORNEUM® the #1 performing, preferred and recommended scar gel of plastic surgeons(*). The Company’s miraDry Segment, comprised of its miraDry® system, is approved for sale in over 56 international markets and is the only non-surgical, FDA-cleared device indicated for the permanent reduction of underarm sweat and hair and may also reduce odor.
 
Sientra uses its investor relations website to publish important information about the Company, including information that may be deemed material to investors. Financial and other information about Sientra is routinely posted and is accessible on the Company’s investor relations website at www.sientra.com.
 
(*) Data on file

Forward-Looking Statements
 
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, based on management’s current assumptions and expectations of future events and trends, which affect or may affect the Company’s business, strategy, operations or financial

performance, and actual results may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. Forward-looking statements are made only as of the date of this release. The words ‘‘believe,’’ ‘‘may,’’ ‘‘might,’’ ‘‘could,’’ ‘‘will,’’ ‘‘aim,’’ ‘‘estimate,’’ ‘‘continue, ‘‘anticipate,’’ ‘‘intend,’’ ‘‘expect,’’ ‘‘plan,’’ ‘‘position,” or the negative of those terms, and similar expressions that convey uncertainty of future events or outcomes are intended to identify estimates, projections and other forward-looking statements. Forward-looking statements may include information concerning the impact of the COVID-19 pandemic on the Company and its operations, the Company’s possible or assumed future results of operations, including descriptions of the Company’s revenues, profitability, outlook and overall business strategy. Such statements are subject to risks and uncertainties, including the scope and duration of the COVID-19 pandemic, the Company’s ability to recapture delayed procedures resulting from the COVID-19 pandemic, the positive reaction from plastic surgeons and their patients to Sientra’s Breast Products, the ability to meet consumer demand, the acceptance and growth of its miraDry segment, and the Company’s ability to manage its operating expenses and cash balance. Additional factors that could cause actual results to differ materially from those contemplated in this press release can be found in the Risk Factors section of Sientra’s public filings with the Securities and Exchange Commission. All statements other than statements of historical fact are forward-looking statements. The words ‘‘believe,’’ ‘‘may,’’ ‘‘might,’’ ‘‘could,’’ ‘‘will,’’ ‘‘aim,’’ ‘‘estimate,’’ ‘‘continue, ‘‘anticipate,’’ ‘‘intend,’’ ‘‘expect,’’ ‘‘plan,’’ ‘‘position,” or the negative of those terms, and similar expressions that convey uncertainty of future events or outcomes are intended to identify estimates, projections and other forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, and such estimates, projections and other forward-looking statements speak only as of the date they were made, and, except to the extent required by law, the Company undertakes no obligation to update or review any estimate, projection or forward-looking statement. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business.
 
Contact
Investor Relations
805-679-8885

 

Sientra, Inc	 	
Consolidated Statements of Operations	 	
(In thousands, except per share and share amounts)	 	
(Unaudited)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Six Months Ended	 	
 	 	June 30,	 	 	June 30,	 	
 	 	2020	 	 	2019	 	 	2020	 	 	2019	 	
Net sales	 	$	12,448	 	 	$	20,525	 	 	$	29,380	 	 	$	38,077	 	
Cost of goods sold	 	 	5,550	 	 	 	7,813	 	 	 	12,342	 	 	 	14,287	 	
Gross profit	 	 	6,898	 	 	 	12,712	 	 	 	17,038	 	 	 	23,790	 	
Operating expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sales and marketing	 	 	7,979	 	 	 	21,918	 	 	 	24,742	 	 	 	42,319	 	
Research and development	 	 	2,779	 	 	 	3,270	 	 	 	5,687	 	 	 	6,325	 	
General and administrative	 	 	7,958	 	 	 	11,814	 	 	 	17,262	 	 	 	25,289	 	
Restructuring	 	 	496	 	 	 	—	 	 	 	2,235	 	 	 	—	 	
Impairment	 	 	—	 	 	 	12,674	 	 	 	6,432	 	 	 	12,674	 	
Total operating expenses	 	 	19,212	 	 	 	49,676	 	 	 	56,358	 	 	 	86,607	 	
Loss from operations	 	 	(12,314	)	 	 	(36,964	)	 	 	(39,320	)	 	 	(62,817	)	
Other income (expense), net:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest income	 	 	18	 	 	 	269	 	 	 	198	 	 	 	573	 	
Interest expense	 	 	(3,607	)	 	 	(982	)	 	 	(5,230	)	 	 	(1,932	)	
Change in fair value of derivative liability	 	 	(18,380	)	 	 	—	 	 	 	(18,510	)	 	 	—	 	
Other income (expense), net	 	 	6	 	 	 	23	 	 	 	(27	)	 	 	38	 	
Total other income (expense), net	 	 	(21,963	)	 	 	(690	)	 	 	(23,569	)	 	 	(1,321	)	
Loss before income taxes	 	 	(34,277	)	 	 	(37,654	)	 	 	(62,889	)	 	 	(64,138	)	
Income tax	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
Net loss	 	$	(34,277	)	 	$	(37,654	)	 	$	(62,889	)	 	$	(64,138	)	
Basic and diluted net loss per share attributable to
   common stockholders	 	$	(0.68	)	 	$	(1.10	)	 	$	(1.26	)	 	$	(2.02	)	
Weighted average outstanding common shares used for
   net loss per share attributable to common stockholders:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic and diluted	 	 	50,145,538	 	 	 	34,290,073	 	 	 	50,031,105	 	 	 	31,709,067	 	

Sientra, Inc	 	
Condensed Consolidated Balance Sheets	 	
(In thousands)	 	
(Unaudited)	 	
 	 	 	 	 	 	 	 	 	
 	 	June 30,	 	 	December 31,	 	
 	 	2020	 	 	2019	 	
Assets	 	 	 	 	 	 	 	 	
Current assets:	 	 	 	 	 	 	 	 	
Cash and cash equivalents	 	$	71,799	 	 	$	87,608	 	
Accounts receivable, net	 	 	24,435	 	 	 	27,548	 	
Inventories, net	 	 	45,831	 	 	 	39,612	 	
Prepaid expenses and other current assets	 	 	2,498	 	 	 	2,489	 	
Total current assets	 	 	144,563	 	 	 	157,257	 	
Property and equipment, net	 	 	12,617	 	 	 	12,314	 	
Goodwill	 	 	9,202	 	 	 	9,202	 	
Other intangible assets, net	 	 	10,051	 	 	 	17,390	 	
Other assets	 	 	8,743	 	 	 	8,241	 	
Total assets	 	$	185,176	 	 	$	204,404	 	
Liabilities and Stockholders’ Equity	 	 	 	 	 	 	 	 	
Current liabilities:	 	 	 	 	 	 	 	 	
Current portion of long-term debt	 	$	—	 	 	$	6,508	 	
Accounts payable	 	 	3,808	 	 	 	9,352	 	
Accrued and other current liabilities	 	 	23,401	 	 	 	32,551	 	
Customer deposits	 	 	16,000	 	 	 	13,943	 	
Sales return liability	 	 	7,518	 	 	 	8,116	 	
Total current liabilities	 	 	50,727	 	 	 	70,470	 	
Long-term debt, net of current portion	 	 	63,339	 	 	 	38,248	 	
Derivative liability	 	 	34,610	 	 	 	—	 	
Deferred and contingent consideration	 	 	5,228	 	 	 	5,177	 	
Warranty reserve and other long-term liabilities	 	 	9,183	 	 	 	8,627	 	
Total liabilities	 	 	163,087	 	 	 	122,522	 	
Stockholders’ equity:	 	 	 	 	 	 	 	 	
Total stockholders’ equity	 	 	22,089	 	 	 	81,882	 	
Total liabilities and stockholders’ equity	 	$	185,176	 	 	$	204,404	 	

Sientra, Inc	 	
Condensed Consolidated Statements of Cash Flows	 	
(In thousands)	 	
(Unaudited)	 	

 	 	Six Months Ended June 30,	 	
 	 	2020	 	 	2019	 	
Cash flows from operating activities:	 	 	 	 	 	 	 	 	
Net loss	 	$	(62,889	)	 	$	(64,138	)	
Adjustments to reconcile net loss to net cash used in operating activities:	 	 	 	 	 	 	 	 	
Impairment	 	 	6,432	 	 	 	12,674	 	
Depreciation and amortization	 	 	1,680	 	 	 	1,725	 	
Provision for doubtful accounts	 	 	1,257	 	 	 	845	 	
Provision for warranties	 	 	363	 	 	 	674	 	
Provision for inventory	 	 	1,631	 	 	 	790	 	
Fair value adjustments to derivative liability	 	 	18,510	 	 	 	—	 	
Fair value adjustments of other liabilities held at fair value	 	 	(22	)	 	 	179	 	
Stock-based compensation expense	 	 	3,891	 	 	 	6,611	 	
Payments of contingent consideration liability in excess of acquisition-date fair value	 	 	—	 	 	 	(630	)	
Other non-cash adjustments	 	 	2,645	 	 	 	128	 	
Changes in assets and liabilities:	 	 	 	 	 	 	 	 	
Accounts receivable	 	 	1,856	 	 	 	(2,206	)	
Inventories	 	 	(8,026	)	 	 	(6,445	)	
Prepaid expenses, other current assets and other assets	 	 	104	 	 	 	921	 	
Accounts payable, accrueds, and other liabilities	 	 	(15,491	)	 	 	(1,963	)	
Customer deposits	 	 	2,057	 	 	 	1,643	 	
Sales return liability	 	 	(597	)	 	 	972	 	
Legal settlement payable	 	 	—	 	 	 	(410	)	
Net cash used in operating activities	 	 	(46,599	)	 	 	(48,630	)	
Cash flows from investing activities:	 	 	 	 	 	 	 	 	
Purchase of property and equipment	 	 	(2,195	)	 	 	(2,056	)	
Net cash used in investing activities	 	 	(2,195	)	 	 	(2,056	)	
Cash flows from financing activities:	 	 	 	 	 	 	 	 	
Proceeds from option exercises and employee stock purchase plan	 	 	529	 	 	 	789	 	
Net proceeds from issuance of common stock	 	 	264	 	 	 	108,028	 	
Tax payments related to shares withheld for vested restricted stock units (RSUs)	 	 	(1,428	)	 	 	(2,825	)	
Repayments under the Term Loan	 	 	(25,000	)	 	 	—	 	
Gross borrowings under the PPP loan	 	 	6,652	 	 	 	—	 	
Gross borrowings under the Revolving Loan	 	 	—	 	 	 	8,436	 	
Repayment of the Revolving Loan	 	 	(6,508	)	 	 	(4,183	)	
Net proceeds from issuance of the Convertible Note	 	 	60,000	 	 	 	—	 	
Payments of contingent consideration up to acquisition-date fair value	 	 	—	 	 	 	(370	)	
Deferred financing costs	 	 	(1,524	)	 	 	—	 	
Net cash provided by financing activities	 	 	32,985	 	 	 	109,875	 	
Net increase in cash, cash equivalents and restricted cash	 	 	(15,809	)	 	 	59,189	 	
Cash, cash equivalents and restricted cash at:	 	 	 	 	 	 	 	 	
Beginning of period	 	 	87,951	 	 	 	87,242	 	
End of period	 	$	72,142	 	 	$	146,431	 	
 	 	 	 	 	 	 	 	 	
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets	 	 	 	 	 	 	 	 	
Cash and cash equivalents	 	$	71,799	 	 	$	146,088	 	
Restricted cash included in other assets	 	 	343	 	 	 	343	 	
Total cash, cash equivalents and restricted cash	 	$	72,142	 	 	$	146,431	 	

Sientra, Inc.	 	
Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA	 	
(Unaudited)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Six Months Ended	 	
 	 	June 30,	 	 	June 30,	 	
Dollars, in thousands	 	2020	 	 	2019	 	 	2020	 	 	2019	 	
Net loss, as reported	 	$	(34,277	)	 	$	(37,654	)	 	$	(62,889	)	 	$	(64,138	)	
Adjustments to net loss:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest (income) expense and other, net	 	 	3,583	 	 	 	690	 	 	 	5,059	 	 	 	1,321	 	
Depreciation and amortization	 	 	881	 	 	 	894	 	 	 	1,680	 	 	 	1,725	 	
Fair value adjustments to contingent consideration	 	 	16	 	 	 	104	 	 	 	16	 	 	 	289	 	
Fair value adjustments to derivative liability	 	 	18,380	 	 	 	—	 	 	 	18,510	 	 	 	—	 	
Stock-based compensation	 	 	1,758	 	 	 	2,911	 	 	 	3,891	 	 	 	6,611	 	
Restructuring	 	 	496	 	 	 	—	 	 	 	2,235	 	 	 	—	 	
Impairment	 	 	—	 	 	 	12,674	 	 	 	6,432	 	 	 	12,674	 	
Total adjustments to net loss	 	 	25,114	 	 	 	17,273	 	 	 	37,823	 	 	 	22,620	 	
Adjusted EBITDA	 	$	(9,163	)	 	$	(20,381	)	 	$	(25,066	)	 	$	(41,518	)	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Six Months Ended	 	
 	 	June 30,	 	 	June 30,	 	
As a Percentage of Revenue**	 	2020	 	 	2019	 	 	2020	 	 	2019	 	
Net loss, as reported	 	 	(275.4	%)	 	 	(183.5	%)	 	 	(214.1	%)	 	 	(168.4	%)	
Adjustments to net loss:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest (income) expense and other, net	 	 	28.8	%	 	 	3.4	%	 	 	17.2	%	 	 	3.5	%	
Depreciation and amortization	 	 	7.1	%	 	 	4.4	%	 	 	5.7	%	 	 	4.5	%	
Fair value adjustments to contingent consideration	 	 	0.1	%	 	 	0.5	%	 	 	0.1	%	 	 	0.8	%	
Fair value adjustments to derivative liability	 	 	147.7	%	 	 	0.0	%	 	 	63.0	%	 	 	0.0	%	
Stock-based compensation	 	 	14.1	%	 	 	14.2	%	 	 	13.2	%	 	 	17.4	%	
Restructuring	 	 	4.0	%	 	 	0.0	%	 	 	7.6	%	 	 	0.0	%	
Impairment	 	 	0.0	%	 	 	61.7	%	 	 	21.9	%	 	 	33.3	%	
Total adjustments to net loss	 	 	201.8	%	 	 	84.2	%	 	 	128.7	%	 	 	59.4	%	
Adjusted EBITDA	 	 	(73.6	%)	 	 	(99.3	%)	 	 	(85.3	%)	 	 	(109.0	%)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
** Adjustments may not add to the total figure due to rounding