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): March 12, 2019
 
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)
(805) 562-3500
(Registrant’s Telephone Number, Including Area Code)
 
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 a nd Financial Condition.	
On March 12, 2019, Sientra, Inc. (the “ Company ”) issued a press release announcing its financial condition and results of operations for the fiscal year ended December 31, 2018. 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 March 12, 2019.	
 
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: March 12, 2019	 	By:	/s/ Jeffrey Nugent	
 	 	 	Jeffrey Nugent	
 	 	 	Chairman and Chief Executive Officer	
 
3

Exhibit 99.1

Sientra Reports Fourth Quarter and Full Year 2018 Financial Results
 
Fourth Quarter 2018 Net Sales of $19.0 Million, Growth of 72% YoY on a GAAP Basis
 
2018 Net Sales of $68.1 Million, Growth of 86% YoY on a GAAP Basis and 46% YoY Pro Forma

Santa Barbara, CA – March 12, 2019 – Sientra, Inc. (NASDAQ: SIEN), a medical aesthetics company (“Sientra” or the “Company”), announced today its financial results for the fourth quarter and full year ended December 31, 2018.
 
Jeff Nugent, Chairman and Chief Executive Officer of Sientra, commented, “Throughout 2018, we continued to drive robust growth across the business, achieving record net sales of $68.1 million and pro forma net sales growth of 46% compared to full year 2017. In the fourth quarter, our sales grew 72% year-over-year to $19.0 million, the highest quarterly net sales in the company’s history, further demonstrating the underlying momentum of the business and the benefits of Sientra’s diversification strategy.”
 
Mr. Nugent added, “In our first full year with miraDry, we fully integrated the business, invested strategically in its commercial organization, launched the improved miraDry fresh procedure protocol, and reported four consecutive quarters of sequential net sales growth. With regards to Breast Products, we achieved numerous milestones in 2018, all of which demonstrate our commitment to patient safety and continued innovation for the benefit of our plastic surgeon partners and their patients. In addition to FDA’s approval of Sientra’s PMA supplement for our new Wisconsin facility, we launched the industry-leading Sientra Platinum20™ warranty, which is grounded in the strong confidence we have in our 10-year clinical data. We also opened our state-of-the-art Sientra Lab and Innovation Center of Excellence (SLICE) and submitted our breast implant Medical Device License Application to Health Canada.”
 
Mr. Nugent concluded, “Last year’s accomplishments were pivotal to positioning Sientra for sustainable long-term growth across both our business segments. I am encouraged by the progress we have made in establishing Sientra as a leading, diversified global partner to aesthetic physicians and I am looking forward to continuing this momentum in 2019.”
 
Fourth Quarter and Full Year 2018 Financial Review
 Total net sales for the fourth quarter 2018 were $19.0 million, an increase of 72% compared to total net sales of $11.1 million for the same period in 2017. Total net sales for full year 2018 of $68.1 million increased 86% compared to GAAP net sales of $36.5 million for 2017 and 46% compared to pro

forma net sales of $46.7 million for 2017. Pro forma net sales assume the miraDry acquisition was completed on January 1, 2017 .
 
Net sales for the Breast Products segment totaled $10.4 million in the fourth quarter 2018, a 28% increase compared to $8.2 million for fourth quarter 2017. Net sales for the Breast Products segment totaled $37.0 million for the full year 2018, representing an 18% increase compared to $31.5 million for the full year 2017. Breast Products sales growth was primarily driven by the continued improvement in implant supply levels and the strong performance of the tissue expander portfolio.
 
Net sales for the miraDry segment totaled $8.6 million in the fourth quarter 2018, a 196% increase compared to $2.9 million for the fourth quarter 2017. miraDry net sales for full year 2018 of $31.1 million increased 515% compared to GAAP net sales of $5.1 million for 2017 and 104% compared to pro forma net sales of $15.3 million for 2017. miraDry sales growth was primarily driven by strong system placements and consumables growth internationally as well as continued traction in the United States.
 
Gross profit for the fourth quarter 2018 was $11.4 million, or 59.7% of sales, compared to gross profit of $5.3 million, or 48.1% of sales, for the same period in 2017. Gross profit for the full year 2018 was $41.3 million, or 60.6% of sales, compared to gross profit of $22.4 million, or 61.2% of sales, for full year 2017. Changes in consolidated gross margin were driven by the overall mix between Breast Products and miraDry, as well as the geographic and capital versus consumable mix within miraDry.
 
Operating expenses for the fourth quarter 2018 were $35.7 million, compared to $22.7 million of expenses for the same period in 2017. For the full year 2018, operating expenses were $121.1 million, compared to $85.3 million of expenses for full year 2017. Operating expenses for the quarter increased due to investments in sales and marketing supporting the progress achieved in scaling the miraDry commercial organization.
 
Net loss for the fourth quarter 2018 was ($24.6) million, or ($0.86) per share, compared to a net loss of ($17.8) million, or ($0.92) per share, for the same period in 2017. Net loss for the full year of 2018 was ($82.6) million, or ($3.25) per share, compared to a net loss of ($64.0) million, or ($3.34) per share, for the same period in 2017.
 
On a non-GAAP basis, the Company reported an adjusted EBITDA loss of ($19.5) million and ($60.0) million for the fourth quarter and full year 2018, respectively, compared to a loss of ($13.9) million and ($41.0) million for the fourth quarter and full year 2017, respectively. The year-over-year change in adjusted EBITDA loss can primarily be attributed to the inclusion of miraDry for the full year of 2018.
 
Net cash and cash equivalents as of December 31, 2018 were $86.9 million, compared to $103.0 million at the end of third quarter 2018.  

Conference Call
Sientra will hold a conference call today, March 12, 2019 at 4:30 p.m. ET / 1:30 p.m. PT to discuss the results.
 
The dial-in numbers are (844) 464-3933 for domestic callers and (765) 507-2612 for international callers. The conference ID is 6538838. A live webcast of the conference call will be available on the Investor Relations section of the Company's website at www.sientra.com .
 
A replay of the call will be available starting on March 12 , 2019 at 7:30 p.m. ET / 4:30 p.m. PT , through March 19 , 2019 at 11:59 p.m. ET / 8:59 p.m. PT.  To access the replay, dial (855) 859-2056 for domestic callers and (404) 537-3406 for international callers and use the replay conference ID 6538838 . The webcast will be available on the Investor Relations section of the Company’s website for 30 days 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, comprises its miraDry® system, which is approved for sale in over 40 international markets, and is the only non-surgical FDA-cleared device for the permanent reduction of underarm sweat, odor and hair of all colors.
(*)  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 include, but are not limited to, statements regarding the Company’s expected net sales for the quarter ended December 31, 2018, the Company’s expected cash and cash equivalents as of December 31, 2018, the expected growth of the Company’s current customer base and acquisition of new customers, and the Company’s ability to achieve sustainable, long-term growth across its business segments. Such statements are subject to risks and uncertainties, including the dependence on conclusion of the audit procedures for the year ended December 31, 2018 by the Company’s independent auditors, 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.  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,’’ 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. 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.

Investor Contact:
Neil Bhalodkar
(805) 679-8845
ir@sientra.com

Sientra, Inc	 	
Consolidated Statements of Operations	 	
(In thousands, except per share and share amounts)	 	
(Unaudited)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended
December 31,	 	 	Year Ended
December 31,	 	
 	 	2018	 	 	2017	 	 	2018	 	 	2017	 	
Net sales	 	$	19,022	 	 	$	11,065	 	 	$	68,126	 	 	$	36,542	 	
Cost of goods sold	 	 	7,668	 	 	 	5,744	 	 	 	26,822	 	 	 	14,171	 	
Gross profit	 	 	11,354	 	 	 	5,321	 	 	 	41,304	 	 	 	22,371	 	
Operating expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sales and marketing	 	 	21,725	 	 	 	12,810	 	 	 	67,715	 	 	 	33,911	 	
Research and development	 	 	3,015	 	 	 	2,136	 	 	 	10,945	 	 	 	9,813	 	
General and administrative	 	 	10,999	 	 	 	7,784	 	 	 	42,418	 	 	 	31,537	 	
Legal settlement	 	 	—	 	 	 	—	 	 	 	—	 	 	 	10,000	 	
Total operating expenses	 	 	35,739	 	 	 	22,730	 	 	 	121,078	 	 	 	85,261	 	
Loss from operations	 	 	(24,385	)	 	 	(17,409	)	 	 	(79,774	)	 	 	(62,890	)	
Other income (expense), net:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest income	 	 	318	 	 	 	60	 	 	 	532	 	 	 	172	 	
Interest expense	 	 	(954	)	 	 	(629	)	 	 	(3,428	)	 	 	(1,232	)	
Other income (expense), net	 	 	386	 	 	 	56	 	 	 	39	 	 	 	(95	)	
Total other income (expense), net	 	 	(250	)	 	 	(513	)	 	 	(2,857	)	 	 	(1,155	)	
Loss before income taxes	 	 	(24,635	)	 	 	(17,922	)	 	 	(82,631	)	 	 	(64,045	)	
Income tax benefit	 	 	(4	)	 	 	(88	)	 	 	(4	)	 	 	(17	)	
Net loss	 	$	(24,631	)	 	$	(17,834	)	 	$	(82,627	)	 	$	(64,028	)	
Basic and diluted net loss per share attributable to common stockholders	 	$	(0.86	)	 	$	(0.92	)	 	$	(3.25	)	 	$	(3.34	)	
Weighted average outstanding common shares used for net loss per share attributable to common stockholders:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic and diluted	 	 	28,623,232	 	 	 	19,394,281	 	 	 	25,402,241	 	 	 	19,159,057	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2017 includes the results of miraDry as of the acquisition date of 7/25/2017	 	

Sientra, Inc	 	
Condensed Consolidated Balance Sheets	 	
(In thousands)	 	
(Unaudited)	 	

 	 	December 31,	 	 	December 31,	 	
 	 	2018	 	 	2017	 	
Assets	 	 	 	 	 	 	 	 	
Current assets:	 	 	 	 	 	 	 	 	
Cash and cash equivalents	 	$	86,899	 	 	$	26,588	 	
Accounts receivable, net	 	 	22,527	 	 	 	6,569	 	
Inventories, net	 	 	24,085	 	 	 	20,896	 	
Prepaid expenses and other current assets	 	 	2,612	 	 	 	1,512	 	
Total current assets	 	 	136,123	 	 	 	55,565	 	
Property and equipment, net	 	 	2,536	 	 	 	4,763	 	
Goodwill	 	 	12,507	 	 	 	12,507	 	
Other intangible assets, net	 	 	16,495	 	 	 	18,803	 	
Other assets	 	 	698	 	 	 	575	 	
Total assets	 	$	168,359	 	 	$	92,213	 	
Liabilities and Stockholders' Equity	 	 	 	 	 	 	 	 	
Current liabilities:	 	 	 	 	 	 	 	 	
Current portion of long-term debt	 	$	6,866	 	 	$	24,639	 	
Accounts payable	 	 	13,184	 	 	 	5,811	 	
Accrued and other current liabilities	 	 	27,697	 	 	 	13,474	 	
Legal settlement payable	 	 	410	 	 	 	1,000	 	
Customer deposits	 	 	9,936	 	 	 	5,423	 	
Sales return liability	 	 	6,048	 	 	 	—	 	
Total current liabilities	 	 	64,141	 	 	 	50,347	 	
Long-term debt, net of current portion	 	 	27,883	 	 	 	—	 	
Deferred and contingent consideration	 	 	6,481	 	 	 	12,597	 	
Warranty reserve and other long-term liabilities	 	 	2,976	 	 	 	1,646	 	
Total liabilities	 	 	101,481	 	 	 	64,590	 	
Stockholders' equity:	 	 	 	 	 	 	 	 	
Total stockholders' equity	 	 	66,878	 	 	 	27,623	 	
Total liabilities and stockholders' equity	 	$	168,359	 	 	$	92,213	 	

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

 	 	Year Ended	 	
 	 	December 31,	 	
 	 	2018	 	 	2017	 	
Cash flows from operating activities:	 	 	 	 	 	 	 	 	
Net loss	 	$	(82,627	)	 	$	(64,028	)	
Adjustments to reconcile net loss to net cash used in operating activities:	 	 	 	 	 	 	 	 	
Depreciation and amortization	 	 	3,321	 	 	 	3,034	 	
Provision for doubtful accounts	 	 	2,043	 	 	 	493	 	
Provision for warranties	 	 	325	 	 	 	294	 	
Provision for inventory	 	 	955	 	 	 	3,125	 	
Amortization of acquired inventory step-up	 	 	106	 	 	 	999	 	
Change in fair value of warrants	 	 	(81	)	 	 	95	 	
Change in fair value of deferred consideration	 	 	24	 	 	 	(110	)	
Change in fair value of contingent consideration	 	 	2,528	 	 	 	1,135	 	
Change in deferred revenue	 	 	627	 	 	 	—	 	
Non-cash portion of debt extinguishment loss	 	 	—	 	 	 	17	 	
Amortization of debt discount and issuance costs	 	 	174	 	 	 	140	 	
Non-cash interest expense	 	 	—	 	 	 	1	 	
Stock-based compensation expense	 	 	13,824	 	 	 	6,766	 	
Loss on disposal of property and equipment	 	 	74	 	 	 	25	 	
Deferred income taxes	 	 	(8	)	 	 	(21	)	
Payments of contingent consideration liability in excess of acquisition-date fair value	 	 	(320	)	 	 	—	 	
Changes in operating assets and liabilities:	 	 	 	 	 	 	 	 	
Accounts receivable	 	 	(14,094	)	 	 	(1,890	)	
Inventories	 	 	(4,250	)	 	 	527	 	
Prepaid expenses, other current assets and other assets	 	 	(1,302	)	 	 	674	 	
Insurance recovery receivable	 	 	39	 	 	 	9,336	 	
Accounts payable	 	 	8,502	 	 	 	1,290	 	
Accrued and other liabilities	 	 	7,885	 	 	 	3,218	 	
Legal settlement payable	 	 	(590	)	 	 	(9,900	)	
Customer deposits	 	 	4,513	 	 	 	(1,136	)	
Sales return liability	 	 	2,142	 	 	 	—	 	
Net Cash Flow from Operating Activities	 	 	(56,190	)	 	 	(45,916	)	
Cash flows from investing activities:	 	 	 	 	 	 	 	 	
Purchase of property and equipment	 	 	(855	)	 	 	(1,864	)	
Business acquisitions, net of cash acquired	 	 	—	 	 	 	(18,455	)	
Net Cash Flow from Investing Activities	 	 	(855	)	 	 	(20,319	)	
Cash flows from financing activities:	 	 	 	 	 	 	 	 	
Net proceeds from issuance of common stock	 	 	107,551	 	 	 	—	 	
Proceeds from exercise of stock options	 	 	1,149	 	 	 	1,346	 	
Proceeds from issuance of common stock under ESPP	 	 	993	 	 	 	647	 	
Tax payments related to shares withheld for vested restricted stock units (RSUs)	 	 	(1,635	)	 	 	(725	)	
Gross borrowings under the Term Loan	 	 	10,000	 	 	 	25,000	 	
Gross borrowings under the Revolving Loan	 	 	12,109	 	 	 	5,000	 	
Repayment of the Revolving Loan	 	 	(12,109	)	 	 	(5,000	)	
Payments of contingent consideration up to acquisition-date fair value	 	 	(680	)	 	 	—	 	
Deferred financing costs	 	 	(22	)	 	 	(657	)	
Net Cash Flow from Financing Activities	 	 	117,356	 	 	 	25,611	 	
Net Increase (Decrease) in Cash	 	 	60,311	 	 	 	(40,624	)	
Cash and cash equivalents at:	 	 	 	 	 	 	 	 	
Beginning of period	 	 	26,588	 	 	 	67,212	 	
End of period	 	$	86,899	 	 	$	26,588	 	
 	 	 	 	 	 	 	 	 	
2017 includes the results of miraDry as of the acquisition date of 7/25/2017	 	

Sientra, Inc.	 	
Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA	 	
(Unaudited)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended
December 31,	 	 	Year Ended
December 31,	 	
Dollars, in thousands	 	2018	 	 	2017	 	 	2018	 	 	2017	 	
Net loss, as reported	 	$	(24,631	)	 	$	(17,832	)	 	$	(82,627	)	 	$	(64,028	)	
Adjustments to net loss:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest (income) expense and other, net	 	 	250	 	 	 	513	 	 	 	2,857	 	 	 	1,155	 	
Provision for income taxes	 	 	(4	)	 	 	(88	)	 	 	(4	)	 	 	(17	)	
Depreciation and amortization	 	 	821	 	 	 	1,194	 	 	 	3,427	 	 	 	4,033	 	
Accretion in fair value adjustments to contingent consideration	 	 	350	 	 	 	363	 	 	 	2,528	 	 	 	1,135	 	
Stock-based compensation	 	 	3,748	 	 	 	1,989	 	 	 	13,824	 	 	 	6,766	 	
Legal settlement expense	 	 	—	 	 	 	—	 	 	 	—	 	 	 	10,000	 	
Total adjustments to net loss	 	 	5,165	 	 	 	3,971	 	 	 	22,632	 	 	 	23,072	 	
Adjusted EBITDA	 	$	(19,466	)	 	$	(13,861	)	 	$	(59,995	)	 	$	(40,956	)	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended
December 31,	 	 	Year Ended
December 31,	 	
As a Percentage of Revenue**	 	2018	 	 	2017	 	 	2018	 	 	2017	 	
Net loss, as reported	 	 	(129.5	%)	 	 	(161.2	%)	 	 	(121.3	%)	 	 	(175.2	%)	
Adjustments to net loss:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest (income) expense and other, net	 	 	1.3	%	 	 	4.6	%	 	 	4.2	%	 	 	3.2	%	
Provision for income taxes	 	 	(0.0	%)	 	 	(0.8	%)	 	 	(0.0	%)	 	 	(0.0	%)	
Depreciation and amortization	 	 	4.3	%	 	 	10.8	%	 	 	5.0	%	 	 	11.0	%	
Accretion in fair value adjustments to contingent consideration	 	 	1.8	%	 	 	3.3	%	 	 	3.7	%	 	 	3.1	%	
Stock-based compensation	 	 	19.7	%	 	 	18.0	%	 	 	20.3	%	 	 	18.5	%	
Legal settlement expense	 	 	0.0	%	 	 	0.0	%	 	 	0.0	%	 	 	27.4	%	
Total adjustments to net loss	 	 	27.2	%	 	 	35.9	%	 	 	33.2	%	 	 	63.1	%	
Adjusted EBITDA	 	 	(102.3	%)	 	 	(125.3	%)	 	 	(88.1	%)	 	 	(112.1	%)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2017 includes the results of miraDry as of the acquisition date of 7/25/2017	 	
** Adjustments may not add to the total figure due to rounding	 	

Sientra, Inc.	 	
Pro Forma Net Sales	 	
(Unaudited)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended
December 31,	 	 	Year Ended
December 31,	 	
Dollars, in thousands	 	2018	 	 	2017	 	 	2018	 	 	2017	 	
Net sales - pro forma	 	$	19,022	 	 	$	11,065	 	 	$	68,126	 	 	$	46,747