Sientra, Inc. (SIEN) saw its loss widen to $9.96 million, or $0.55 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $6.60 million, or $0.43 a share.
Revenue during the quarter plunged 34.22 percent to $6.53 million from $9.93 million in the previous year period. Gross margin for the quarter expanded 176 basis points over the previous year period to 72.22 percent.
Operating loss for the quarter was $9.77 million, compared with an operating loss of $5.57 million in the previous year period.
Jeffrey M. Nugent, chairman and chief executive officer of Sientra, said, "We have made extraordinary progress on a number of strategic and operational initiatives in recent months and remain on track with our previously stated manufacturing timeline. Together with our partner Vesta, we have completed the build-out of a manufacturing facility for our breast implants and we are proceeding with final verification and testing of product in preparation to submit our PMA supplement by the end of the first quarter 2017. There is no greater priority at the Company than for us to have a qualified partner that is FDA approved and ready to supply our premium implants to the U.S. board-certified plastic surgery market by the end of 2017."
Working capital drops significantly
Sientra, Inc. has witnessed a decline in the working capital over the last year. It stood at $84.04 million as at Sep. 30, 2016, down 36.43 percent or $48.15 million from $132.20 million on Sep. 30, 2015. Current ratio was at 4.02 as on Sep. 30, 2016, down from 4.10 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 418 days for the quarter from 606 days for the last year period. Days sales outstanding went up to 69 days for the quarter compared with 49 days for the same period last year.
Days inventory outstanding has decreased to 483 days for the quarter compared with 635 days for the previous year period. At the same time, days payable outstanding went up to 134 days for the quarter from 78 for the same period last year.
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