Shares of Sientra Inc. (Nasdaq: SIEN), an Irvine-based maker of implants and related products for breast augmentation and reconstruction surgery, fell 9.6% in after-hours trading after reporting preliminary third-quarter revenue won’t meet analysts’ estimates.
Sientra said its advisers and financial partners are exploring “strategic alternatives,” which Wall Street typically considers a company selling itself.
The company reported third-quarter sales will be in the range of $19.2 million to $19.7 million, below the average $24.3 million estimate of three analysts. As a result, Sientra withdrew its fiscal year 2023 guidance.
“Third-quarter results were adversely affected by overall softness in the market as well as more pronounced seasonal headwinds that led to a reduced number of augmentation and reconstruction cases during the third quarter, particularly in July and August, the company said in a statement today after the stock markets closed.
Unaudited net cash and cash equivalents as of Sept. 30 are expected to be between $14.7 million to $15.2 million, compared to $26.1 million on Dec. 31 and $18.6 million on June 30.
Shares fell 9.5% to $1.32. The company had a $16 million market cap prior to the news.
