Sientra (NSDQ:SIEN) shares skyrocketed today after the company posted Street-beating third-quarter results despite a bottom-line dip.
The Santa Barbara, Calif.-based company is also acquiring the Opus breast implant manufacturing operation.
Sientra posted losses of -$22.43 million, or -45¢ per share, on sales of $22.41 for the three months ended Sept. 30, for a 9.2% bottom-line slide on sales growth of 32.8%.
Adjusted to exclude one-time items, earnings per share were also -45¢, 4¢ ahead of Wall Street, where analysts were looking for sales of $20.1 million.
“In the third quarter, Sientra achieved record net sales of $22.4 million, a 33% increase compared to the year-ago period,” Sientra chairman & CEO Jeff Nugent said in prepared remarks. “I am extremely proud of this solid quarterly performance, which was driven by strong growth in both our Breast Products and miraDry segments.”
Sientra said it now expects to log net sales of $82.5 million to $83.5 million, climbing from the previously projected totals of $79 million to $83 million.
Yesterday, Sientra announced the acquisition of Lubrizol Lifesciences’ Opus breast implant manufacturing operation.
Lubrizol Lifesciences is handing over the fully operational silicone breast implant operation in Franklin, Wis.; the company have had a co-development-based relationship since 2016.
“This acquisition advances our strategic goal of becoming the leading provider of breast products in the worldwide breast augmentation and reconstruction market,” Nugent said. “Over the years we have considered several options to achieve vertical integration for our breast implants and we believe that acquiring this already established operation in a turnkey transaction is the most intelligent way to achieve this goal with the best mix of risk, reward, investment and speed.”
SIEN shares were up 28.6% at $9.00 per share in mid-afternoon trading today.