Sientra, Inc.

Good day and thank you for standing by. Welcome to the CIENTRA first quarter 2021 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star 0. I would now like to hand the conference over to your speaker today, Oliver Bennett. Please go ahead.

Thanks operator. Good afternoon and welcome to the FIENTRA first quarter 2021 earnings call. I would like to remind everyone that in our remarks today, we will include statements that are considered forward-looking statements within the meaning of United States security laws. In addition, Management may make additional forward-looking statements in response to your questions. Forward-looking statements are based on management's current assumptions and expectations of future events and trends which may affect the company's business, strategy, operations, or financial performance. A detailed discussion of the risks and uncertainties that the company faces is contained in its previously filed annual and quarterly reports on Form 10-K and 10-Q, and in its quarterly report on Form 10-Q that the company filed this afternoon. Actual results may differ materially from those expressed in or implied by the forward-looking statements. The company undertakes no obligation to update or review any estimate, projection, or forward-looking statement. I would also like to note that Cientri 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 Cientra is routinely posted and is accessible on the company's investor relations website at www.cientra.com. Today on our call, we have Ron Menezes, Cientra's President and Chief Executive Officer, and Valerie Miller, Vice President, Corporate Controller, and Interim Chief Financial Officer. I will now turn the call over to Ron. Ron.

Thanks, Oliver, and thank you all for joining us today on our first quarter 2021 earnings call. I'm very proud of the Sanford team for the outstanding execution of our 2021 priorities in the first quarter. On our last call, I identified three strategic priorities and growth drivers for this year. First, fueling organic growth within augmentation and reconstruction by growing market share within existing accounts and adding new accounts. while accelerating our efforts to be a top two implant and expander company in two years. Second, increasing our focus on innovation and executing our development pipeline. And finally, establishing a culture of focus and accountability. I'd like to take the next few minutes to highlight the exciting progress we have made on each priority. We'll continue this strong momentum in our brass products business during the first quarter. where we saw both revenue acceleration and market share growth. Net sales for the brass product segment totaled $18.3 million, a record quarter, representing 47% growth year over year. We believe that the brass augmentation market grew in Q1 as more patients continued working from home and used the extra discretionary income towards brass augmentation purchases. According to third-party market research data, this market grew 8% in Q1 year-over-year, while our U.S. breast augmentation business outperformed versus the market and grew over 90% year-over-year. Our U.S. reconstruction business, which includes both expanders and implants, grew approximately 19% over the same time. The growth in our breast business came from accelerating market share within current accounts and opening new accounts. We added over 200 new accounts in Q1, and ended the quarter with a little over 2,400 total active accounts. Now, turning to our commercial execution. In Q1 2021, we remained focused on accelerating market share growth through marketing innovation and executional excellence. We know that patients use company websites as one of the top two sources of information, and research has shown us that 71% of surgeons would add a new breast implant brand if more patients ask for it. In the first week of January, we launched a successful marketing program focused on driving consumer brand awareness and patient acquisition. This included a new brand campaign, a modernized Cientra website, and a highly focused DTC campaign, which included social media and digital marketing. Through these marketing efforts, we have reached now 3.4 million consumers with almost 90,000 web visits, yielding an exciting four-fold increase in traffic versus last year. The outcome of those website visits was 22,000 surgeon searches and thousands of referrals directly to those surgeons. We hit the ground running by hosting our national sales meeting the first week of January with a larger, fully trained sales force as well as a full relaunch of the central brand and sales toolkit. This readiness put our company in a position to capitalize on the market trends, an uptick in both cosmetic and reconstruction segments. If we look a little closer on the reconstruction market, the overall market started to come back in late first quarter, and we view our market expansion opportunity in this area as a significant midterm driver. We're successful in expanding our customer base during the quarter by targeting the high-volume hospitals and leveraging our innovative AlloX2 tissue expander. As a reminder, our patent AlloX2 expander is the only expander in the market that provides surgeons with access to the periprosthetic space for diagnostic sampling and treatment of seromas, leading to less complications and reduced re-operation rates for patients. We were recently awarded an innovative technology contract from Vizion, the nation's largest member-driven healthcare improvement company. This distinction recognizes the unique features and benefits of AllX2, and it makes the product now broadly available to all major hospitals in the U.S. performing reconstruction surgery. San Andreas Field Force is ready to go, and they kicked off an accelerated promotion to pull through the contracting 3,500 reconstruction hospitals with a heavier focus on the top 10% of those hospitals. Now turning our focus on innovation in our development pipeline. We are very excited to announce our recent partnership with Butterfly Network to promote their ultrasound device. Plastic surgeons can now make more informed decisions about the condition of their implants using imaging information from the Butterfly IQ+. The partnership was in full display at the most recent American Statics meeting in Miami. Cientra's medical affairs and reconstruction managers have begun promoting Butterfly IQ Plus to hospitals and key customers. We have also made significant progress on our next-generation tissue expander that builds upon our novel patent dual-port design. The new expander will promote better patient outcomes due to its minimally invasive drainage system and will also allow for MRI and targeted radiation therapy. As previously reported, we filed our 510K application for this next generation expander last year and it's presently under active review within the FDA. We'll continue to work with the FDA on this application and are optimistic for a commercial launch in the first half of 2022. When I came aboard seven months ago, I was committed to accelerate Cientra's focus on our core business and remove distractions from our team. After a rigorous process, we're thrilled that we reached an agreement with 1315 as a buyer for Miradry. This is great for our customers and for patients, as Miradry is one of the mostly highly rated aesthetic treatments for hyperhidrosis. And we're committed to a smooth transition following closing to ensure a high level of customer service. In terms of our expectation for the full year 2021, and based on our strong first quarter results, we have updated our guidance and expect to achieve breast product net sales between 72 to 76 million, representing 31 to 38% growth year over year. We'll now turn the call over to Val for a more detailed review of our first quarter financial results. Val.