Sientra, Inc.

Good day, ladies and gentlemen. Thank you for standing by. And welcome to the CNTRA third quarter 2021 earnings conference call. At this time, all participants are on 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 the star then the one key on your touchtone telephone. Please be advised that today's conference may be recorded. If you recall operator assistance, please press star then zero. I would now like to hand the conference over to your speaker host, Oliver Bennett, General Counsel's Chief Compliance Officer. Please go ahead.

Thanks, operator. Good afternoon and welcome to the CIENTRA third quarter 2021 earnings conference 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 securities 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 will file on Friday. 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, Andy Schmidt, our Chief Financial Officer, and Denise D'Alias, Cientra's Vice President of Research and Development. I will now turn the call over to Ron. Ron.

Thanks, everyone, and thanks for joining us today in our third quarter 21 earnings call. The core mission of Cientra is to enhance lives by advancing the art of plastic surgery. This mission is reflected in our focus on board-certified plastic surgeons and our goal to become a market leader in this category. You're going to hear today that we're making significant progress towards becoming the partner choice to plastic surgeons, by providing both reconstruction and augmentation products and services. This focus has enabled us to deliver over 20% plus growth for the past five quarters in a row, including this quarter, which showed exceptional results and an all-time high for total accounts. Net sales grew 28% over the prior year. Importantly, this growth was primarily driven by a 33% increase in our reconstruction market demonstrating the strength of our product portfolio. We saw excellent Salesforce execution in the third quarter, driven by dramatic growth in existing accounts for both reconstruction and augmentation. As a matter of fact, the growth from existing accounts in the third quarter represented 75% of the overall growth. We also added more than 300 new accounts this quarter, bringing our total number of accounts to an all-time high of 2,700 accounts. We're seeing the benefit of a greater emphasis on creating patient demand for sanitary implants through unique marketing initiatives and partnering plastic surgeons. Our patient acquisition efforts have been key to driving greater physician loyalty. Year to date, we have referred now almost 17,000 patients to our plastic surgeon customers. Our reconstruction strategy and execution is working, as this quarter was the best quarter in Cientra's history. And based on the latest data obtained from IQVIA, Cientra's year-to-date share of hospital purchases has increased across both implants and expanders by three share points. And according to this data, Cientra is the only brand so far with sequential year-over-year market share gains for the past three years. We also reach all-time highs in revenue for both tissue expanders and implants used for reconstruction. And 75% of recon revenue came from existing accounts. Our strategy to expand market share with existing accounts while adding new accounts to drive future sales is working. We'll continue to accelerate our market share gain and we're well-positioned to grow in this space due to the demand created by the safety of our products and the strength of our GPO contracts. Our team is focusing on the highest volume hospitals in the U.S. while leveraging the momentum of new account gains and increased product adoption. We're delighted to see the addition of 130 new hospitals this quarter, which we expect to feel future growth as it typically takes four to six months for new accounts to start generating revenue. The reconstruction business favors product safety to provide the best possible patient outcomes and to minimize complications which can reduce re-operations. We're very pleased to share that an independent study from Stanford University's School of Medicine confirmed that Cientra's AlloX2 dual-port tissue expander enables efficient management of seroma and early targeted intervention in the pre-pectorial breast reconstruction. confirming that we're leading the way with innovative technologies designed to improve patients' lives and procedural outcomes. We also saw outstanding commercial execution supporting our strategy to expand our market share in medical facilities performing reconstruction surgeries. We hosted several education events with almost 90 hospitals and surgery centers represented at those events. We believe it's important that we do more than provide superior products and services, but that also we give back to the community. We recently announced that we partner with Mission Plasticos, a nonprofit organization, to provide access to breast reconstruction surgery for women in poverty across the U.S. We're excited to share that almost 100 surgeons already signed up to perform free surgery using our products. And contrary to expectations, the brass augmentation market continues to flourish. Market data shows that overall, year-to-date, brass augmentation is a four-year high. It's up 17% over 2020, 9% over 2019. In fact, it's the highest in history. The interest market share continues to grow and now is estimated to be close to 11% in brass augmentation. while the comparable quarter in 2020 was estimated to be slightly over 6%. Our customers' loyalty and stickiness is the real difference here for us. When they come to us, they stay with us. And consumer enthusiasm towards breast augmentation remains very strong. According to recent market research, 74% of women considering implants indicated they are likely to get breast augmentation within the next 12 months. Our brand growth is fueled by our efforts to consumerize the category, and when consumers ask for a brand, 71% of surgeons will use that brand of implants. 34 million consumers are reached online by multiple digital platforms, by serving up educational content for those considering breast augmentation and guiding them to a C-intra surgeon. Our online presence supports our message of safety and high patient satisfaction. That assurance and peace of mind is continuously opening doors for us. We started a new program called Cientra Academy to drive pull through at the count level. To date, we have experienced two times revenue growth among surgeons that attended the program. And based on initial success, we'll be scaling up this program next year. Cientra is refocusing innovation to fuel our future growth and is backed by our commitment to best in class safety profile. We're on track for year-end 510K submission for our next-generation tissue expander, Allo X2 Pro. As we move through the final quarter of the year, we'll continue to see strong momentum in both our augmentation and reconstruction markets, setting up for a strong finish to the year and, importantly, a healthy start to 2022. Andy will now give more details on our financial performance.