Sientra, Inc.

Good day and welcome to the Cientra, Inc. first quarter 2022 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touch-tone phone. To withdraw from the question queue, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Oliver Bennett. Please go ahead.

Thanks, Operator. Good afternoon and welcome to the Cientra First Quarter 2022 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 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. 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. A detailed discussion of the risks and uncertainties that the company faces is contained in its previously filed annual report on Form 10-K, and its quarterly report on Form 10-Q for the first quarter that ended March 31, 2022, to be filed with the SEC and available on the company's website and at sec.gov. 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 Menendez, Cientra's President and Chief Executive Officer, and Andy Schmidt, Cientra's Chief Financial Officer. I will now turn the call over to Ron. Ron.

Thanks, Oliver, and hello, everyone. Our seventh consecutive quarter of growth was fueled by a record high reconstruction performance. This result was a validation of our strategy to focus on the recon market. This quarter has set the foundation for 22 with the reemergence of this highly valuable market, which will support our long-term growth. We're now seeing hospitals go back to pre-pandemic volumes. We'll continue to add accounts and grow market share in this important segment. We had record Q1 revenue. of 21.4 million, a 17% increase over the same quarter last year. We're also thrilled with the over 50% year-over-year increase in the reconstruction channel. In the augmentation or cosmetic market, we hit an all-time high market share of 13%. The company also had 60% gross margins as a result of increased recon sales and improved operational efficiencies. As we look into the rest of 22 and beyond, we're focusing on three key areas. First, accelerate market share growth within reconstruction and augmentation. Second, continue to invest in commercial and R&D to support current and future growth. And lastly, to transform Sientra into an innovative aesthetics company offering an enhanced portfolio for plastic surgeons. Our existing accounts continue to perform extremely well and drove more than 90% of our revenue in Q1 22. New accounts also served as a leading indicator to a long-term growth profile, and we added over 200 new accounts in the first quarter of 22. As a reminder, our teacher expanders are now in every major GPO in the country. And when we bring a new Recon account, it typically takes four to six months before it receives significant sales volumes. We expect those new accounts to be accretive to Cientra's top-line growth this year and beyond. This continuous growth in accounts reinforces the fact that surgeons are switching to Cientra, driven by our value proposition, the safety profile of our products, which is backed by our 10-year clinical data, which is the best-in-class warranty, and being the partner of choice for plastic surgeons. The benefits of our portfolio have led to the acceleration on both recon and augmentation share gains, which offers unique and innovative technologies in tissue expanders and breast implants. Now turning to the augmentation market. The pandemic caused quite a boom in the plastic surgery market, and now we're seeing the augmentation market return to normal seasonality. Last year, we purposely set ourselves and our surgeons up by resetting our commercial strategy, and it's working. We'll continue to grow our volume, and our share of the market hit an all-time high of 13%, this quarter compared to the same quarter last year, where we are about 8.5%. We also doubled our consumer brand awareness over the past two years, growing at the highest rate in the category and putting us in the number two position amongst all brands. We're strategically investing to educate consumers about our safety profile, which is driving brand requests to plastic surgeons for C-entry implants. Additionally, we're providing more value to our surgeon partners, by training them not only about our product advantages and techniques, but on practice management and growing their business in the highest revenue producing segment in plastic surgery, brass augmentation. We're also seeing growing interest in fat grafting in the plastic surgery market, which validates our decision to acquire the novel fat grafting technology abandoned last year. Just a couple of weeks ago, At the Aesthetics Meeting San Diego, the growing use of fat grafting in plastic surgery was a topic highly discussed and highlighted in many of the sessions. The benefits of fat grafting in both aesthetic and recon breast surgery has also been a topic of recent publications. We're confident our fat grafting technology will offer patients and surgeons unique benefits to obtain safe, natural, predictable, and reliable outcomes. We're very excited about this year. as we build the foundation for the upcoming years. With that, I'll turn the call over to Andy.