Sientra to Acquire Miramar Labs®

Sientra to Acquire Miramar Labs®

miraDry® System is the Only FDA Cleared Device to Reduce Underarm Sweat, Odor and Permanently Reduce Hair of All Colors

Sientra Intends to Secure a $50 Million Credit Facility

Aesthetic Industry Veteran Keith Sullivan Joins Sientra as Strategic Advisor

Sientra to Host Conference Call at 5:30am PT / 8:30am ET Today

Santa Barbara, CA and Santa Clara, CA – June 12, 2017 – Sientra, Inc. (NASDAQ: SIEN) (“Sientra” or the “Company”), a medical aesthetics company, and Miramar Labs, Inc. (OTCQB: MRLB) (“Miramar”), a global medical device company dedicated to bringing innovative and clinically proven applications to treat unmet needs in the aesthetic marketplace, announced today that they have entered into a definitive agreement under which Sientra has agreed to acquire Miramar for an aggregate transaction value of $20 million in upfront cash plus contractual rights for potential contingent payments of up to $14 million in cash upon the achievement of certain milestones, which would be paid to holders of Miramar equity, debt and other obligations.

The acquisition of Miramar significantly broadens Sientra’s aesthetics portfolio, adding the miraDry system, the only FDA cleared device to reduce underarm sweat, odor and permanently reduce hair of all colors. The miraDry non-invasive procedure is safe and highly efficacious with a proven commercial and clinical track record. As of the first quarter 2017, over 90,000 treatments have been sold to date with over 900 systems installed worldwide and 2016 full year revenue of approximately $20 million, up 19% year-over-year.

Jeffrey M. Nugent, Chairman and Chief Executive Officer of Sientra, said, “The acquisition of Miramar will be a significant step toward our stated intent of building Sientra into a diversified global aesthetic company. We remain highly confident in the core Sientra business as we prepare for relaunch and expansion moving into 2018 and continue to expect approval of the PMA Supplement for our new U.S. based manufacturing site by the end of 2017. The two organizations are highly complementary, and together we believe we can build greater shareholder value. We believe this novel technology will meaningfully expand our addressable market and will be revenue accretive in the second half of 2017 at a very attractive valuation. The miraDry procedure is well recognized by key opinion leaders as a highly efficacious technology that delivers results patients want and contributes to aesthetic practice growth, as demonstrated by its over 20% revenue CAGR over the past three years.”

Mike Kleine, President and Chief Executive Officer of Miramar said, “We are excited to become part of Sientra, as it will enable us to advance our vision for making miraDry a leading efficacious procedure in the practices of aesthetic physicians. In addition, this combination will bring the additional capital investment needed in sales and marketing to allow scaling of miraDry’s installed base by leveraging Sientra’s expanded customer base and their sales team. Finally, I would like to thank the employees of Miramar for their dedication and perseverance in bringing this novel miraDry technology to the forefront of the aesthetics market.”

Mr. Nugent continued, “We believe we can leverage this platform to further improve miraDry’s commercial results by deploying proven marketing programs in the capital and consumable aesthetic space backed by our ability to fund the needed investments in sales and marketing. Through cross marketing, sales force expansion, enhanced branding and promotion, and potential bundling opportunities, we see significant opportunity to improve miraDry sales. Overall, we expect the transaction to be meaningfully accretive to full year 2018 revenues and we expect to generate positive cash flow faster as a combined company than Sientra would have achieved as a stand-alone business. We look forward to working with the Miramar team and welcome them to the Sientra family.”

Bruce W. Van Natta, MD of Meridian Plastics Surgeons of Indianapolis, IN, said, “I have been very pleased with both the clinical outcomes and patient interest in the miraDry procedure. It uniquely offers the triple benefit of treating sweat, odor and axillary hair of all colors. I have offered the miraDry procedure in my practice for over two years and continue to see the growth of lifestyle treatments like miraDry. I have had the procedure myself and love the results. I am truly excited that Sientra is continuing to support our business growth by adding miraDry to their aesthetics portfolio.”

Sientra also announced that aesthetic industry veteran, Keith Sullivan, has joined Sientra as Strategic Advisor and will advise on the commercial efforts for the Miramar business. Mr. Sullivan was most recently Chief Commercial Officer and President of North America at ZELTIQ and prior to that ran the ZELTIQ global marketing and sales organization. Under his tenure, ZELTIQ achieved a four-year revenue CAGR of nearly 50% building from $76 million in 2012 to $355 million in 2016.

Keith Sullivan, Strategic Advisor to Sientra, said, “I am excited to begin advising Jeff and the team on growing the miraDry procedure. I see many similarities between the MiraDry and CoolSculpting procedures and business models. They both have all the key attributes of a lifestyle aesthetics platform, with a capital plus consumable business model that should achieve broad based consumer adoption. I believe that Sientra can apply gold-standard aesthetic sales, physician training and marketing tactics to build the miraDry global brand, drive broader system placements, increase utilization and thereby build real scale in one of the last remaining large and underpenetrated aesthetic markets.”

William Blair 37th Annual Growth Conference
Jeff Nugent, President and Chief Executive Officer, and Patrick F. Williams, Chief Financial Officer, will be in Chicago, IL for the William Blair 37th Annual Growth Stock Conference and are scheduled to present Thursday, June 15, 2017 at 8:40 a.m. PT / 11:40 a.m. ET.

An audio webcast of the Company’s presentation will be made available on the investor relations section of Sientra’s web site at www.sientra.com. Replays of the presentations will be available for 90 days.

Transaction Terms
The transaction is structured as a cash tender offer to acquire all of the outstanding shares of Miramar’s common stock, after settlement of Miramar debt and other obligations, the transaction contemplates an offer price of $0.3149 per share plus the contractual right to receive one or more contingent payments of up to approximately $0.7058 per share upon the achievement of certain sales-based milestones. The tender offer will be followed by a merger in which each remaining untendered share of Miramar’s common stock would be converted into the right to receive the same purchase price per share and contingent cash consideration. The transaction, which has been approved by the board of directors of both Sientra and Miramar, is subject to the satisfaction of customary closing conditions, including the tender of a majority of shares of Miramar common stock. Holders of approximately 73% of the shares of Miramar common stock in the aggregate have entered into Tender and Support Agreements, which obligate such holders to tender their shares into the tender offer. The Tender and Support Agreements terminate automatically, among other things, upon the termination of the Merger Agreement, including if Miramar terminates the agreement in favor of a Superior Offer (as defined in the Merger Agreement).

The transaction is not subject to a financing condition. Sientra has sufficient cash on hand to finance the transaction, and has also signed a term sheet with MidCap Financial Services and Silicon Valley Bank for a $50 million credit facility. Subject to the execution of definitive agreements, the credit facility will be comprised of $40 million in term debt that is accessible in three tranches and a $10 million revolver. The new credit facility is intended to replace Sientra’s existing $20 million credit facility announced in March of 2017.

Advisors
In connection with the transaction and the debt financing, Stifel acted as a financial advisor to Sientra, and Cooley LLP acted as legal counsel to Sientra. Canaccord Genuity acted as financial advisor and Wilson Sonsini Goodrich & Rosati acted as legal counsel for Miramar.

Conference Call and Webcast Information
Sientra will hold a conference call and webcast today, June 12, 2017 at 8:30am ET to discuss the acquisition, followed by a question and answer session. The dial-in numbers are (844) 464-3933 for domestic callers and (765) 507-2612 for international callers. The conference ID is 38212328. A live webcast of the conference call and accompanying presentation slides will be available on the Investor Relations section of the Company’s website at www.sientra.com.

A replay of the conference call will be available through June 26, 2017 and can be accessed by dialing (855) 859-2056. The conference ID for the replay is 38212328. The webcast will be available on the Investor Relations section of the Company’s website following the completion of the call.

About Sientra
Headquartered in Santa Barbara, California, Sientra is a medical aesthetics company committed to making a difference in patients’ lives by enhancing their body image, growing their self-esteem and restoring their confidence. The Company was founded to provide greater choice to board-certified plastic surgeons and patients in need of medical aesthetics products. The Company has developed a broad portfolio of products with technologically differentiated characteristics, supported by independent laboratory testing and strong clinical trial outcomes. The Company sells its breast implants and breast tissue expanders exclusively to board-certified and board-admissible plastic surgeons and tailors its customer service offerings to their specific needs. The Company also offers a range of other aesthetic and specialty products including BIOCORNEUM®, the professional choice in scar management.

About Miramar Labs
Headquartered in Santa Clara, California, Miramar Labs is a global medical device company dedicated to bringing innovative and clinically proven applications to treat unmet needs in the aesthetic marketplace. Supported by rigorous clinical research, Miramar Labs is focused on addressing aesthetic medical conditions for which there are significant unmet clinical needs. The company’s first priority is the treatment of bothersome underarm sweat, an issue that hundreds of millions of people deal with daily. The miraDry procedure has an established safety and efficacy profile with over 90,000 patients treated worldwide.

Physicians and patients are encouraged to visit www.miramarlabs.com or www.miradry.com for additional information.

Forward- looking statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to the anticipated consummation of the acquisition of Miramar and the timing and benefits thereof, the performance of the miraDry system, Sientra’s strategy, plans, objectives, expectations (financial or otherwise) and intentions, future financial results and growth potential, expected source and amount of funding for the acquisition, the ability to consummate the closing of the new credit facility, and other statements that are not historical facts. These forward-looking statements are based on management’s current assumptions and expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipate in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to our ability to complete the transaction on the proposed terms and schedule, risks associated with acquisitions, such as the risk that the business will not be integrated successfully, that such integration may be more difficult, time-consuming or costly than expected or that the expected benefits of the transaction will not occur, risks related to future opportunities and plans for the acquired company and its products, including uncertainty of the expected financial performance of the acquired company and its products, our ability to obtain expected financing, the calculations of, and factors that may impact the calculations of, the acquisition price in connection with the proposed merger as well as other risks related to our business as can be found in the Risk Factors section of Sientra’s most recently filed Quarterly Report on Form 10-Q and and its Annual Report on Form 10-K for the year ended December 31, 2016. All statements other than statements of historical fact are forward-looking statements. The words ‘‘believe,’’ ‘‘may,’’ ‘‘might,’’ ‘‘could,’’ ‘‘will,’’ ‘‘aim,’’ ‘‘estimate,’’ ‘‘continue,’’ ‘‘anticipate,’’ ‘‘intend,’’ ‘‘expect,’’ ‘‘plan,’’ or the negative of those terms, and similar expressions that convey uncertainty of future events or outcomes are intended to identify estimates, projections and other forward-looking statements. Estimates, projections and other forward-looking statements speak only as of the date they were made, and, except to the extent required by law, Sientra undertakes no obligation to update or review any estimate, projection or forward-looking statement.

Additional Information and Where to Find It
The tender offer described in this communication (the “Offer”) has not yet commenced and this communication is neither an offer to purchase nor a solicitation of an offer to sell shares of Miramar or other securities, nor is it a substitute for the tender offer materials that Sientra and its acquisition subsidiary will file with the SEC upon commencement of the tender offer. At the time the Offer is commenced, Sientra and its acquisition subsidiary will file tender offer materials on Schedule TO, and Miramar will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the Offer. The tender offer materials (including an Offer to Purchase, a related Letter of Transmittal and certain other tender offer documents) and the Solicitation/Recommendation Statement, as they may be amended from time to time, will contain important information. Holders of Miramar’s securities are urged to read these documents when they become available because they will contain important information that holders of Miramar’s securities should consider before making any decision regarding tendering their securities. The Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, will be made available to all holders of Miramar securities at no expense to them. Investors and security holders may obtain free copies of these documents (when they are available) and other related documents filed with the SEC at the SEC’s web site at http://www.sec.gov or by directing such requests to the Information Agent for the Offer, which will be named in the tender offer statement.

Investor Contacts:
Patrick F. Williams
Sientra, Chief Financial Officer
(619) 675-1047
patrick.williams@sientra.com

Nick Laudico / Brian Johnston
The Ruth Group
(646) 536-7030 / (646) 536-7028
IR@Sientra.com

Brigid A. Makes
Miramar Labs, Chief Financial Officer
(408) 579-8700
bmakes@miramarlabs.com


Miramar Labs, Inc. ® Reports Q1 2017 Financial Results

Highlights:

– First quarter revenue of $3.8 million
– Strong sales in Europe/Middle East with 26% year-over -year growth
– Continued momentum in North America sales with 18% year-over-year growth
– Decline in Asia sales of 54% year-over-year due to timing of orders in Japan and China
– Gross margin expands to 56%, up from 53%
– Cash and cash equivalents of $1.1 million at March 31, 2017

SANTA CLARA, Calif., — May 15, 2017 — Miramar Labs, Inc., (OTCQB: MRLB), a global aesthetic company, announced today financial results for the first quarter ended March 31, 2017.

Michael Kleine, President and Chief Executive Officer of Miramar Labs, said, “We continue to see excitement around the miraDry® technology in our global markets during the first quarter. We are pleased with our growth in Europe/Middle East and North America and in particular the 47% and 25% growth in consumables products respectively, which indicates there is robust patient interest in the miraDry procedure. While we are disappointed with the 54% sales decline in Asia, the decrease was primarily due to the timing of China and Japan orders and going forward, we remain positive that our new “miraDry is Confidence” campaign is generating excitement, not only in the US market but across Europe, the Middle East and Asia.”

“Despite these positive trends, we continue to be challenged by a lack of financial capital, which has impeded our ability to invest in initiatives to accelerate our growth. As a result, we are carefully managing our cash and securing additional capital as this continues to be a major focus of the Company,” added Michael Kleine.

The latest Miramar Labs financing occurred in January 2017 and involved the issuance of convertible promissory notes in the aggregate principal amount of approximately $2.7 million. In the event of a future equity financing, the amount equivalent to the outstanding balance of each note multiplied by five will convert into shares of securities issued at such equity financing, either automatically or at the election of holders holding a majority of the aggregate outstanding principal amount of the notes, depending on the amount of proceeds from such equity financing. In the event of a change of control before the next equity financing, the amount equivalent to the outstanding balance of each note multiplied by three will convert into shares of the acquiring company in a stock-for-stock merger or will be paid out in cash in a cash-for-stock merger.

Financial Results

Total revenue in the first quarter of 2017 was $3.8 million, an 11% decrease compared to $4.3 million in the first quarter of 2016. This revenue reflects a 10% growth in consumable product sales worldwide, which partially offset the decrease in capital sales. As mentioned above, North America growth was 18%, including 25% growth in consumable product sales, and Europe/Middle East growth was 26%, including 47% growth in consumable sales. In Asia, revenue declined 54%, primarily due to the timing of China and Japan orders.

Cost of product revenue was $1.7 million in the first quarter of 2017 as compared to $2.0 million in the first quarter of 2016. Total gross margin in the first quarter of 2017 was $2.1 million, or 56% of revenue, compared to $2.3 million, or 53% of revenue, in the same period in 2016. The increase in gross margin for the three months ended March 31, 2017, as compared to the same period in 2016, is primarily attributable to a higher percentage of sales of consumables worldwide, especially in North America and Europe, where we have a higher gross margin as compared to capital sales.

Total operating expenses for the three months ended March 31, 2017, were $5.3 million, compared to $5.3 million for the same period in 2016. For the three months ended March 31, 2017, higher general and administrative expenses due to public company costs and stock option compensation charges were offset by lower research and development expense for the same period.

Net loss for the three months ended March 31, 2017 was $7.3 million, or $0.78 per share, compared to a loss of $3.3 million or $8.32 per share for the three months ended March 31, 2016. The net loss for the three months ended March 31, 2017 included a non-cash interest expense charge of $3.2 million for the derivative liability incurred for the convertible promissory notes issued in January 2017.

Miramar Labs had total cash and cash equivalents of $1.1 million at March 31, 2017.

About Miramar Labs:
Miramar Labs, Inc. is a global medical device company dedicated to bringing innovative and clinically proven applications to treat unmet needs in the aesthetic marketplace. Supported by rigorous clinical research, Miramar Labs is focused on addressing aesthetic medical conditions for which there are significant unmet clinical needs. The company’s first priority is the treatment of bothersome underarm sweat, an issue that hundreds of millions of people deal with daily. The miraDry procedure has an established safety and efficacy profile with over 90,000 patients treated worldwide. Physicians and patients are encouraged to visit www.miramarlabs.com or www.miradry.com for additional information.

Forward Looking Statements:
This press release contains forward-looking statements. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, references to expansion opportunities, revenue generation, anticipated uses of proceeds from the private placement and business and product development plans. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to raise the additional funding needed to continue to pursue our business and product development plans, the inherent uncertainties associated with developing new products or technologies, the ability to commercialize the miraDry system, competition in the industry in which we operate and overall market conditions. These forward-looking statements are made as of the date of this press release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should review all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents we file with the SEC, which are available at www.sec.gov. For more details on the terms of the convertible promissory notes issued in the January 2017 financing, see our Current Report on Form 8-K filed with the Securities Exchange Commission on February 2, 2017.

Contact:
Investors:
Brigid Makes
Sr. Vice President & Chief Financial Officer
Phone: 408.579.8700
Email: investors@miramarlabs.com

Media/Other:
Robert Ellis
Vice President of Global Marketing Miramar Labs
Phone: 408-579-8706
Email: info@miramarlabs.com

Miramar Labs, Inc.® Reports Fourth Quarter and Full Year 2016 Financial Results

Highlights:
– 2016 revenue of $20.4 million, up 19% year-over-year
– Strong sales in North America with year-over-year growth of 38%
– Gross margin expands to 55% in 2016, up from 52% in the prior year

SANTA CLARA, Calif., — March 16, 2017 — Miramar Labs, Inc., (OTCQB: MRLB), a global aesthetic company, announced today financial results for fourth quarter and full year ended December 31, 2016.

Michael Kleine, President and Chief Executive Officer of Miramar Labs, said, “We continued to achieve very strong momentum in our North America business, which grew 38% in 2016, driven by our efforts to increase awareness and adoption of our technology. We are also benefiting from the indication expansion for the miraDry® system, which now provides three distinct benefits to both physicians and patients with its ability to reduce axillary sweat, odor and hair. This unique value proposition for our customers and consumers, is a core driver of expanding our business and delivering on our growth objectives.”

In 2016, Miramar expanded its approved indications for the miraDry system and received FDA 510(k) clearance to market for the reduction of odor. The miraDry system is now FDA cleared with indications for sweat, odor and hair reduction, expanding the utility of the system. Recognition of these advancements of the application of the proprietary miraWave technology was recognized with Aesthetics Everything naming Miramar Labs as one of ”The Top Aesthetics Companies in 2016″.

Mr. Kleine concluded, “We are excited to continue building consumer awareness and further accelerating sales with the addition of celebrity spokesperson and miraDry patient Antonio Sabato Jr. This is complementary to our strategy to increase our focus on social media, where we have seen a strong interest reflecting the early impact of our miraDry is Confidence campaign. In addition, our marketing efforts are building awareness of the miraDry treatment among potential customers and patients, highlighting its effectiveness and high patient satisfaction.”

Financial Results
Total revenue in the fourth quarter of 2016 was $4.4 million, a 18% decrease compared to $5.4 million in the fourth quarter of 2015. The year-over-year decline was primarily due to the timing of Asia console sales, which were received in earlier quarters in 2016 as compared to 2015. For the year ended December 31, 2016, revenue totaled $20.4 million, a 19% increase compared to $17.2 million for the year ended December 31, 2015. This revenue increase reflects strong sales of both capital systems and consumables. As mentioned above, North America growth was 38% for the year, with strong performance in capital systems and consumables. In Asia, revenue grew 6% for the year, driven by very strong capital system sales growth of 45%, offset by disappointing consumable sales associated with the transition of a distributor in a key market. In Europe and the Middle East, sales grew 10% driven by strong consumable sales with growth of 69%, offset by lower console sales due to the termination and transition of key distributors.

Total gross margin in the fourth quarter of 2016 was $2.5 million, or 56% of revenue, compared to $2.9 million, or 53% of revenue, in the same period in 2015. Gross margin for the year ended December 31, 2016 was $11.3 million, or 55% of revenue, compared to $8.9 million, or 52% of revenue, for the same period in 2015. The increase in gross margin is primarily attributable to a higher percentage of sales in North America and Asia-Pacific, where Miramar Labs has higher selling prices, in addition to lower cost of revenue due to higher production volumes and favorable labor efficiencies, as compared to the same periods in 2015.

Total operating expenses for the three months and year ended December 31, 2016, were $5.7 million and $22.9 million, compared to $5.4 million and $22.2 million for the same periods in 2015. For both the three months and year ended December 31, 2016, higher sales and general and administrative expenses were offset by lower research and development expense for the same periods.

Net loss for the three months and year ended December 31, 2016 was $3.4 million, or $(0.37) per share, and $20.4 million or $(3.80) per share, compared to a net loss of $2.8 million, or $(6.89) per share, and $14.5 million, or $(37.33) per share for the three months and year ended December 31, 2015. In the second quarter, the company recorded a one-time non-cash charge of $8.1 million for the loss on the conversion of debt associated with the merger. The non-GAAP loss for the three months and year ended December 31, 2016 was $3.4 million, or $(0.37) per share, and $12.4 million, or $(2.30) per share, compared to a non-GAAP loss of $2.7 million and $14.5 million for the three months and year ended December 31, 2015.

Miramar Labs had total cash and cash equivalents of $2.2 million at December 31, 2016.

Use of Non-GAAP Financial Measure:
Miramar Labs has supplemented its GAAP net loss with a non-GAAP measure of net loss. Management believes that this non-GAAP financial measure provides useful supplemental information to management and investors regarding the performance of Miramar Labs, facilitates a more meaningful comparison of results for current periods with previous operating results, and assists management in analyzing future trends, making strategic and business decisions and establishing internal budgets and forecasts. A reconciliation of GAAP net loss to non-GAAP net loss in the most directly comparable GAAP measure is provided in the schedule below. GAAP net loss is the most directly comparable measure to non-GAAP net loss.

There are limitations in using this non-GAAP financial measure because it is not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. This non-GAAP financial measure should not be considered in isolation or as a substitute for GAAP financial measures. Investors and potential investors should consider non-GAAP financial measures only in conjunction with Miramar Lab’s consolidated financial statements prepared in accordance with GAAP and the reconciliation of the non-GAAP financial measure provided in the schedule below.

About Miramar Labs:
Miramar Labs, Inc. is a global medical device company dedicated to bringing innovative and clinically proven applications to treat unmet needs in the aesthetic marketplace. Supported by rigorous clinical research, Miramar Labs is focused on addressing aesthetic medical conditions for which there are significant unmet clinical needs. The company’s first priority is the treatment of bothersome underarm sweat, an issue that hundreds of millions of people deal with daily. The miraDry procedure has an established safety and efficacy profile with over 80,000 patients treated worldwide. Physicians and patients are encouraged to visit www.miramarlabs.com or www.miradry.com for additional information.

Forward Looking Statements:
This press release contains forward-looking statements. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, references to expansion opportunities, revenue generation, anticipated uses of proceeds from the private placement and business and product development plans. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to raise the additional funding needed to continue to pursue our business and product development plans, the inherent uncertainties associated with developing new products or technologies, the ability to commercialize the miraDry system, competition in the industry in which we operate and overall market conditions. These forward-looking statements are made as of the date of this press release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should review all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents we file with the SEC, which are available at www.sec.gov.

Contact:
Investors:
Brigid Makes
Sr. Vice President & Chief Financial Officer
Phone: 408.579.8700
Email: investors@miramarlabs.com

Media/Other:
Robert Ellis
Vice President of Global Marketing
Phone: 408-579-8706
Email: info@miramarlabs.com

Miramar Labs, Inc.® to Present at the 9th Annual LD Micro Main Event

LOS ANGELES, CA / ACCESSWIRE / November 30th, 2016 / Miramar Labs, Inc., (OTCQB: MRLB), a global aesthetic company, announced today that it will be presenting at the 9th annual LD Micro Main Event on Wednesday, December 7th at 8:30 AM PST / 11:30 AM EST at the Luxe Sunset Boulevard Hotel in Los Angeles, CA. Mike Kleine, Chief Executive Officer of Miramar, will be presenting, as well as meeting with investors.

Event: 9th Annual LD Micro Main Event
Date: Wednesday, December 7th, 2016
Time: 8:30 a.m. PT / 11:30 a.m. ET

The LD Micro Main Event is the largest independent conference for small/microcap companies and will feature 240 presenting names.

An audio webcast of the Company’s presentation will be available online at http://wsw.com/webcast/ldmicro11/mrlb. Replay of the presentation will be available for 90 days.

View Miramar Labs’ profile here: http://www.ldmicro.com/profile/MRLB

News Compliments of Accesswire

About Miramar Labs
Miramar Labs, Inc.® is a global medical device company dedicated to bringing innovative and clinically proven applications to treat unmet needs in the aesthetic marketplace. Supported by rigorous clinical research, Miramar Labs is focused on addressing medical conditions for which there are significant unmet clinical needs. The company’s first priority is the treatment of bothersome underarm sweat, an issue that hundreds of millions of people deal with daily. The miraDry® procedure has an established safety and efficacy profile with over 80,000 patients treated worldwide. Physicians and patients are encouraged to visit www.miramarlabs.com or www.miradry.com for additional information.

About LD Micro
LD Micro was founded in 2006 with the sole purpose of being an independent resource in the microcap space. What started out as a newsletter highlighting unique companies has transformed into an event platform hosting several influential conferences annually (Invitational, Summit, and Main Event).

In 2015, LDM launched the first pure microcap index (the LDMi) to exclusively provide intraday information on the entire sector. LD will continue to provide valuable tools for the benefit of everyone in the small and microcap universe.
For those interested in attending, please contact David Scher at david@ldmicro.com or visit www.ldmicro.com/events for more information.

Contact:
Name: Brigid Makes
Phone: 408-579-8700
Address: Santa Clara, CA
Email: investors@miramarlabs.com

Name: Nick Laudico or Zack Kubow
Phone: 646-536-7030 / 7020
Address: New York, NY / San Francisco, CA
Email: nlaudico@theruthgroup.com / zkubow@theruthgroup.com

Name: Bob Prag
Phone: 858-794-9500
Address: Del Mar, CA
Email: bprag@delmarconsulting.com

Source: Miramar Labs via LD Micro

Miramar Labs, Inc.® to Present at Two Investor Conferences in November 2016

SANTA CLARA, Calif., Nov. 14, 2016 (GLOBE NEWSWIRE) ­­ Miramar Labs, Inc., (OTCQB:MRLB), a global aesthetic company, announced today that the Company will present at two investor conferences in November 2016. The first presentation will be at the Canaccord Genuity Medical Technologies & Diagnostics Forum in New York, NY.

Event: Canaccord Genuity Medical Technologies & Diagnostics Forum
Date: Thursday, November 17th, 2016
Time: 3:00 p.m. ET

The second presentation will be at the 28th Annual Piper Jaffray Healthcare Conference in New York, NY.

Event: 28th Annual Piper Jaffray Healthcare Conference
Date: Tuesday, November 29th, 2016
Time: 12:10 p.m. ET

Audio webcasts of the Company’s presentations will be available online at www.miramarlabs.com/investors. Replays of the presentations will be available for 30 days.

Investors who are not attending the conference but would like to schedule a one­on­one meeting with Miramar management may do so by contacting Chris Nardo at The Ruth Group at cnardo@theruthgroup.com.

About Miramar Labs:
Miramar Labs, Inc.® is a global medical device company dedicated to bringing innovative and clinically proven applications to treat unmet needs in the aesthetic marketplace. Supported by rigorous clinical research, Miramar Labs is focused on addressing medical conditions for which there are significant unmet clinical needs. The company’s first priority is the treatment of bothersome underarm sweat, an issue that hundreds of millions of
people deal with daily. The miraDry® procedure has an established safety and efficacy profile with over 80,000 patients treated worldwide. Physicians and patients are encouraged to visit www.miramarlabs.com or www.miradry.com for additional information.

Contact:
Investors:
Brigid Makes
Sr. Vice President & CFO
408‐579‐8700
investors@miramarlabs.com

Nick Laudico or Zack Kubow
The Ruth Group
646‐536‐7030 / 7020
nlaudico@theruthgroup.com
zkubow@theruthgroup.com

Bob Prag
The Del Mar Consulting Group, Inc.
858‐794‐9500
bprag@delmarconsulting.com

Miramar Labs, Inc. ® Reports Record Third Quarter 2016 Financial Results

Highlights:

  • Third quarter revenue of $4.3 million, up 13% year-­over-­year
  • Year-­to-­date revenue of $16.0 million, up 36% year­-over-­year
  • Strong sales in North America with YTD year-­over-­year growth of 45%
  • Secured FDA clearance to market for odor reduction with miraDry® procedure

SANTA CLARA, Calif., Nov. 08, 2016 (GLOBE NEWSWIRE) ­­ Miramar Labs, Inc., (OTCQB:MRLB), a global aesthetic company, announced today financial results for the third quarter ended September 30, 2016.

Michael Kleine, President and Chief Executive Officer of Miramar Labs, said, “We continued to see very strong momentum in our North American business in the third quarter and year­-to-­date, as we drive awareness and adoption of our technology. In Asia, we also have delivered solid year­-to-­date performance, driven by additional shipments to China. In Europe and the Middle East, we experienced an increase in consumable sales offset by lower console sales due to the summer holiday season and the timing of purchases from some of our distributors.”

Mr. Kleine concluded, “The additional FDA clearance to market the miraDry system for the reduction of odor further validates our technology and enhances its value proposition for physicians and patients. In addition, there is increasing awareness of the miraDry system among potential customers and patients, highlighting its effectiveness and very high patient satisfaction. This increased awareness and expanded indications are fundamental to our growth strategy and will help drive our continued success in the market.”

In late October, Miramar received U.S. Food and Drug Administration (FDA) 510(k) clearance to market for the reduction of odor using the miraDry system. In addition, miraDry was the featured story in the July/August edition of The Aesthetic Guide magazine with the article titled “Miramar Labs Creates New Markets with miraWave Therapy” and was named one of “The Top Aesthetics Companies” by Aesthetics Everything.

Miramar Labs was fourth on this list behind Allergan, Merz and Galderma. The miraSmooth® procedure was also featured on The Rachel Ray Show, an award­-winning and nationally syndicated daytime TV show.

Financial Results

Total revenue in the third quarter of 2016 was $4.3 million, a 13% increase compared to $3.8 million in the third quarter of 2015. For the nine months ended September 30, 2016, revenue totaled $16.0 million, a 36% increase compared to $11.8 million for the nine months ended September 30, 2015. This revenue increase reflects strong sales of both capital systems and consumables.

Cost of product revenue was $1.8 million and $7.2 million in the three and nine months ended September 30, 2016 as compared to $1.7 million and $5.7 million in the three and nine months ended September 30, 2015. Total gross margin in the third quarter of 2016 was $2.5 million, or 59% of revenue, compared to $2.1 million, or 54% of revenue, in the same period in 2015. Gross margin for the nine months ended September 30, 2016 was $8.8 million, or 55% of revenue, compared to $6.1 million, or 51% of revenue for the same period in 2015. The increase in gross margin for both the three and nine months ended September 30, 2016, is primarily attributable to a higher percentage of sales in North America and Asia­Pacific, where Miramar Labs has higher selling prices, as well as lower cost of revenue due to higher production volumes and favorable labor efficiencies, as compared to the same periods in 2015.

Total operating expenses for the three and nine months ended September 30, 2016, were $6.1 million and $17.3 million, compared to $5.2 million and $16.8 million for the same periods in 2015. For both the three and nine months ended September 30, 2016, higher sales and general and administrative expenses were offset by lower research and development expense for the same periods.

Net loss for the three and nine months ended September 30, 2016 was $(3.9) million, or $(0.42) per share, and $(17.0) million or $(4.22) per share respectively. In the second quarter, the company recorded a one­time non­ cash charge of $8.1 million for the loss on the conversion of debt associated with the financing. The non­GAAP loss for the three and nine months ended September 30, 2016 was $(3.9) million or $(0.42) per share and $(8.9) million or $(2.22) per share, compared to a loss of $(3.7) million and $(11.8) million for the three and nine months ended September 30, 2015.

Miramar Labs had total cash and cash equivalents of $6.1 million at September 30, 2016.

Use of Non­GAAP Financial Measure:
Miramar Labs has supplemented its GAAP net loss with a non­-GAAP measure of net loss. Management believes that this non-­GAAP financial measure provides useful supplemental information to management and investors regarding the performance of Miramar Labs, facilitates a more meaningful comparison of results for current periods with previous operating results, and assists management in analyzing future trends, making strategic and business decisions and establishing internal budgets and forecasts. A reconciliation of GAAP net loss to non-­GAAP net loss in the most directly comparable GAAP measure is provided in the schedule below. GAAP net loss is the most directly comparable measure to non­-GAAP net loss.

There are limitations in using this non­-GAAP financial measure because it is not prepared in accordance with GAAP and may be different from non-­GAAP financial measures used by other companies. This non-­GAAP financial measure should not be considered in isolation or as a substitute for GAAP financial measures. Investors and potential investors should consider non-­GAAP financial measures only in conjunction with Miramar Lab’s consolidated financial statements prepared in accordance with GAAP and the reconciliation of the non-GAAP financial measure provided in the schedule below.

About Miramar Labs:
Miramar Labs, Inc. is a global medical device company dedicated to bringing innovative and clinically proven applications to treat unmet needs in the aesthetic marketplace. Supported by rigorous clinical research, Miramar Labs is focused on addressing aesthetic medical conditions for which there are significant unmet clinical needs. The company’s first priority is the treatment of bothersome underarm sweat, an issue that hundreds of millions of people deal with daily. The miraDry procedure has an established safety and efficacy profile with over 80,000 patients treated worldwide. Physicians and patients are encouraged to visit www.miramarlabs.com or www.miradry.com for additional information.

Forward Looking Statements:
This press release contains forward-­looking statements. Statements in this press release that are not purely historical are forward-­looking statements. Such forward-­looking statements include, among other things, references to expansion opportunities, revenue generation, anticipated uses of proceeds from the private placement and business and product development plans. Actual results could differ from those projected in any forward-­looking statements due to numerous factors. Such factors include, among others, the ability to raise the additional funding needed to continue to pursue our business and product development plans, the inherent uncertainties associated with developing new products or technologies, the ability to commercialize the miraDry system, competition in the industry in which we operate and overall market conditions. These forward-looking statements are made as of the date of this press release, and we assume no obligation to update the forward­ looking statements, or to update the reasons why actual results could differ from those projected in the forward­-looking statements, except as required by law. Investors should review all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents we file with the SEC, which are available at www.sec.gov.

Contact:
Investors:
Brigid Makes
Sr. Vice President & CFO
Phone: 408.579.8700
Email: investors@miramarlabs.com

Nick Laudico or Zack Kubow
The Ruth Group
646-536-7030 / 7020
nlaudico@theruthgroup.com
zkubow@theruthgroup.com

Bob Prag
The Del Mar Consulting Group, Inc.
(858) 794‐9500
bprag@delmarconsulting.com

Media/Other:
Robert Ellis
Vice President of Global Marketing Miramar Labs
Phone: 408-579-8706
Email: info@miramarlabs.com

Chris Hippolyte
The Ruth Group
646-536-7023
chippolyte@theruthgroup.com

Miramar Labs, Inc.® Receives U.S. FDA 510(k) Clearance for Reduction of Odor

miraDry® system now FDA cleared to treat bothersome underarm sweat, hair and odor

SANTA CLARA, Calif., Nov. 07, 2016 (GLOBE NEWSWIRE) ­­ Miramar Labs, Inc., (OTCQB:MRLB), a global aesthetic company, announced today that it has received U.S. Food and Drug Administration (FDA) 510(k) clearance to market for reduction of odor when patients are treated with the miraDry system. miraDry is now the first and only FDA cleared device for the non­invasive treatment of odor.

Mike Kleine, Chief Executive Officer of Miramar, said, “FDA clearance for odor reduction is a significant milestone in our product development strategy that further enhances the value proposition of the miraDry system for aesthetic practices. We believe it will allow our customers to expand the appeal of the miraDry procedure with the same easy-to-use, safe and effective system that treats underarm sweat and hair. We look forward to introducing this new labeling into the market and continuing to advance our other new product programs, including expanding the miraDry technology for use in hand sweat.”

“miraDry is proven to reduce underarm sweat by delivering localized heat to the area where the eccrine sweat glands reside, and in many patients we have observed that the device also thermally impacts and eliminates the apocrine glands that are responsible for bad body odor,” said E. Victor Ross, MD, director of the Laser and Cosmetic Dermatology Center at Scripps Clinic in San Diego, Calif. “It is important to our patients that we not only treat their sweat, but that we also significantly decrease the odor­causing secretions that are often more noticeable and disturbing.”

Miramar Lab’s proprietary miraWave® technology – use of precisely controlled microwave energy – is the foundation of the miraDry system. This latest FDA clearance builds on the miraDry System’s existing indications for the treatment of underarm sweat and for the permanent reduction of unwanted underarm hair of all colors.

About Miramar Labs:
Miramar Labs, Inc.® is a global medical device company dedicated to bringing innovative and clinically proven applications to treat unmet needs in the aesthetic marketplace. Supported by rigorous clinical research, Miramar Labs is focused on addressing medical conditions for which there are significant unmet clinical needs. The company’s first priority is the treatment of bothersome underarm sweat, an issue that hundreds of millions of
people deal with daily. The miraDry® procedure has an established safety and efficacy profile with over 80,000 patients treated worldwide. Physicians and patients are encouraged to visit www.miramarlabs.com or www.miradry.com for additional information.

Contact:
Investors:
Brigid Makes
Sr. Vice President & CFO
Phone: 408.579.8700
Email: investors@miramarlabs.com

Nick Laudico or Zack Kubow
The Ruth Group
646‐536‐7030 / 7020
nlaudico@theruthgroup.com
zkubow@theruthgroup.com

Bob Prag
The Del Mar Consulting Group, Inc.
(858) 794‐9500
bprag@delmarconsulting.com

Miramar Labs, Inc. to Present at Ladenburg Thalmann 2nd Annual Healthcare Conference

SANTA CLARA, Calif., — September 15, 2016 — Miramar Labs, Inc., (OTCQB: MRLB), a global aesthetic company, announced today that the Company will present at the Ladenburg Thalmann Healthcare Conference in New York, NY.

Event: Ladenburg Thalmann 2nd Annual Healthcare Conference
Date: Tuesday, September 27th, 2016
Time: 1:00 p.m. ET

An audio webcast of the Company’s presentation will be available online at www.miramarlabs.com/investors. A replay of the presentation will be available for 90 days.

Investors who are not attending the conference but would like to schedule a one-on-one meeting with Miramar management may do so by contacting Chris Nardo at The Ruth Group at cnardo@theruthgroup.com.

About Miramar Labs:
Miramar Labs, Inc.® is a global medical device company dedicated to bringing innovative and clinically proven applications to treat unmet needs in the aesthetic marketplace. Supported by rigorous clinical research, Miramar Labs is focused on addressing medical conditions for which there are significant unmet clinical needs. The company’s first priority is the treatment of bothersome underarm sweat, an issue that hundreds of millions of people deal with daily. The miraDry® procedure has an established safety and efficacy profile with over 70,000 patients treated worldwide. Physicians and patients are encouraged to visit www.miramarlabs.com or www.miradry.com for additional information.

Contact:
Investors:
Brigid Makes
Sr. Vice President & CFO
Phone: 408.579.8700
Email: investors@miramarlabs.com

Nick Laudico or Zack Kubow
The Ruth Group
646-536-7030 / 7020
nlaudico@theruthgroup.com
zkubow@theruthgroup.com

Miramar Labs’ miraSmooth Procedure Featured on The Rachael Ray Show

SANTA CLARA, Calif., — September 14, 2016 — Miramar Labs, Inc., (OTCQB: MRLB), a global aesthetic company, announced today that its miraSmoothTM treatment was featured in the September 6th episode of “The Rachael Ray Show”, an award-winning and nationally syndicated daytime TV show.

The theme of the episode, “Can 3 High-Tech Beauty Treatments Improve Your Problem Areas – Forever?” featured Dr. Whitney Bowe, a New York based board certified dermatologist, highlighting the miraDry/miraSmooth procedure. Dr. Bowe spoke about the benefits of miraSmooth’s microwave technology, including the permanent reduction of underarm sweat and hair of all color. The complete segment featuring miraSmooth is available at http://link.brightcove.com/services/player/bcpid1822843140001/?bctid=5110220080001.

“This is the only FDA-approved procedure that can permanently reduce sweat and reduce hair,” said Dr. Bowe. “In the past, when you talked about laser hair removal, the laser targets the pigment, so it only works if you have dark brown or black hair. Here you’re getting a 70 percent permanent reduction in hair growth, no matter what color your hair is, after one treatment.”

“miraDry/miraSmooth appeals to patients looking to avoid perspiration, odor, sweat-stained clothing or even the chemicals in deodorants and antiperspirants,” commented Mike Kleine, Chief Executive Officer of Miramar. “We find that it is truly an aesthetic concern and we have the clinical data that demonstrates we are able to meet these patient needs.”

About miraDry/miraSmooth
The miraDry® system is the only FDA cleared, non-invasive device that permanently reduces underarm sweat and hair of all colors as well as safely and effectively treats underarm odor. The miraDry/miraSmooth treatment is based on Miramar’s proprietary miraWaveTM technology, which uses precisely controlled microwave energy. A single procedure includes both underarms and takes about an hour and a half to perform under local anesthetic. It is simple, safe and effective, satisfying the majority of patients with only one procedure. The procedure has over 90% patient satisfaction rate and is approved in over 40 countries with global IP protection.

About Miramar Labs:
Miramar Labs, Inc. is a global medical device company dedicated to bringing innovative and clinically proven applications to treat unmet needs in the aesthetic marketplace. Supported by rigorous clinical research, Miramar Labs is focused on addressing aesthetic medical conditions for which there are significant unmet clinical needs. The company’s first priority is the treatment of bothersome underarm sweat, an issue that hundreds of millions of people deal with daily. The miraDry procedure has an established safety and efficacy profile with over 70,000 patients treated worldwide. Physicians and patients are encouraged to visit www.miramarlabs.com or www.miradry.com for additional information.

Contact:
Investors:
Brigid Makes
Sr. Vice President & CFO
408.579.8700
investors@miramarlabs.com

Nick Laudico or Zack Kubow
The Ruth Group
646-536-7030 / 7020
nlaudico@theruthgroup.com
zkubow@theruthgroup.com

Media/Other:
Robert Ellis
Vice President of Global Marketing Miramar Labs
408-579-8706
info@miramarlabs.com

Chris Hippolyte
The Ruth Group
646-536-7023
chippolyte@theruthgroup.com

Miramar Labs’ CEO Interviewed on Bloomberg Radio

Highlights significant growth potential of miraDry® procedure in large global market for patients suffering from excessive sweat

SANTA CLARA, Calif., — September 12, 2016 — Miramar Labs, Inc., (OTCQB: MRLB), a global aesthetic company, announced today that the company’s CEO, Mike Kleine, was interviewed on Bloomberg Radio’s “Taking Stock” on September, 12th, 2016 at 3:15pm EDT.

In the interview, Mr. Kleine discussed the commercial momentum of the miraDry procedure and the significant market opportunity for the Company. The interview can be viewed at http://www.bloomberg.com/news/audio/2016-09-12/miramar-labs-wipes-away-sweat-glands-and-odor-audio

“This interview with Bloomberg further demonstrates there is a growing interest in our company and the miraDry procedure. This is only one of the several steps we are taking to raise awareness and tell our story to current and potential investors, customers and patients,” commented Mr. Kleine.

About Miramar Labs:
Miramar Labs, Inc. is a global medical device company dedicated to bringing innovative and clinically proven applications to treat unmet needs in the aesthetic marketplace. Supported by rigorous clinical research, Miramar Labs is focused on addressing aesthetic medical conditions for which there are significant unmet clinical needs. The company’s first priority is the treatment of bothersome underarm sweat, an issue that hundreds of millions of people deal with daily. The miraDry procedure has an established safety and efficacy profile with over 70,000 patients treated worldwide. Physicians and patients are encouraged to visit www.miramarlabs.com or www.miradry.com for additional information.

Contact:
Investors:
Brigid Makes
Sr. Vice President & CFO
408.579.8700
investors@miramarlabs.com

Nick Laudico or Zack Kubow
The Ruth Group
646-536-7030 / 7020
nlaudico@theruthgroup.com
zkubow@theruthgroup.com

Media/Other:
Robert Ellis
Vice President of Global Marketing Miramar Labs
408-579-8706
info@miramarlabs.com

Chris Hippolyte
The Ruth Group
646-536-7023
chippolyte@theruthgroup.com