Investor Presentation

June 2019

Forward-Looking Statements & Disclaimer

This presentation 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, relating to, among other things, the future performance of Sientra (the “Company” or “Sientra”) that are based on management's current assumptions and expectations of future events and trends and involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements regarding the total addressable market size and market opportunity for Sientra’s Breast Products and miraDry business, the Company’s ability to execute new product development and innovation initiatives, the Company’s market opportunities and ability to achieve expected growth, sales and financial results, the Company’s expected approval and market entry into Canada, the Company’s ability to covert consumers interested in miraDry into practice patients, and the experience of its aesthetics sales force, and all such statements are subject to risks and uncertainties. The Company's business, strategy, operations or financial performance, and actual results may differ materially from those predicted or implied and reported results should not be considered as an indication of our future performance. 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.

This presentation includes estimated projections of future operating results. These projections were not prepared in accordance with published guidelines of the SEC or the guidelines established by the American Institute of Certified Public Accountants or the Public Company Accounting Oversight Board for preparation and presentation of financial projections. This information is not fact and should not be relied upon as being necessarily indicative of future results; the projections were prepared in good faith by management and are based on numerous assumptions that may prove to be wrong. Important factors that may affect actual results and cause the projections to not be achieved include, but are not limited to, risks and uncertainties relating to the company and other factors described under “Risk Factors” sections of the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q or Current Reports on Form 8-K and “Forward-Looking Statements.” The projections also reflect assumptions as to certain business decisions that are subject to change. As a result, actual results may differ materially from those contained in the estimates. Accordingly, there can be no assurance that the estimates will be realized.

Management is using non-GAAP financial measures in this presentation because it considers them to be important supplemental measures of the Company’s performance. Non-GAAP financial measures should be considered in addition to, not as a substitute for, net income, total debt or other financial measures prepared in accordance with GAAP. The Company’s methods of determining these non-GAAP financial measures may differ from the methods used by other companies for these or similar non-GAAP financial measures. Accordingly, these non-GAAP financial measures may not be comparable to measures used by other companies.

This presentation also contains estimates and other statistical data made by independent parties and by the Company relating to market size and growth and other industry data. These data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. The Company has not independently verified the statistical and other industry data generated by independent parties and contained in this presentation and, accordingly, it cannot guarantee their accuracy or completeness. In addition, projections, assumptions and estimates of its future performance and the future performance of the industries in which it operates are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. In addition, the industry in which we operate is subject to a high degree of uncertainty and risk due to variety of factors, including those described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by Sientra. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to the Company on the date hereof, and except to the extent required by law, Sientra assumes no obligation to update such statements.

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Our Mission

Make a difference in

patients’ lives by:

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Enhancing BODY IMAGE

Growing SELF-ESTEEM

Restoring CONFIDENCE

Management Team

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Jeffrey Nugent Chairman & CEO

Paul Little CFO, SVP and Treasurer

Charlie Huiner COO and SVP of Corp Dev & Strategy

Re

leva

nt

Exp

erie

nc

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Sientra Investment Highlights

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Deep management team with extensive high growth aesthetic company experience

Growth strategy provides pathway to becoming a global aesthetics leader

Innovation and safety is at our core – track record of providing patients

and physicians choice and quality has yielded trust and loyalty

Diversified business model focused on two large, attractive market segments

with strong underlying growth trends

Diversified Business Model

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One of only three companies with

FDA-approved breast implants

Only FDA-cleared treatment for permanent reduction of

underarm sweat, odor and hair of all colors

Also approved for sale in over 40 international markets

~$700M U.S. Breast Market Opportunity

~314,000 augmentations ~102,000 reconstructions

Two large, attractive market segments with strong underlying growth

~$6.7B U.S. Market Opportunity

~15M miraDry-interested consumers in U.S.

Hair of

all colors

Odor

Sweat

miraDry Breast Products

Note: U.S. Breast Market and miraDry Market Opportunities based on company estimates.

Augmentation and reconstruction surgery data based on American Society of Plastic Surgeons report “2018 National Surgery Statistics.”

Estimates of miraDry-interested consumers based on miraDry consumer market research surveys.

Currently Addressable Market: $630mm+

Breast Market Opportunity

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Market ($ millions) Currently Addressable Market Opportunity1

U.S. Breast Augmentation – Cosmetic $300

U.S. Breast Augmentation – Reconstruction 125

U.S. Tissue Expanders – Reconstruction 175

Scar Management 30

Submitted breast implant Medical Device License Application to Health Canada in 3Q18

Actively evaluating go-to-market strategy for international markets

Note: Market sizes based on company estimates.

(1) Currently addressable market opportunity excludes cosmetic breast augmentation sales to non-board certified plastic surgeons that Sientra does not support.

Sientra Breast Products: Innovation, Design and Choice

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Designed for the Artist

Strongest and softest gel on the market

First and only complete line of 5th generation cohesive gel breast implants

Robust 10-year clinical results and strong commitment to patient safety

State-of-the-art innovation lab (SLICE) supports new product development and demonstrates

Sientra’s commitment to the plastic surgeon community

BIOCORNEUM® Opus® Tissue

Expanders The Beauty of Control

AlloX2®

Only expander with

direct access to the

periprosthetic space

Dermaspan™

Designed for

comfort and lower

pole expansion

Advanced Scar Treatment

FDA-Cleared Patented

Crosslinking Silicone Technology

The #1 performing, preferred and

recommended scar gel of plastic

surgeons1

Opus®

Breast Implants

(1) Data on file.

The Sientra Difference: A Steadfast Commitment to Safety

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Sientra OPUS Implants

Designed differently

Better outcomes + = BCPS Exclusivity

Most highly trained

Safer and more beautiful outcomes

Better Outcomes

Low complication rates

High patient satisfaction

Largest long-term, peer-reviewed competitive data comparison

confirms the safety and durability of Sientra implants

Compelling Clinical Quality and Outcomes

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Complication/Event Sientra 10-year

(N=1116)

Mentor 10-year (N=552)

Allergan 10-year (N=455)

Rupture (MRI cohort) 8.7% 24.2% 9.3%

Capsular Contracture III/IV 12.9% 12.1% 18.9%

Number of Implants 2230 1102 908

MRI Cohort Patients 398 202 158

Risk of Key Complications Following Primary Augmentation*:

The Sientra Platinum20 warranty program is

grounded in the confidence we have in Sientra’s 10-year clinical data

Source: Calobrace MB, et al. Long-term safety of textured and smooth breast implants. Aesthetic Surgery Journal. 2018;38(1): 38–48.

Note: *FOR INFORMATIONAL PURPOSES ONLY - differences exist between trial designs and subject populations.

No head-to-head study has been conducted comparing Sientra's breast products to these products.

Strategic Approach to Breast Implant Share Recapture

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Sustainable, Multi-Year Market Share Opportunity Sustainable, Multi-Year Market Share Opportunity

Expand Call-Points Beyond Controlled Launch Targets

Provide Samplings and Trials to Drive Demand

Aggressively Promote 10-year Safety Data

Aggressively Promote Sientra Platinum20 Warranty (2x longer than competition)

Selectively Target and Compete in Attractive International Markets

miraDry: Early Innings on Large TAM $6.7 Billion U.S. Market Opportunity

• The market for sweat controlling products is large and

highly underpenetrated

• Majority of excessive sweat patients are undiagnosed

• Compelling value proposition for all stakeholders

– Profitable for physician practices

– Affordable for patients

• Global installed base of 1,300+ consoles

• High customer satisfaction rates

• Strong clinical data and outcomes

• No significant competition

miraDry: Significant Unmeet Need + Unique Technology Drives = Multi-year Accelerated Growth Opportunity

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Source: miraDry Inc. Quantitative survey of 2,265 U.S. consumers, 18-75, HHI > $35,000

Estimated U.S. consumables opportunity based on $400 bioTip pricing across 15M US consumers

Estimated U.S. capital equipment opportunity based on 10,000 practices in U.S. at ~$75k net sales price for console

$6 billion U.S. consumables opportunity

$700 million U.S. capital equipment opportunity

miraDry Interested

15M

Sweat-bothered

37M

Solution Seekers

27M

Compelling Value For Physicians, Patients and Sientra

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miraDry Capital System

• Standard service agreement

• U.S. List Price: $99k

• 50% - 55% gross margin to Sientra

miraDry Consumable bioTip

• $400 per procedure consumable (treats both underarms)

• Practice Development Managers drive patient volumes

• ~90% gross margin to Sientra

Driving New and Younger Patients into Aesthetics

14 Source: miraDry Inc. Quantitative survey of 2,265 U.S. consumers, 18-75, HHI > $35,000

Consumers concerned with

excessive sweat are

younger than 40

Working Professionals

76%

Broad market interest

from both women (66%)

and men (34%)

Gender Diversity

66%

Aesthetic Novices

miraDry patients are

aesthetic neophytes

85%

Drive new and diverse patients into aesthetics practices years earlier

The lifetime value of these patients enhances miraDry’s value proposition to physician’s practice

miraDry Marketing Playbook: Activate Market and Grow Brand Awareness with Digital Advertising

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National ads drive to

miraDry.com

Co-Op Lead Ads

Local Ads drive to

physician website

National DTC miraDry.com

Patient education and

physician finder

miraDry Breast Products

Highly Experienced Aesthetic Salesforce

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Operating Room Focus Procedure Room Focus

44 Plastic Surgery Consultants

6 Multi Specialty Consultants

18 U.S. Capital Sales Reps

21 U.S. Consumable Sales Reps

Note: As of March 31, 2019.

Growth Strategy Provides Pathway to Becoming a Global Aesthetics Leader

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• Leverage product portfolio and strong safety profile to drive new account wins

• Skilled and experienced salesforce targeting deeper penetration of existing accounts

• Utilize unique tissue expander portfolio to execute on significant hospital reconstruction opportunity

• Selectively build an international breast presence

Breast Products

• Execute on large and highly underpenetrated miraDry TAM

• Strategic investments in consumer awareness and physician engagement to build strong brand equity

• Develop incremental indications for miraDry to expand addressable market

• Maintain innovation as top priority (SLICE)

• “Round out” reconstruction portfolio with compelling bundle for hospitals

• Intelligent acquisitions in other aesthetic adjacencies

miraDry

Pipeline and

Portfolio

Development

Successfully integrated, invested in, and accelerated sales growth at miraDry

Will selectively explore synergistic M&A opportunities

Submitted breast implant Medical Device License Application to Health Canada

Leverage breast product portfolio with selective ex-NA expansion

miraDry sold in over 40 international markets

Approval granted in April 2018 – world class facility in Wisconsin

Poised to grow market share as supply ramps in coming quarters

Acquired differentiated portfolio of tissue expanders (significant clinical and

competitive advantage in reconstruction)

Acquired BIOCORNEUM, the #1 silicone gel scar management treatment

Sientra Has Delivered on Its Commitments

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Pursue intelligent diversification

in high growth aesthetic adjacencies

with significant TAM opportunities

Expand global presence

Secure FDA approval for Vesta

manufacturing facility

Offer plastic surgeons and patients

a comprehensive portfolio of

best-in-class breast products

GOAL RESULT

July 2017

Miramar Labs

acquisition

Historical Financials

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$12.4 $14.2

$9.9

$1.5 $1.5

$6.2 $6.5 $6.5 $7.5 $8.2 $7.7 $8.2 $8.5 $9.4 $8.6 $10.4 $9.8

$2.1 $2.9

$6.1 $8.1 $8.3

$8.6 $7.8

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19

Breast Product miraDry

Voluntary Hold

Balance Sheet Position (03/31/19)

Cash Balance $62M

Outstanding Term Debt $35M

October 2015

Voluntary hold

on implant sales

March 2016

Precision-controlled

commercial relaunch

April 2018

PMA approval of

Vesta Facility

2H18 / 2019

Vesta implant

supply scaling

THANK YOU