What we said:

Special situation equity.  No debt, $120 million cash, $86 million market cap, deeply negative enterprise value.  Yet this company is close to reaching profitability, has well-regarded products and is strongly positioned in an oligopoly, non-cyclical business (breast implants).  New CEO is a fantastic manager, having turned around Neutrogena (sold to Johnson and Johnson), Revlon and founding a pharmaceutical company later sold to Valeant.

Thanks for the Mammaries
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What happened:  On February 8, 2016—two months after the publication of our research—Sientra announced that it would resume sales of its breast implants.  Shares reached $25, 6x our cost basis.