Sinclair Pharma reports strong revenue growth
Staff Writer | January 16, 2018
Sinclair Pharma said on that profitability throughout the business and revenue grew in 2017.
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AIM-listed Sinclair said that revenue rose 20% to GBP45.3 million from GBP37.8 million in 2016.
Sales in the second half of 2017 were over 25% higher than in the first half of the year, as expected, Sinclair said.
The company expects to deliver a modest earnings before interest, taxes, depreciation, and amortisation profit for the year as a whole, it said.
However, continued investments to support the launch of Silhouette InstaLift in the US via distributor ThermiGen resulted in an adjusted EBITDA loss for the US business of GBP1.0 million.
Sinclair highlighted that profitability has built across the business throughout the year.
The restructuring of its European operations in particular started to bear fruit, culminating in "notably strong" fourth quarters in Europe, but also in Brazil.
Sinclair's management decided to take advantage of the strength in the ex-US business to reduce sales of Silhouette and Ellanse to distributors in the Middle East and South Korea, before creating creating its own joint ventures in these regions, it said.
This decision held back revenues, though 17% growth was still achieved in the fourth quarter.
Sinclair is set up for "strong growth" in 2018, it said. It's Korean affiliate is already operational and a joint venture in the Middle East is anticipated during the first half of 2018.
Net debt on December 31 was GBP3.2 million, Sinclair said. It has access to undrawn working capital facilities of up to GBP5.0 million, it added. ■ What to read next
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