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Press Release

Preliminary results for 12 months ended 31 December 2017

Sinclair Pharma
Posted on: 30 Apr 18

20% growth in revenues and a return to adjusted EBITDA profit; continued progress in building a leading global pure-play aesthetics company with significant, long-term growth potential

 

30 April 2018, Sinclair Pharma plc (AIM: SPH.L), ("Sinclair" or the "Company") the international aesthetics company, announces its unaudited results for the 12 months ended 31 December 2017.

 

FINANCIAL HIGHLIGHTS for the 12 months ended 31 December 2017

·     Sales of £45.3 million representing growth of 20% (2016: £37.8 million, 18 months ended 31 December 2016 £45.5 million)

o  Silhouette Soft®  sales up 12% to £15.7 million (2016: £14.0 million)

o  Silhouette Instalift™ sales of £5.2 million (2016: £1.3 million)

o  Ellansé® sales increased 18% to £9.6 million (2016: £8.1 million)

o  Perfectha®  sales up 16% to £9.4 million (2016: £8.1 million)

o  Sculptra sales down 14% to £5.4 million (2016: £6.3 million)

·     Gross profit increased 23% to £32.9 million (2016: £26.7 million) as gross margin improved to 72.6% (2016: 70.7%)

·     Adjusted EBITDA* of £0.4 million (2016: loss of £6.1 million)

·     Operating loss £2.2 million (2016: £ 6.8 million, 18 months ended 31 December 2016: £18.2 million)

·     Net debt** of £3.0 million at 31 December 2017

 

OPERATING HIGHLIGHTS

·     Strong progress achieved in Brazil

o  Silhouette Soft® sales growth of 17% in market driven by Sinclair's direct sales team

o  Perfectha™ re-registered successfully and re-launched in Q4

o  Established exceptional Brazilian advisory board for Ellansé® ahead of 2018 launch

·     FDA approved commercially significant label change for Silhouette InstaLift™ making the procedure simpler and cheaper to train doctors in the US

·     Continued to receive significant physician interest in Silhouette InstaLift™ training but re-order rates achieved by partner Thermi were disappointing

·     Full portfolio sold in Mexico for first time with strong growth achieved in H2

·     Established and launched South Korean affiliate with repatriated local rights for Silhouette Soft® and Ellansé®

·     Restructuring commercial operations in UK, France and Germany and de-stocking in these markets adversely affected revenues

·     New European CE mark granted for Silhouette Soft®

·     Sinclair's physician congress 'World Experts Meeting' held in Barcelona again attended by around 1000 aesthetic practitioners from around the world

 

POST YEAR-END EVENTS

·     Ellansé® granted ANVISA approval and launched in Brazil

·     Full US commercial rights for Silhouette InstaLift, Silhouette Refine and Silhouette Lift returned to Sinclair following termination of agreement with Thermi

·     Raised $5m investment via a convertible loan from EW Healthcare Partners, a specialist investor focused on rapidly growing healthcare companies with proceeds used to finance termination of Thermi agreement

·     Created direct US operation following Thermi termination, initial salesforce consists of seven dedicated InstaLift™ reps recruited from Thermi, aim to build to 15 by end of 2018

·     New €23.0 million five year debt facility to provide greater operational flexibility and repayment of £5.0 million Silicon Valley Bank loan

 

Chris Spooner, Sinclair's CEO commented: "2017 was another year of significant progress for Sinclair, during which we continued to deliver on our strategy resulting in continued revenue acceleration and a return to EBITDA profitability. The recent launch of Ellansé in Brazil and the launch of our new affiliate in South Korea will be significant growth drivers for the Group going forwards. Having considered a range of options in the US we are excited to confirm today that we will be developing our own US direct operation for the sale and distribution of Silhouette InstaLift™ going forwards. We firmly believe that retaining control of this highly differentiated product in this significant market will provide the Group with a platform to promote additional products and drive long-term value and optionality for our shareholders."

 

Sinclair's management team will discuss the Company's results at a presentation for analysts today at 9:30am which will be held at the offices of FTI Consulting, 200 Aldersgate, Aldersgate Street, London EC1A 4HD

 

* Adjusted EBITDA defined as earnings before interest, tax, depreciation, amortisation, impairment, share based payments, exceptional items and loss from discontinued items. See finance review for reconciliation of operating loss to adjusted EBITDA.

** Net debt defined as cash at bank less current and non-current borrowings and deferred arrangement costs.

 

For further information please contact:

 

Sinclair Pharma plc        

Tel: +44 (0) 20 7467 6920

Chris Spooner

 

Alan Olby

 

Andy Crane

 

 

 

Peel Hunt LLP (NOMAD and Joint Broker)

Tel: +44 (0) 20 7418 8900

James Steel

 

Oliver Jackson

 

 

RBC Capital Markets (Joint Broker)

Tel: +44 (0) 20 7653 4000

Marcus Jackson

 

Laura White

 

 

 

 

Media enquiries

FTI Consulting

Tel: +44 (0) 203 727 1000

Ben Atwell

 

Brett Pollard

 

Stephanie Cuthbert

 

Editor's Details

Mike Wood
PharmiWeb.com
www.pharmiweb.com
editor@pharmiweb.com

Last updated on: 30/04/2018

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