Sinclair pharma has reported revenue growth in excess of 80% over the last two years will, as expected, return the Group to adjusted EBITDA profitability in 2017. Momentum in the business in the final quarter of 2017 was strong and whilst the re-order rate for US Silhouette Instalift is disappointing the CEO Chris Spooner said the company is looking at a number of options to address this.
“The Board and I remain confident that 2018 will be another year of substantial revenue growth which will deliver further operating leverage,” he said.
The company said the sales for the period were £45.3 million, compared to sales of £37.8 million for the same period in 2016, which is 20% or 14% at constant currency. As expected sales in the second half of 2017 were over 25% higher than sales in the first half of the year at £25.2 million. “Continued investment to support the launch of Silhouette InstaLift™ in the US via distributor ThermiGen resulted in an adjusted EBITDA loss for the US business of approximately £1.0 million,” the company’s press release reads.
Furthermore, profitability throughout the business built during the year; in particular the restructuring of the European operations started to bear fruit, culminating in notably strong fourth quarters in Europe as well as Brazil. The company said it used the strength in the ex US business to reduce sales of Silhouette and Ellansé to distibutors in the Middle East and South Korea ahead of creating its own affiliates/joint ventures in these territories. This decision, Sinclair Pharma says, held back 2017 revenues although Q4 still achieved 17% reported growth. “The Group is set up for strong growth in 2018; Sinclair’s Korean affiliate is already operational and a joint venture in the Middle East is anticipated during H1 2018” the company said.
New head of ME and Asia Pacific regions
Sinclair Pharma has named Kamal Abbasi as head of the Middle East and Asia Pacific regions. Kamal was previously head of Galderma’s Asia business and is a qualified doctor. In addition the Group has recruited several senior commercial professionals as it builds sales momentum in its worldwide business. These appointments are a reflection of Sinclair’s growing reputation in the industry and confidence in the Group’s strategy and product portfolio.