£37.8 million 12 month revenue to December 31 2016, growth of 51%*
Strong performance of all brands – Successful US launch of Silhouette Instalift™
London, 17 January 2017 Sinclair Pharma plc (AIM:SPH.L) (“Sinclair” or the “Group”), the international aesthetics company, announces an unaudited trading update for the twelve months ended 31 December 2016.
Sales for the twelve months ended 31 December 2016 were £37.8 million, (£34.3 million at constant currency) compared to pro forma sales for the aesthetics business of £25.0 million for the same period in 2015, representing headline growth of 51%. Underlying sales growth, excluding Silhouette Instalift™ US sales, Brazilian sales and currency tailwinds was 37%.
Silhouette Soft® sales reached £14.0 million in the period, compared with £9.3 million in 2015. Growth of 51% (47% at constant currency, excluding Silhouette Instalift™ and Brazillian sales) This reflects strong growth across many markets, in particular South Korea, the Middle East, Spain, UK and Australia. Silhouette Soft sales in Brazil grew to £2.3 million (2015: £1.9 million) following the launch of Sinclair’s own affiliate in this key aesthetic market in July 2016.
Silhouette Instalift™, launched by partner ThermiGen in the US in August 2016 recorded sales to Sinclair of £1.3 million, ahead of management expectations partly as a result of larger initial stocking orders. Doctor training is ahead of our schedule and feedback from patients and doctors has been very positive, further reaffirming management’s view of the significant potential for Silhouette Instalift™ in this key market.
Ellansé® delivered revenues of £8.1 million compared to £4.4 million in the prior year. Growth of 84% (69% at constant currency). This reflected broad based growth in many markets, especially Spain and South Korea.
Perfectha® revenues were £8.1 million against £5.7 million in 2015 growth of 42% (30% at constant currency). This follows a recovery in South Korea and growth across all of Sinclair’s direct European markets.
Sculptra revenues were £6.3 million compared with £5.7 million in the prior year, growth of 11% (2% at constant currency).
Cash at 31 December 2016 was £16.8 million (£24.4 million at 30 June 2016) reflecting US launch costs, which are in line with management expectations, and milestone payments triggered by initial US sales of Silhouette Instalift™.
Chris Spooner, CEO, commented: ”I am pleased with the Group’s performance in 2016, a year when we made excellent progress in our strategy to build a leading global pure-play aesthetics company. Following the radical re-shaping of the business we are now in a position to deliver significant sustainable long-term growth. The business is leaner and simpler to run with a smaller, focused suite of complementary high growth products that are all performing well. We have recently taken steps to minimise the impact of future currency volatility, distributor inventory levels remain normalised and we are excited about the progress made with our partner ThermiGen in the US. With the momentum we are seeing across the portfolio, management expects 2017 to be another year of strong revenue growth, which will deliver significant operating leverage.”
Sinclair will publish final statutory results for the 18 month period ended 31 December 2016 on 21 March 2017.
*Sales of aesthetic products only, excluding discontinued operations (non-aesthetics business disposed in December 2015).
For further information please contact:
|Sinclair Pharma plc||Tel: +44 (0) 20 7467 6920|
|Peel Hunt LLP||Tel: +44 (0) 20 7418 8900|
|FTI Consulting||Tel: +44 (0) 203 727 1000|
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About Sinclair Pharma plc – www.sinclairpharma.com
Sinclair Pharma plc is an international company operating in the fast growth, high gross margin, global aesthetics market. Sinclair has built a strong portfolio of differentiated, complementary aesthetics technologies, which are experiencing significant growth, targeting unmet clinical needs for effective, high quality, longer duration, natural looking and minimally-invasive treatments. Sinclair is planning entry to multiple new geographic markets and line extension launches over the next few years. The Group has an established sales and marketing presence in the leading EU markets and Brazil, and a network of international distributors including ThermiGen in the US.
“Safe Harbor” Statement under the US Private Securities Litigation Reform Act of 1995: Some or all of the statements in this document that relate to future plans, expectations, events, performances and the like are forward‐looking statements, as defined in the US Private Securities Litigation Reform Act of 1995. Actual results of events could differ materially from those described in the forward‐looking statements due to a variety of factors.