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RNS Number : 5305E
Sinclair Pharma PLC
19 July 2016
Sinclair Pharma plc
Trading update and notification of board changes
GBP17.2m revenue in 1H calendar 2016
London, 19 July 2016 Sinclair Pharma plc (SPH.L), ("Sinclair" or
the "Company") the international aesthetics company, today provides
a trading update for the six months ended 30 June 2016. Following
the Company's change of year-end to 31 December, this period
constitutes the second interim period for the 18 month financial
period ending 31 December 2016 the first interim period being July
to December 2015.
CURRENT TRADING
In the second interim period, Sinclair increased revenues to
GBP17.2m, compared to GBP7.7m in the first interim period which was
negatively affected by planned destocking. Sell-out and reported
sales are broadly matched in the 6 months to 30 June 2016.
Silhouette, Sinclair's unique bioresorbable cone-on-suture
product for skin lifting and repositioning, nearly doubled sales to
GBP6.1m (compared to GBP3.2m in the first interim period). Sinclair
recently announced a transformational US distribution and strategic
marketing agreement with Thermigen (100% Almirall S.A. subsidiary,
"Thermi") for Silhouette InstaLift(TM) giving the Company immediate
access through 55 sales reps to the world's largest aesthetics
market. Thermi's sales force training is already well underway and
Thermi reports a significant demand from physicians for
Instalift(TM) product training.
Sinclair also recently completed the repatriation of rights to
Silhouette Soft(R) from the Company's Brazilian partner, providing
Sinclair with a direct presence in this key market via a 16 reps
sales force. As planned, on 1 July Sinclair started selling both
Silhouette Soft(R) and Perfectha(R) through its new Brazilian
affiliate. Ellansé(R) remains on track for a 2019 launch as
before.
Ellansé(R), the Company's bioresorbable collagen stimulator, has
increased revenues to GBP4.2m (compared to GBP1.7m in the first
interim period), with very strong growth across multiple
territories, and Korea recovering well.
Perfectha(R), the Company's hyaluronic acid filler, has also
performed well with sales more than doubling to GBP3.7m (from
GBP1.3m in the first interim period). This reflects strong growth
in Europe, a recovery in Korea and growth in several other markets.
The relaunch of Perfectha(R) in Brazil through Sinclair's new
affiliate is expected to boost sales in the coming period.
Sculptra(R) sales have also more than doubled to GBP3.2m
(GBP1.5m in the first interim period). Customer loyalty has
resulted in a maintaining of market share despite limited
promotional spend.
BOARD CHANGES
Sinclair is pleased to announce the appointment of Alan Musgrave
Olby, age 45, to the Board of Sinclair with immediate effect. The
appointment is part of an ongoing restructuring following the
completion of the strategic review . Alan has served as Sinclair's
Chief Financial Officer since 2009 and was previously Group
Financial Controller of Xenova Group plc and KS Biomedix plc. Prior
to his role at KS Biomedix plc, Alan was a Corporate Finance
Manager at Deloitte having previously been an Audit Manager at
Baker Tilly.
The following information is disclosed pursuant to Schedule Two
paragraph (g) of the AIM Rules for Companies:
Current Directorships and Partnerships:
IS Pharmaceuticals Limited
Acorus Therapeutics Limited
IS Pharma Ltd
Sinclair IS Pharma Ireland Limited
Sinclair Pharmaceuticals Limited
Sinclair Pharma Management Limited
Sinclair Pharma Holdings Limited
Sinclair Pharma Man Co Limited
Sinclair Lifesciences India Private Ltd
Sinclair Pharma AB
Obvieline SAS
Sinclair Holding Iberia SL
Silhouette Lift SL
Silhouette Lift Inc
Sinclair Holding BV
Aqtis Holding BV
Aqtis Medical BV
Aqtis IP BV
Sinclair IS Pharma Ireland Ltd
Speciality European Pharmaceutical International AG
Previous Directorships and Partnerships in last five years:
Maelor Laboratories Ltd
Cranage Healthcare Ltd
Sinclair Pharma UK Ltd
Salix Pharma AB
Alan Olby is interested in 173,090 ordinary shares in
Sinclair.
Sinclair also announces the departure of Non-executive Director
Jean-Charles Tschudin from the Board with immediate effect. Chris
Spooner, CEO Sinclair Pharma, commented: "Jean-Charles has made an
invaluable contribution to the Company during his tenure as a
Non-executive Director. On behalf of the Executive team and the
Board, I would like to thank him for his commitment and support,
and wish him well for the future."
OUTLOOK
Sinclair repeats its calendar year 2016 guidance of 40% sales
growth, pre Brazil consolidation and US InstaLift(TM) sales
contribution which together are expected to contribute a further
c.GBP1m. There has been no immediate impact on the Company's
day-to-day operations following the UK's referendum vote to leave
the European Union. However, foreign exchange movements are
expected to have a positive impact on reported revenues.
Approximately 60% of the Group's current year sales are in Euros
and 25% in US Dollars. With the majority of the Group's overheads
also outside the UK, including the investment in the Instalift(TM)
launch in the US, the impact on earnings is expected to be broadly
neutral in 2016.
Commenting on the outlook, Chris Spooner CEO said:
"We have made good progress in transforming Sinclair into a
leading aesthetics specialist. The business is leaner, simplified
and debt free. Revenues have more than doubled in the last six
months from a lower cost base, delivering good operating leverage.
With growth driven by geographical roll-out and line extensions, we
are well placed to deliver our promised growth in the short term
and remain highly optimistic that the Company can deliver strong
growth in the medium term."
CHANGE OF YEAR END
As previously noted, the Company has changed its financial
year-end to 31 December to align the business with industry peers.
A second set of interim 2016 numbers covering the period 1 January
2016 to 30 June 2016 will be published in September 2016, with
fully audited 18 month final results for the period 1 July 2015 to
31 December 2016 to be published in March 2017.
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 Tel: +44 (0) 20 7418
Broker) 8900
James Steel
Oliver Jackson
Media enquiries
FTI Consulting Tel: +44 (0) 203 727
1000
Ben Atwell
Brett Pollard
Notes to Editors:
About Sinclair Pharma plc
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. The
Company is planning entry to multiple new geographic markets and
line extension launches over the next few years. Sinclair has an
established sales and marketing presence in the leading EU markets
and Brazil, and a network of international distributors. For more
information, please visit www.sinclairpharma.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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