13 Jun 2018 07:00
Sinclair Pharma Plc
AGM statement
13 June 2018, Sinclair Pharma plc (AIM: SPH.L), ("Sinclair" or the "Company") the international aesthetics company, will hold its AGM at 10:00 am in London today and Grahame Cook, Chairman, will make the following statement:
I am pleased to say that trading in the year to date is progressing well. Momentum in our ex-US business remains strong with the business on track to deliver mid-teens growth at constant currency for 2018, which is in line with the guidance we provided at the time of our full year results.
In April the Company created its own in-house sales force in the US. While it is still early days the Board is very pleased with sales in the first two months ahead of budget. Our direct customer contact continues to give us confidence that the Silhouette InstaLift® brand remains strong in the US and this is backed up by recognition at congresses and publications within leading industry journals in recent months. We believe prospects for the product in the US remain strong and reiterate our guidance that US sales will be at least £3.0 million (on a constant currency basis) in the current financial year.
The recent launch of Ellansé® in Brazil has been a great success with initial demand exceeding budget. The Company's first LATAM World Experts Meeting took place in Rio de Janeiro on 11 May and was attended by over 900 doctors from across the region. Feedback on our products was very positive and following the conference, we have since seen a substantial increase in physician interest which has reinforced our view that the Brazil opportunity is a very significant one for Sinclair.
We look forward to another year of robust growth in 2018. As previously indicated sales are expected to be second half weighted to a similar degree as in 2017 as a result of the switch to direct sales in the US, the launch of Ellansé® in Brazil as well as overall aesthetic market seasonality.
The Board believes that prospects for the Company have never been stronger.
Sinclair expects to issue a trading update for the six months ending 30 June 2018 in mid-July.
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
Media enquiries
FTI Consulting Tel: +44 (0) 20 3727 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, self-pay 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, Brazil, South Korea and the US, and has a network of international distributors.