(Reuters) - Sinclair Pharma (SPH.L) reported a 16 percent rise in first-half revenue on strong demand in Brazil for its aesthetic dermatology products, adding that it expects much higher sales in the second half of the year.
The London-listed maker of skin lifting and collagen stimulation treatments and dermal fillers said it expects Brazil to approve the use of anti-wrinkle treatment Ellansé in the first-half of 2018.
Brazil has become one of the world’s biggest markets for plastic surgery, with the country’s bulging middle class able to pay for surgery and other aesthetic treatments.
Revenue for the six months ended June 30 rose to 20.1 million pounds from 17.3 million pounds a year ago, while its pre-tax loss narrowed to 7.2 million pounds from a loss of 8.6 million pounds a year ago.
Sinclair said it saw higher demand in the United States for its other skin treatments, including Silhouette Instalift and Silhouette Soft.
Sales from Silhouette Soft rose 20 percent to 7.3 million pounds, while it recorded first-sales for Silhouette InstaLift of 2.3 million pounds.
Chief Executive Chris Spooner said the company is confident it will deliver strong sales growth in the second half and an adjusted EBITDA profit for the year ending December 31, 2017.
“Strong cost discipline ... combined with top-line growth acceleration in H2 2017 leaves Sinclair well positioned to meet guidance for a swing to adjusted EBITDA profit for FY2017,” said Amy Walker, an analyst at Peel Hunt.
Reporting By Justin George Varghese in Bengaluru, editing by Louise Heavens