Sinclair Pharma has reported €18.8 million loss for 2016 which represents increase comparing last years loss of €32.7 million.
The company said: “2016 was a year of significant change for Sinclair Pharma. Disposal of its low growth non-core pharmaceutical business has left the company with a concentrated portfolio of high growth, differentiated, aesthetics products and a strong balance sheet. The company also changed its accounting period to end of December bringing it into line with industry peers. Therefore, these accounts set the benchmark for a transformed Sinclair going forward. The company had already reported product sales ahead of market expectations in its trading statement back in January, so this report is looking more at the company’s progress towards profitability, expected in 2017 (EBITDA level) and 2018 (EBIT level).”
The company said that there was a positive trend in EBITDA, falling from -€8.7 million to -€7.1 million. Moreover, excluding the US investment in InstaLift, the EBITDA loss was just -€0.9 million.
The company expects that EBITDA will turn to positive in 2017.