UK pharmaceutical firm Sinclair Pharma has posted flat revenues in the first six months of the year, despite reporting a strong rise in demand for its products.
Revenue came in at £17.3m ($22.5m) for the six months to 30 June, virtually unchanged from the same period a year ago but up 125% from the preceding six months.
This was because the firm destocked its distribution channel in the second half of 2015, leading to lower sales.
Sinclair focuses on dermatology, wound care and skin care products and has a major sales and marketing presence in Europe and Brazil.
It entered the US market earlier this year through its Silhouette InstaLift device, which offers customers a non-surgical facelift.
Sinclair chief executive Chris Spooner said the company remained on track to meet its 40% sales growth target for the calendar year.
"We are highly encouraged by the response to Silhouette InstaLift pre-marketing activities in the US, which has resulted in very strong demand by physicians for product training," he said.
"In addition, our newly established Brazilian affiliate provides direct access to a leading aesthetic market, and is immediately sales and earnings enhancing."
Sinclair's operating loss narrowed to £104,000 in January to June from £2.3m in the same period of 2015.