MILAN ( – IR Top Research has updated the TP on KOLINPHARMA in the light of the results of the first half of 2018. The target price goes from 8.67 to 8.92 euros per share. Considering the results for the first half of 2018 and the seasonality of the business, IR Top analysts maintain their estimates unchanged, which at the end of the year forecast revenues of 6.7 million euros, EBITDA of 1.4 million euros (21.6% EBITDA margin) and net profit of € 0.4 million. The estimate of the net financial position improved, expected to reach € 2.4 million at the end of the year (€ 2.7 million according to previous estimates), thanks to a new non-recourse factoring contract signed by the company with Banca IFIS. For 2020 IR Top Research expects 11.2 million euros of revenues, 3.3 million euros of EBITDA (29.8% EBITDA margin) and 1.2 million euros of net profit. The average annual growth in revenues in the period 2018-2020 should therefore be 40%, while that of EBITDA is 77%. KOLINPHARMA, listed on AIM Italia since March 9th, 2018 at an IPO price of 7 euros, is an innovative SME specialised in research and development in the growing nutraceutical market. The company’s products are based on natural raw materials and are intended to support pharmacological treatments mainly for pathologies in the orthopedic-physiatric and gynecological fields. KOLINPHARMA sells products with its own brand through a qualified network of 66 medical-scientific informants (IMS). Customers are represented by pharmaceutical wholesalers who distribute to pharmacies and parapharmacies throughout Italy.