However, if underlying earnings are any guide, the newly listed group has come out smiling.
Smiles Inclusive had already forewarned the market at the end of July that delays in the settlement of the 52 practices in its initial portfolio would impact the FY18 results.
The group reported net practice revenue of $6.05 million for the year, down from the prospectus target of $10.34 million.
This dragged practice EBITDA down to $1.86 million, from a forecast $3.2 million. The company says the figure was in line with pro forma and statutory expectations.
Group EBITDA was contained at a loss of $100,000, which compares with the prospectus forecast of a $161,000 loss.
At the bottom line, the company reported a net loss of $4.98 million for FY18 from group revenue of $7.2 million.
Smiles Inclusive, which is based on the Gold Coast and is headed by Mike Timmoney, listed on the ASX in April following a $35 million IPO.
The group currently has 107 dentists under its brand servicing more than 600,000 patients.
Smiles Inclusive has affirmed expectations of delivering at least a $6 million net profit after tax in FY19 before new acquisitions.
It's expecting to drive profit growth through cost efficiencies and improved sales channels.
"With the acquisition and integration of the initial portfolio of 52 dental practices now successfully completed, a platform is in place for the efficient integration of new acquisitions to contribute to revenue growth and scale benefits," the company says.
"Smiles Inclusive has a current acquisition pipeline representing more than $30 million in gross practice revenue and in the near term intends to commence a number of acquisitions with a view to maximising integration efficiencies."
The company currently has net debt of $9.2 million and undrawn debt facilities of $24.6 million.
There is no final dividend.
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