BEVERLY, MA and TORONTO, ON--(Marketwired - Nov 25, 2014) - Hamilton Thorne Ltd. (
The Company's strategy to focus on its core products in established markets continues to generate strong sales growth and a continued turnaround in financial performance. Revenues increased 23% to $2.0 million in the third quarter, led by strong growth in sales of CASA image analysis products and LYKOS® clinical laser systems. Net income for the quarter-ended September 30, 2014 increased to $144,000 versus $8,000 in the prior year quarter, an improvement of $136,000. EBITDA improved to $217,000 from $34,000.
David Wolf, Hamilton Thorne's President and CEO commented, "With five consecutive quarters of net income and the Company consistently generating positive cash flows, we are well positioned to continue investing for growth. As part of an ongoing strategy to expand our product offerings, we are expecting to increase our spending on research and development projects. We are also actively looking to accelerate our growth through the potential acquisition of additional products or companies."
| Three and Nine Month Periods Ending September 30 | |||||||||||||
| Three Months | Nine Months | ||||||||||||
| Statement of Operations | 2014 | 2013 | 2014 | 2013 | |||||||||
| Sales | $ | 2,009,656 | $ | 1,637,846 | $ | 6,189,440 | $ | 5,206,428 | |||||
| Gross profit | 1,245,592 | 984,427 | 3,901,936 | 3,130,266 | |||||||||
| Operating expenses | 1,043,772 | 969,090 | 3,325,836 | 3,116,382 | |||||||||
| Net income (loss) | 144,007 | 7,844 | 408,153 | (127,062 | ) | ||||||||
| EBITDA | 217,249 | 33,937 | 622,387 | 69,684 | |||||||||
| Basic earnings (loss) per share | $ | 0.003 | $ | 0.000 | $ | 0.008 | $ | (0.000 | ) | ||||
| Diluted earnings (loss) per share | $ | 0.003 | $ | 0.000 | $ | 0.008 | $ | (0.000 | ) | ||||
All amounts are in US dollars, unless specified otherwise, and results, with the exception of EBITDA, are expressed in accordance with the International Financial Reporting Standards ("IFRS").
Highlights
- For the nine months ended September 30, 2014 revenues were $6.2 million a 19% increase over the prior year period. Net income for the nine months ended September 30, 2014 was $408,000 versus the ($127,000) net loss in the prior year period, an improvement of $535,000. EBITDA improved to $622,000 from $70,000.
- Cash on hand at September 30, 2014 improved to $769,000, up $319,000 for the year to date. Cash generated by operations improved to $225,000 for the quarter and $471,000 for the year, the fifth consecutive quarter of positive cash generation.
- Following quarter end, the Company further enhanced its cash position by closing an equity private placement of $660,000 (Cdn$750,000), which also increased liquidity in our shares and broadened our shareholder base.
- In June 2014, the Company received clearance by the China Food and Drug Administration (CFDA) to market its cutting edge LYKOS ® clinical laser system in China. In September 2014, the Company was awarded a final Chinese patent covering its LYKOS® (Patent# ZL200980154055.5).
Financial statements and accompanying Management Discussion and Analysis for the periods are available on www.sedar.com and the Hamilton Thorne website.
About Hamilton Thorne Ltd. (www.hamiltonthorne.com)
Hamilton Thorne designs, manufactures and distributes precision laser devices and advanced imaging systems for the fertility, stem cell and developmental biology research markets. It provides novel solutions for Life Science that reduce cost, increase productivity, improve results and enable research breakthroughs in regenerative medicine, stem cell research and fertility markets. Hamilton Thorne's laser products attach to standard inverted microscopes and operate as robotic micro-surgeons, enabling a wide array of scientific applications and IVF procedures. Its imaging systems improve outcomes in human IVF clinics and animal breeding facilities and provide high-end toxicology analyses.
Hamilton Thorne's growing customer base includes pharmaceutical companies, biotechnology companies, fertility clinics, university research centers, and other commercial and academic research establishments worldwide. Current customers include world-leading research labs such as Harvard, MIT, Yale, McGill, DuPont, Monsanto, Charles River Labs, Jackson Labs, Merck, Novartis, Pfizer, and Oxford and Cambridge.
Neither the Toronto Venture Exchange, nor its regulation services provider (as that term is defined in the policies of the exchange), accepts responsibility for the adequacy or accuracy of this release.
The Company has included earnings before interest, income taxes, depreciation and amortization, ("EBITDA") as a non-IFRS measure, which is used by management as a measure of financial performance. See section entitled "Use of Non-IFRS Measures" in the Company's Management Discussion and Analysis for the periods covered for further information.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict including the risk that the Company may not be able to obtain the necessary regulatory approvals, as applicable. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in filings by the Company with the Canadian securities regulators, which filings are available at www.sedar.com
Contact Information:
For more information, please contact:
David Wolf
President & CEO
Hamilton Thorne Ltd.
978-921-2050
Michael Bruns
CFO
Hamilton Thorne Ltd.
978-921-2050