SOURCE: Hamilton Thorne

Hamilton Thorne

November 18, 2015 16:15 ET

Hamilton Thorne Reports 44% Net Income Growth for the Quarter Ended September 30, 2015

Twelfth Consecutive Quarter of Year Over Year Sales Growth

BEVERLY, MA and TORONTO, ON--(Marketwired - Nov 18, 2015) -  Hamilton Thorne Ltd. (TSX VENTURE: HTL), a leading provider of precision laser devices and advanced image analysis systems for the fertility, stem cell and developmental biology research markets, today reported operational and financial results for the quarter and nine-months ended September 30, 2015.

The Company continued to generate significant operating leverage in the quarter with net income up 44% to $207,000 and EBITDA up 31% to $289,000 on sales increases of 3.2% to $2.1 million. Sales for the first nine months of the year were up 3.5% to $6.4 million with net income improving 58% to $646,000 and EBITDA improving 39% to $882,000. Cash flow from operations for the nine-month period increased 51% to $711,000. Trailing twelve month net income improved to $1.1 million, with earnings per share (basic and diluted) of $0.02. 

"We are continuing to face headwinds in accelerating our sales growth due to the strength of the US dollar," said David Wolf, President and Chief Executive Officer of Hamilton Thorne Ltd. "Nevertheless, while sales for the quarter were up 3.2%, total systems shipped were up over 11% in part due to product mix and in large part due to aggressive incentives that we have put in place to continue to build market share. At the same time, we increased our gross profit margin for the quarter to 63.9%, primarily due to increased sales of high-margin software, consumables and services with recurring revenues."

Mr. Wolf continued, "We are also continuing to focus more of our activities and resources on expanding the breadth of the products and services that we offer through our own development efforts and a strategy of selective acquisitions of complementary products and companies in our field."

     
    Three and Nine Month Periods Ending June 30
    Three Months   Nine Months
Statement of Operations   2015   2014   2015   2014
Sales   $2,074,514   $2,009,656   $6,407,110   $6,189,440
Gross profit   1,324,440   1,245,592   4,093,385   3,901,936
Operating expenses   1,063,196   1,043,772   3,280,702   3,325,836
Net income   206,994   144,007   645,794   408,153
EBITDA   289,448   221,751   882,255   635,893
Basic earnings per share   $0.003   $0.003   $0.011   $0.008
Diluted earnings per share   $0.003   $0.003   $0.009   $0.008
                 

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").

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 micro-surgical instruments, 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
    Email Contact

    Michael Bruns
    CFO
    Hamilton Thorne Ltd.
    978-921-2050
    Email Contact