Hamilton Thorne Reports Financial and Operational Results for the Quarter-ended March 31, 2018
May 24 2018 - 8:20AM
Hamilton Thorne Ltd. (TSX-V:HTL), a leading provider of precision
instruments, consumables, software and services to the Assisted
Reproductive Technologies (ART) and developmental biology research
markets, today reported financial and operational results for the
quarter-ended March 31, 2018.
Highlights
- Sales increased 113% year over year to $7.0 million
- Gross profit increased 76% year over year to $3.9 million
- Net income increased 120% year over year to $893 thousand
- Adjusted EBITDA increased 99% year over year to $1.5
million
- 18% organic sales growth for the quarter
“This was a great start to the year for Hamilton Thorne,” stated
David Wolf, President and Chief Executive Officer. “Sales into the
human clinical market grew substantially, driven by the
contribution from the Gynemed acquisition, augmented by strong
increases in the sales of our clinical instruments and quality
control testing services. Sales into the animal breeding market
also grew substantially while sales into research markets were
somewhat down. Organic growth was 18% for the quarter. As
expected margins were just over 56% due to the mix of our own
high-margin branded products and services and third-party products.
Cash flow from operations was $749 thousand for the quarter.”
Mr. Wolf added, “We are pleased with the progress we are making
in expanding our sales and marketing footprint, including the
expansion of our US-based sales team, as well as additional
cross-selling and marketing synergies between our North American
and European-based businesses. Looking forward into the balance of
the year, we expect to see continued growth in our worldwide
business, driven by strong performance of our services and
consumables brands, augmented by substantial growth in the US, as
our new direct sales team performs to expectations. With continued
earnings growth, strong cash flow from operations and a cash
balance of $5.9 million at the end of the quarter, we believe we
are well-positioned to continue our acquisition program.”
|
Three Month Periods Ending March
31, |
|
Statements of
Operations: |
|
|
|
2018 |
2017 |
|
Sales |
|
|
|
$7,002,736 |
$3,285,161 |
|
Gross profit |
|
|
|
3,938,533 |
2,234,049 |
|
Operating
expenses |
|
|
|
2,923,470 |
1,744,114 |
|
Net income |
|
|
|
893,121 |
405,237 |
|
EBITDA |
|
|
|
1,496,216 |
751,272 |
|
Basic earnings
per share |
|
|
|
$0.01 |
$0.01 |
|
Diluted earnings
per share |
|
|
|
$0.01 |
$0.01 |
|
|
|
|
|
|
|
|
All
amounts are in US dollars, unless specified otherwise, and results,
with the exception of Adjusted EBITDA, are expressed in accordance
with the International Financial Reporting Standards
("IFRS"). |
|
The Company reported that operating expenses
were generally in line with expectations, reflecting added expenses
from the Gynemed business and continued investment in R&D,
staffing, sales and marketing.
Conference Call
The Company will hold a conference call on Thursday May 24, 2018
at 11:00 a.m. EDT to review highlights of results. All interested
parties are welcome to join the conference call by dialing toll
free 1-855-223-7309 in North America, or 647-788-4929 from other
locations, and requesting Conference ID 5598930. The Company’s
updated investor presentation and a recording of the call will be
available on Hamilton Thorne’s website shortly after the call.
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 is a leading global provider of precision
instruments, consumables, software and services that reduce cost,
increase productivity, improve results and enable breakthroughs in
Assisted Reproductive Technologies (ART) and developmental biology
research markets. Hamilton Thorne markets its products and services
under the Hamilton Thorne, Gynemed and Embryotech Laboratories
brands, through its growing sales force and distributors worldwide.
Hamilton Thorne’s customer base consists of fertility clinics,
university research centers, animal breeding facilities,
pharmaceutical companies, biotechnology companies, and other
commercial and academic research establishments.
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, amortization, share-based
compensation expense, changes in fair value of derivatives and
identified acquisition costs related to completed transactions
(“Adjusted 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” and “Results of Operations” in
the Company’s Management Discussion and Analysis for the periods
covered for further information and a reconciliation of Adjusted
EBITDA to Net Income.
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
For more
information, please contact: |
|
|
|
David Wolf, President
& CEO |
Michael Bruns,
CFO |
Hamilton Thorne
Ltd. |
Hamilton Thorne
Ltd. |
978-921-2050 |
978-921-2050 |
ir@hamiltonthorne.com |
ir@hamiltonthorne.com
|
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