HAMILTON THORNE ANNOUNCES 2013 THIRD QUARTER FINANCIAL RESULTS
Revenue Increases Fueled By Significant Growth in Imaging System Sales
BEVERLY, MA and TORONTO, Ontario – May 28, 2013 - Hamilton Thorne Ltd. (TSX-V: 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 first quarter ended March 31, 2013.
In the first quarter of 2013, Hamilton Thorne’s revenues increased to $1.74 million, exceeding the prior year by 10.6%, led by another strong quarter for its CASA image analysis products and the continued growth in sales of new LYKOS® laser system, supported by stable sales of its established products. Operating expenses were $1.13 million for the quarter-ended March 31, 2013, reduced 19.6%, or $275,000, from $1.40 million in the previous year, and reduced significantly as a percentage of sales, down to 65% from 89% for the prior year. The net loss for the quarter-ended March 31, 2013 was reduced to $121,000 from $530,000 due to revenue and gross profit growth, reduced spending and reduced interest expense.
“We are pleased to report that our efforts at managing the fundamentals of the business and our cost containment strategies have led to improvement across a number of important business metrics,” said David Wolf, President and Chief Executive Officer of Hamilton Thorne Ltd. “Gross profit increased by 12.6%, while operating expense were cut 20% leading to operating loss and net loss reductions of 88% and 77% respectively and, albeit small, positive operating cash flow for the second straight quarter.”
Mr. Wolf continued, “Sales of our image analysis products were up substantially in the first quarter as we have seen strong acceptance of our new IVOS II hardware platform and the second generation software for our CASA systems launched in certain animal markets. We expect to see this sales growth continue in the second half of this year as we rollout our new, best of class software for the human market. We are also pleased to see our strategy of investing in markets outside North America continue to bear fruit as we saw steady growth in emerging markets such as the Asia-Pacific region and a strong rebound of sales in Europe.”
- In January 2013, the European Patent Office granted Hamilton Thorne patent approval covering the design of the Modular Objective Assembly incorporated into it LYKOS® and XYRCOS® lasers systems. The new patent, No. 2370848, strengthens Hamilton Thorne’s IP position, and allows Hamilton Thorne to officially file in over 30 European countries.
- In December, the Company’s $3.5 million line of credit with Commerce Bank was extended by one year to mature in January of 2014, and in April, the bank extended the agreement to October of 2014.
All amounts are in US dollars, unless specified otherwise, and results expressed in accordance with the International Financial Reporting Standards ("IFRS").
The financial statements are available on www.sedar.com.
About Hamilton Thorne Ltd. (www.hamiltonthorne.com)
Hamilton Thorne designs, manufactures and distributes precision laser devices and advanced image analysis systems for the fertility, stem cell and development 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 image analysis 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.
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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