HAMILTON THORNE ANNOUNCES OPERATIONAL AND FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2016
BEVERLY, MA and TORONTO, Ontario – May 24, 2016 - Hamilton Thorne Ltd. (TSX-V: HTL), a leading provider of precision laser devices and advanced image analysis systems for the assisted reproductive technologies (ART) and developmental biology research markets, today reported operational and financial results for the quarter ended March 31, 2016.
Hamilton Thorne reported total sales of $2.029 million for the quarter-ended March 31, 2016, a decrease of $68,072 (3.2%) versus the prior year, as a difficult foreign exchange environment continues. Net income and EBITDA for the quarter were $24,147 and $116,423 versus $135,512 and $204,248, respectively in the prior year quarter. Cash generated by operations was up 4% to $351,131 and the Company ended the quarter with $4.5 million in cash on hand, an increase of $168,153 from December 31, 2015.
David Wolf, President and Chief Executive Officer stated, “While we were a little disappointed to see a small decline in revenues in the first quarter, performance was generally in line with our expectations and our guidance that the first half of 2016 would be flat as compared to 2015. The second quarter has started much stronger than Q1 and we remain optimistic that we will see a return to solid revenue growth and operating margin improvement in the second half of the year.”
Mr. Wolf continued, “We did see several bright spots in the quarter. Sales into our core in vitro fertilization (IVF) clinic market continued to grow, driven by a substantial increase in sales of our top-of-the-line LYKOS® laser system. We also saw a substantial increase in service sales, contributing to our objective to increase our recurring revenues. Operating expenses were generally in line with expectations as we continued to increase our investment in research and development in order to accelerate the pace of innovation and new product development. We also increased spending in sales and marketing to increase market penetration by adding more direct sales and support resources and investing in market development.”
The Company also reported that its strategy to broaden its offerings of products and services through strategic acquisitions of both operating companies and established product lines continues to be a major focus. The Company is actively working on completing additional acquisitions and expects to complete one or more acquisitions in the coming months.
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 that reduce cost, increase productivity, improve results and enable breakthroughs in ART (Assisted Reproductive Technologies), regenerative medicine and developmental biology research 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 worldwide customer base consists of pharmaceutical companies, biotechnology companies, fertility clinics, university research centers, animal breeding companies, and other commercial and academic research establishments, including Harvard, MIT, Yale, McGill, Oxford, Cambridge, the Smithsonian Institution, Charles River Labs, Covance, ABS Global, Sexing Technologies, Merck, Novartis, Pfizer, and Dow Chemical.
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. 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
Hamilton Thorne Ltd.
ir [AT] hamiltonthorne [DOT] com
|Michael Bruns, CFO
Hamilton Thorne Ltd.
ir [AT] hamiltonthorne [DOT] com