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Hamilton Thorne Announces 2014 First Quarter Financial Results
Revenue and Profitability Increases Fueled by Significant Growth in Clinical Laser Systems
|By Marketwired .
|May 28, 2014 04:25 PM EDT
BEVERLY, MA and TORONTO, ON -- (Marketwired) -- 05/28/14 -- 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 ended March 31, 2014.
Revenues increased to $1.97 million in the first quarter, exceeding the prior year by 13%, led by strong growth in sales of its LYKOS® laser system and the continued growth of its CASA image analysis products. Operating expenses were stable at $1.1 million for the quarter ended March 31, 2014, but were reduced significantly as a percentage of sales, down to 57% from 65% for the prior year. Net income for the quarter-ended March 31, 2014 was $55,000 versus the $121,000 net loss in the prior year quarter, an improvement of $176,000. EBITDA improved to $124,000 from a negative EBITDA of $34,000. Cash on hand improved to $492,000.
"Our strategy to reprioritize our spending and focus on steady quarter over quarter growth has resulted in a substantial turnaround in our financial performance. With consistent sales growth over the last four quarters, combined with strong expense controls, the Company generated net income of $300,000 and EBITDA of $584,000 during that four-quarter period. We are generating positive cash from operations and investing for growth," said David Wolf, President and Chief Executive Officer of Hamilton Thorne Ltd.
Mr. Wolf continued, "With the accelerating growth in the human IVF market and the continued acceptance of our newest products in all markets, we expect sales growth to continue to be strong for the balance of the year. We are also pleased to see our strategy of investing in channel marketing continues to bear fruit as we saw steady growth in our major distribution channels."
- Two new patents were issued in Q1 covering the Company's Optical Indicator for Microscope Laser Bean Manipulation (RED-i): Patent Number 561539 in Japan and Patent Number ZL200980131210.1 in China. The new patents strengthen Hamilton Thorne's IP position in Asia.
- Service revenues in the first quarter increased by over 100%, reflecting the Company's increased emphasis on service programs. The Company is planning to introduce a new suite of service offerings in Q2.
- In December, the Company's $3.5 million line of credit with Commerce Bank was extended by one year to mature in January of 2015, and in April, the bank extended the agreement to October of 2015.
Three Month Periods Ending
Statements of Operations: 2014 2013
Sales $ 1,965,283 $ 1,741,298
Gross profit 1,216,858 1,073,741
Operating expenses 1,112,536 1,126,365
Operating income (loss) 104,322 (52,624)
Net income (loss) 54,754 (121,312)
EBITDA 124,253 (34,024)
Basic and diluted earnings (loss) per share $ 0.001 $ (0.002)
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").
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 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, certain non-recurring expenses and certain other non-cash amounts ("EBITDA") as a non-IFRS measure, which is used by management as a measure of financial performance. See section entitled "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
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