Record earnings/very positive outlook released Revenue of $52.3 million for the year and $15.6 million for the 4th quarter;
Adj. EBITDA of approximately $9.7 million for the year and $2.9 million for the quarter
BEVERLY, Mass and TORONTO, Feb. 17, 2022 (GLOBE NEWSWIRE) -- Hamilton Thorne Ltd. (TSX-V:HTL), a leading global provider of precision instruments, consumables, software and services to the Assisted Reproductive Technologies (ART), research, and cell biology markets, today reported preliminary selected unaudited financial results for the fourth quarter and year ended December 31, 2021.
Based on preliminary unaudited results:
- 2021 revenues increased 32% to a record $52.3 million
- 2021 adjusted EBITDA increased 47% to a record $9.7 million
- 4th quarter sales increased 27% to $15.6 million
- 4th quarter adjusted EBITDA increased 14% to $2.9 million
- Organic growth on a constant currency basis was approximately 20% for the year and approximately 12% in the fourth quarter
- Gross profit margins were approximately 50.1% for the year and 50.7% for the quarter
David Wolf, President and Chief Executive Officer, of Hamilton Thorne Ltd. commented, “2021 was another successful year for Hamilton Thorne. Despite the challenges presented by Covid, we achieved record sales of $52.3 million. We also grew adjusted EBITDA to a record $9.7 million even as we navigated supply chain issues and continued to invest in sales and support resources, R&D, and enhancing our operations in order to take better advantage of the cross-selling and marketing synergies between our North American and European-based businesses. Sales were up across all of our product categories with consumables sales, which largely represent organic growth, leading the way, ahead of strong, but somewhat lower equipment and services growth. We also completed a significant expansion of our product line, geographic coverage, and scale when we acquired Tek-Event in April and IVFtech in July, expanding our direct sales footprint into Australia and the Nordic countries.”
Commenting on the quarter, Mr. Wolf added, “With sales of $15.6 million and adjusted EBITDA of approximately $2.9 million, this was a record quarter for Hamilton Thorne. We increased our gross profit margin and EBITDA margin versus Q3 as we continued to address some of the supply chain issues faced by nearly all industries. Sales of consumables continued to be up substantially, with strong equipment sales, enhanced by the IVFtech and Tek-Event acquisitions, and single digit growth in service sales.”
The Company generated approximately $5 million of cash from operations for the year despite significant investments in inventory to address supply chain issues, ending the year with cash on hand of $17.8 million and $12.5 million available under existing lines of credit to further support its acquisition program. Cash on hand was $21.8 million at December 31, 2021, prior to 2021 acquisition activity and scheduled debt payments.
OUTLOOK
Mr. Wolf added, “Looking forward into 2022, we continue to be optimistic on our revenue performance, as demand and growth have returned to pre-pandemic levels in nearly every market that we serve. We do see the possibility for quarter-to-quarter variability during the year as we continue to manage supply chain issues and inflationary pressures that can affect our short-term costs for materials, freight, and personnel. These factors, along with our continued investment in sales, marketing, R&D, and operational resources to support above-market growth, could impact margins and profitability during the year. Despite this possible choppiness in 2022, we feel that we are well positioned to continue to execute on our strategy of driving long-term growth and EBITDA expansion by investing in our organic growth, while building scale, enhancing our product offerings, and expanding our geographic footprint through acquisitions.”
Mr. Wolf continued, “I would like to reiterate my thanks to all of our employees who have shown remarkable resiliency and dedication to our business, as well as our customers, and to our business partners and shareholders for the support they have shown our company.”
The financial information contained in this news release is based on management's estimates and is subject to adjustment. The Company expects to release its completed audited financial statements for the year ended December 31, 2021 in early April 2022.