Strong Revenue Growth and Expense Controls Lead to Positive Operating Income
BEVERLY, MA and TORONTO--(Marketwired - August 26, 2013) -
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 second quarter and six months year-to-date ended June 30, 2013.
"We are pleased to report that in the second quarter Hamilton Thorne's revenues increased to $1.83 million, up 48% over the prior year, led by another strong quarter for our IVOS® II image analysis products and the continued growth in sales of our LYKOS® laser system, supported by strong sales of our other products," said David Wolf, President and Chief Executive Officer of Hamilton Thorne Ltd. "For the six months, revenues increased to $3.57 million, up 27% over the prior year."
Highlights
- Gross profit increased by 66%, while operating expenses were reduced 25% generating operating income of $51,000 and EBITDA of $70,000.
- Sales of image analysis products were up substantially across human, toxicology and animal breeding markets.
- The Company previewed its second generation CASA software for the human market at the European Society of Human Reproduction and Embryology annual meeting and released the product for sale outside the US in July (FDA clearance pending).
- Hamilton Thorne received US patent approval (Patent No. 8,422,128) covering its LYKOS® and XYRCOS® modular objective assembly which incorporates a laser inside a microscope objective, further strengthening Hamilton Thorne's IP position.
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Three and Six Month Periods Ending June 30 |
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Three Months |
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Six Months |
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| Income Statements |
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2013 |
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2012 |
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2013 |
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2012 |
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| Sales |
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$ |
1,827,284 |
|
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$ |
1,234,117 |
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$ |
3,568,582 |
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|
$ |
2,808,142 |
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| Gross profit |
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1,072,098 |
|
|
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644,789 |
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2,145,839 |
|
|
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1,598,693 |
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| Operating expenses |
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1,020,927 |
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1,361,066 |
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2,147,292 |
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2,762,651 |
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| Net income (loss) |
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(13,594 |
) |
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(790,815 |
) |
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(134,906 |
) |
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(1,319,804 |
) |
| EBITDA |
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69,771 |
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(671,577 |
) |
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35,747 |
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(1,123,758 |
) |
| Basic and diluted (loss) per share |
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$ |
(0.00 |
) |
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$ |
(0.02 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.05 |
) |
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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 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.
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