• Revenue of $19.4 million and Adjusted EBITDA of $3.7 million for the quarter

Beverly, Massachusetts and Toronto, Ontario--(Newsfile Corp. - November 14, 2024) - Hamilton Thorne Ltd. (TSX: HTL), a leading provider of precision instruments, laboratory equipment, consumables, software, and services to the Assisted Reproductive Technologies (ART), research, and cell biology markets, today reported unaudited condensed interim financial results for the quarter and nine months ended September 30, 2024.

Financial Highlights

• Sales increased 24% year over year to $19.4 million for the quarter; sales for the nine-month period increased 19% to $57.9 million; sales increased 22% for the quarter and 18% for the nine-month period on a constant currency basis

• Gross profit increased 27% to $9.7 million for the quarter; and increased of 20% to $29.7 million for the nine-month period

• Net loss was $1,181 thousand for the quarter and $2,631 thousand for the nine-month period, versus net loss of $785 thousand and $1,147 thousand in the prior year periods

• Adjusted EBITDA increased 72% to $3.7 million for the quarter and increased 34% to $10.4 million for the nine-month period

• Organic sales growth was 14% for the quarter and 12% for the nine-month period

• Cash generated from operations was $3.5 million in the nine-month; total cash on hand at September 30, 2024 was $6.9 million

• Confirming guidance for the full 2024 with sales range between $78 and $82 million, representing 10-15% organic growth.

Dr. Kate Torchilin, Chief Executive Officer of Hamilton Thorne Ltd. commented, "We are pleased to report a strong third quarter with revenue growth of 24% and gross profit margin growth of 27%. Equipment sales growth was 20% for the quarter, while consumables, software, and services grew over 27%. Our organic growth, which eliminates the effects of both the acquisitions and exchange rates, was up 14% for the quarter."

Adjusted EBITDA increased 72% to $3.7 million for the quarter and increased 34% to $10.4 million for the nine-month period. These changes were due primarily to increased sales and gross profits offset by increased operating expenses.

Cash generated by operations was $3.5 million for the nine-months ended September 30, 2024, compared to $1.4 million of cash generated by operations in the same period of the prior year. The increase is primarily due to the increase in sales and gross margin partially offset by investment in working capital to support the sales growth.

Key Financial Data and Comparative Results

All amounts are in US dollars, unless specified otherwise, and results, with the exception of Adjusted EBITDA, are expressed in accordance with the International Financial Reporting Standards ("IFRS").

See the Company's Management Discussion and Analysis for the periods covered for further information and a reconciliation of Adjusted EBITDA to Net Income.

Outlook and Transaction Update

Dr. Torchilin stated, "We continue to be on track to achieve double digit organic growth in 2024. We are confirming our guidance for the full twelve months of 2024, as we anticipate delivering between $78 and $82M revenue, equivalent to 10-15% organic growth for the full year."

Dr. Torchilin continued, "As previously reported, we have satisfied the major conditions to the completion of our going private transaction and now expect to close on November 29, 2024. I would like to thank our shareholders, many of whom have been with us for many years, for the trust and confidence that you have place in management and the support you have provided our Company."

See the Company's Management Discussion and Analysis for the periods covered for further information and a reconciliation of Adjusted EBITDA to Net Income.

The press release, with accompanying financial information, will be posted on the Company's website at www.hamiltonthorne.ltd and on www.sedarplus.ca..

About Hamilton Thorne Ltd. (www.hamiltonthorne.ltd)

Hamilton Thorne is a leading global provider of precision instruments, laboratory equipment, consumables, software, and services that reduce cost, increase productivity, improve results, and enable breakthroughs in Assisted Reproductive Technologies (ART), research, and cell biology markets. Hamilton Thorne markets its products and services under the Hamilton Thorne, Gynemed, Planer, Tek-Event, IVFtech, Microptic, Gynetics, and Embryotech Laboratories brands, through its growing sales force and distributors worldwide. Hamilton Thorne Ltd.'s customer base consists of fertility clinics, university research centers, animal breeding facilities, pharmaceutical companies, biotechnology companies, and other commercial and academic research establishments.

The Company has included Adjusted EBITDA, Organic Growth, and Constant Currency as non-IFRS measures, which are used by management as measures of financial performance. See section entitled "Use of Non-IFRS Measures" and "Results of Operations" in the Company's Management Discussion and Analysis for the periods covered for further information and a reconciliation of Adjusted EBITDA to Net Income.

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.