BEVERLY, Mass. and TORONTO, Aug. 14, 2024 (GLOBE NEWSWIRE) -- 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 audited financial results for the quarter and six months ended June 30, 2024.
Financial Highlights
Dr. Kate Torchilin, Chief Executive Officer of Hamilton Thorne Ltd. commented, “Our strong start to 2024 continued in the second quarter with revenue growth of 16% for the quarter. Equipment sales growth was 10% for the quarter, while consumables, software, and services grew over 20%. Our organic growth, which eliminates the effects of both the acquisitions and exchange rates, was up 10% for the quarter.”
Adjusted EBITDA increased 13% to $3.2 million and increased 19% to $6.7 million for the six-month period. These changes were due primarily to increased sales and gross profits offset by increased operating expenses.
Cash generated by operations was $4.3 million for the six months ended June 30, 2024, compared to $1.7 million of cash generated by operations in the same period of the prior year. The increase is primarily due to improvement in working capital management partially offset by the net loss for the first six months of 2024.
Key Financial Data and Comparative Results
Three- and Six-Month Periods Ending June 30 | |||||||
Three Months | Six Months | ||||||
Statements of Operations: | 2024 | 2023 | 2024 | 2023 | |||
Sales | $19,082,683 | $16,436,099 | $38,457,248 | $33,126,203 | |||
Gross profit | 9,746,951 | 8,538,734 | 19,911,854 | 16,983,436 | |||
Operating expenses | 9,957,897 | 8,880,913 | 20,165,280 | 16,888,480 | |||
Net income (loss) | (679,114) | (439,417) | (1,615,165) | (362,012) | |||
Adjusted EBITDA | 3,208,472 | 2,828,594 | 6,739,423 | 5,665,952 | |||
Basic earnings per share | ($0.00) | ($0.00) | ($0.01) | ($0.00) | |||
Diluted earnings per share | ($0.00) | ($0.00) | ($0.01) | ($0.00) | |||
Statements of Financial Position as at: | Jun. 30, 2024 | Dec. 31, 2023 | |||||
Cash | $8,985,767 | 9,734,607 | |||||
Working capital | 15,357,224 | 17,643,555 | |||||
Total assets | 107,827,111 | 109,277,073 | |||||
Non-current liabilities | 24,983,030 | 27,595,111 | |||||
Shareholders' equity | 63,116,049 | 64,651,380 |
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
Dr. Torchilin stated, “We continue to focus serving our customers with our broad product portfolio and strong technical support. We will continue to leverage our strengths as a premier innovator, manufacturer, and marketer of important products for our core markets, while accelerating operational efficiency to drive profitable growth and enhance shareholder value. We are on track to achieve double digit organic growth in 2024, continuing through the longer term. We are confirming our guidance for the full twelve months of 2024, and we anticipate delivering between $78 and $82M revenue, equivalent to 10-15% organic growth for the full year.”
Francesco Fragasso, the Company’s Chief Financial Officer, added, “Management is committed to delivering continued EBITDA margin expansion through growing revenues and margins while controlling recurring operating expenses. We anticipate Q3 of 2024 to be in line with the plan to achieve our full year guidance. Cash flow is expected to improve through 2024 as the investment in expanding capacity has been completed and working capital is improving.”
Commenting on the Company’s M&A activities, Dr. Torchilin stated, “We continue to focus on building Hamilton Thorne Ltd. into the premier company serving IVF/ART laboratories and adjacent markets globally. We continue to actively pursue multiple acquisition opportunities.”
See the Company’s Management Discussion and Analysis for the periods covered for further information and a reconciliation of Adjusted EBITDA to Net Income.
An updated investor presentation will be posted to the Company’s web site. The Company will not be hosting a conference call.
Neither the TSX 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 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.
Neither the TSX 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 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.
For more information, please contact:
Kate Torchilin, President & CEO Hamilton Thorne Ltd. 978-921-2050 This email address is being protected from spambots. You need JavaScript enabled to view it. Glen Akselrod Bristol Investor Relations 905-326-1888 This email address is being protected from spambots. You need JavaScript enabled to view it. | Francesco Fragasso, CFO Hamilton Thorne Ltd. 978-921-2050 This email address is being protected from spambots. You need JavaScript enabled to view it. |
Last Trade: | C$2.24 |
Daily Volume: | 0 |
Market Cap: | C$345.340M |
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