BEVERLY, MA and TORONTO, ON -- (Marketwired) -- 02/13/14 --
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 preliminary selected unaudited financial results for the fourth quarter and year-ended December 31, 2013.
"Our preliminary unaudited results show that Hamilton Thorne's 2013 annual sales increased 18% to approximately $7.5 million," said David Wolf, President and Chief Executive Officer of Hamilton Thorne Ltd. "Fourth quarter sales grew 10% to approximately $2.27 million versus the same quarter last year. Moreover we continued to generate positive quarterly net income and cash flow due to the combination of strong sales and the full impact of the strategic cost cutting that we executed in 2012, as well as positive EBITDA for the year of approximately $400,000."
Sales growth was driven by substantially increased demand for the Hamilton Thorne's best-of-class CASA II image analysis systems which were introduced at the end of 2012, and continued strong demand for the Company's laser systems.
Mr. Wolf continued, "In 2013, we met our goals of continuing our growth trajectory while managing our expenses, and bringing Hamilton Thorne to profitability and positive cash flow. We expect to accelerate this trend in 2014 as substantial operating leverage leads to stronger profitability, allowing us to increase our investment in new product development to drive further revenue growth."
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, 2013 on or about April 25, 2014.
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 development biology research markets. It provides novel solutions for Life Science that reduce cost, increase productivity, improve results and enable research breakthroughs in fertility, regenerative medicine, and stem cell research 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. 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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Hamilton Thorne Ltd.
Source: Hamilton Thorne