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Date Announced: 09 Sep 2014
Hamilton Thorne, a leading provider of precision laser devices and advanced image analysis systems for living cell applications in the fertility, stem cell and developmental biology research markets, today reported operational and financial results for the second quarter and six-month period ended June 30, 2014.
The company’s strategy to focus on its core products in established markets has led to strong sales growth and a substantial turnaround in financial performance. Revenues increased 21% to $2.2 million in the second quarter, led by strong growth in sales of clinical laser systems and the continued growth of CASA image analysis products. Net income for the quarter-ended June 30, 2014 was $209,000 versus the ($13,600) net loss in the prior year quarter, an improvement of $223,000. EBITDA improved to $290,000 from $70,000.
David Wolf, Hamilton Thorne’s President and CEO commented, “With the accelerating growth in the human IVF market and the continued acceptance of our newest products in all markets, we expect sales growth to continue to be strong for the balance of the year. With four consecutive quarters of net income and the Company consistently generating positive cash from operations, we are well positioned to continue investing for growth."
Highlights
· For the six-months ended June 30, 2014 revenues were $4.2 million a 17% increase over the prior year period. Net income for the six-months ended June 30, 2014 was $264,000 versus the ($135,000) net loss in the prior year period, an improvement of $399,000. EBITDA improved to $414,000 from $36,000.
· Cash on hand improved to $608,000, up $158,000 for the year to date. Cash generated by operations improved to $140,000 for the quarter and $245,000 for the year, the fourth consecutive quarter of positive cash generation.
· In June 2014, the Company introduced a new suite of service offerings. Service revenues in the second quarter increased by approximately 100%, reflecting the Company’s increased emphasis on service programs.
Hamilton Thorne designs, manufactures and distributes precision laser devices and advanced imaging systems for the fertility, stem cell and developmental 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.
The company’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.
E-mail: info@hamiltonthorne.com
Web Site: www.hamiltonthorne.com
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