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Hamilton Thorne reports 18% sales increase for the quarter ended September 30, 2016

November 28, 2016 By Abigail Esposito

Hamilton Thorne

Sales increased 18% to $2.45 million for the quarter ended September 30, 2016 versus the prior year. Sales for the first nine months of 2016 increased to $6.86 million, up 7%.

Hamilton Thorne, a provider of precision instruments, consumables, software and services to the Assisted Reproductive Technologies (ART) and developmental biology research markets, reported operational and financial results for the quarter and nine months ended September 30, 2016.

Sales increased 18% to $2.45 million for the quarter ended September 30, 2016 versus the prior year. Sales for the first nine months of 2016 increased to $6.86 million, up 7%.

Net income and EBITDA for the quarter and nine months declined versus the prior year periods due to planned investments in research and development and sales and marketing resources, as well as significant increases in general and administrative expenses in the second and third quarter relating to the Company’s acquisition program.

“We continue to see good growth in our instrument business as a result of the significant investments in sales and support resources and market development funding made over the past 6 to 12 months,” said David Wolf, president and CEO. “Sales into our core in vitro fertilization (IVF) clinic market led our growth, driven by a substantial increase in sales of our clinical laser systems. Margins were up slightly at 64.5% for the quarter and flat at 63.9% for the nine-months ended September 30, 2016, due to product mix and the impact of higher Embryotech margins.”

“We were pleased to complete the acquisition of the Embryotech Laboratories business in the third quarter,” said Wolf. “In addition to acquiring a great brand, we will be strengthening the financial performance of Hamilton Thorne. Not only will this acquisition substantially increase our scale, we anticipate that it will diversify our revenue base from a predominantly one-time sale of instruments model to a projected 40% of recurring revenues from the sales of services and consumables. We expect that our revenue, profitability, and cash flow will be positively impacted in future quarters as the results from our combined operations begin to be realized.”

The company reported that operating expenses were generally in line with expectations, reflecting its increased investment in R&D, staffing, sales and marketing, significant expenses related to its acquisition program, and increases in non-cash amortization and expense resulting from stock option grants.

Cash generated by operations was $686,981 for the nine-months ended September 30, 2016, compared to $711,176 in the comparable period of the prior year, a decrease of $24,195, primarily due to the decrease in net income and increases in acquisition expenses.

In September 2016, the company closed on a new credit facility consisting of a $5.5 million five-year term loan at 4.5% interest rate and a $2.5 million revolving line of credit at prime, maturing in September 2018 ($1.5 million of which was drawn at closing and outstanding at September 30, 2016), for net new borrowings of $3.5 million, which was used to fund the Embryotech acquisition. After using existing cash of $2.6 million for the acquisition, the company ended the quarter with $1.9 million of cash on hand.

Hamilton Thorne
hamiltonthorne.com

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