HTL.V - Hamilton Thorne Ltd


#142

HAMILTON THORNE TO ANNOUNCE Q2 2018 FINANCIAL RESULTS AND HOLD CONFERENCE CALL ON AUGUST 22, 2018

BEVERLY, Mass. and TORONTO, Aug. 09, 2018 (GLOBE NEWSWIRE) – Hamilton Thorne Ltd. (TSX-V:HTL), a leading worldwide provider of precision instruments, consumables, software and services to the Assisted Reproductive Technologies (ART) and developmental biology research markets, today announced that it will release its financial results for the three and six months ended June 30, 2018 before market open on Wednesday, August 22, 2018. The press release, with accompanying financial information, will be posted on the Company’s website at www.hamiltonthorne.ltd and on www.sedar.com.

The Company will follow with a conference call on the same day at 11:00 a.m. EDT to review highlights of the results. All interested parties are welcome to join the conference call by dialing toll free 1-855-223-7309 in North America, or 647-788-4929 from other locations, and requesting Conference ID 3984088. A recording of the call will be available on Hamilton Thorne’s website shortly after the call.


#143

Hamilton Thorne Announces Record Revenue and EBITDA for the Quarter Ended June 30, 2018

Highlights

  • Sales increased 30% year over year to a record $7.3 million for the quarter; up 61% to $14.3 million for the six-month period; (constant currency growth of 28% for the quarter; 59% for the six-month period)

  • Gross profit increased 22% year over year to $4.1 million for the quarter; up 44% to $8.1 million for the six-month period

  • Net loss of $133 thousand for the quarter due to the change in fair value of debenture (see below); net income increased 74% year over year to $760 thousand for the six-month period

  • Adjusted EBITDA increased 7% year over year to a record $1.5 million for the quarter; up 39% to $3.1 million for the six-month period

  • 14% organic sales growth for the quarter; 16% for the six-month period

The Company will hold a conference call on Wednesday August 22, 2018 at 11:00 a.m. EDT to review highlights of results. All interested parties are welcome to join the conference call by dialing toll free 1-855-223-7309 in North America, or 647-788-4929 from other locations, and requesting Conference ID 3984088. The Company’s updated investor presentation and a recording of the call will be available on Hamilton Thorne’s website shortly after the call.


#144

Hamilton Thorne Announces Completion of CDN $10,000,000 Bought Deal Private Placement

BEVERLY, Mass. and TORONTO, Sept. 14, 2018 (GLOBE NEWSWIRE) – Hamilton Thorne Ltd. (TSX-V:HTL) (“Hamilton Thorne” or the “Company”), a leading worldwide provider of precision instruments, consumables, software and services to the Assisted Reproductive Technologies (ART) and developmental biology research markets, announces the completion of its previously announced bought deal private placement. On closing, the Company issued an aggregate of 9,090,910 common shares of the Company (“Common Shares”) at a price of CDN$1.10 per Common Share (the “Offering Price”) for aggregate gross proceeds of CDN$10,000,001 (the “Offering”). The Offering was led by Bloom Burton Securities Inc. on behalf of a syndicate comprised of Beacon Securities Limited and Cormark Securities Inc. (collectively, the “Underwriters”).

The net proceeds of the Offering will be used for funding cash consideration of future acquisitions and general working capital purposes.

In connection with their services, the Underwriters received a total cash commission of approximately $600,000 and 545,454 non-transferable broker warrants (“Broker Warrants”). Each Broker Warrant is exercisable for a period of 12 months into one common share of Hamilton Thorne at a price of CDN$1.10 per common share.

All securities issued under the Offering will be subject to a four month hold period from the closing date under applicable Canadian securities laws. The Offering is subject to receipt of final acceptance from the TSX Venture Exchange.

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

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


#145

J’ai rencontré David Wolf (PDG) à Vancouver jeudi dernier. Voici quelques notes:

  • Suite au récent financement (bought deal), l’encaisse actuelle se situe aux alentours de 13 millions $ US.

  • Le financement n’a pas été réalisé en vue d’une acquisition immédiate, sinon l’acquisition aurait été annoncée au même moment. Cependant, l’objectif est de réaliser une ou plusieurs acquisitions éventuellement avec cet argent.

  • Lorsque j’ai demandé à David pourquoi il a levé l’argent maintenant s’il n’avait pas une acquisition à réaliser immédiatement, il a mentionné qu’un large investisseur institutionnel ainsi que plusieurs autres plus petits voulaient prendre position. Il est difficile de refuser de l’argent surtout lorsque le financement est proposé à un prix très près du haut de 52 semaines.

  • Depuis l’acquisition de Gynemed, la liste de cibles potentielles d’acquisition pour HTL s’est élargie pour inclure plus d’opportunités en Europe. Le fait que HTL est maintenant bien établi en Europe avec Gynemed fait en sorte qu’il est plus facile d’intégrer / gérer de plus petites acquisitions dans cette région.

  • L’Asie n’est pas dans les plans d’acquisitions pour l’instant. Les entreprises sont soit trop petites pour faire une réelle différence ou trop grosses au point que ça devient risqué financièrement et opérationnellement pour HTL de procéder.

  • Acquisition de ZANDAIR: les revenus étaient d’environ 50% de ventes d’équipements et 50% d’éléments consommables (à utilisation unique, ce qui procure des revenus récurrents). L’entreprise n’était pas bien gérée et sous-performais. David croît que les revenus ont le potentiel de doubler l’année prochaine, ce qui est assez significatif.

  • Concernant la croissance organique de 16% jusqu’à présent cette année, David est prudent et mentionne que cela dépasse assurément l’objectif interne qui est de 10%. Il ne peut pas pointer vers un élément exceptionnel qui aurait contribué à la forte croissance, mais croît qu’il pourrait y avoir un retour vers la moyenne de 10% éventuellement.

  • Pour ce qui est des marges brutes, le niveau actuel (56-57%) devrait être soutenable à court terme, quoique ‘‘lumpy’’ un peu (pourrait fluctuer autour de cette cible). À long terme, les marges brutes devraient s’améliorer grâce au modèle de ventes directes aux États-Unis.

D’un point de vue plus intangible, à chaque fois que je rencontre David je trouve qu’il est l’un des PDG de microcaps les plus solides que je connais. Je mettrais également Ryan Pape de XPEL dans la même catégorie.


#146

BEVERLY, Mass. and TORONTO, Nov. 13, 2018 (GLOBE NEWSWIRE) – Hamilton Thorne Ltd. (TSX-V: HTL), a leading worldwide provider of precision instruments, consumables, software and services to the Assisted Reproductive Technologies (ART) and developmental biology research markets, today announced that it will release its financial results for the three and nine months ended September 30, 2018 before market open on Tuesday, November 20, 2018. The press release, with accompanying financial information, will be posted on the Company’s website at www.hamiltonthorne.ltd and on www.sedar.com.

The Company will follow with a conference call on the same day at 11:00 a.m. EST to review highlights of the results. All interested parties are welcome to join the conference call by dialing toll free 1-855-223-7309 in North America, or 647-788-4929 from other locations, and requesting Conference ID 2546617. A recording of the call will be available on Hamilton Thorne’s website one day after the call.


#147

Hamilton Thorne Announces Financial and Operational Results for the Quarter Ended September 30, 2018

GlobeNewswire November 20, 2018

BEVERLY, Mass. and TORONTO, Nov. 20, 2018 (GLOBE NEWSWIRE) – Hamilton Thorne Ltd. (HTL.V), a leading provider of precision instruments, consumables, software and services to the Assisted Reproductive Technologies (ART) and developmental biology research markets, today reported financial and operational results for the quarter and nine-months ended September 30, 2018.

Highlights

  • Sales increased 13% year over year to $6.8 million for the quarter; up 42% to $21.1 million for the nine-month period
  • Gross profit increased 6% year over year to $3.8 million for the quarter; up 29% to $11.9 million for the nine-month period
  • Net loss of $545 thousand for the quarter; net income decreased to $215 thousand for the nine-month period, in each case primarily due to the change in fair value of debenture (see below);
  • Adjusted EBITDA increased 1% year over year to $1.43 million for the quarter; up 24% to $4.4 million for the nine-month period
  • Sales in constant currency increased 14% for the quarter; 40% for the nine-month period
  • Organic growth was 11% for the quarter; 12% in constant currency. Organic growth was 13% for the nine-month period, in reported and constant currency

“The quarter ended September 30 was a solid quarter for us,” stated David Wolf, President and Chief Executive Officer. “Sales into the human clinical market continued to show strong growth driven by the increased consumables sales, including increased sales of consumables through distribution channels. Sales into the animal breeding market grew substantially while sales into research markets were down. Organic growth was 11% for the quarter and 13% for the nine-month period, or 12% and 13% in constant currency. Gross profit margins of 56.4% have been consistent for the year, within a range of approximately 50 basis points, but were down versus the prior year quarter, reflecting the mix between direct sales of our own high-margin products and services and somewhat lower margin sales of our branded products through distribution channels and direct sale of third-party products.”

The Company reported a net loss of $545 thousand for the quarter (net income of $215 thousand for the nine-month period) largely due to the negative effect of an $896 thousand ($1.1 million for the nine months) change in the fair value of a derivative issued in connection with the Gynemed acquisition. Without this non-cash charge, the Company would have reported net income of $330 thousand for the quarter and $1.3 million for the nine-month period. The Company also incurred acquisition related expenses of $68 thousand in the third quarter and nine-month period, versus nil in the prior year quarter and $613 thousand prior year to date. Cash flow from operations was $730 thousand for the quarter; $2.5 million for the nine-month period.

Mr. Wolf added, “In the third quarter we continued investing in expanded sales and marketing, including the expansion of our US and European based sales teams. US results were below expectations for the third quarter, particularly with respect to the direct sales of third-party products, but we expect to see a rebound in the fourth quarter. We also continued to focus our efforts to drive additional cross-selling and marketing synergies across our business lines. Early in the third quarter we completed the acquisition of the ZANDAIRTM air purification products business from Zander Scientific, Inc. which contributed to third quarter sales growth. We continue to see a significant opportunity to grow revenues from the ZANDAIR product line by leveraging our established sales and marketing resources worldwide.”

Michael Bruns, the Company’s Chief Financial Officer added, “In the third quarter we substantially enhanced our cash position by closing a bought deal financing with net proceeds of approximately $7.1 million. In November, we closed an acquisition line of credit with our commercial bank that will expand our ability to complete acquisitions with a relatively lower cost of capital. With continued EBITDA growth, strong cash flows and a healthy cash balance of $13.2 million at the end of the quarter, we believe we are well-positioned to continue our acquisition strategy to complement our organic growth.”

Three and Nine-Month Periods Ending September 30
Three Months Nine Months
Statements of Operations: 2018 2017 2018 2017
Sales $6,833,457 $6,052,566 $21,141,076 $14,940,512
Gross profit 3,850,825 3,639,609 11,928,885 9,266,821
Operating expenses 3,004,252 2,714,958 9,065,280 7,405,271
Net income (544,694 ) 613,900 215,335 1,049,811
Adjusted EBITDA 1,428,959 1,414,325 4,437,010 3,578,328
Basic earnings per share ($0.005 ) $0.006 $0.002 $0.011
Diluted earnings per share ($0.005 ) $0.005 $0.002 $0.010

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”).

The Company reported that operating expenses were generally in line with expectations, reflecting added expenses from the Gynemed business (for the nine-month period) and continued investment in R&D, staffing, sales and marketing.