Hamilton Thorne Announces Record Revenue for the Quarter and Year Ended December 31, 2020

Revenue of $39.7 million for the year and $12.2 million for the 4^th quarter; 
Adj. EBITDA of approximately $6.5 million for the year and a record $2.5 million for the quarter

BEVERLY, Mass. and TORONTO, Feb. 18, 2021 (GLOBE NEWSWIRE) -- Hamilton Thorne Ltd. (TSX-V:HTL), a leading global provider of precision instruments, consumables, software and services to the Assisted Reproductive Technologies (ART), research, and cell biology markets, today reported preliminary selected unaudited financial results for the fourth quarter and year ended December 31, 2020.

Based on preliminary unaudited results, 2020 revenues increased 12% to a record $39.7 million with adjusted EBITDA for the year of approximately $6.5 million, an 8% decline versus the prior year. Fourth quarter sales increased 13% to $12.2 million, with adjusted EBITDA estimated to increase 12% to $2.5 million. Organic growth on a constant currency basis was approximately 1% for the year and approximately 10% in the fourth quarter. Gross profit margins were approximately 51.2% for the year and 52.7% for the quarter.

David Wolf, President and Chief Executive Officer of Hamilton Thorne Ltd. commented, “Despite the headwinds from the Covid-19 pandemic we grew sales over 12% for the year to $39.7 million and closed off 2020 with our best quarter ever. Equipment sales were up for the year, largely due to the contribution from a full year of sales of Planer products, versus 4 ½ months of sales in 2019. Consumables sales, which largely represent organic growth, were up double digits for the year. Service revenues were up slightly. Adjusted EBITDA of approximately $6.5 million was negatively impacted by declining sales in some areas and, while we deferred some hiring, we continued to make investments in Research and Development and in sales and support resources in the US and Europe to support our long-term growth.”

Commenting on the quarter, Mr. Wolf added, “With sales of $12.2 million and adjusted EBITDA of approximately $2.5 million, this was a record quarter for Hamilton Thorne. We increased our gross profit margin and EBITDA margin versus the rest of the year, while continuing to invest in R&D and sales and marketing. Sales of equipment, including Planer products in both periods, were positively impacted by typical end-of-year buying, motivated in part by expiring VAT tax incentives in Europe, and were slightly down for the quarter. Consumables sales were up sharply, as we continue to gain market share, supported by some forward buying due to tax incentives. Service revenues were roughly even with last year.”