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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Hamilton Thorne Inc | TSXV:HTL | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.45 | 1.40 | 1.48 | 0 | 00:00:00 |
From Nov 2019 to Nov 2024
"Revenue in the third quarter increased to $1.86 million, exceeding the prior year by 8.5% due to substantial growth in our laser portfolio, bolstered by strong LYKOS™ sales. Our new LYKOS™ laser system continues to pick up momentum in the existing customer base and is well received by new customers, thus enabling the Company to further cement our dominance in the US fertility market. Sales of lasers for research markets also increased in sales during Q3, although the research market tends to have a slower adoption rate due to its complex and evolving technological landscape," said David Wolf, President and Chief Executive Office of Hamilton Thorne Ltd. "The nine months year-to-date revenue increased 14.1% to $5.1 million, and by a combination of growing sales and closely managing our operating expenses, we continue to edge closer to achieving our profitability goals."
Third Quarter Highlights
Financial Results
All amounts are in US dollars, unless specified otherwise, and results expressed in accordance with the International Financial Reporting Standards ("IFRS"), which replaces Canadian Generally Accepted Accounting Policies ("GAAP") effective January 1, 2010 for all publicly accountable enterprises in Canada.
For the three months ended September 30, 2011, the Company reported a sales increase of 8.5% to $1,858,333 for the quarter ended September 30, 2011, an increase of $144,969 from $1,713,364 during the previous year. Nine months sales for 2011 of $5,136,989 were up 14.1%, from sales of $4,502,571 in 2010. This increase was attributable to increased demand for our existing products, additional sales derived from our new LYKOS laser introduced in the second quarter of 2011 and improved budget availability for capital equipment purchases, particularly in the human clinical market. The Company's customers in the regenerative medicine field primarily use the Company's products in research applications. Sales of products for research applications are often funded by government grants and may be subject to extended purchasing cycles.
Gross profit for the quarter increased 11% to $1,157,166 in the quarter ended September 30, 2011, compared to $1,042,547 in the previous year and increased to $3,210,539 versus $2,762,070 for the comparable nine-month periods. Gross profit as a percentage of sales were somewhat higher at 62.3% for the quarter and 62.5% for the nine-months ended September 30, 2011, versus 60.8% and 61.3% for the comparable periods in 2010, due primarily to product mix and increased sales spread over a relatively constant overhead base.
Operating expenses were $1,370,652 and $4,331,128 for the quarter and nine-months ended September 30, 2011, up from $1,271,788 and $3,815,081 for comparable periods during the previous year. This increase in operating expenses represents continued strategic investment in the growth of the Company. Research and development expenses increased from $239,246 to $267,842 for the quarter ended September 30, 2011 and from $718,500 to $887,570 for the nine-month period due to continued development of new products. Sales and marketing expenses increased from $569,480 to $676,734 for the quarter ended September 30, 2011 and from $1,650,274 to $1,985,974 for the nine-month period due to the expansion of our sales and marketing staff, commission expense on higher sales volume, and increased variable costs of selling. General and administrative (G&A) expenses decreased from $463,062 to $426,076 for the quarter ended September 30, 2011 versus the prior quarter and increased from $1,446,307 to $1,457,584 for the nine-month period due primarily to increases in staffing and one-time severance expenses offset by positive foreign currency valuation adjustments related to the convertible debentures issued in August 2010 and March 2011 issued in Canadian dollars.
Net interest expense increased from $92,997 to $159,518 for the quarter ended September 30, 2011 and from $225,111 to $442,028 for the nine-month period. The increase was due primarily to the non-cash interest expense, both coupon and accreted, on the Company's convertible debentures. Interest expense is expected to decrease by approximately $50,000 per quarter as a result of a conversion of approximately $1.6 million of debt to equity and the reduction of the Company's bank loan by $1.5 million, both of which were completed in the quarter ended September 30, 2011.
The net loss for the quarter ended September 30, 2011 increased from $322,237 to $373,004 and from $1,278,122 to $1,562,617 for the nine-month period. The increased loss was primarily due to the additional investments by the Company in research, product development, sales and marketing, additional general and administrative expenses and interest expense, partially offset by increased gross profit resulting from increased sales.
As of September 30, 2011, the Company had 46,616,365 common shares issued and outstanding. As of September 30, 2011, there were 5,729,440 warrants outstanding to purchase common shares: 5,500,005, at a price of Cdn $0.60 which originally were set to expire in April 2011 but were extended by eighteen months to October 2012; 194,435 warrants to acquire one common share at an exercise price of Cdn$0.50, expiring in August 2012 and March 2013, issued to its financial advisors in connection with the August 2010 and March 2011 sales of the convertible debentures; and 35,000 warrants to acquire one common share at an exercise price of Cdn$0.20, expiring in September 2013, issued to its financial advisor in connection with the common stock private placement.
Stock options issued to employees and directors outstanding at September 30, 2011 totaled 4,654,405 at exercise prices ranging from Cdn $0.18 to Cdn $0.7712. Options for 2,569,140 shares are exercisable as of September 30, 2011. Options expire at varying times from July 2012 through September 2021.
The financial statements are available on www.sedar.com.
About Hamilton Thorne Ltd. (www.hamiltonthorne.com) Hamilton Thorne provides novel solutions for Life Science that reduce cost, increase productivity as much as ten-fold, and enable research breakthroughs in regenerative medicine, stem cell research and fertility markets. The Company's new LYKOS™, Staccato™ and Stiletto™ laser systems offer significant scientific advantages in the fields of developmental biology, cancer research and other segments of cell biology. Hamilton Thorne's laser products attach to standard inverted microscopes and operate as robotic micro-surgeons, enabling a wide array of scientific applications and procedures.
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 University, MIT, Yale, McGill University, DuPont, Monsanto, Charles River Labs, Jackson Labs, Merck, Novartis, Pfizer, Oxford University, 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.
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.
Financial results included below:
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Hamilton Thorne Ltd.
Consolidated Statements of Financial Position
As at September 30, 2011 and December 31, 2010
(Expressed in U.S. Dollars - unaudited)
----------------------------------------------------------------------------
September 30, December 31,
2011 2010
------------------------------------------------ ------------- -------------
Assets
Current
Cash and cash equivalents 618,359 714,498
Accounts receivable 1,176,576 971,406
Inventories 756,24 544,170
Prepaid expenses and other current assets 85,303 58,241
------------------------------------------------ ------------- -------------
2,636,479 2,288,315
Property and equipment 186,816 134,662
Other assets 112,126 111,968
------------------------------------------------ ------------- -------------
Total assets 2,935,421 2,534,945
------------------------------------------------ ------------- -------------
Liabilities
Current
Accounts payable and accrued liabilities 1,390,981 1,412,831
Notes payable 46,590 104,460
Capital lease obligations, current 30,621 20,250
Deferred revenue 46,136 91,086
------------------------------------------------ ------------- -------------
Total current liabilities 1,514,328 1,628,627
Capital lease obligations, non-current 48,949 37,295
Deferred revenue, long-term 79,486 79,486
Long-term debt 3,771,506 6,121,015
------------------------------------------------ ------------- -------------
Total liabilities 5,414,269 7,866,423
------------------------------------------------ ------------- -------------
Shareholders' Equity (Deficiency)
Common shares 28,621,499 24,345,752
Warrants 354,127 349,019
Contributed surplus 741,927 607,535
Accumulated deficit (32,196,401) (30,633,784)
------------------------------------------------ ------------- -------------
Total Shareholders' equity (deficiency) (2,478,848) (5,331,478)
------------------------------------------------ ------------- -------------
Total Liabilities and shareholders' equity
(deficiency) 2,935,421 2,534,945
------------------------------------------------ ------------- -------------
Hamilton Thorne Ltd.
Consolidated Statements of Operations and Comprehensive Loss
For the three and nine months ended September 30, 2011 and 2010
(Expressed in U.S. Dollars - unaudited)
---------------------------- ----------- ----------- ----------- -----------
Three Months ended Nine Months ended
September 30 September 30
2011 2010 2011 2010
---------------------------- ----------- ----------- ----------- -----------
Sales 1,858,333 1,713,364 5,136,989 4,502,571
Cost of sales 701,167 670,816 1,926,450 1,740,501
---------------------------- ----------- ----------- ----------- -----------
1,157,166 1,042,548 3,210,539 2,762,070
---------------------------- ----------- ----------- ----------- -----------
Expenses
Research and development 267,842 239,246 887,570 718,500
Sales and marketing 676,734 569,480 1,985,974 1,650,274
General and administrative 426,076 463,062 1,457,584 1,446,307
---------------------------- ----------- ----------- ----------- -----------
Total expenses 1,370,652 1,271,788 4,331,128 3,815,081
---------------------------- ----------- ----------- ----------- -----------
Loss from operations (213,486) (229,240) (1,120,589) (1,053,011)
Other income (expense)
Interest expense, net,
Including accretion (159,518) (92,997) (442,028) (225,111)
---------------------------- ----------- ----------- ----------- -----------
Net loss and comprehensive
loss (373,004) (322,237) (1,562,617) (1,278,122)
---------------------------- ----------- ----------- ----------- -----------
Loss per share
Basic ($0.01) ($0.01) ($0.06) ($0.05)
Diluted ($0.01) ($0.01) ($0.06) ($0.05)
Weighted average number of
common shares outstanding
Basic 28,616,836 24,415,157 25,831,108 24,415,157
Diluted 28,616,836 24,415,157 25,831,108 24,415,157
Hamilton Thorne Ltd
Consolidated Statements of Cash Flows
For the three and nine months ended September 30, 2011 and 2010
(Expressed in U.S. Dollars - unaudited)
----------------------------------------------------------------------------
Three Months ended Nine Months ended
September 30 September 30
2011 2010 2011 2010
---------------------------- ----------- ----------- ----------- -----------
Cash flows from operating
activities
Net loss for the year (373,004) (322,237) (1,562,617) (1,278,122)
Adjustments to reconcile net
loss to net cash used in
operating activities:
Depreciation and
amortization 24,460 17,559 53,380 48,750
Non-cash interest
expense/accretion (65,393) 8,833 147,878 8,833
Share-based payments
expense 36,560 64,645 110,870 187,135
Changes in non-cash
operating assets and
liabilities: - -
Accounts receivable (189,943) 37,026 (205,170) (548,046)
Inventories (54,955) 7,823 (212,071) (49,759)
Prepaid expenses and
other current assets 14,345 10,467 (27,062) 53,942
Other assets 870 - (158) (57,000)
Accounts payable and
accrued liabilities (67,887) (226,910) 48,818 97,545
Deferred revenue (8,849) (8,008) (44,950) 122,880
---------------------------- ----------- ----------- ----------- -----------
Net cash flows used in
operating activities (683,796) (410,802) (1,691,082) (1,413,842)
---------------------------- ----------- ----------- ----------- -----------
Cash flows from investing
activities
Purchase of capital assets (15,670) (1,672) (58,924) (49,868)
---------------------------- ----------- ----------- ----------- -----------
Cash flows from financing
activities
Proceeds from debt 12,457 1,999,886 600,475 2,754,340
Payments on debt (1,573,360) (614,446) (1,595,630) (1,671,145)
Proceeds from issuance of
common stock, net of
expenses 2,649,022 2,649,022
Costs of private placement
refunded - 3,814
---------------------------- ----------- ----------- ----------- -----------
Net cash flows provided by
(used in) financing
activities 1,088,119 1,385,440 1,653,867 1,087,009
---------------------------- ----------- ----------- ----------- -----------
Net Increase (decrease) in
cash and cash equivalents 388,653 972,966 (96,139) (376,701)
Cash and cash equivalents,
beginning of period 229,706 6,703 714,498 1,356,371
---------------------------- ----------- ----------- ----------- -----------
Cash and cash equivalents,
end of period 618,359 979,669 618,359 979,670
---------------------------- ----------- ----------- ----------- -----------
Supplemental disclosure of
cash flow information:
Cash paid during the period
for:
Interest 69,860 55,559 202,137 163,025
Supplemental disclosure of
non-cash financing
activities:
Equipment acquired under
capital lease - 0 46,610 0
Conversion of debentures
to equity 1,573,212 1,573,212
Conversion of subordinated
note to equity 54,145 54,145
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For more information, please contact: David Wolf President and CEO Hamilton Thorne Ltd. 978-921-2050 Email Contact Lisa Rivero Director of Corporate Communications Hamilton Thorne Ltd. 978-921-2050 Email Contact
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