Hamilton Thorne (HTL) Q3 2024 earnings summary

Executive summary

• Report covers the three and nine months ended September 30, 2024, with all figures in US dollars.

• Principal business is development, manufacture, and sale of precision instruments, consumables, software, and services for ART, research, and cell biology markets.

• Operations are global, with sales in Americas (25%), EMEA (60%), and Asia/Pacific (15%) for the nine months ended September 30, 2024.

• No single customer accounted for more than 10% of revenues in the period.

Financial highlights

• Sales for Q3 2024 were $19.4M, up from $15.7M in Q3 2023; nine-month sales were $57.9M, up from $48.8M year-over-year.

• Gross profit for Q3 2024 was $9.6M (49.5% margin), compared to $7.7M (49.0%) in Q3 2023.

• Net loss for Q3 2024 was $1.18M, compared to a net loss of $0.79M in Q3 2023; nine-month net loss was $2.63M, compared to $1.15M in 2023.

• Adjusted for foreign currency translation, comprehensive loss for the nine months was $1.87M.

• Basic and diluted loss per share was $0.01 for Q3 2024 and $0.02 for the nine months ended September 30, 2024.

Outlook and guidance

• Transaction to be acquired by Astorg-managed vehicle at CAD $2.25 per share, with closing expected November 30, 2024.

• Company shares to be delisted from TSX and cease to be a reporting issuer post-transaction.

• Astorg intends to combine Hamilton Thorne with Cook ART following completion of both acquisitions.