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Download this file (HTL 2022 Preliminary Year End Results - Final.pdf)24-Jan-2023-press-releaseHamilton Thorne Announces Record Revenue and Adjusted EBITDA for the Quarter and Year Ended December 31, 2022'137 kB


Revenue of $58.2 million for the year and $16.4 million for the 4th quarter; Adj. EBITDA of approximately $10.1 million for the year and $3 million for the quarter

BEVERLY, MA and TORONTO, ON - February 16, 2023 - 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, 2022.

Based on preliminary unaudited results:

  • 2022 revenues increased 11% to a record $58.2 million; annual sales increased approximately 19% on a constant currency basis
  • 4th quarter sales increased 5% to $16.4 million; sales for the quarter increased approximately 14% on a constant currency basis
  •  2022 adjusted EBITDA increased 3% to a record $10.1 million; annual EBITDA increased approximately 12% on a constant currency basis
  • 4th quarter adjusted EBITDA increased 2% to $3.0 million; 4th quarter EBITDA increased approximately 11% on a constant currency basis
  • Organic growth was approximately11% for the quarter and for the twelve-month period
  • Gross profit margin was approximately 52% for the quarter and 50% for the year

David Wolf, President and Chief Executive Officer, of Hamilton Thorne Ltd. commented, “2022 was another successful year for Hamilton Thorne. With well-above market organic growth of 11% for the year and the quarter, we continue to gain market share. Reported sales of $58.2 million for the year and $16.4 million for the quarter were negatively impacted by exchange rate fluctuations at our European and UK operations. These currency fluctuations in translating financial statements into the presentation currency (US dollar), reduced reported revenues by approximately ­­­8% for the quarter and 7% for the year."

“Sales were up across all of our product categories on a constant currency basis with equipment sales, leading the way with strong organic growth, augmented by the addition of IVFtech sales for a full year,” Mr. Wolf added. “We also completed a significant expansion of our product line, geographic coverage, and scale when we acquired Microptic at the end of November, expanding our product lines and establishing a direct sales footprint in Spain. I was particularly pleased to see our gross profit margins improving, primarily due to economies of scale, product mix and increased direct sales of our own products, augmented by the addition of higher-margin Microptic sales for one month. We also grew adjusted EBITDA to record levels, even as we navigated supply chain and inflation issues and continued to invest in sales and support resources, R&D, and enhancing our operations.”

The Company generated approximately $2.2 million of cash from operations for the year despite significant investments in inventory to address supply chain issues, ending the year with cash on hand of $16.7 million, $3 million available under existing lines of credit and $8 million line of credit under renewal to further support its acquisition program.


Mr. Wolf continued, “Looking forward into 2023, we continue to feel that our company is in a strong position. We expect solid sales performance, based on the positive industry trends in our field and as demand and growth in local currencies have returned to pre-pandemic levels in nearly every market that we serve. Q1 bookings continued to be strong and supply chain issues appear to have lessened in recent months. We believe that we are well positioned to continue to execute on our strategy of driving long-term growth and EBITDA expansion by investing in our organic growth, while building scale, enhancing our product offerings, and expanding our geographic and direct sales footprint through acquisitions.”

Francesco Fragasso, the Company’s Chief Financial Officer added, “Based on year to date trends in exchange rates, we see foreign currency headwinds easing in Q1, and if this trend continue it will provide some tailwinds in the second half of the year.”

Commenting on the Company’s M&A activities, Mr. Wolf stated, “We have an extensive pipeline and are actively working on multiple acquisition opportunities. With significant cash on hand and our unused line of credit, and further debt capacity, we are well positioned to continue to execute on our acquisition program.”

The financial information contained in this news release is based on management's estimates and is subject to adjustment. The Company expects to release its completed audited financial statements for the year ended December 31, 2022 in early April 2023.

All amounts are in US dollars, unless specified otherwise, and results, with the exception of adjusted EBITDA and organic sales growth measures, are expressed in accordance with the International Financial Reporting Standards ("IFRS").

About Hamilton Thorne 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), research, and cell biology markets. Hamilton Thorne markets its products and services under the Hamilton Thorne, Gynemed, Planer, IVFtech, Embryotech Laboratories, Tek-Event brands, and Microptic, 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.

Neither the TSX 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.

The Company has included earnings before interest, income taxes, depreciation, amortization, share-based compensation expense, changes in fair value of derivatives and identified acquisition costs related to completed transactions (“Adjusted EBITDA”) and organic sales growth as non-IFRS measures which are used by management as measures of financial performance. See section entitled “Use of Non-IFRS Measures” and “Results of Operations” in the Company’s Management Discussion and Analysis for the periods covered for further information and a reconciliation of Adjusted EBITDA to Net Income.

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

For more information, please contact:

David Wolf, President & CEO
Hamilton Thorne Ltd.
ir [AT] hamiltonthorne [DOT] ltd
Francesco Fragasso, CFO
Hamilton Thorne Ltd.    
ir [AT] hamiltonthorne [DOT] ltd
Glen Akselrod
Bristol Investor Relations   
glen [AT] bristolir [DOT] com

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