BEVERLY, Mass. and TORONTO, May 14, 2024 (GLOBE NEWSWIRE) -- Hamilton Thorne Ltd. (TSX:HTL), a leading provider of precision instruments, laboratory equipment, consumables, software, and services to the Assisted Reproductive Technologies (ART), research, and cell biology markets, today reported audited financial results for the quarter ended March 31, 2024. Financial Highlights 1st quarter sales increased 16% to $19.4 million; sales for the quarter increased 15% on a constant currency basis, on the high-end of guidance. Adjusted EBITDA increased 24% to $3.5 million or 18% of sales, in line with guidance. Organic sales growth was 9%. Gross profit margin was 52.4% for the quarter, up 182 bps versus the prior year. Net loss was $936 thousand. Confirming guidance for the full 2024 with sales range between $78 and $82 million, representing 10- 15% organic growth. Dr. Kate Torchilin, Chief Executive Officer of Hamilton Thorne Ltd. commented, "The first quarter of 2024 was another record for Hamilton Thorne. We delivered results in line with the guidance given for sales and EBITDA. Sales were up 16% for the quarter, gross profit margin improved by over 180 basis points, and EBITDA grew 24%, outpacing our sales growth, despite continued investment in our business. Our equipment sales grew 13%. Consumables, software, and services grew 19%, reflecting continued strong demand for these largely high-margin, recurring revenue categories." "Gross profit as a percentage of sales increased to 52.4% for the three months ended March 31, 2024, versus 50.6% for the same period of 2023 primarily due to increased sales of higher margin proprietary equipment and software, services, and branded consumables. Constant currency sales as reported were up 15%, and organic growth was 9%, reflecting continued strong demand for our products in IVF/ART clinics and laboratories globally." Francesco Fragasso, the Company's CFO commented, "In Q1 2024, the company generated approximately $648 thousand of cash from operations, which was a substantial increase versus $527 thousand cash used in operations in the same period of 2023." The Company ended the year with cash on hand of $7.5 million, and $4.5 million available under committed lines of credit. Financial Results   Three-Month Period Ending March 31 Statements of Operation   2024     2023 Sales $19,392,565   $16,690,104 Gross profit   10,164,903     8,444,702 Operating expenses   10,207,383     8,007,567 Net income (loss) ($936,051