BEVERLY, Mass. and TORONTO, Aug. 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 and six months ended June 30, 2024. Financial Highlights Sales increased 16% year over year to $19.1 million for the quarter; sales for the six-month period increased 16% to $38.5 million; sales increased 17% for the quarter and 16% for the six-month period on a constant currency basis Gross profit increased 14% to $9.7 million for the quarter; and increased of 17% to $19.9 million for the six-month period Net loss was $679 thousand for the quarter and $1,615 thousand for the six-month period, versus net loss of $439 thousand and $362 thousand in the prior year periods Adjusted EBITDA increased 13% to $3.2 million for the quarter and increased 19% to $6.7 million for the six-month period Organic sales growth was 10% for the quarter and 9% for the six-month period Cash generated from operations was $4.3 million in the quarter; total cash on hand at June 30, 2024 was $8.9 million 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, "Our strong start to 2024 continued in the second quarter with revenue growth of 16% for the quarter. Equipment sales growth was 10% for the quarter, while consumables, software, and services grew over 20%. Our organic growth, which eliminates the effects of both the acquisitions and exchange rates, was up 10% for the quarter." Adjusted EBITDA increased 13% to $3.2 million and increased 19% to $6.7 million for the six-month period. These changes were due primarily to increased sales and gross profits offset by increased operating expenses. Cash generated by operations was $4.3 million for the six months ended June 30, 2024, compared to $1.7 million of cash generated by operations in the same period of the prior year. The increase is primarily due to improvement in working capital management partially offset by the net loss for the first six months of 2024. Key Financial Data and Comparative Results                  Three- and Six-Month Periods Ending June 30                      Three Months                      Six Months Statements of Operations: 2024   2023   2024   2023 Sales $19,082,683   $16,436,099   $38,457,248   $33,126,203 Gross profit 9,746,951   8,538,734   19,911,854   16,983,436 Operating expenses 9,957,897