Hamilton Thorne Acquires Embryotech
TORONTO, Sept. 21, 2016 — Laser and imaging provider Hamilton Thorne Ltd. has announced the acquisition of Massachusetts-based Embryotech Laboratories Inc. for $7.25 million.
“Embryotech is the acknowledged U.S. leader in providing quality control services and testing assays to the assisted reproductive technology community,” said David Wolf, president and CEO of Hamilton Thorne. “In addition to acquiring a great brand, we will be strengthening the financial performance of Hamilton Thorne. Not only will this acquisition increase our scale, we anticipate that it will diversify our revenue base from a predominantly one-time sale of instruments model to a projected 40 percent recurring revenues from the sales of services and consumables.”
The acquisition is expected to increase 2017 revenue by over 50 percent.
“Combining Embryotech with Hamilton Thorne’s portfolio of products and services provides Embryotech with increased financial strength, marketing expertise and access to the international markets served by Hamilton Thorne,” said Eric Dorman, president of Embryotech. “This relationship will bring greater resources to support our current operations and growth plans, as well as provide greater opportunities to our employees.”
Hamilton Thorne designs, manufactures and distributes precision laser devices and advanced imaging systems for assisted reproductive technologies and developmental biology research markets. Embryotech is a provider of quality control testing services and materials for the assisted reproductive technologies market.
MORE FROM PHOTONICS MEDIA