2010 Annual Report: Chairman's Letter

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May 18, 2011

Dear Shareholders,

2010 was a banner year for the Company. All in all, we reported almost 30% year-over-year revenue growth, closing the year with 42% growth in Q4, invested in our corporate infrastructure and built out a robust new product pipeline. We look forward to capitalizing on this momentum with the recent introduction of our ground-breaking Staccato™ and Stiletto™ laser products. These new products open lucrative research markets for the company, including developmental biology and cancer research, which will allow us to expand beyond our beachhead in stem cell research and fertility. Our traditional markets continue to perform well and we are proud to say that our 2,500 customers comprise the world’s leading research labs and academic institutions.

In the stem cell research and regenerative medical fields, 2010 was an exciting year. Research findings showed that this cutting-edge technology is starting to deliver on its therapeutic promise. Several clinical advances were published on important diseases such as diabetes, macular degeneration, heart disease, and Alzheimer’s. New techniques in cell reprogramming have enabled researchers to turn skin cells into heart, liver, blood and other tissue. This could mean that in the foreseeable future, patients needing surgery or cancer treatments will be able to have blood or organs created from their own skin cells.

Hamilton Thorne offers novel solutions for companies participating in these life-saving research developments, and can increase their research productivity as much as ten-fold. By partnering with Hamilton Thorne, research labs can unlock the therapeutic potential of cell research more quickly and efficiently for patients in need.

New Products and Partnerships

In 2010, the Company launched the new Staccato™ product, which greatly expands the functionality of the XYClone® laser system, while the unique Stiletto™ laser automates destruction of unwanted cells without damage to desirable cells. This novel technology answers a major unmet need and eliminates the manual and tedious process of separating and removing unwanted cells, thus reducing labor from hours to minutes. For a major lab, the cost savings can run into millions of dollars.

Now in its initial production, the new LYKOS laser system represents a quantum leap in laser technology for cell treatment and anchors other advances which Hamilton Thorne is producing in 2011 and beyond. The world-wide exclusive rights to the 3D technology from Isee3D, Inc. offer a further enhancement to our portfolio of powerful technologies.

Hamilton Thorne also announced a vendor partnership agreement with Leica Microsystems, a leading global designer and producer of high-tech precision optics for the analysis of microstructures. This vendor partnership enables Hamilton Thorne to draw on Leica's specialized technical sales group and provides for both companies the opportunity to increase market penetration. In addition, we established distribution arrangements with Tokai Hit, 20/20, Harvard Biosciences and other companies in the field.

Financials

Hamilton Thorne reported double digit growth for the last three quarters of the year, added to our Board of Directors and strengthened our management team. The Company’s total sales increase reflected the growing demand for our existing products and the improved availability of funds for capital equipment purchases across all geographic regions.

Outlook

We believe that with our expanded portfolio of products, aggressive marketing efforts and improvements to our distribution network, we are well positioned to drive organic growth during 2011. The Company's strategy also calls for licensing and/or acquisition of complimentary products to augment our internal product pipeline and potentially further increase revenues. On behalf of the Board and the management team, I would like to thank the shareholders for their continued support of Hamilton Thorne and look forward to updating you on our progress as we continue to create "Novel Solutions for Life Science."

Sincerely,

Meg Spencer
Chief Executive Officer

IR Contacts

David Wolf, CEO & President
Hamilton Thorne Ltd.
978-921-2050
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Michael Bruns, Chief Financial Officer
Hamilton Thorne Ltd.
978-921-2050
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