They’ll offer these reports to clients for $150. Considering the average renovation spend is $60,000… this service is a great value. And for each report delivered, RW gets a cut. Since they are essentially just licensing their technology, partnership revenues will be almost pure margin. If this business gets traction, shares could quickly become really cheap. We like the risk-reward here. If thing go well, we could see millions flow to the bottom line from the Geomni partnership. And if they don’t go well… we’re paying a fair price for a growing software company. We’re buyers up to $0.40. Hamilton Thorne (HTL.V / HTLZF:PINK) Hamilton Thorne was also out with Q3 result last week. The results were decent – double-digit growth and profitability – but not quite enough to justify the valuation (in our opinion). We trimmed a bit on the news. HTL, you’ll recall, makes equipment and consumables for the in-vitro fertilization (IVF) industry. IVF is the miracle science that allows fertility-challenged couples have kids. Revenues were $6.8 million, up 13% over $6.1 million in Q3 last year. Gross margins dipped to 56% from 60% last year. Per management, sales of 3rd-party consumables in the Gynemed business drove margins slightly lower. Despite higher revenues, EBITDA was flat on lower margins and higher sales & marketing spend. These are decent results – but can they support the valuation? Let’s have a quick look: | 
