VAUDREUIL-DORION, QUÉBEC--(Marketwired - Sept. 17, 2015) - Immunotec Inc. (TSX VENTURE:IMM), a direct-to-consumer company and a leader in the nutritional industry (the "Company" or "Immunotec"), today announced its consolidated financial results for the third quarter of Fiscal 2015. All amounts in this press release are denominated in Canadian dollars unless otherwise indicated.

"Our Company improved its profitability significantly during the first nine month period of this fiscal year", said Charles L. Orr, Chief Executive Officer of Immunotec. "During the 3rd quarter, we were pleased to increase our presence in the United States, the largest Direct Selling market in the world", added Mr. Orr.


  • May 2015 – Immunotec announced that Health Canada granted a new health claim specific to Immunocal's ability to help increase muscle strength and enhance performance when combined with regular exercise. This achievement is the fruition of over four decades of research at leading university hospitals in Canada and abroad.
  • May 2015 - Immunotec welcomes Dr. Ronald Prussick, MD, FRCP(C) as a distinguished member of the Immunotec Scientific Advisory Board. Dr. Prussick currently serves as the medical director of The Washington Dermatology Center and Assistant Clinical Professor at George Washington University in Washington, DC. He will work with the Immunotec Product Development Committee (PDC) playing an integral role in the development of a new all-natural skin care line.
  • July 2015 – Immunotec announced that it has obtained additional financing in the total amount of $2.8 M, to support growth, activities of its Mexican subsidiaries and the modernization of its Canadian manufacturing infrastructure.
  • July 2015 – Immunotec announced that it had reached a Conclusive Agreement with both tax authorities Procuraduria de la Defensa del Contribuyente ("PRODECON") and Servicio Administración Tributaria ("SAT") in regard to the Company's Mexican subsidiary's imports into Mexico.


Revenues for the three- and nine-month periods ending July 31, 2015 reached $22.1M and $60.0M compared to $22.3M and $57.5M during the same periods in the previous year, a decrease of $0.2M or 0.9% for the third quarter but an increase of $2.5M or 4.3% for the nine-month period.

In the United States, the increase in network sales is the result of an increase in the sponsoring1 of new consultants and customers. For the three- and nine-month periods ended July 31, 2015, the number of new independent consultants and customers in the United States increased by 37.0% and 31.1% compared to the corresponding periods in the previous year. This increase primarily reflects the Company's continued success in attracting customers and independent consultants throughout the United States. To support this growth, the Company opened a satellite office in California in October 2014.

In Mexico, sponsoring activities declined by 20.6% and 16.5% over the same period the previous year, mostly attributable to the 16% value added tax ("VAT") which the Company began charging on the sale of its products in Mexico as of October 1st, 2014. Management has and continues to invest efforts in communications with its field leaders in Mexico to explain the reasons for this change, and the Company expects the current adaptation period to continue through fiscal 2015.

In Canada, the number of new customers and independent consultants decreased by 2.6% for the three-month period and increased by 8.1% for the nine-month period compared to the same periods in the previous year. This increase was mostly from the Eastern provinces of Canada.

Revenues and sponsoring1
For the periods ended July 31, Three-months Nine-months
('000s of C$) 2015 2014 Variation 2015 2014 Variation
Network sales 20,139 20,703 -2.7 % 54,614 52,964 3.1 %
Other revenue 1,929 1,560 23.6 % 5,340 4,517 18.2 %
22,068 22,263 -0.9 % 59,954 57,482 4.3 %
Network sales in key markets in local currency





Mexico ('000s of Mexican pesos) 129,566 153,711 -15.7 % 350,928 379,982 -7.6 %
United States ('000s of US$) 5,424 4,142 31.0 % 14,271 11,255 26.8 %
Canada ('000s of C$) 2,887 2,983 -3.2 % 8,376 8,683 -3.5 %
Sponsoring1of new customers and consultants in key markets (# of people)





Mexico 14,557 18,332 -20.6 % 38,083 45,614 -16.5 %
United States 5,002 3,652 37.0 % 12,610 9,619 31.1 %
Canada 1,577 1,619 -2.6 % 4,600 4,256 8.1 %
21,136 23,603 -10.5 % 55,293 59,489 -7.1 %

"We are pleased to have concluded additional financing designed to support growth initiatives and modernize our supply chain" said Mr. Patrick Montpetit, Chief Financial Officer. "By harmonizing our import tax position in Mexico we can now increase our infrastructure to support future growth".

Adjusted EBITDA1 for the three- and nine-month periods ended July 31, 2015 amounted to $1.5M or 6.7% and $4.0M or 6.7% of revenues compared to $1.7M or 7.5% and $3.8M or 6.7% in the same periods the previous year. For the nine-month periods, the Adjusted EBITDA1 was relatively stable at 6.7% of total revenues and recording a 4% increase over the prior year.

1 Refer to the "NON-GAAP MEASURES" section. The definition of Sponsoring and the Adjusted EBITDA reconciliation to Net (loss) profit is shown below.

Net profit for the three- and nine-month periods ended July 31, 2015 totalled $1.2M and $2.3M as compared to a loss of $4.3M and $2.7M in the corresponding periods in the previous year.

About Immunotec Inc.

Immunotec is a Canadian-based Company that develops, manufactures, markets and sells research-driven nutritional products through direct-to-consumer sales channels in Canada, the U.S. and Mexico. The Company offers an extensive family of nutritional products targeting health, wellness, weight management, as well as energy and performance. The Immunocal family of products is supported by over 40 published articles and supporting science in medical and scientific literature.

Please visit us at for additional information.

The Company files its continuous disclosure documents inclusive of its second quarter results on the SEDAR database at and on the Company's website at The common shares of the Company are listed on the TSX Venture Exchange under the ticker symbol IMM. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS: Certain statements contained in this news release are forward looking and are subject to numerous risks and uncertainties, known and unknown. For information identifying known risks and uncertainties and other important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the heading Risks and Uncertainties in Immunotec's most recent Management's Discussion and Analysis, Annual Information Form and Preliminary Short Form Prospectus, which can be found at Consequently, actual results may differ materially from the anticipated results expressed in these forward-looking statements.

NON-GAAP MEASURES: This Press Release contains non-GAAP measures which do not have a standardized meaning under International Financial Reporting Standards ("IFRS"). We use earnings before interest, taxes, depreciation and amortization ("EBITDA"), as this measure allows management to evaluate the operational performance of the Company. EBITDA does not have any standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other issuers. EBITDA should not be considered an alternative to profit (loss) in measuring the Company's performance, nor should it be used as an exclusive measure of cash flow. This measure does not represent the funds available for the repayment of debt, the payment of dividends, reinvestment or other discretionary uses, and should not be considered in isolation or as substitutes for other measures of performance calculated according to IFRS. The Company uses these non-GAAP measures because they provide additional information on the performance of its commercial operations. Such tools are frequently used in the business world to analyze and compare the performance of businesses; however, the Company's definition of these metrics may differ from those of other businesses.

Adjusted EBITDA and Sponsoring

  • Adjusted EBITDA corresponds to EBITDA as defined above less elements that management considers to be outside the scope of its normal activities and therefore not reflective of how management views performance measurement. Management believes that this metric is necessary in order to isolate commercial operations from items which it believes merit separate examination when assessing performance. Consistent improvement in adjusted EBITDA is one of management's primary objectives.
Calculation of adjusted EBITDA1
For the periods ended July 31, Three-months Nine-months
('000s of C$) 2015 2014 2015 2014
Net profit (loss) 1,153 (4,270 ) 2,327 (2,741 )
Add (deduct):
Depreciation and amortization 170 329 492 678
Net finance (income) expenses (256 ) 941 195 594
Other expenses 158 4,513 167 4,545
Income taxes 260 153 820 771
Adjusted EBITDA 1,485 1,666 4,001 3,847
as a % of Revenues 6.7 % 7.5 % 6.7% 6.7 %
  • Sponsoring means the activity in which independent Consultants sponsor new Consultants and Customers; the sponsored Consultants themselves may sponsor new Consultants or Customers and so forth. This is referred to as a Consultant's "organization" or "downline". The Consultants are compensated for sales generated by their organization, based on their qualification and rank. Successful Independent Consultants assume the responsibility to train, support and communicate with their downline.

Contact Information:

Patrick Montpetit CPA, CA, CF,
Vice-President and Chief Financial Officer
Immunotec Inc.
(450) 510-4527