VAUDREUIL-DORION, QUEBEC--(Marketwired - Jan. 28, 2016) - Immunotec Inc. (TSX VENTURE:IMM), a direct-to-consumer company and a leader in the nutritional industry (the "Company" or "Immunotec"), today announced its fourth quarter and year- end consolidated financial results for Fiscal 2015. All amounts in this press release are denominated in Canadian dollars unless otherwise indicated.

"We ended fiscal 2015 with the strongest quarter in Company history both in terms of revenues, Adjusted EBITDA and net profit. This year was marked by solid progress in the U.S. market, as we continue to expand our capabilities in the United States," said Charles L. Orr, Chief Executive Officer of Immunotec."

"Revenues for the fourth quarter place the Company on the trajectory to reach $100M in annual revenues. Scale is critical to our business model, and based on a recent industry survey we ranked 97th worldwide among direct selling companies."

"In October 2014, Management made the prudent decision to charge value- added taxes on product sales in Mexico. As expected, this decision impacted our sales on a short-term basis but we made a progressive recovery throughout the second half of 2015."

"Our sales growth in the U.S. market confirms the sustainability of our business model in a growing economy and with a relatively low unemployment rate. The attractiveness of our products and the need for supplementary income is driving the growth of our network in the U.S."

"We continue to make investments in experimental and clinical research programs which underpin our health, wellness and performance platform. We enter fiscal 2016 with great confidence and backed by a solid balance sheet," concluded Mr. Orr.


Revenues for the three- and twelve-month periods ending October 31, 2015 reached $24.8M and $84.8M compared to $23.3M and $80.8M during the same periods in the previous year, an increase of $1.5M or 6.4% for the three-month period and an increase of $4.0M or 4.9% for the twelve-month period. The growth in revenue resulted from the strengthening of the U.S. currency and increased Network sales in the United States.

1 Refer to the "NON-GAAP MEASURES" section.

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 twelve-month periods ended October 31, 2015, the number of new independent consultants and customers in the United States increased by 49.9% and 36.7% compared to the corresponding periods in the previous year. This increase primarily reflects the Company's continued success in attracting new customers and independent consultants throughout the United States.

In Mexico, sponsoring activities declined by 5.1% and 13.2% over the same periods 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 1, 2014. Management has and continues to collaborate closely with its field leaders in Mexico to drive growth strategies.

In Canada, the number of new customers and independent consultants increased by 6.8% for the three-month period and by 7.7% for the twelve- month period compared to the same periods in the previous year. This increase was from both the Western and Eastern provinces of Canada.

Revenues and sponsoring 1
For the periods ended October 31, Three-months Twelve-months
('000s of C$) 2015 2014 Variation 2015 2014 Variation
Network sales 22,707 21,590 5.2 % 77,320 74,554 3.7 %
Other revenue 2,097 1,720 21.9 % 7,438 6,236 19.3 %
24,804 23,310 6.4 % 84,758 80,790 4.9 %
Network sales in key markets in local currency 2015 2014 Variation 2015 2014 Variation
Mexico ('000s of Mexican pesos) 152,738 162,563 -6.0 % 503,666 540,385 -6.8 %
United States ('000s of US$) 5,778 4,762 21.3 % 20,049 16,136 24.3 %
Canada ('000s of C$) 2,936 3,101 -5.3 % 11,312 11,784 -4.0 %
Sponsoring1 of new customers and consultants in key markets (# of people) 2015 2014 Variation 2015 2014 Variation
Mexico 17,432 18,368 -5.1 % 55,515 63,982 -13.2 %
United States 6,137 4,093 49.9 % 18,747 13,712 36.7 %
Canada 1,691 1,583 6.8 % 6,291 5,839 7.7 %
25,260 24,044 5.1 % 80,553 83,533 -3.6 %

Adjusted EBITDA1 for the three- and twelve-month periods ended October 31, 2015, amounted to $2.1M or 8.4% of revenues and $6.1M or 7.2% of revenues, compared to $1.2M or 5% and $5.0M or 6.2% in the same periods the previous year.

The Company generated a net profit of $1.7M and $4.0M for the three- and twelve-month periods, compared to a net profit of $0.05M and a net loss of ($2.7M) for the corresponding periods a year ago. Total basic and fully diluted profit per common share for the three- and twelve-month periods ended October 31, 2015, was $0.02 and $0.06, compared to $0.00 and ($0.04) for the same periods a year earlier.

1 Refer to the "NON-GAAP MEASURES" section


  • November 2014 - Immunotec and Institut de recherches cliniques de Montréal (IRCM) announced clinical results showing that Immunocal® with statistical significance imparts a performance benefit of approximately 10 percent in muscle strength. This is very relevant for healthy aging, as the aging process is typically associated with a decrease in muscle strength that may contribute to disability in older age and to loss of quality of life.

  • February and March 2015 - Immunotec hosted two conventions and used this opportunity to launch two new products: "Wholistics" addressing demand in the skin-care market for Mexico and "Contralenta" targeting the support of cartilage and healthy joints market for Canada and the United States.

  • April 2015 - Immunotec was ranked 97th on the Direct Selling News sixth annual DSN Global 100 list. This list is an exclusive ranking of the top revenue-generating companies in the direct-selling industry worldwide.

  • 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.

  • May 2015 - Immunotec welcomed 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 works with the Immunotec Product Development Committee (PDC), playing an integral role in the development of a new skin care line.

  • July 2015 - Immunotec announced 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 it 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. Administrative matters associated with the finalizing of the conclusive agreement are expected to be resolved during the second quarter of fiscal 2016.

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., Mexico, Dominican Republic, United Kingdom and Ireland. The Company offers an extensive family of nutritional, skin care and wellness products targeting health, weight management, as well as energy and performance.

Please visit us at for additional information.

The Company files its continuous disclosure documents inclusive of its year end 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 EBITDA 1
For the periods ended October 31, Three-months Twelve-months
('000s of C$) 2015 2014 2015 2014
Net profit (loss) 1,715 48 4,042 (2,692 )
Add (deduct):
Depreciation, amortization and impairment 177 262 668 940
Net finance (income) expenses (58 ) (55 ) 137 539
Other expenses 30 725 197 5,270
Income taxes 215 191 1,035 961
Adjusted EBITDA 2,079 1,171 6,079 5,018
as a % of Revenues 8.4 % 5.0 % 7.2 % 6.2 %
  • 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