VAUDREUIL-DORION, QUEBEC--(Marketwired - March 30, 2016) - Immunotec Inc. (TSX VENTURE:IMM), a direct-to- consumer company and leader in the nutritional industry (the "Company" or "Immunotec"), today announced its first quarter financial results for Fiscal 2016. All amounts in this press release are denominated in Canadian dollars unless otherwise indicated.

"We are privileged to report sponsoring increases of 31.6% over the prior year in both Canada and Mexico and of 42.1% in the United States" said Charles L. Orr, Chief Executive Officer of Immunotec. "Growth is never a mere chance; it is the result of teams working together honoring nearly 40 years of research while celebrating our 20th anniversary of commercialization".


Network sales for the three-month period ended January 31, 2016 reached $21.1M compared to $16.3M for the corresponding period in the previous year, an increase of $4.8M or 29.6%. Excluding currency fluctuations, the Company recorded an increase in network sales of 27.0% in Mexico, 31.0% in the United States and 2.7% in Canada for the three-month period.

This year's performance is a noticeable improvement over the prior year, which was adversely affected by the Company's being required to apply a Value Added Tax of 16% in October of 2014. Management believes that the Mexico market has now adapted to this reality.

"We remain on track to break the $100.0 M in Revenues for fiscal 2016" said Patrick Montpetit, Chief Financial Officer of Immunotec. "We started the second quarter with positive announcements, welcoming overly 3,000 people to our two conventions and the launch of the new skin care collection, Elasense™" in Canada and the United States.

Revenues and sponsoring 1
For the three-month periods ended January 31,
('000s of C$) 2016 2015 Variation
Network sales 21,130 16,305 29.6%
Other revenue 1,814 1,613 12.4%
22,944 17,918 28.0%
Network sales in key markets in local currency 2016 2015 Variation
Mexico ('000s of Mexican pesos) 135,299 106,528 27.0%
United States ('000s of US$) 5,388 4,112 31.0%
Canada ('000s of C$) 2,831 2,756 2.7%
Sponsoring1 of new customers and consultants in
key markets (# of people) 2016 2015 Variation
Mexico 14,077 10,679 31.8%
United States 5,160 3,630 42.1%
Canada 1,957 1,489 31.4%
21,194 15,798 34.2%

Margins before expenses, as a percentage of revenues, decreased from 76.8% in the three- month period ended January 31, 2015 to 74.5% for the three-month period ended January 31, 2016. The recent fluctuation in exchange rates of both the US dollar and the Mexican peso had negative impact on margins as key ingredients in our products are sourced from US suppliers. Several Canadian and Mexican suppliers also increased their prices to reflect the new currency reality.

Adjusted EBITDA1 for the three-month period ended January 31, 2016 amounted to $1.2M or 5.2% of revenues compared to $1.1M or 6.3% for the same period in the previous year.

Net profit for the three-month period ended January 31, 2016 was $0.3M compared to $0.9M for the same period in the previous year. The decrease of nearly $0.6M over the prior year, is mostly attributed to an equivalent increase of $0.6M, from the elements that are described and referred to under the Adjusted EBITDA1 analysis below.Total basic and fully diluted net profit per common share for the three-month period ended January 31, 2016 was $0.005 compared to $0.012 for the corresponding period in previous year.

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

Results of operations
For the three-month periods ended January 31,
('000s of C$, except for share and per share data) 2016 2015
Revenues 22,944 17,918
Cost of sales 5,851 4,152
Margin before expenses 17,093 13,766
Expenses 16,535 12,801
Operating income 558 965
Net finance expenses (income) 5 (342 )
Income taxes 215 455
Net profit 338 852
Total comprehensive income 316 449
Total basic and diluted net profitper common share 0.005 0.012
Weighted average number ofcommon shares oustanding during the period
Basic 69,287,627 68,935,555
Diluted 69,289,931 68,939,108

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

This Press Release should be read in conjunction with the Company's most recent unaudited interim condensed consolidated financial statements and the Management discussion and analysis which can be found at

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, 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, t axes, 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 three-month periods ended January 31,
('000s of C$) 2016 2015
Net profit 338 852
Add (deduct):
Depreciation and amortization 180 154
Net finance expenses (income) 5 (342)
Other expenses 446 3
Income taxes 215 455
Adjusted EBITDA 1,184 1,122
as a % of Revenues 5.2% 6.3%
  • 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
(450) 510-4527