VAUDREUIL-DORION, QUEBEC--(Marketwired - Jan. 26, 2017) - Immunotec Inc. (TSX VENTURE:IMM), a direct-to- consumer company and leader in the nutritional industry (the "Company" or "Immunotec"), today announced its fourth quarter financial results for Fiscal 2016. All amounts in this press release are in Canadian dollars unless otherwise indicated.

"Annual revenues surpassed our expectations and reached an all-time high of $109 million, reflecting solid performances in all regions by Immunotec's Consultants and Employees. The weakness of the Mexican Peso significantly impacted profitability during the fourth quarter. On a currency neutral basis, we estimate that this volatility reduced the Adjusted EBITDA1 by approximately $3.4 million compared to last year", said Charles Orr, Chief Executive Officer.


  • Network sales amounted to $29.7M, an increase of 30.7% over last year, while sponsoring1 of new customers and consultants increased by 50.9% over last year.
  • Network sales in key geographies grew by 58.4% in Mexico, 15.9% in the United States and 6.7% in Canada.
  • Margin before expenses were down by 2.4%, to 73.0%, and Adjusted EBITDA1 amounted to 2.9% of revenues, considering the impact from the recent foreign currency devaluation of the Mexican Peso.
  • Net profit totalled $0.6M or $0.01 basic and fully diluted profit per common share.

"For the year, we are very pleased by the overall performance of our Network Sales and Sponsoring activities, representing a significant recovery over the prior year which was negatively impacted by the implementation of a 16% value-added tax in Mexico", said Patrick Montpetit, Chief Financial Officer of Immunotec. "Management's disciplined approach to corporate expenses led to a significant decline of these expenses as a percentage of total revenues. Finally, our balance sheet improved substantially with year-end cash of $13.9 million, reflecting solid cash flows from operations."

"Among efforts to contain the impact of the weak Mexican Peso, we have implemented price increases of 5 to 7% in all our markets effective on January 1st, 2017. This combined with other management initiatives should mitigate a significate portion of the foreign exchange impact on profitability. As we enter Fiscal 2017, we are confident in our ability to maintain the momentum of the past year and continue to better leverage the scale of our Company. Furthermore, the Company is pleased to announce that Charles Orr's employment agreement has been renewed until June 30, 2017", concluded Mr. Montpetit.

Results of operations
For the periods ended October 31, Three-months Twelve-months
('000s of C$, except for share and per share data)



Revenues 32,113 24,804 109,013 84,758
Cost of sales 8,674 6,113 28,200 20,350
Margin before expenses 23,439 18,691 80,813 64,408
Expenses 22,708 16,819 77,009 59,194
Operating income 731 1,872 3,804 5,214
Net finance (income) expenses (505 ) (58 ) 179 137
Income taxes 650 215 1,510 1,035
Net profit 586 1,715 2,115 4,042
Total comprehensive income 663 1,626 1,934 4,006
Total basic and diluted net profitper common share



Weighted average number ofcommon shares oustandingduring the year
Basic 69,761,628 69,287,627 69,639,953 69,152,836
Diluted 70,083,720 69,290,915 69,886,364 69,156,574
Revenues and sponsoring 1
For the periods ended October 31, Three-months Twelve-months
('000s of C$) 2016 2015 Variation 2016 2015 Variation
Network sales 29,671 22,707 30.7 % 100,602 77,320 30.1 %
Other revenue 2,442 2,097 16.4 % 8,411 7,438 13.1 %
32,113 24,804 29.5 % 109,013 84,758 28.6 %
Network sales in key markets in local currency 2016 2015 Variation 2016 2015 Variation
Mexico ('000s of Mexican pesos) 241,970 152,738 58.4 % 736,584 503,666 46.2 %
United States ('000s of US$) 6,695 5,778 15.9 % 24,567 20,049 22.5 %
Canada ('000s of C$) 3,134 2,936 6.7 % 12,022 11,312 6.3 %
Sponsoring1of new customers and consultants in key markets (# of people) 2016 2015 Variation 2016 2015 Variation
Mexico 30,001 17,432 72.1 % 83,923 55,515 51.2 %
United States 6,158 6,137 0.3 % 22,844 18,747 21.9 %
Canada 1,967 1,691 16.3 % 8,140 6,291 29.4 %
38,126 25,260 50.9 % 114,907 80,553 42.6 %
Calculation of adjusted EBITDA1
For the periods ended October 31, Three-months Twelve-months
('000s of C$) 2016 2015 2016 2015
Net profit 586 1,715 2,115 4,042
Depreciation and amortization 169 177 680 668
Net finance (income) expenses (505 ) (58 ) 179 137
Other expenses 45 30 1,046 197
Income taxes 650 215 1,510 1,035
Adjusted EBITDA 945 2,079 5,530 6,079
as a % of Revenues 2.9 % 8.4 % 5.1 % 7.2 %

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


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.


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.

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 its 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.
  • 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. The Consultants are not compensated on by simply referring or inviting new people to joint without them making a purchase.

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

Contact Information:

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