Immunotec Provides Corporate Update and Year End Financial Results
(firmenpresse) - VAUDREUIL-DORION, QUEBEC -- (Marketwire) -- 02/20/12 -- Immunotec Inc. (TSX VENTURE: IMM), a Canadian based company and a leader in the wellness industry (the "Company"), today is pleased to provide the following update.
"This past fiscal year has seen Immunotec undergo significant changes and the Company continues to make progress in meeting its planned objectives. Immunotec's new sales and marketing team is moving quickly to aggressively expand our presence in Mexico while recovering from lost market share in both Canada and US during the recession" said Bob Henry, Immunotec's Chairman and CEO.
In May 2010, we announced that Immunotec had completed the acquisition of certain assets of a licensee of the Company in Mexico, in connection with the distribution of the Company's products in the Mexican territory. During Fiscal 2011, we recorded sales from Mexico of $8.9M compared to $1.6M representing an increase of $7.3 in twelve months. As a result, we are adding offices and infrastructure to support this growth directly in Mexico City.
Financial results for its year ended October 31, 2011 are as follows: Network sales reached $37.4M in 2011 compared to $34.5M for the same period in 2010, an increase of 8.5% or $2.9M. Other revenues which include revenues of products sold to licensees, freight and shipping, charge backs and educational material purchased by our network, reached $5.5M in 2011, a small decrease of $0.4M compared to $5.9M for the same period in 2010.
Margins before expenses, as a percentage of net sales, decreased in 2011 to 29% compared to 31% for year 2010 and primarily attributed to increases in Sales incentives paid which average a payout rate of 51.0%, compared to the 47.7% level in 2010.The increase in sales incentives is predominantly caused by strong recruitment in the Mexican territory.
Operating expenses reached $11.9M and remained very similar to the prior year at $12.0M and saw an improvement in terms of percentage of revenues representing 28% in 2011 compared with 30% in 2010.
Sales and marketing expenses were $4.6M compared to $4.4M in the prior year. Over the past year management made substantial changes to the sales and marketing organizational structure. We have developed new marketing initiatives by increasing the numbers of weekly meetings across North America and providing additional field training and support programs for the Network. This effort is focused toward increasing the company's customer and distributors' base in all key markets.
For the year ended October 31, 2011, adjusted EBITDA was almost the same has the year before reaching $724 thousand, compared to $774 thousand for Fiscal 2010.
Net loss and comprehensive loss totalled $1,1M for the year ending October 31, 2011, compared to a loss of $1.4M for 2010. The total basic and fully diluted loss per share for Fiscal 2011 was $0.016 compared with fully a diluted loss $0.020 for the same period in Fiscal 2010. This variation for the 2011 period resulted primarily from:
The Company's Board of Directors announced today that Immunotec has entered into a 3 year employment agreement with Mr. Henry whereby he will continue to lead the Company as Chairman and CEO.
"I am looking forward to spending the next few years working with the field associates and the corporate team in taking this business to the next level" said Bob Henry. "I am excited about this opportunity and believe all of us have a great future together"
About Immunotec Inc.
Immunotec is a world class business opportunity supported by unique scientifically proven products that improve wellness. Headquartered with manufacturing facilities near Montreal, Canada, the Company also has distribution capacities to support its commercial activities in Canada and internationally to the United States, Europe, Mexico and The Caribbean.
The Company files its consolidated financial statements, its management and discussion analysis report, its press releases and such other required documents 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. The TSX Venture does not accept 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, which can be found at . Consequently, actual results may differ materially from the anticipated results expressed in these forward-looking statements.
Contacts:
Patrick Montpetit
VP and Chief Financial Officer
(450) 510-4527
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Datum: 20.02.2012 - 15:51 Uhr
Sprache: Deutsch
News-ID 1084724
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