Immunotec Reports First Quarter Results
Network Sales Increases in All Key Markets
(firmenpresse) - VAUDREUIL-DORION, QUEBEC -- (Marketwired) -- 03/30/16 -- 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".
PERFORMANCE HIGHLIGHTS
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.
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 EBITDA(1) 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 EBITDA(1) 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.
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
Contacts:
Patrick Montpetit, CPA, CA, CF
Vice-President and Chief Financial Officer
(450) 510-4527
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Datum: 30.03.2016 - 15:00 Uhr
Sprache: Deutsch
News-ID 1424966
Anzahl Zeichen: 2537
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VAUDREUIL-DORION, QUEBEC
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Health & Nutrition
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