Immunotec Reports Fourth Quarter and Full-Year 2016 Results
"Annual Revenues increased 28.6% reaching all-time high of $109 million"
(firmenpresse) - VAUDREUIL-DORION, QUEBEC -- (Marketwired) -- 01/26/17 -- 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 EBITDA(1) by approximately $3.4 million compared to last year", said Charles Orr, Chief Executive Officer.
QUARTERLY PERFORMANCE HIGHLIGHTS
"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.
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, 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
(1) Refer to the "NON-GAAP MEASURES" section. The definition of Sponsoring and the Adjusted EBITDA reconciliation to Net profit is shown below.
Contacts:
Patrick Montpetit, CPA, CA, CF
Vice-President and Chief Financial Officer
(450) 510-4527
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Datum: 26.01.2017 - 15:50 Uhr
Sprache: Deutsch
News-ID 1482962
Anzahl Zeichen: 3152
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VAUDREUIL-DORION, QUEBEC
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Health & Nutrition
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