VAUDREUIL-DORION, QUEBEC–(Marketwired – March 27, 2017) – Immunotec Inc. (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 2017. All amounts in this press release are in Canadian dollars unless otherwise indicated.
“Our first quarter 2017 results included strong sales volume performances in major markets and a significant improvement in Adjusted EBITDA when compared to last year,” said Charles Orr, Chief Executive Officer.
QUARTERLY PERFORMANCE HIGHLIGHTS
Network sales amounted to $28.9M, an increase of 37.0% over last year, while sponsoring 1 of new customers and consultants increased by 44.5% over last year.
Network sales in key markets grew by 101.6% in Mexico, 9.1% in the United States and 3.0% in Canada.
Margin before expenses increased by 1.5%, to 76.0%, and Adjusted EBITDA1 amounted to 6.8% of revenues, mainly due to the recent price increase, the favorable exchange rate with the US dollar, and a volume rebate from one of the suppliers.
Net profit totalled $0.7M or $0.01 basic and fully diluted profit per common share.
Under the leadership of Mr. Mauricio Domenzain in partnership with Nexxus Capital of Mexico, on March 22, 2017, the Company announced that it had entered into a definitive arrangement agreement with 1111267 B.C. Ltd., a subsidiary of Immuno Holding S.A. de C.V., to acquire all of the issued and outstanding common shares of the Company for a cash consideration of $0.485 per Share. “This follows a strategic review process that was initiated last year. The transaction represents an attractive value for our shareholders and an important vote of confidence for our consultants, employees and for all our other stakeholders,” said Mr. Orr.