Immunotec Inc. (TSX VENTURE: IMM), a Canadian based company and a leader in the wellness industry (the "Company"), reported financial results for the fiscal year 2010. Revenues totaled $40.3 million, compared to $44.7 million for the corresponding period last fiscal year. Importantly, the Company was able to maintain an adjusted EBITDA of $774 thousand or 2% of revenues compared to a negative $228 thousand for Fiscal 2009. Net loss and comprehensive loss were ($1,387) thousand compared to a loss of ($4,545) thousand last year.
During the fourth quarter and in subsequent events, the Company completed its full restructuring with several nominations to its management team. "Fiscal 2011 will be the rebirth of this Company", said Bob Henry, Immunotec's Executive Chairman and CEO "Last week we celebrated our fifteenth anniversary and I am confident that we will increase our positioning in the US".
Other Financial Results Highlights for Fiscal 2010:
Network sales reached $34.5M in 2010 compared to $37.9M for the same period in 2009, a decrease of 9% or $3.4M. Other revenues include licensing revenues, freight and shipping, charge backs and educational material purchased by our network, reached $5.9M in 2010, a decrease of $0.9M compared to $6.8M for the same period in 2009. The consolidated decrease in total revenues of $4.4M is explained by the following:
-- A reduction in revenues, calculated in local currency, of $3.4M in our two key markets, represents an actual decline of 9% excluding the impact of currency fluctuations.
-- The strengthening of the Canadian dollar over the US currency accounts for $2.3M. The average Canadian dollar value used during the period was 1.0383 during Fiscal 2010, a decrease of 11.3% compared to 1.1700 for the same period of 2009.
-- We recorded an increase of $1.3M in sales from new distributors in Mexico along with an increase in revenues from other international business, which partially offsets the above.
Margins before expenses, as a percentage of net sales, improved in 2010 to 31.0% compared to 27.6% for year 2009. This improvement, despite lower revenues, is attributed to changes made to the sales incentive program launched in 2009.
The Network is the largest segment of the variable expenses of the Company. As a percentage of Network sales, the incentive program represented an average of 47.7%, compared to the 53.4% level in 2009.
Operating expenses were $822 thousand below the prior year. Despite reduced costs in the areas of marketing and administration, operating expenses were a full percentage point higher when compared to the prior year. The Company also invested more into Development costs and launched in February 2011, two new products.
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 www.sedar.com and on the Company's website at www.immunotec.com. The common shares of the Company are listed on the TSX Venture Exchange under the ticker symbol IMM.