Immunotec Announces Second Quarter 2013 Financial Results

Q2 year-to-date revenues increase by 11%

Marketwired

VAUDREUIL-DORION, QUEBEC--(Marketwired - Jun 14, 2013) - Immunotec Inc. (TSX VENTURE:IMM), a Canadian based company and a leader in the wellness industry (the "Company" or "Immunotec"), today released its second quarter 2013 financial results for the three- and six- month periods ended 30 April 2013.

"Immunotec's results are testimony to our founders' vision for bringing improved health and wellness to our product and opportunity customers. We thank our independent consultants, employees and external partners who collaborate every day to make this possible." said Mr. Charles L. Orr, Immunotec's Chief Executive Officer.

Highlights for the second quarter of fiscal 2013

  • Total Revenue for the three-month period reached $12.6M, an increase of 10.6% as compared to the same period in the previous year. Total revenue in the six-month period reached $24.8M, an increase of 10.4% as compared to the same period in the previous year.

  • Network sales in the three-month period reached $11.2M, an increase of 9.0% as compared to the same period in the previous year. Network sales in the six- month period reached $22.4M, an increase of 10.7% as compared to the same period in the previous year.

  • Selected expenses,(1) defined as administrative, marketing and selling, quality and development expenses in the three-month period ended 30 April 2013, amounted to $3.0M or 23.9% of total revenues, which compares favourably to 24.6% for the same period in the previous year. In the six-month period, these expenses amounted to $5.9M or 23.9% of total revenues, also comparing favourably to 25.9% the same period of the previous year.

  • Adjusted EBITDA,(1) in the three-month period ended 30 April 2013 improved to $0.9M or 7.4% of total revenues, compared to $0.2M or 1.6% of total revenues for the same period in the previous year, a significant improvement. For the six-month period, Adjusted EBITDA(1) amounted to $1.8M or 7.1% of total revenues, also a significant improvement.

  • Net profit for the three-month period ended 30 April 2013 amounted to $0.7M; a significant improvement over a net loss of $0.1M for the same period in the previous year. For the six-month period ended 30 April 2013, net profit amounted to $1.2M, also a significant improvement over a loss of $0.1M in the same period in the previous year.
(1) Refer to the non-GAAP financial measures section of Management's Discussion and Analysis.

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, Mexico, Europe 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.

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 www.sedar.com. Consequently, actual results may differ materially from the anticipated results expressed in these forward-looking statements.

SUPPLEMENTAL INFORMATION
Immunotec Inc.
Interim Consolidated Statements of Financial Position
30 April 31 October
2013 2012
(Canadian dollars) $ $
ASSETS
Current assets
Cash 3,364,901 3,779,089
Trade and other receivables 1,308,887 1,688,279
Inventories 3,205,946 2,601,079
Prepaid expenses 478,595 374,774
8,358,329 8,443,221
Non-current assets
Property, plant and equipment 5,833,889 5,931,470
Intangible assets 1,407,804 1,621,830
Goodwill 833,559 833,559
Other non- current assets 3,824,319 3,102,151
11,899,571 11,489,010
20,257,900 19,932,231
LIABILITIES
Current liabilities
Bank indebtedness - 5,000
Payables 1,597,624 1,545,310
Accrued liabilities 3,121,910 3,151,212
Provisions 233,488 491,776
Deferred revenue and customer deposits 476,840 630,240
Income taxes 28,596 54,859
Current portion of long- term debt 119,246 117,120
5,577,704 5,995,517
Long- term debt 1,902,031 1,964,336
7,479,735 7,959,853
EQUITY
Share capital 3,448,285 3,462,503
Contributed surplus 13,223,374 13,259,401
Accumulated other comprehensive income (151,266 ) 179,531
Deficit (3,742,228 ) (4,929,057 )
12,778,165 11,972,378
20,257,900 19,932,231
Immunotec Inc.
Interim Consolidated Statements of Income (Loss)
For the three-and six-month periods ended 30 April
Three months Six months
2013 2012 2013 2012
(Canadian dollars except for the number of shares) $ $ $ $
Revenues
Network sales 11,200,095 10,277,123 22,400,589 20,238,165
Other revenue 1,430,248 1,142,964 2,409,113 2,225,090
12,630,343 11,420,087 24,809,702 22,463,255
Cost of sales
Cost of goods sold 2,231,194 1,935,261 4,219,646 3,791,383
Sales incentives - Network 5,596,762 5,407,413 10,978,737 10,371,660
Other variable costs 992,357 1,088,149 2,067,599 2,037,160
Margin before expenses 3,810,030 2,989,264 7,543,720 6,263,052
Expenses
Administrative 1,536,284 1,378,453 2,975,830 2,999,778
Marketing and selling 1,256,541 1,248,505 2,495,615 2,405,769
Quality and development costs 225,685 183,460 452,720 406,133
Depreciation and amortization 219,924 223,658 440,596 463,262
Other expenses 16,063 11,706 20,514 21,847
Operating income (loss) 555,533 (56,518 ) 1,158,445 (33,737 )
Net finance expenses (income) (267,745 ) 124,857 (335,619 ) 80,373
Profit (loss) before income taxes 823,278 (181,375 ) 1,494,064 (114,110 )
Income taxe expense (recovery)
Current 4,417 13,298 5,509 15,455
Deferred 160,285 (85,747 ) 301,726 (27,047 )
Net profit (loss) 658,576 (108,926 ) 1,186,829 (102,518 )
Total basic and diluted net profit (loss) common per share 0.01 (0.00 ) 0.02 (0.00 )
Weighted average number of common shares outstanding during the period
Basic and diluted 69,681,982 69,994,300 69,767,670 69,994,300
Immunotec Inc.
Interim Consolidated Statements of Cash Flows
For the six-month periods ended 30 April
2013 2012
(Canadian dollars) $ $
Operating activities
Net profit (loss) 1,186,829 (102,518 )
Adjustments for:
Depreciation 197,712 185,685
Amortization 242,884 277,577
Unrealized foreign exchange differences (331,625 ) (46,253 )
Net interest expense on finanical liabilities measured at amortized cost 37,697 39,734
Deferred income taxes 301,726 (27,047 )
Share- based compensation 20,514 21,847
Interest paid (37,697 ) (42,129 )
Interest received - 2,395
Cash prior to working capital variation 1,618,040 309,291
Net change in non- cash working capital (1,649,133 ) 422,569
Net cash (used in) provided by operating activities (31,093 ) 731,860
Investing activities
Additions to property, plant and equipment (77,907 ) (314,823 )
Additions to intangible assets (27,423 ) (83,057 )
Net cash used in investing activities (105,330 ) (397,880 )
Financing activities
Bank indebtedness (5,000 ) -
Reimbursement of long- term debt (60,179 ) (55,982 )
Repurchase of shares (70,759 ) -
Reimbursment of other liability - (200,203 )
Net cash used in financing activities (135,938 ) (256,185 )
Net (decrease) increase in cash during the period (272,361 ) 77,795
Cash - Beginning of the period 3,779,089 2,561,969
Effect of foreign exchange rate fluctuations on cash (141,827 ) (13,627 )
Cash - End of the period 3,364,901 2,626,137
Contact:
Immunotec Inc.
Patrick Montpetit
Chief Financial Officer
(450) 510-4527
www.immunotec.com

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