Welcome, visitor! [ Register | Login

Immunotec Reports Fourth Quarter and Full-Year 2016 Results

MLM News February 2, 2017

Rate this post

VAUDREUIL-DORION, QUEBEC–(Marketwired – Jan 26, 2017) – 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 EBITDA1 by approximately $3.4 million compared to last year”, said Charles Orr, Chief Executive Officer.

QUARTERLY PERFORMANCE HIGHLIGHTS

  • Network sales amounted to $29.7M, an increase of 30.7% over last year, while sponsoring1 of new customers and consultants increased by 50.9% over last year.
  • Network sales in key geographies grew by 58.4% in Mexico, 15.9% in the United States and 6.7% in Canada.
  • Margin before expenses were down by 2.4%, to 73.0%, and Adjusted EBITDA1 amounted to 2.9% of revenues, considering the impact from the recent foreign currency devaluation of the Mexican Peso.
  • Net profit totalled $0.6M or $0.01 basic and fully diluted profit per common share.

“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.

Results of operations
For the periods ended October 31, Three-months Twelve-months
(‘000s of C$, except for share and per share data) 2016 2015 2016 2015
Revenues 32,113 24,804 109,013 84,758
Cost of sales 8,674 6,113 28,200 20,350
Margin before expenses 23,439 18,691 80,813 64,408
Expenses 22,708 16,819 77,009 59,194
Operating income 731 1,872 3,804 5,214
Net finance (income) expenses (505 ) (58 ) 179 137
Income taxes 650 215 1,510 1,035
Net profit 586 1,715 2,115 4,042
Total comprehensive income 663 1,626 1,934 4,006
Total basic and diluted net profitper common share 0.01 0.02 0.03 0.06
Weighted average number ofcommon shares oustandingduring the year
Basic 69,761,628 69,287,627 69,639,953 69,152,836
Diluted 70,083,720 69,290,915 69,886,364 69,156,574
Revenues and sponsoring 1
For the periods ended October 31, Three-months Twelve-months
(‘000s of C$) 2016 2015 Variation 2016 2015 Variation
Network sales 29,671 22,707 30.7 % 100,602 77,320 30.1 %
Other revenue 2,442 2,097 16.4 % 8,411 7,438 13.1 %
32,113 24,804 29.5 % 109,013 84,758 28.6 %
Network sales in key markets in local currency 2016 2015 Variation 2016 2015 Variation
Mexico (‘000s of Mexican pesos) 241,970 152,738 58.4 % 736,584 503,666 46.2 %
United States (‘000s of US$) 6,695 5,778 15.9 % 24,567 20,049 22.5 %
Canada (‘000s of C$) 3,134 2,936 6.7 % 12,022 11,312 6.3 %
Sponsoring1of new customers and consultants in key markets (# of people) 2016 2015 Variation 2016 2015 Variation
Mexico 30,001 17,432 72.1 % 83,923 55,515 51.2 %
United States 6,158 6,137 0.3 % 22,844 18,747 21.9 %
Canada 1,967 1,691 16.3 % 8,140 6,291 29.4 %
38,126 25,260 50.9 % 114,907 80,553 42.6 %
Calculation of adjusted EBITDA1
For the periods ended October 31, Three-months Twelve-months
(‘000s of C$) 2016 2015 2016 2015
Net profit 586 1,715 2,115 4,042
Add:
Depreciation and amortization 169 177 680 668
Net finance (income) expenses (505 ) (58 ) 179 137
Other expenses 45 30 1,046 197
Income taxes 650 215 1,510 1,035
Adjusted EBITDA 945 2,079 5,530 6,079
as a % of Revenues 2.9 % 8.4 % 5.1 % 7.2 %
top-5-australian-business-directories-free-listing

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 21 other subscribers

No Tags

48 total views, 2 today

  

Sponsored Links

Leave a Reply

  • Nerium lawsuit against Modere uncovers alleged corporate sabotage

    by on February 3, 2017 - 0 Comments

    Rate this post Nerium lawsuit against Modere uncovers alleged corporate sabotageOn December 30th, 2016, Nerium International filed a lawsuit against Modere. Nerium claims the lawsuit, which also sought a Temporary Restraining Order, was an attempt to stop two of its high-ranking salespeople and a paid Nerium consultant from raiding Nerium’s salesforce and customers, in direct […]

  • LCF Coin Prelaunch Review: Rothschilds & Chinese govt altcoin?

    by on January 2, 2017 - 0 Comments

    Rate this post LCF Coin Prelaunch Review: Rothschilds & Chinese govt altcoin?As far as I can tell, LCF Coin or whoever is behind it doesn’t have an official web presence. Those promoting LCF Coin are doing so via Google forms. What happens to the information entered into these forms is unclear. The marketing narrative for […]

  • LiteFunds Review: 2×6 matrix bitcoin cash gifting

    by on February 4, 2017 - 0 Comments

    Rate this post LiteFunds Review: 2×6 matrix bitcoin cash giftingThere is no information on the LiteFunds website indicating who owns or runs the business. The LiteFunds website domain (“litefunds.com”) was registered on January 11th, 2017. Muhammad Bakru is listed as the owner, with an incomplete address in Jakarta, Indonesia also provided. Whether this is an actual […]

  • BTC Fund Me Review: Six tier bitcoin cash gifting

    by on February 25, 2017 - 0 Comments

    Rate this post BTC Fund Me Review: Six tier bitcoin cash giftingThere is no information on the BTC Fund Me website indicating who owns or runs the business. The BTC Fund Me website domain (“btcfund.me”) was privately registered on November 24th, 2016. As always, if an MLM company is not openly upfront about who is […]

  • ForeverGreen Worldwide Corporation Gains Significant Exposure During European Tour on Top Selling Product Prodigy-5

    by on February 11, 2017 - 0 Comments

    Rate this post LINDON, Utah, February 9, 2017 /PRNewswire/ — (FVRG), a leader in the direct marketing industry and provider of unique health-centered products, announced today it recently completed a successful European tour that focused on the company’s newly launched product, Prodigy-5. The tour also resulted in increased new membership growth in the European market. […]

Subscribe to News via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 21 other subscribers

MLM News