Welcome!

.NET Authors: Elizabeth White, Jayaram Krishnaswamy, Sematext Blog, ITinvolve Blog, Aditya Banerjee

News Feed Item

Immunotec Announces Year End 2012 Financial Results

Network sales increased 18% compared to previous year

VAUDREUIL-DORION, QUEBEC -- (Marketwire) -- 02/07/13 -- Immunotec Inc. (TSX VENTURE:IMM), a Canadian based company and a leader in the wellness industry (the "Company"), today released its Year End 2012 financial results for the period ended October 31, 2012.

"Over the last twelve months, our Company has recruited 43,000 new distributors, a 41% increase over the prior year. This strong recruitment performance has improved our profitability and strengthens our balance sheet", said Bob Henry, Immunotec's Chairman and CEO. "Our product line is creating significant opportunities for distributors and we are as confident as ever in the future of Immunotec."

Highlights for the year


--  Total Revenue reached $49.2M, an increase of 15% as compared to the
    previous year. 

--  Network sales reached $44.2M, an increase of 18% as compared to the same
    period in the previous year. 

--  Selected expenses(1), defined as administrative, marketing and selling,
    quality and development expenses amounted to $11.9M and measured
    favorably, as a percentage of total revenues by improving to 24% as
    compared to 28% of total revenues last year. 

--  Adjusted EBITDA(1) improved to $1.9M or 3.8% of total revenues, compared
    to $0.6M or 1.4% of total revenues over last year, a major improvement. 

--  Net profit of $125 thousand, a significant improvement over last year
    (net loss of $1.4M). 

(1) Refers to adjusted EBITDA in non-GAAP financial measures section of the Management Discussion and Analysis.

Modifications to the Corporation's Stock Option Plan

The Board of Directors has also approved a modification to the Company's Stock Option Plan, whereby it removed the 2-month hold period which applied to shares issued following the exercise of options under such Plan.

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.

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                                                    
Consolidated Statements of Financial Position                               
(Stated in Canadian dollars)                                                
                                        October 31, October 31, November 1, 
                                               2012        2011        2010 
                                                  $           $           $ 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASSETS                                                                      
                                                                            
Current assets                                                              
  Cash                                    3,779,089   2,561,969   2,936,456 
  Trade and other receivables             1,688,279     659,004     782,557 
  Inventories                             2,601,079   3,324,740   2,612,670 
  Prepaid expenses                          374,774     393,119     381,717 
----------------------------------------------------------------------------
                                          8,443,221   6,938,832   6,713,400 
Non-current assets                                                          
  Property, plant and equipment           5,931,470   5,931,411   6,218,352 
  Intangible assets                       1,621,830   2,000,217   2,446,675 
  Goodwill                                  833,559     833,559     833,559 
  Deferred income tax assets              2,736,460   2,725,367   2,313,920 
  Non-refundable research and                                               
   development tax credits                  365,691     337,971     484,349 
----------------------------------------------------------------------------
                                         11,489,010  11,828,525  12,296,855 
----------------------------------------------------------------------------
                                         19,932,231  18,767,357  19,010,255 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LIABILITIES                                                                 
                                                                            
Current liabilities                                                         
  Bank indebtedness                           5,000           -           - 
  Demand loan                                     -           -   1,000,000 
  Payables                                1,545,310     935,800   1,593,697 
  Accrued liabilities                     3,151,212   2,464,967   2,182,517 
  Provisions                                491,776     671,201     524,559 
  Customer deposits                         630,240     288,192     274,051 
  Income taxes                               54,859      58,576       2,041 
  Current portion of long-term debt         117,120     312,320     147,218 
----------------------------------------------------------------------------
                                          5,995,517   4,731,056   5,724,083 
                                                                            
Long-term debt                            1,964,336   2,077,787     239,622 
----------------------------------------------------------------------------
                                          7,959,853   6,808,843   5,963,705 
----------------------------------------------------------------------------
EQUITY                                                                      
                                                                            
  Share capital                           3,462,503   3,465,548   3,465,548 
  Contributed surplus                    13,259,401  13,240,835  13,231,836 
  Accumulated other comprehensive income    179,531     306,595           - 
  Deficit                                (4,929,057) (5,054,464) (3,650,834)
----------------------------------------------------------------------------
                                         11,972,378  11,958,514  13,046,550 
----------------------------------------------------------------------------
                                         19,932,231  18,767,357  19,010,255 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
Immunotec Inc.                                                              
Consolidated Statements of Changes in Equity                                
(Stated in Canadian dollars)                                                
                                                                Accumulated 
                                                                      other 
                                                  Contributed comprehensive 
                                    Share capital     surplus        income 
                          ------------------------                          
                               Number           $           $             $ 
----------------------------------------------------------------------------
Balance at November 1,                                                      
 2010                      69,994,300   3,465,548  13,231,836             - 
                                                                            
  Net loss                          -           -           -             - 
                                                                            
  Foreign currency                                                          
   translation adjustments          -           -           -       306,595 
----------------------------------------------------------------------------
Total comprehensive loss            -           -           -       306,595 
                                                                            
Share-based compensation            -           -       8,999             - 
----------------------------------------------------------------------------
Balance at October 31,                                                      
 2011                      69,994,300   3,465,548  13,240,835       306,595 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
  Net profit                        -           -           -             - 
                                                                            
  Foreign currency                                                          
   translation adjustments          -           -           -      (127,064)
----------------------------------------------------------------------------
Total comprehensive loss            -           -           -      (127,064)
                                                                            
Repurchase of shares          (61,745)     (3,045)    (11,623)            - 
Share-based compensation            -           -      30,189             - 
----------------------------------------------------------------------------
Balance at October 31,                                                      
 2012                      69,932,555   3,462,503  13,259,401       179,531 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            

                              Deficit       Total 
                                                  
                                    $           $ 
--------------------------------------------------
Balance at November 1,                            
 2010                      (3,650,834) 13,046,550 
                                                  
  Net loss                 (1,403,630) (1,403,630)
                                                  
  Foreign currency                                
   translation adjustments          -     306,595 
--------------------------------------------------
Total comprehensive loss   (1,403,630) (1,097,035)
                                                  
Share-based compensation            -       8,999 
--------------------------------------------------
Balance at October 31,                            
 2011                      (5,054,464) 11,958,514 
--------------------------------------------------
--------------------------------------------------
                                                  
  Net profit                  125,407     125,407 
                                                  
  Foreign currency                                
   translation adjustments          -    (127,064)
--------------------------------------------------
Total comprehensive loss      125,407      (1,657)
                                                  
Repurchase of shares                -     (14,668)
Share-based compensation            -      30,189 
--------------------------------------------------
Balance at October 31,                            
 2012                      (4,929,057) 11,972,378 
--------------------------------------------------
--------------------------------------------------
                                                  
                                                  
Immunotec Inc.                                                              
Consolidated Statements of Income (Loss)                                    
(Stated in Canadian dollars)                                                
                                                          2012         2011 
                                                             $            $ 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenues                                                                    
  Network sales                                     44,237,280   37,396,889 
  Other revenue                                      4,968,795    5,523,390 
----------------------------------------------------------------------------
                                                    49,206,075   42,920,279 
Cost of sales                                                               
  Cost of goods sold                                 8,857,853    7,595,870 
  Sales incentives - Network                        22,615,538   19,060,065 
  Other variable costs                               4,260,186    3,810,679 
----------------------------------------------------------------------------
Margin before expenses                              13,472,498   12,453,665 
----------------------------------------------------------------------------
Expenses                                                                    
  Administrative                                     5,964,183    6,403,079 
  Marketing and selling                              4,973,514    4,551,532 
  Quality and development costs                        891,006      905,113 
  Depreciation and amortization                        946,059    1,081,496 
  Other expenses                                       486,634      765,618 
----------------------------------------------------------------------------
Operating income (loss)                                211,102   (1,253,173)
----------------------------------------------------------------------------
  Net finance expenses                                  84,992      456,139 
----------------------------------------------------------------------------
Profit (loss) before income taxes                      126,110   (1,709,312)
                                                                            
Income taxes (recovery)                                                     
  Current                                                8,462       93,605 
  Deferred                                              (7,759)    (449,287)
----------------------------------------------------------------------------
Profit (loss) from continuing operations               125,407   (1,353,630)
                                                                            
Loss from discontinued operations                            -      (50,000)
----------------------------------------------------------------------------
Net profit (loss)                                      125,407   (1,403,630)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Basic and diluted net profit (loss) per share                               
  Continuing operations                                   0.00        (0.02)
  Discontinued operations                                    -        (0.00)
----------------------------------------------------------------------------
Total basic and diluted net profit (loss) per                               
 share                                                    0.00        (0.02)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Weighted average number of common shares                                    
 outstanding during the period                                              
  Basic and diluted                                 69,985,287   69,994,300 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                                            
Immunotec Inc.                                                              
Consolidated Statements of Comprehensive Loss                               
(Stated in Canadian dollars)                                                
                                                          2012         2011 
                                                             $            $ 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Net profit (loss)                                      125,407   (1,403,630)
                                                                            
Other comprehensive income (loss), net of income                            
 tax                                                                        
Foreign currency translation adjustments              (127,064)     306,595 
----------------------------------------------------------------------------
                                                                            
Total comprehensive loss                                (1,657)  (1,097,035)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
Immunotec Inc.                                                              
Consolidated Statements of Cash Flows                                       
(Stated in Canadian dollars)                                                
                                                          2012         2011 
                                                             $            $ 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Operating activities                                                        
Profit (loss) from continuing operations               125,407   (1,403,630)
Loss from discontinued operations                            -      (50,000)
----------------------------------------------------------------------------
Net profit (loss)                                      125,407   (1,353,630)
Adjustments for:                                                            
  Depreciation                                         386,797      455,668 
  Amortization                                         559,263      625,828 
  Gain on settlement of contingent consideration                            
   liability                                                 -      (64,344)
  Gain on change in fair value of contingent                                
   consideration liability                                   -      (56,950)
  Loss on write- down of intangible assets               4,131            - 
  Gain on disposal of a subsidiary                      (3,669)           - 
  Foreign exchange loss (gain) on items                                     
   denominated in foreign currencies                  (156,185)     512,325 
  Accreted interest on contingent consideration                             
   liability                                                 -       51,720 
  Net interest expense on financial liabilities                             
   measured at amortized cost                           79,860       60,521 
  Deferred income taxes                                 (7,759)    (449,287)
  Share-based compensation                              30,189        8,999 
Interest paid                                          (84,101)     (60,521)
Interest received                                        4,241            - 
----------------------------------------------------------------------------
Cash prior to working capital variation                938,174     (269,671)
Net change in non-cash working capital               1,188,265     (878,924)
----------------------------------------------------------------------------
Net cash provided by (used in) operating                                    
 activities                                          2,126,439   (1,148,595)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Investing activities                                                        
  Business acquisition                                (200,203)    (109,777)
  Additions to property, plant and equipment          (384,050)    (171,086)
  Additions to intangible assets                      (187,233)    (181,022)
  Non-refundable research and investment tax                                
   credits                                             (27,720)     146,378 
----------------------------------------------------------------------------
Net cash used in investing activities                 (799,206)    (315,507)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Financing activities                                                        
  Long-term debt                                             -    2,200,000 
  Bank indebtedness                                      5,000            - 
  Reimbursement of long-term debt                     (109,311)      (9,233)
  Reimbursement of demand loan                               -   (1,000,000)
  Repurchase of shares                                 (14,668)           - 
----------------------------------------------------------------------------
Net cash used in financing activities                 (118,979)   1,190,767 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net decrease in cash from continuing operations      1,208,254     (273,335)
Net decrease in cash from discontinued operations                           
  Operating activities                                       -      (50,000)
----------------------------------------------------------------------------
Net increase (decrease) in cash during the year      1,208,254     (323,335)
Cash - Beginning of the year                         2,561,969    2,936,456 
Effect of foreign exchange rate fluctuations on                             
 cash                                                    8,866      (51,152)
----------------------------------------------------------------------------
Cash - End of the year                               3,779,089    2,561,969 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

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.

Contacts:
Patrick Montpetit
Chief Financial Officer
(450) 510-4527

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
Technology is enabling a new approach to collecting and using data. This approach, commonly referred to as the "Internet of Things" (IoT), enables businesses to use real-time data from all sorts of things including machines, devices and sensors to make better decisions, improve customer service, and lower the risk in the creation of new revenue opportunities. In his General Session at Internet of @ThingsExpo, Dave Wagstaff, Vice President and Chief Architect at BSQUARE Corporation, discuss the real benefits to focus on, how to understand the requirements of a successful solution, the flow of ...
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your online presence.
In this Women in Technology Power Panel at 15th Cloud Expo, moderated by Anne Plese, Senior Consultant, Cloud Product Marketing at Verizon Enterprise, Esmeralda Swartz, CMO at MetraTech; Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems; Seema Jethani, Director of Product Management at Basho Technologies; Victoria Livschitz, CEO of Qubell Inc.; Anne Hungate, Senior Director of Software Quality at DIRECTV, discussed what path they took to find their spot within the technology industry and how do they see opportunities for other women in their area of expertise.
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of presentation. In her session at @ThingsExpo, Jocelyn Scheirer, CEO & Founder of Bionolux, will discuss ho...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
“With easy-to-use SDKs for Atmel’s platforms, IoT developers can now reap the benefits of realtime communication, and bypass the security pitfalls and configuration complexities that put IoT deployments at risk,” said Todd Greene, founder & CEO of PubNub. PubNub will team with Atmel at CES 2015 to launch full SDK support for Atmel’s MCU, MPU, and Wireless SoC platforms. Atmel developers now have access to PubNub’s secure Publish/Subscribe messaging with guaranteed ¼ second latencies across PubNub’s 14 global points-of-presence. PubNub delivers secure communication through firewalls, proxy ser...
We’re no longer looking to the future for the IoT wave. It’s no longer a distant dream but a reality that has arrived. It’s now time to make sure the industry is in alignment to meet the IoT growing pains – cooperate and collaborate as well as innovate. In his session at @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, will examine the key ingredients to IoT success and identify solutions to challenges the industry is facing. The deep industry expertise behind this presentation will provide attendees with a leading edge view of rapidly emerging IoT oppor...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective storage designed to handle the massive surge in back-end data in a world where timely analytics is e...
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrategies, will examine why IT must finally fulfill its role in support of its SBUs or face a new round of...
The BPM world is going through some evolution or changes where traditional business process management solutions really have nowhere to go in terms of development of the road map. In this demo at 15th Cloud Expo, Kyle Hansen, Director of Professional Services at AgilePoint, shows AgilePoint’s unique approach to dealing with this market circumstance by developing a rapid application composition or development framework.
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...

Building low-cost wearable devices can enhance the quality of our lives. In his session at Internet of @ThingsExpo, Sai Yamanoor, Embedded Software Engineer at Altschool, provided an example of putting together a small keychain within a $50 budget that educates the user about the air quality in their surroundings. He also provided examples such as building a wearable device that provides transit or recreational information. He then reviewed the resources available to build wearable devices at home including open source hardware, the raw materials required and the options available to power s...
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.