Growing US Business Drives Record Q4 at Immunotec

Record fourth-quarter revenue crowned a year of healthy growth at Immunotec, the nutrition company said in its annual earnings report.

Quebec, Canada-based Immunotec closed out the fourth quarter with revenue of CAN$24.8 million (US$17.8 million), up 6.4 percent from a year ago. Adjusted EBITDA rose 8.4 percent to US$1.5 million, with net profit totaling US$1.2 million.

“We ended fiscal 2015 with the strongest quarter in company history in terms of revenues, adjusted EBITDA and net profit,” CEO Charles L. Orr said in a statement. “This year was marked by solid progress in the U.S. market, as we continue to expand our capabilities in the United States.”

A strengthening U.S. dollar combined with a growing salesforce in the market helped Immunotec achieve annual revenue of US$60.8 million, a 4.9 percent increase from 2014. For the 12 months ended Oct. 31, 2015, adjusted EBITDA came to US$4.4 million. The company’s bottom line was US$2.9 million, compared to a loss of US$1.9 million a year ago. On a per share basis, earnings for the year were 4 cents.

Management reported a growing number of independent consultants and customers across the U.S. and Canada, where numbers were up 36.7 percent and 7.7 percent, respectively. In Mexico, where the company instituted a 16 percent value-added tax in October 2014, sponsoring fell 13.2 percent in 2015.

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