Immunotec Inc., a direct-to-consumer company and a leader in the nutritional industry (the Company or Immunotec), today announced its fourth quarter and year- end consolidated financial results for Fiscal 2015. All amounts in this press release are denominated in Canadian dollars unless otherwise indicated.
We ended fiscal 2015 with the strongest quarter in Company history both in terms of revenues, Adjusted EBITDA and net profit. This year was marked by solid progress in the U.S. market, as we continue to expand our capabilities in the United States, said Charles L. Orr, Chief Executive Officer of Immunotec.
Revenues for the fourth quarter place the Company on the trajectory to reach $100M in annual revenues. Scale is critical to our business model, and based on a recent industry survey we ranked 97th worldwide among direct selling companies.
In October 2014, Management made the prudent decision to charge value- added taxes on product sales in Mexico. As expected, this decision impacted our sales on a short-term basis but we made a progressive recovery throughout the second half of 2015.
Our sales growth in the U.S. market confirms the sustainability of our business model in a growing economy and with a relatively low unemployment rate. The attractiveness of our products and the need for supplementary income is driving the growth of our network in the U.S.
We continue to make investments in experimental and clinical research programs which underpin our health, wellness and performance platform. We enter fiscal 2016 with great confidence and backed by a solid balance sheet, concluded Mr. Orr.
Revenues for the three- and twelve-month periods ending October 31, 2015 reached $24.8M and $84.8M compared to $23.3M and $80.8M during the same periods in the previous year, an increase of $1.5M or 6.4% for the three-month period and an increase of $4.0M or 4.9% for the twelve-month period. The growth in revenue resulted from the strengthening of the U.S. currency and increased Network sales in the United States.
In the United States, the increase in network sales is the result of an increase in the sponsoring(1) of new consultants and customers. For the three- and twelve-month periods ended October 31, 2015, the number of new independent consultants and customers in the United States increased by 49.9% and 36.7% compared to the corresponding periods in the previous year. This increase primarily reflects the Company's continued success in attracting new customers and independent consultants throughout the United States.
In Mexico, sponsoring activities declined by 5.1% and 13.2% over the same periods the previous year, mostly attributable to the 16% value-added tax (VAT) which the Company began charging on the sale of its products in Mexico as of October 1, 2014. Management has and continues to collaborate closely with its field leaders in Mexico to drive growth strategies.
In Canada, the number of new customers and independent consultants increased by 6.8% for the three-month period and by 7.7% for the twelve- month period compared to the same periods in the previous year. This increase was from both the Western and Eastern provinces of Canada.
The Company generated a net profit of $1.7M and $4.0M for the three- and twelve-month periods, compared to a net profit of $0.05M and a net loss of ($2.7M) for the corresponding periods a year ago. Total basic and fully diluted profit per common share for the three- and twelve-month periods ended October 31, 2015, was $0.02 and $0.06, compared to $0.00 and ($0.04) for the same periods a year earlier.
About Immunotec Inc.
Immunotec is a Canadian-based Company that develops, manufactures, markets and sells research-driven nutritional products through direct-to- consumer sales channels in Canada, the U.S., Mexico, Dominican Republic, United Kingdom and Ireland. The Company offers an extensive family of nutritional, skin care and wellness products targeting health, weight management, as well as energy and performance.
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