June 20, 2016
Canada’s Immunotec Reports Record Quarterly Revenue
Nutritional products maker Immunotec Inc. (IMM—CVE) recently reported record quarterly revenue and a new sponsorship deal with professional sailing team Artemis Racing.
In the quarter ended April 30, overall revenue was $25.6 million*, up 28 percent from $20.0 million a year ago. Quebec, Canada-based Immunotec logged a 38 percent sales increase in Mexico, a 27 percent increase in the U.S., and an 11 percent uptick in Canada.
“The increase of our Sponsoring numbers is above 30 percent in all of our key markets, which indicates a strong momentum for the quarters ahead,” Patrick Montpetit, CFO, said of Immunotec’s customer and consultant tallies. “We are confident that we are on track to achieve $100.0M in revenues for fiscal 2016.”
Adjusted EBITDA also improved, amounting to $2.0 million versus $1.4 million in the year-ago period. Profit doubled year over year to $0.6 million.
In May, management announced a new sponsorship of Artemis Racing, which represents the Royal Swedish Yacht Club, one of the oldest yacht clubs in the world. Immunotec will be the Official Supporter of Artemis as it takes part in Louis Vuitton America’s Cup World Series events, leading up to the 2017 America’s Cup.
“The physiological demands of sailing the present America’s Cup foiling catamarans are immense, and keeping the guys healthy and optimizing recovery is crucially important,” said Pete Cunningham, Artemis Racing Exercise Physiologist. “That’s where I see Immunotec playing a major role with their products and also their clinical experts in this field.”
Health Canada last year approved the health claim that Immunocal, the company’s flagship immune support product, helps increase muscle strength and enhance performance when combined with regular exercise. Additionally, Immunocal and the second-generation Immunocal Platinum were recently certified by LGC, a globally recognized anti-doping lab. Cunningham said these factors, along with Immunotec’s long history of scientific research and publishing, were critical in deciding to partner with the company.
*At the time of this writing, CAD$1.00 was equal to USD$0.78.