March 28, 2017
Immunotec Revenue up 37% in First Quarter
Quarterly sales rose 37 percent at Immunotec Inc. (IMM—CVE), driven by continued growth in Mexico.
The Quebec, Canada-based nutrition company, which is set to come under new ownership in the coming months, reported net revenue of $28.9 million in the fiscal first quarter, compared with $21.1 million a year earlier.
Revenue rose 9 percent in the U.S. and 3 percent in Canada, but Mexico outstripped other markets with 102 percent year-over-year growth. The market is key for Immunotec and its planned buyer, Immuno Holding, led by direct sales executive Mauricio Domenzain and Nexxus Capital, one of Mexico’s top private equity houses.
Commenting on the acquisition deal, Immunotec CEO Charlie Orr noted, “This follows a strategic review process that was initiated last year. The transaction represents an attractive value for our shareholders and an important vote of confidence for our consultants, employees and for all our other stakeholders.”
In the most recent quarter, ended Jan. 31, the company posted a profit of $0.7 million, or 1 cent per share, versus $0.3 million a year ago. Sponsoring of new customers and consultants increased 45 percent.