Immunotec logged record sales in 2016, but gains in Mexico were offset by the country’s weakening currency.
In the fiscal fourth quarter, ended October 31, 2016, sales of the company’s nutrition products were up 58 percent year-over-year in Mexico, 16 percent in the U.S. and 7 percent in Canada, where Immunotec is headquartered. Overall, sales rose 31 percent from a year earlier to $29.7 million*.
“Annual revenues surpassed our expectations and reached an all-time high of $109 million, reflecting solid performances in all regions by Immunotec’s Consultants and employees,” said Charles Orr, CEO of Immunotec.
Despite higher volume in 2016, the bottom line contracted to $2.1 million, or 3 cents a share, from the prior year’s $4.0 million, or 6 cents a share. Adjusted EBITDA was $6.1 million, cut approximately $3.4 million by currency fluctuations. To minimize the effects of the weak peso, as of the first of the year Immunotec implemented price increases of 5 to 7 percent on products sold in Mexico.
Reporting on the full year, CFO Patrick Montpetit said the company took a disciplined approach to corporate expenses, reducing their impact on overall revenue. “Finally, our balance sheet improved substantially with year-end cash of $13.9 million, reflecting solid cash flows from operations,” said Montpetit.
*All amounts are in Canadian dollars. At the time of this writing, CAD$1.00 was equal to USD$0.76.