Canada-based Immunotec logged revenue of $28.4 million—a company record—in its most recent fiscal quarter.
Overall revenue was up 29 percent, management reported, largely driven by growth in Mexico, where sales rose 55 percent from a year ago. Despite higher sales in the market, the recent devaluation of the Mexican peso hurt profitability. The company’s bottom line decreased 46 percent to $0.6 million in the quarter ended July 31.
“We maintain our guidance to exceed $100M in revenues for the full fiscal year, but are concerned that profitability will remain impacted during the fourth quarter from further deterioration in the Mexican peso,” Patrick Montpetit, CFO, said in the company’s release.
Montpetit further noted that management has initiated a review of the company’s currency risk exposure and is working to mitigate economic uncertainties in its Mexico operations.
Immunotec sells its nutrition, skincare and wellness products in North America, the United Kingdom, Ireland and the Dominican Republic. In the most recent quarter, sponsoring of new customers and consultants across all markets was up 48 percent from a year earlier.
