Immunotec Inc. (TSXV: IMM), a direct-to- consumer company and leader in the nutritional industry (the “Company” or “Immunotec”), announced its fourth quarter financial results for Fiscal 2016. All amounts in this press release are in Canadian dollars unless otherwise indicated.
“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.
The weakness of the Mexican Peso significantly impacted profitability during the fourth quarter. On a currency neutral basis, we estimate that this volatility reduced the Adjusted EBITDA1 by approximately $3.4 million compared to last year”, said Charles Orr, Chief Executive Officer.
QUARTERLY PERFORMANCE HIGHLIGHTS
Network sales amounted to $29.7M, an increase of 30.7% over last year, while sponsoring1 of new customers and consultants increased by 50.9% over last year.
Network sales in