VAUDREUIL-DORION, QUEBEC--(Marketwire - June 15, 2012) - Immunotec Inc. (TSX VENTURE:IMM), a Canadian based company and a leader in the wellness industry (the "Company"), today released its 2012 second quarter results for the period ended April 30, 2012.

Second Quarter 2012 Highlights:

(All amounts are in CAD dollars.)

Revenue growth of 7.1% in the quarter over the previous year to reach $11.4 million and 6.8% year to date.
Revenues in Mexico, now the largest segment representing 37% of total revenues were up 140% over previous year to reach $4.1 million.
Adjusted EBITDA of $457 thousand or 4% of revenues in Q2 and $672 thousand or 3% of total revenues, year to date. This represents an improvement over negative adjusted EBITDA of ($32) thousand as compared to prior year.
The acquisition of our subsidiary company in Mexico was completed during the quarter end and we opened a new Immunotec corporate office in Mexico City to support our growth plans.

"We are pleased with the result but we are determined to reenergize the Canadian and US segments", said Bob Henry, Immunotec's Chairman and CEO.

Condensed financial results for the second Quarter ended April 30, 2012 are as follows:

During the second quarter, Network sales reached $10.3M in 2012 compared to $8.9M for the same quarter in 2011, an increase of 15.9% or $1.4M. Other revenues which include revenues of products sold to licensees, freight and shipping, charge backs and educational material purchased by our network, amounted to $1.1M in Q2 of 2012, a decrease in $0.7M compared to $1.8M for the same period in 2011.
Margins before expenses, as a percentage of net sales, decrease, in the second quarter ending April 30, 2012 to 26.2% from 31.2% for the same quarter in 2011. This decrease is primarily attributed to increase is certain costs related to a growth in Mexico and the decrease of Export sales to licenses which represent a higher margin contribution.
Selected expenses in the second quarter of 2012 were $2.8M and were the same as the same period a year earlier. They now represent 24.6% of sales compared to 26.7% a year earlier.

The adjusted EBITDA, a Non GAAP financial measure, was $457 thousand which represent a decrease of $269 thousand over adjusted EBITDA for the same period ended April 30, 2011.
Net loss for the quarter ended April 30, 2012 totalled $109 thousand, compared to a net loss of $7 thousand for the same period a year earlier. For the six-month ended April 30, 2012, net loss was $103 thousand compared to a net loss of $1.3M for the same period in 2011.
The total basic and fully diluted earnings per share for the three-month period ended April 30, 2012 was $0.00 compared with fully a diluted loss per share of $0.02 for the same period in 2011.
During the Quarter on April 30 The Company also announced today the implementation of a Normal Course Issuer Bid (the "Bid") to purchase for
cancellation, from time to time, as it considers advisable, up to 1,000,000 of its issued and outstanding Common Shares. At the end of June 15^th, 2012, no shares had been purchase from this plan.
Subsequent to the quarter, on June 14^th 2012, The Company granted 25,000 stock options to a recently named Director of the Company and 25,000 stock options to an executive of the Company. Both grants of options are exercisable over 5 years at an exercise price of $0.35.

ABOUT IMMUNOTEC INC.

Immunotec is a world class business opportunity supported by unique scientifically proven products that improve wellness. Headquartered with manufacturing facilities near Montreal, Canada, the Company also has distribution capacities to support its commercial activities in Canada and internationally to the United States, Europe, Mexico and The Caribbean.

The Company files its consolidated financial statements, its management and discussion analysis report, its press releases and such other required documents on the SEDAR database at [ www.sedar.com ] and on the Company's website at [ www.immunotec.com ]. The common shares of the Company are listed on the TSX Venture Exchange under the ticker symbol IMM.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS: Certain statements contained in this news release are forward-looking and are subject to numerous risks and uncertainties, known and unknown. For information identifying known risks and uncertainties and other important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the heading Risks and Uncertainties in Immunotec's most recent Management's Discussion and Analysis, which can be found at [ www.sedar.com ]. Consequently, actual results may differ materially from the anticipated results expressed in these forward-looking statements.

Interim Consolidated Statements of Financial Position

(Unaudited)

(Stated in Canadian dollars)

		April 30,		October 31,
		2012		2011
		$		$

ASSETS
Current assets
	Cash	2,626,137		2,561,969
	Trade and other receivables	1,091,669		659,004
	Inventories	2,932,173		3,324,740
	Prepaid expenses	475,227		393,119
		7,125,206		6,938,832
Non-current assets
	Property, plant and equipment	6,060,682		5,931,411
	Intangible assets	1,803,682		2,000,217
	Goodwill	833,559		833,559
	Deferred income tax assets	2,749,283		2,725,367
	Non-refundable research and development tax credits	337,971		337,971
		11,785,177		11,828,525
		18,910,383		18,767,357

LIABILITIES
Current liabilities
	Payables	1,125,219		935,800
	Accrued liabilities	2,702,543		2,464,967
	Provisions	563,515		671,201
	Customer deposits	497,620		288,192
	Income taxes	65,711		58,576
	Current portion of long- term debt	115,032		312,320
		5,069,640		4,731,056

Long-term debt		2,019,753		2,077,787
		7,089,393		6,808,843

EQUITY
	Share capital	3,465,548		3,465,548
	Other equity - Stock options	1,924,886		1,903,039
	Contributed surplus	11,337,796		11,337,796
	Accumulated other comprehensive income	249,742		306,595
	Deficit	(5,156,982	)	(5,054,464	)
		11,820,990		11,958,514
		18,910,383		18,767,357

Interim Consolidated Statements of Changes in Equity

(Unaudited)

Six-month periods ended April 30,

(Stated in Canadian dollars except for number of shares)

		Share capital		Other equity - Stock options		Contributed surplus	Accumulated other comprehensive income		Deficit		Total
		Number	$	$		$	$		$		$

Balance at November 1, 2010		69,994,300	3,465,548	1,894,040		11,337,796	-		(3,650,834	)	13,046,550

	Net loss for the period	-	-	-		-	-		(1,344,477	)	(1,344,477	)

	Foreign currency translation adjustments	-	-	-		-	187,407		-		187,407
Total comprehensive loss of the period:		-	-	-		-	187,407		(1,344,477	)	(1,157,070	)

Share-based compensation		-	-	(11,448	)	-	-		-		(11,448	)

Balance at April 30, 2011		69,994,300	3,465,548	1,882,592		11,337,796	187,407		(4,995,311	)	11,878,032

Balance at November 1, 2011		69,994,300	3,465,548	1,903,039		11,337,796	306,595		(5,054,464	)	11,958,514

	Net loss for the period	-	-	-		-	-		(102,518	)	(102,518	)

	Foreign currency translation adjustments	-	-	-		-	(56,853	)	-		(56,853	)
Total comprehensive loss of the period:		-	-	-		-	(56,853	)	(102,518	)	(159,371	)

Share-based compensation		-	-	21,847		-	-		-		21,847

Balance at April 30, 2012		69,994,300	3,465,548	1,924,886		11,337,796	249,742		(5,156,982	)	11,820,990

Interim Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

Three-month and six-month periods ended April 30,

(Stated in Canadian dollars except for number of shares)

		For the three-month period				For the six-month period
		ended April 30,				ended April 30,
		2012		2011		2012		2011
		$		$		$		$

Revenues
	Network sales	10,277,123		8,869,108		20,238,165		17,933,127
	Other revenue	1,142,964		1,790,657		2,225,090		3,102,285
		11,420,087		10,659,765		22,463,255		21,035,412
Variable costs
	Cost of goods sold	1,935,261		1,705,956		3,791,383		3,691,774
	Sales incentives - Network	5,407,413		4,660,710		10,371,660		9,430,511
	Other variable costs	1,088,149		966,101		2,037,160		1,907,905
Margin before expenses		2,989,264		3,326,998		6,263,052		6,005,222

Expenses
	Administrative	1,378,453		1,492,271		2,999,778		3,231,700
	Marketing and selling	1,248,505		1,126,524		2,405,769		2,568,282
	Quality and development costs	183,460		222,639		406,133		476,865
	Depreciation and amortization	223,658		274,913		463,262		538,402
	Other expenses	11,706		(22,869	)	21,847		657,625
Operating income (loss)		(56,518	)	233,520		(33,737	)	(1,467,652	)

	Net finance expenses	124,857		200,610		80,373		269,757
Profit (loss) before income taxes		(181,375	)	32,910		(114,110	)	(1,737,409	)

Income taxes (recovery)
	Current	13,298		(19	)	15,455		4,684
	Future	(85,747	)	39,780		(27,047	)	(397,616	)

Net loss		(108,926	)	(6,851	)	(102,518	)	(1,344,477	)

Other comprehensive income (loss), net of income tax
Foreign currency translation adjustments		(57,461	)	(153,564	)	(56,853	)	(187,407	)
Total comprehensive income (loss) for the period		(51,465	)	146,713		(45,665	)	(1,157,070	)
Total basic and diluted net profit (loss) per share		(0.00	)	(0.00	)	(0.00	)	(0.02	)

Weighted average number of common shares outstanding during the period
	Basic and diluted	69,994,300		69,994,300		69,994,300		69,994,300

Interim Consolidated Statements of Cash Flows

(Unaudited)

Six-month periods ended April 30,

(Stated in Canadian dollars)

		2012		2011
		$		$
Operating activities
Net profit (loss)		(102,518	)	(1,344,477	)
Adjustments for:
	Depreciation of property, plant and equipment	185,685		231,047
	Amortization of intangible assets	277,577		307,355
	Unrealized foreign exchange	(46,253	)	203,706
	Accreted interest	-		35,068
	Interest expense measured at amortized cost	39,734		32,775
	Future income taxes	(27,047	)	(397,616	)
	Share- based compensation	21,847		(11,448	)
Interest paid		(42,129	)	(32,775	)
Interest received		2,395		-
Cash received prior to working capital variation		309,291		(976,365	)
Net change in non- cash working capital		422,569		(421,965	)
Net cash provided by (used in) operating activities		731,860		(1,398,330	)

Investing activities
	Additions to property, plant and equipment	(314,823	)	(79,660	)
	Additions to intangible assets	(83,057	)	(130,677	)
Net cash used in investing activities		(397,880	)	(210,337	)
Financing activities
	Reimbursement of long- term debt	(55,982	)	-
	Reimbursement of demand loan	-		(83,333	)
	Reimbursement of other liability	(200,203	)	-
Net cash used in financing activities		(256,185	)	(83,333	)

Net increase (decrease) in cash during the period		77,795		(1,692,000	)
Cash at the beginning of the period		2,561,969		2,936,456
Effect of foreign exchange rate fluctuations on cash		(13,627	)	(31,813	)
Cash at the end of the period		2,626,137		1,212,643

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contributing Sources

Market Wire

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Immunotec Announces Second Quarter 2012 Financial Results

Immunotec Announces Second Quarter 2012 Financial Results