News Column

Immunotec Announces Second Quarter 2013 Financial Results

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VAUDREUIL-DORION, QUEBEC -- (Marketwired) -- 06/14/13 -- Immunotec Inc. (TSX VENTURE: IMM), a Canadian based company and a leader in the wellness industry (the "Company" or "Immunotec"), today released its second quarter 2013 financial results for the three- and six- month periods ended 30 April 2013.

"Immunotec's results are testimony to our founders' vision for bringing improved health and wellness to our product and opportunity customers. We thank our independent consultants, employees and external partners who collaborate every day to make this possible." said Mr. Charles L. Orr, Immunotec's Chief Executive Officer.

Highlights for the second quarter of fiscal 2013

-- Total Revenue for the three-month period reached $12.6M, an increase of 10.6% as compared to the same period in the previous year. Total revenue in the six-month period reached $24.8M, an increase of 10.4% as compared to the same period in the previous year.-- Network sales in the three-month period reached $11.2M, an increase of 9.0% as compared to the same period in the previous year. Network sales in the six- month period reached $22.4M, an increase of 10.7% as compared to the same period in the previous year.-- Selected expenses,(1) defined as administrative, marketing and selling, quality and development expenses in the three-month period ended 30 April 2013, amounted to $3.0M or 23.9% of total revenues, which compares favourably to 24.6% for the same period in the previous year. In the six-month period, these expenses amounted to $5.9M or 23.9% of total revenues, also comparing favourably to 25.9% the same period of the previous year.-- Adjusted EBITDA,(1) in the three-month period ended 30 April 2013 improved to $0.9M or 7.4% of total revenues, compared to $0.2M or 1.6% of total revenues for the same period in the previous year, a significant improvement. For the six-month period, Adjusted EBITDA(1) amounted to $1.8M or 7.1% of total revenues, also a significant improvement.-- Net profit for the three-month period ended 30 April 2013 amounted to $0.7M; a significant improvement over a net loss of $0.1M for the same period in the previous year. For the six-month period ended 30 April 2013, net profit amounted to $1.2M, also a significant improvement over a loss of $0.1M in the same period in the previous year.(1) Refer to the non-GAAP financial measures section of Management's Discussion and Analysis.

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, Mexico, Europe 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 and on the Company's website at 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 Consequently, actual results may differ materially from the anticipated results expressed in these forward-looking statements.

SUPPLEMENTAL INFORMATIONImmunotec Inc.Interim Consolidated Statements of Financial Position 30 April 31 October 2013 2012(Canadian dollars) $ $--------------------------------------------------------------------------------------------------------------------------------------------------------ASSETSCurrent assets Cash 3,364,901 3,779,089 Trade and other receivables 1,308,887 1,688,279 Inventories 3,205,946 2,601,079 Prepaid expenses 478,595 374,774---------------------------------------------------------------------------- 8,358,329 8,443,221Non-current assets Property, plant and equipment 5,833,889 5,931,470 Intangible assets 1,407,804 1,621,830 Goodwill 833,559 833,559 Other non- current assets 3,824,319 3,102,151---------------------------------------------------------------------------- 11,899,571 11,489,010---------------------------------------------------------------------------- 20,257,900 19,932,231--------------------------------------------------------------------------------------------------------------------------------------------------------LIABILITIESCurrent liabilities Bank indebtedness - 5,000 Payables 1,597,624 1,545,310 Accrued liabilities 3,121,910 3,151,212 Provisions 233,488 491,776 Deferred revenue and customer deposits 476,840 630,240 Income taxes 28,596 54,859 Current portion of long- term debt 119,246 117,120---------------------------------------------------------------------------- 5,577,704 5,995,517Long- term debt 1,902,031 1,964,336---------------------------------------------------------------------------- 7,479,735 7,959,853----------------------------------------------------------------------------EQUITY Share capital 3,448,285 3,462,503 Contributed surplus 13,223,374 13,259,401 Accumulated other comprehensive income (151,266) 179,531 Deficit (3,742,228) (4,929,057)---------------------------------------------------------------------------- 12,778,165 11,972,378---------------------------------------------------------------------------- 20,257,900 19,932,231--------------------------------------------------------------------------------------------------------------------------------------------------------Immunotec Inc.Interim Consolidated Statements of Income (Loss)For the three-and six-month periods ended 30 April Three months Six months 2013 2012 2013 2012(Canadian dollars except for the number of shares) $ $ $ $--------------------------------------------------------------------------------------------------------------------------------------------------------Revenues Network sales 11,200,095 10,277,123 22,400,589 20,238,165 Other revenue 1,430,248 1,142,964 2,409,113 2,225,090---------------------------------------------------------------------------- 12,630,343 11,420,087 24,809,702 22,463,255Cost of sales Cost of goods sold 2,231,194 1,935,261 4,219,646 3,791,383 Sales incentives - Network 5,596,762 5,407,413 10,978,737 10,371,660 Other variable costs 992,357 1,088,149 2,067,599 2,037,160----------------------------------------------------------------------------Margin before expenses 3,810,030 2,989,264 7,543,720 6,263,052--------------------------------------------------------------------------------------------------------------------------------------------------------Expenses Administrative 1,536,284 1,378,453 2,975,830 2,999,778 Marketing and selling 1,256,541 1,248,505 2,495,615 2,405,769 Quality and development costs 225,685 183,460 452,720 406,133 Depreciation and amortization 219,924 223,658 440,596 463,262 Other expenses 16,063 11,706 20,514 21,847----------------------------------------------------------------------------Operating income (loss) 555,533 (56,518) 1,158,445 (33,737)-------------------------------------------------------------------------------------------------------------------------------------------------------- Net finance expenses (income) (267,745) 124,857 (335,619) 80,373----------------------------------------------------------------------------Profit (loss) before income taxes 823,278 (181,375) 1,494,064 (114,110)Income taxe expense (recovery) Current 4,417 13,298 5,509 15,455 Deferred 160,285 (85,747) 301,726 (27,047)----------------------------------------------------------------------------Net profit (loss) 658,576 (108,926) 1,186,829 (102,518)--------------------------------------------------------------------------------------------------------------------------------------------------------Total basic and diluted net profit (loss) common per share 0.01 (0.00) 0.02 (0.00)--------------------------------------------------------------------------------------------------------------------------------------------------------Weighted average number of common shares outstanding during the period Basic and diluted 69,681,982 69,994,300 69,767,670 69,994,300----------------------------------------------------------------------------Immunotec Inc.Interim Consolidated Statements of Cash FlowsFor the six-month periods ended 30 April 2013 2012(Canadian dollars) $ $--------------------------------------------------------------------------------------------------------------------------------------------------------Operating activitiesNet profit (loss) 1,186,829 (102,518)Adjustments for: Depreciation 197,712 185,685 Amortization 242,884 277,577 Unrealized foreign exchange differences (331,625) (46,253) Net interest expense on finanical liabilities measured at amortized cost 37,697 39,734 Deferred income taxes 301,726 (27,047) Share- based compensation 20,514 21,847Interest paid (37,697) (42,129)Interest received - 2,395----------------------------------------------------------------------------Cash prior to working capital variation 1,618,040 309,291Net change in non- cash working capital (1,649,133) 422,569----------------------------------------------------------------------------Net cash (used in) provided by operating activities (31,093) 731,860--------------------------------------------------------------------------------------------------------------------------------------------------------Investing activities Additions to property, plant and equipment (77,907) (314,823) Additions to intangible assets (27,423) (83,057)----------------------------------------------------------------------------Net cash used in investing activities (105,330) (397,880)--------------------------------------------------------------------------------------------------------------------------------------------------------Financing activities Bank indebtedness (5,000) - Reimbursement of long- term debt (60,179) (55,982) Repurchase of shares (70,759) - Reimbursment of other liability - (200,203)----------------------------------------------------------------------------Net cash used in financing activities (135,938) (256,185)--------------------------------------------------------------------------------------------------------------------------------------------------------Net (decrease) increase in cash during the period (272,361) 77,795Cash - Beginning of the period 3,779,089 2,561,969Effect of foreign exchange rate fluctuations on cash (141,827) (13,627)----------------------------------------------------------------------------Cash - End of the period 3,364,901 2,626,137--------------------------------------------------------------------------------------------------------------------------------------------------------

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.

Immunotec Inc.
Patrick Montpetit
Chief Financial Officer
(450) 510-4527

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