Immunotec, a Montreal-based dietary supplement company, reported a 16.9% increase in net sales to $10.1 million in the first quarter of 2009 compared to the same period last year. The company expanded its international distribution network to parts of Asia, Latin America, and Europe. While sales grew in Canada and the US, the company reported a loss of $201,205 due to increased marketing and infrastructure spending. Immunotec plans to focus on revenue growth and profits in future quarters by scaling back promotional spending.

1. Immunotec boosts sales http://www.montrealgazette.com/story_print.html?id=1426939&sponsor=
Immunotec boosts sales
THE GAZETTE MARCH 25, 2009
Montreal dietary supplements maker Immunotec Inc. Wednesday reported a 16.9 per cent year-to-year
gain in net sales to $10.1 million in the three months ended Jan. 31, first quarter of fiscal 2009, saying it
is expanding its distributor network outside North America to parts of Asia, Latin America and Europe.
Net sales rose 8.3 per cent in Canada and 36.6 per cent in the U.S. as the company focussed heavily
on adding new distributors. Immunotec's headquarters is in Vaudreuil-Dorion and its manufacturing
plant is at Blainville. It also has a distribution centre in Swanton, Vt.
Richard Patte, executive vice-president and CFO, said a new subsidiary has started up successfully in
Korea, along with new distribution units in Malaysia, Ecuador and Poland. A new subsidiary in Ireland
will soon be serving the Irish and British markets.
The first quarter showed a loss of $201,205, after heavy spending on marketing, infrastructure and
promotional activities, against net profit of $311,061 a year earlier. At Jan. 31, Immunotec had $5.7
million of cash and $2 million in unused credit lines.
"We're well positioned to build on the first quarter's momentum and we're scaling back promotional
spending as we focus on growing revenue and boosting the bottom line in the coming quarters," said
Patte.
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