VAUDREUIL-DORION, QUÉBEC--(Marketwire - Feb. 7, 2013) - Immunotec Inc. (TSX VENTURE:IMM), a Canadian based company and a leader in the wellness industry (the "Company"), today released its Year End 2012 financial results for the period ended October 31, 2012.

"Over the last twelve months, our Company has recruited 43,000 new distributors, a 41% increase over the prior year. This strong recruitment performance has improved our profitability and strengthens our balance sheet", said Bob Henry, Immunotec's Chairman and CEO. "Our product line is creating significant opportunities for distributors and we are as confident as ever in the future of Immunotec."

Highlights for the year

• Total Revenue reached $49.2M, an increase of 15% as compared to the previous year.

• Network sales reached $44.2M, an increase of 18% as compared to the same period in the previous year.

• Selected expenses⁽¹⁾, defined as administrative, marketing and selling, quality and development expenses amounted to $11.9M and measured favorably, as a percentage of total revenues by improving to 24% as compared to 28% of total revenues last year.

• Adjusted EBITDA⁽¹⁾ improved to $1.9M or 3.8% of total revenues, compared to $0.6M or 1.4% of total revenues over last year, a major improvement.

• Net profit of $125 thousand, a significant improvement over last year (net loss of $1.4M).

⁽¹⁾ Refers to adjusted EBITDA in non-GAAP financial measures section of the Management Discussion and Analysis.

Modifications to the Corporation's Stock Option Plan

The Board of Directors has also approved a modification to the Company's Stock Option Plan, whereby it removed the 2-month hold period which applied to shares issued following the exercise of options under such Plan.

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.

SUPPLEMENTAL INFORMATION

Consolidated Statements of Financial Position

(Stated in Canadian dollars)

		October 31,		October 31,		November 1,
		2012		2011		2010
		$		$		$
ASSETS
Current assets
	Cash	3,779,089		2,561,969		2,936,456
	Trade and other receivables	1,688,279		659,004		782,557
	Inventories	2,601,079		3,324,740		2,612,670
	Prepaid expenses	374,774		393,119		381,717
		8,443,221		6,938,832		6,713,400
Non-current assets
	Property, plant and equipment	5,931,470		5,931,411		6,218,352
	Intangible assets	1,621,830		2,000,217		2,446,675
	Goodwill	833,559		833,559		833,559
	Deferred income tax assets	2,736,460		2,725,367		2,313,920
	Non-refundable research and development tax credits	365,691		337,971		484,349
		11,489,010		11,828,525		12,296,855
		19,932,231		18,767,357		19,010,255
LIABILITIES
Current liabilities
	Bank indebtedness	5,000		-		-
	Demand loan	-		-		1,000,000
	Payables	1,545,310		935,800		1,593,697
	Accrued liabilities	3,151,212		2,464,967		2,182,517
	Provisions	491,776		671,201		524,559
	Customer deposits	630,240		288,192		274,051
	Income taxes	54,859		58,576		2,041
	Current portion of long-term debt	117,120		312,320		147,218
		5,995,517		4,731,056		5,724,083
Long-term debt		1,964,336		2,077,787		239,622
		7,959,853		6,808,843		5,963,705
EQUITY
	Share capital	3,462,503		3,465,548		3,465,548
	Contributed surplus	13,259,401		13,240,835		13,231,836
	Accumulated other comprehensive income	179,531		306,595		-
	Deficit	(4,929,057	)	(5,054,464	)	(3,650,834	)
		11,972,378		11,958,514		13,046,550
		19,932,231		18,767,357		19,010,255

Immunotec Inc.

Consolidated Statements of Changes in Equity

(Stated in Canadian dollars)

		Share capital				Contributed surplus		Accumulated other comprehensive income		Deficit		Total
		Number		$		$		$		$		$
Balance at November 1, 2010		69,994,300		3,465,548		13,231,836		-		(3,650,834	)	13,046,550
	Net loss	-		-		-		-		(1,403,630	)	(1,403,630	)
	Foreign currency translation adjustments	-		-		-		306,595		-		306,595
Total comprehensive loss		-		-		-		306,595		(1,403,630	)	(1,097,035	)
Share-based compensation		-		-		8,999		-		-		8,999
Balance at October 31, 2011		69,994,300		3,465,548		13,240,835		306,595		(5,054,464	)	11,958,514
	Net profit	-		-		-		-		125,407		125,407
	Foreign currency translation adjustments	-		-		-		(127,064	)	-		(127,064	)
Total comprehensive loss		-		-		-		(127,064	)	125,407		(1,657	)
Repurchase of shares		(61,745	)	(3,045	)	(11,623	)	-		-		(14,668	)
Share-based compensation		-		-		30,189		-		-		30,189
Balance at October 31, 2012		69,932,555		3,462,503		13,259,401		179,531		(4,929,057	)	11,972,378

Immunotec Inc.

Consolidated Statements of Income (Loss)

(Stated in Canadian dollars)

		2012		2011
		$		$
Revenues
	Network sales	44,237,280		37,396,889
	Other revenue	4,968,795		5,523,390
		49,206,075		42,920,279
Cost of sales
	Cost of goods sold	8,857,853		7,595,870
	Sales incentives - Network	22,615,538		19,060,065
	Other variable costs	4,260,186		3,810,679
Margin before expenses		13,472,498		12,453,665
Expenses
	Administrative	5,964,183		6,403,079
	Marketing and selling	4,973,514		4,551,532
	Quality and development costs	891,006		905,113
	Depreciation and amortization	946,059		1,081,496
	Other expenses	486,634		765,618
Operating income (loss)		211,102		(1,253,173	)
	Net finance expenses	84,992		456,139
Profit (loss) before income taxes		126,110		(1,709,312	)
Income taxes (recovery)
	Current	8,462		93,605
	Deferred	(7,759	)	(449,287	)
Profit (loss) from continuing operations		125,407		(1,353,630	)
Loss from discontinued operations		-		(50,000	)
Net profit (loss)		125,407		(1,403,630	)
Basic and diluted net profit (loss) per share
	Continuing operations	0.00		(0.02	)
	Discontinued operations	-		(0.00	)
Total basic and diluted net profit (loss) per share		0.00		(0.02	)
Weighted average number of common shares outstanding during the period
	Basic and diluted	69,985,287		69,994,300

Immunotec Inc.

Consolidated Statements of Comprehensive Loss

(Stated in Canadian dollars)

	2012		2011
	$		$
Net profit (loss)	125,407		(1,403,630	)
Other comprehensive income (loss), net of income tax
Foreign currency translation adjustments	(127,064	)	306,595
Total comprehensive loss	(1,657	)	(1,097,035	)

Immunotec Inc.

Consolidated Statements of Cash Flows

(Stated in Canadian dollars)

		2012		2011
		$		$
Operating activities
Profit (loss) from continuing operations		125,407		(1,403,630	)
Loss from discontinued operations		-		(50,000	)
Net profit (loss)		125,407		(1,353,630	)
Adjustments for:
	Depreciation	386,797		455,668
	Amortization	559,263		625,828
	Gain on settlement of contingent consideration liability	-		(64,344	)
	Gain on change in fair value of contingent consideration liability	-		(56,950	)
	Loss on write- down of intangible assets	4,131		-
	Gain on disposal of a subsidiary	(3,669	)	-
	Foreign exchange loss (gain) on items denominated in foreign currencies	(156,185	)	512,325
	Accreted interest on contingent consideration liability	-		51,720
	Net interest expense on financial liabilities measured at amortized cost	79,860		60,521
	Deferred income taxes	(7,759	)	(449,287	)
	Share-based compensation	30,189		8,999
Interest paid		(84,101	)	(60,521	)
Interest received		4,241		-
Cash prior to working capital variation		938,174		(269,671	)
Net change in non-cash working capital		1,188,265		(878,924	)
Net cash provided by (used in) operating activities		2,126,439		(1,148,595	)
Investing activities
	Business acquisition	(200,203	)	(109,777	)
	Additions to property, plant and equipment	(384,050	)	(171,086	)
	Additions to intangible assets	(187,233	)	(181,022	)
	Non-refundable research and investment tax credits	(27,720	)	146,378
Net cash used in investing activities		(799,206	)	(315,507	)
Financing activities
	Long-term debt	-		2,200,000
	Bank indebtedness	5,000		-
	Reimbursement of long-term debt	(109,311	)	(9,233	)
	Reimbursement of demand loan	-		(1,000,000	)
	Repurchase of shares	(14,668	)	-
Net cash used in financing activities		(118,979	)	1,190,767
Net decrease in cash from continuing operations		1,208,254		(273,335	)
Net decrease in cash from discontinued operations
	Operating activities	-		(50,000	)
Net increase (decrease) in cash during the year		1,208,254		(323,335	)
Cash - Beginning of the year		2,561,969		2,936,456
Effect of foreign exchange rate fluctuations on cash		8,866		(51,152	)
Cash - End of the year		3,779,089		2,561,969