VAUDREUIL-DORION, QUEBEC--(Marketwire - April 30, 2012) - Immunotec Inc. (TSX VENTURE:IMM), a Canadian based company and a leader in the wellness industry (the "Company"), today released its 2012 first quarter results for the period ended January 31, 2012.

First Quarter 2012 Highlights:

(All amounts are in CAD dollars.)

• Revenue growth of 6% over the previous year to reach $11.0 million.
  
  
• Revenues in Mexico were up 107% over previous year to reach $3.4 million.
  
  
• Adjusted EBITDA of $272 thousand or 2% of revenues, an improvement over negative EBITDA of ($757) thousand as compared to prior year.
  
  
• Net profit for the three-month period ended January 31, 2012 totalled $6 thousand, compared to a loss of ($1.3) million for the same period a year earlier.
  
  
• The acquisition of our subsidiary company in Mexico was completed subsequent to the quarter end and we opened a new Immunotec corporate office in Mexico City to support our growth plans.
  
  

"We are showing a positive EBITDA in the first quarter of fiscal 2012, this represents a net improvement over the previous year", said Bob Henry, Immunotec's Chairman and CEO. "We are pleased to have opened our new corporate offices in Mexico City and completed the amended agreement relating to the acquisition in Mexico".

Condensed financial results for the Quarter ended January 31, 2012 are as follows:

• Network sales, reached $10.0 million in 2012 compared to $9.1 million for the same period in 2011, an increase of 10% or $897 thousand. Other revenues which include revenues of products sold to licensees, freight and shipping, charge backs and educational material purchased by our network, were $1.1 million in 2012, a decrease of $230 thousand as compared to $1.3 million for the same period in 2010.
  
  
• Gross margins before expenses, as a percentage of net sales, improved in 2012 to 30% compared to 26% for 2011. The improvement is primarily attributed to high Sales Incentives paid in 2011 averaging a payout rate of 52.6%, compared to the 49.8% in 2012. The 2011payout rate was the result of strong recruitment of new distributors and rank advancement of existing distributors in the Mexican territory.
  
  
• Operating expenses were $3.0 million, an improvement over $3.4 million for the prior year. As a percentage of revenues, this represented 27.2% in 2012 compared with 33.1% in 2011.
  
  
• Net profit for the three-month period ended January 31, 2012 totalled $6.0 thousand, compared to a loss of $1.3 million for the same period a year earlier.
  

Total comprehensive loss was $109 thousand compared to $1.3 million for the same period of the prior year reflecting the impact of the foreign currency translation of foreign subsidiaries. The total basic and fully diluted earnings per share for the three-month period ended January 31, 2012 was $0.00 compared with fully a diluted loss per share of $0.02 for the same period in 2011.

This variation for the 2012 period resulted primarily from:

1. Strong revenue growth in Mexico, more than offsetting the decrease in both Canada and the US revenues for the same period.
   
   
2. Adjusted product pricing and a reduction in sales incentive payouts during the period resulted in improved overall margins.
   
   
3. Reduced corporate expenses were realized in the first quarter of 2012.
   
   
4. No restructuring costs this year, as opposed to $665 thousand in 2011.
   
   

New NCIB Program

Subsequent to the end of the Quarter on April 30 The Company also announced today that it has received approval from the TSX Venture Exchange (the "Exchange") to make 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 (being approximately 1.43% of the 70,026,313 Common Shares outstanding at April 18, 2012). Purchases will be made on the open market through the facilities of the Exchange. National Bank Financial will conduct the Bid on behalf of Immunotec. The price which Immunotec will pay for any shares purchased will be the prevailing market price of such shares on the Exchange at the time of such purchase.

The Bid will commence on May 4, 2012 and will terminate on April 30, 2013, or such earlier time as the applicable Bid is completed or at the option of Immunotec. Any shares acquired by Immunotec pursuant to the bid will be cancelled.

The Board of Directors of Immunotec believe that the current and recent market prices of Immunotec's shares do not give full effect to their underlying value and that, accordingly, the purchase of shares will increase the proportionate share interest of, and be potentially advantageous to, all remaining shareholders. The normal course purchases will also provide easier access to liquidity to Immunotec shareholders who would like to dispose of their shares.

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)

		January 31,		October 31,
		2012		2011
		$		$
ASSETS
Current assets
	Cash	2,166,292		2,561,969
	Trade and other receivables	684,920		659,004
	Inventories	3,424,237		3,324,740
	Prepaid expenses	571,784		393,119
		6,847,233		6,938,832
Non-current assets
	Property, plant and equipment	5,998,340		5,931,411
	Intangible assets	1,887,683		2,000,217
	Goodwill	833,559		833,559
	Deferred income tax assets	2,674,425		2,725,367
	Non-refundable research and development tax credits	337,971		337,971
		11,731,978		11,828,525
		18,579,211		18,767,357
LIABILITIES
Current liabilities
	Bank indebtedness	215,000		-
	Demand loan	-		-
	Payables	1,038,797		935,800
	Accrued liabilities	2,451,274		2,464,967
	Provisions	348,018		671,201
	Customer deposits	275,718		288,192
	Income taxes	52,092		58,576
	Current portion of long- term debt	292,610		312,320
		4,673,509		4,731,056
Long-term debt		2,045,782		2,077,787
		6,719,291		6,808,843
EQUITY
	Share capital	3,465,548		3,465,548
	Other equity - Stock options	1,913,180		1,903,039
	Contributed surplus	11,337,796		11,337,796
	Accumulated other comprehensive income	192,281		306,595
	Deficit	(5,048,885	)	(5,054,464	)
		11,859,920		11,958,514
		18,579,211		18,767,357

Interim Consolidated Statements of Changes in Equity

(Unaudited)

Three-month periods ended January 31,

(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	-	-	-	-	-		(1,337,626	)	(1,337,626	)
	Foreign currency translation adjustments	-	-	-	-	33,843		-		33,843
Total comprehensive loss of the period:		-	-	-	-	33,843		(1,337,626	)	(1,303,783	)
Share-based compensation		-	-	15,957	-	-		-		15,957
Balance at January 31, 2011		69,994,300	3,465,548	1,909,997	11,337,796	33,843		(4,988,460	)	11,758,724
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 profit for the period	-	-	-	-	-		5,579		5,579
	Foreign currency translation adjustments	-	-	-	-	(114,314	)	-		(114,314	)
Total comprehensive loss of the period:		-	-	-	-	(114,314	)	5,579		(108,735	)
Share-based compensation		-	-	10,141	-	-		-		10,141
Balance at January 31, 2012		69,994,300	3,465,548	1,913,180	11,337,796	192,281		(5,048,885	)	11,859,920

Interim Consolidated Statements of Comprehensive Loss

(Unaudited)

Three-month periods ended January 31,

(Stated in Canadian dollars except for number of shares)

		2012		2011
		$		$
Revenues
	Network sales	9,961,042		9,064,019
	Other revenue	1,082,126		1,311,628
		11,043,168		10,375,647
Variable costs
	Cost of goods sold	1,856,122		1,985,818
	Sales incentives - Network	4,964,247		4,769,801
	Other variable costs	949,011		941,804
Margin before expenses		3,273,788		2,678,224
Expenses
	Administrative	1,622,154		1,739,429
	Marketing and selling	1,157,264		1,441,758
	Quality and development costs	222,673		254,226
	Depreciation and amortization	239,604		263,489
	Other expenses	10,141		680,494
Operating income (loss)		21,952		(1,701,172	)
Net finance expenses		(44,484	)	69,147
Profit (loss) before income taxes		66,436		(1,770,319	)
Income taxes (recovery)
	Current	2,157		4,703
	Future	58,700		(437,396	)
Net profit (loss)		5,579		(1,337,626	)
Other comprehensive income (loss), net of income tax
Foreign currency translation adjustments		114,314		(33,843	)
Total comprehensive loss for the period		(108,735	)	(1,303,783	)
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		69,994,300		69,994,300

Interim Consolidated Statements of Cash Flows

(Unaudited)

Three-month periods ended January 31,

(Stated in Canadian dollars)

			2012		2011
			$		$
Operating activities
Net profit (loss)			5,579		(1,337,626	)
Adjustments for:
		Depreciation of property, plant and equipment	101,292		117,510
		Amortization of intangible assets	138,312		145,979
		Unrealized foreign exchange	(153,257	)	3,917
		Interest expense measured at amortized cost	20,240		19,797
		Future income taxes	58,700		(437,396	)
		Share-based compensation	10,141		15,957
Interest paid			(21,806	)	(19,797	)
Interest received			1,556		-
Cash received prior to working capital variation			160,757		(1,491,659	)
Net change in non-cash working capital			(518,088	)	602,665
Net cash used in operating activities			(357,331	)	(888,994	)
Investing activities
	Additions to property, plant and equipment		(163,574	)	(44,325	)
	Additions to intangible assets		(27,515	)	(71,812	)
Net cash used in investing activities			(191,089	)	(116,137	)
Financing activities
	Bank indebtedness		215,000		-
	Reimbursement of long-term debt		(27,865	)	-
	Reimbursement of demand loan		-		(50,000	)
	Reimbursement of other liability		(25,508	)	-
Net cash provided by (used in) financing activities			161,627		(50,000	)
Net decrease in cash during the period			(386,793	)	(1,055,131	)
Cash at the beginning of the period			2,561,969		2,936,456
Effect of foreign exchange rate fluctuations on cash			(8,884	)	22,513
Cash at the end of the period			2,166,292		1,903,838