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Immunotec fiscal Q3 profit falls YOY

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Immunotec fiscal Q3 profit falls YOY

Immunotec Inc. said its normalized net income for the fiscal third quarter ended July 31 was C$523,100, a decline of 38.5% from C$850,700 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 1.8% from 3.9% in the year-earlier period.

Total revenue climbed 28.6% year over year to C$28.4 million from C$22.1 million, and total operating expenses rose 33.0% on an annual basis to C$27.6 million from C$20.8 million.

Reported net income declined 46.6% on an annual basis to C$629,600, or 1 cents per share, from C$1.2 million, or 2 cents per share.