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Immunotec fiscal Q1 profit falls YOY

Immunotec Inc. said its normalized net income for the fiscal first quarter ended Jan. 31 came to C$345,650, a decrease of 57.7% from C$817,260 in the prior-year period.

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

The normalized profit margin declined to 1.5% from 4.6% in the year-earlier period.

Total revenue climbed 28.0% year over year to C$22.9 million from C$17.9 million, and total operating expenses increased 32.0% from the prior-year period to C$22.4 million from C$17.0 million.

Reported net income declined 58.1% on an annual basis to C$346,450, or 0 cents per share, from C$827,270, or 1 cents per share.