Immunotec narrows Q4, 2013 losses
Marlborough-based Oxford Immunotec narrowed its quarterly and yearly losses as revenue nearly doubled for the medical diagnostics firm, according to an earnings statement.
Immunotec posted a loss of $2.2 million, or 38 cents per share, in the fourth quarter ending Dec. 31, compared with a loss of $4.3 million, or $1.99 per share, a year earlier. For the year, losses totaled $8.7 million, down from $14.9 million in 2012.
Meanwhile, quarterly revenue increased 94 percent to $10.2 million, compared with $5.3 million in 2012. For the year, Immunotec reported $38.8 million in revenue, compared with $20.7 million in 2012.
The company said it experienced increased service revenue from new and existing customers, and increased product revenue, primarily due to new business in Asia. Revenue in Asia increased 268 percent to $3.4 million in the fourth quarter. Immunotec said demand in China increased and revenue from Japan was added after the company received marketing approval for products there in the fourth quarter of 2012.
Immunotec also completed an initial public offering in November, raising an estimated $63 million, the company said.
“We are starting to invest the proceeds of our IPO and we are enthusiastic about the opportunities to continue to grow our business in 2014,” CEO Peter Wrighton-Smith said in a statement.
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