Oxford Immunotec reports stronger-than-expected fourth quarter growth

Oxford Immunotec has announced its financial results for the fourth quarter of 2013, during which it saw a better-than-expected revenue performance.

Based on preliminary unaudited financial data, the company expects total revenue for Q4 2013 to be between $10.1 million and $10.5 million (6.09 million to 6.34 million pounds), which would represent a year-on-year increase of 91 to 99 percent.

As such, revenue for the full year is now estimated as being between $38.6 million and $39.0 million, which is up by 87 to 89 percent on 2012.

Based on these above-forecast financial results, Oxford Immunotec now expects its full year revenue for 2014 to be in the range of $47 million to $50 million.

Dr Peter Wrighton-Smith, chief executive officer of Oxford Immunotec, said: "We are pleased with our revenues in the fourth quarter, which came in ahead of our expectations despite the normal fourth quarter seasonality in our business."

This comes after the firm announced the appointment of Herman Rosenman as a member of its board of directors and chairman of its audit committee last month.