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2014-05-06

Oxford Immunotec: Oxford Immunotec Reports First Quarter 2014 Financial Results

* 2014 First Quarter Revenue of $12.3 Million Increased 60% Compared to
Prior Year
* Net Loss was $3.2 Million for the First Quarter
* Recipient of the 2014 Queen's Award for Enterprise

OXFORD, United Kingdom and MARLBOROUGH, Mass., May 6, 2014 (GLOBE NEWSWIRE) --
Oxford Immunotec Global PLC (Nasdaq:OXFD), a global, commercial-stage
diagnostics company committed to improving patient care by providing
advanced, innovative tests in the field of immunology, today announced first
quarter 2014 financial results.

"We are very pleased with the progress in our business and strong first
quarter, which was higher than our expectations," said Dr. Peter
Wrighton-Smith, Chief Executive Officer of Oxford Immunotec. "We continue to
be excited about the multiple growth opportunities for our business and we
are stepping up our investment in the business to execute on these
opportunities."

By revenue type, total revenues were, in millions:

---------------------------------------------
| Three Months Ended March 31, |
| 2014 2013 Change |
| |
|Product $ 6.8 $ 4.1 66% |
|Service 5.5 3.6 53% |
|Total Revenue $ 12.3 $ 7.7 60% |
---------------------------------------------
By geography, total revenues were, in millions:

----------------------------------------------
| Three Months Ended March 31, |
| 2014 2013 Change |
| |
|United States $ 5.0 $ 3.2 56% |
|Europe and ROW 1.9 1.7 12% |
|Asia 5.4 2.8 93% |
|Total Revenue $ 12.3 $ 7.7 60% |
----------------------------------------------
First Quarter 2014 Financial Results

Revenue for the first quarter of 2014 was $12.3 million, representing 60%
growth over the first quarter 2013 revenue of $7.7 million.

United States revenue was $5.0 million in the first quarter of 2014
representing 56% growth over the same period's revenue of $3.2 million in the
prior year. Our growth continued to be driven by the acquisition of new
customers as well as higher utilization by existing customers.

Europe and Rest of World revenue was $1.9 million in the first quarter of 2014
representing 12% growth over the 2013 first quarter revenue of $1.7 million.
Results were reflective of the more fragmented nature of this market and our
investment priorities.

Asia revenue was $5.4 million in the first quarter of 2014 representing 93%
growth over the 2013 first quarter of $2.8 million. Revenue in China
increased significantly over the first quarter of last year due to growth in
the market and the effect of some quarter-to-quarter volatility in ordering
patterns. Revenue in Japan also increased significantly over the first
quarter of last year which was our first full quarter of sales after
marketing approval.

Gross profit for the first quarter of 2014 was $6.3 million, an increase of
$3.0 million over gross profit of $3.3 million in the same period of 2013.
Gross margin was 51.0%, an increase of 7.9 percentage points over the gross
margin of 43.1% in the first quarter of 2013. The increase in gross margin
was due to an increase in both product margins and service margins. The
increase in product margins was driven by improvements in kit component costs
and amortization of fixed costs over an increased volume. The service margin
increase was driven primarily by the consolidation of all U.S. testing into
one lab facility in Memphis, TN, kit cost reductions, significant operational
improvements in workflow in the Memphis facility and economies of scale.

Operating expenses were $9.2 million in the first quarter of 2014, an increase
of $3.6 million compared to $5.6 million in the same period last year. The
increase in operating expenses was primarily due to the hiring of additional
sales and marketing personnel, an increase in research and development
spending and an increase in infrastructure in addition to higher
administrative costs related to being a public company.

EBITDA for the first quarter was $(2.7) million compared to $(0.9) million in
the first quarter of 2013. Adjusted EBITDA was $(2.4) million for the first
quarter compared to $(1.8) million in the same period in 2013. Both EBITDA
and Adjusted EBITDA are non-GAAP measures.

Net loss for the first quarter of 2014 was $3.2 million or $0.18 per share
compared to $1.2 million or $0.56 per share in the first quarter of 2013. Net
loss per share was based on 17,264,135 and 2,154,285 weighted average
ordinary shares outstanding for the first quarter of 2014 and 2013,
respectively.

Cash and cash equivalents were $67.6 million as of March 31, 2014 compared to
$76.5 million as of December 31, 2013, a decrease of $8.9 million. The first
quarter typically has the greatest amount of cash used in the year due to
factors such as the payment of royalties and payment of year-end bonuses.
Additionally, in this quarter we paid approximately $900,000 in residual IPO
expenses.

Business Outlook

We expect to report revenue of between $11.1 and $11.6 million for the second
quarter of 2014, and between $47 and $50 million for the full year of 2014.
We expect that our gross margin will improve from first quarter levels and
that operating expenses and net loss will increase as we continue to invest
in the business.

Conference Call

Oxford Immunotec will host a conference call on Tuesday, May 6, 2014 at 8:00
a.m. Eastern Time to discuss its first quarter 2014 financial results. The
call will be concurrently webcast. To listen to the conference call on your
telephone please dial, (855) 363-5047 for United States callers and +1 (484)
365-2897 for international callers and reference confirmation code 34958334,
approximately ten minutes prior to start time. To access the live audio
webcast or subsequent archived recording, visit the Investor Relations
section of Oxford Immunotec's website at http://www.oxfordimmunotec.com. The
replay will be available on the Company's website for approximately 90 days.

About Oxford Immunotec

Oxford Immunotec Global PLC is a global, commercial-stage diagnostics company
committed to improving patient care by providing advanced, innovative tests
in the field of immunology. The proprietary T-SPOT®technology platform
measures the responses of specific immune cells, known as T cells, to inform
the diagnosis, prognosis and monitoring of patients with immunologically
controlled diseases. T cells are a central component of the human body's
immune system, and are implicated in the control and progression of many
medical conditions, including certain types of infectious diseases, cancers
and autoimmune diseases. The Company's initial product developed using the
T-SPOT technology platform is the T-SPOT.TB
test, which is used to test for latent tuberculosis infection. The T-SPOT.TB
test has been approved for sale in over 50 countries, including the United
States, where it has received pre-market approval from the Food and Drug
Administration, Europe, where it has obtained a CE mark, as well as Japan and
China. The Company is headquartered near Oxford, UK and in Marlborough, MA.
Additional information can be found at www.oxfordimmunotec.com.

T-SPOT and the Oxford Immunotec logo are trademarks of Oxford Immunotec Ltd.

Forward-Looking Statements

This release contains forward-looking statements, including statements
regarding future revenues, expenses and the prospects for sales of our
products. These forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially. These
risks and uncertainties, includes, among others, decisions by regulatory
authorities, hospitals and other health care institutions, laboratories,
physicians, patients and third party payers, as well as our ability to
expeditiously and successfully expand our sales and distribution networks and
the other factors described under the "Risk Factors" section in our filings
with the Securities and Exchange Commission. When evaluating Oxford
Immunotec's business and securities, investors should give careful
consideration to these risks and uncertainties.

Forward-looking statements are based on current expectations and assumptions
and currently available data and are neither predictions nor guarantees of
future events or performance. You should not place undue reliance on
forward-looking statements, which speak only as of the date of this
presentation. We do not undertake to update or revise any forward-looking
statements after they are made, whether as a result of new information,
future events, or otherwise, except as required by applicable law.

CONTACTS:

For Media Inquiries:

Caroline Crawley

Oxford Immunotec
Tel: +44 1235 442796
ccrawley@oxfordimmunotec.com

For Investor Inquiries:

Rick Altieri

Chief Financial Officer,
Oxford Immunotec
Tel: +1 (508) 481-4648
raltieri@oxfordimmunotec.com

Mark Klausner
Westwicke Partners
Tel: +1 (443) 213-0500
oxfordimmunotec@westwicke.com

----------------------------------------------------------------------------------------------------------
| |
|Oxford Immunotec Global PLC |
|Condensed consolidated statements of operations |
|(unaudited) |
| |
| Three months ended March 31, |
|(in thousands, except share and per share data) 2014 2013 |
|Revenue |
|Product $6,825 $4,121 |
|Service 5,449 3,558 |
|Total revenue 12,274 7,679 |
|Cost of revenue |
|Product 3,041 2,057 |
|Service 2,971 2,310 |
|Total cost of revenue ...

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