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ImmuCell Corporation (Nasdaq: ICCC) is a biotechnology company headquartered in Portland, Maine. The company’s primary mission is to develop, manufacture, and market scientifically proven and practical products aimed at improving the health and productivity of dairy and beef cattle. These products are designed to make a measurable economic impact in the dairy and beef industries.
Operating within the healthcare sector, ImmuCell focuses on two main segments:
- Scours Segment: This segment is dedicated to the production and sale of First Defense®, a product designed to prevent scours in newborn calves. The product is regulated by the United States Department of Agriculture (USDA) and provides immediate immunity to newborn calves.
- Mastitis Segment: This segment focuses on the development and commercialization of Re-Tain®, a treatment for subclinical mastitis in lactating dairy cows. This product offers a novel alternative to traditional antibiotics and is regulated by the United States Food and Drug Administration (FDA).
During the third quarter of 2023, ImmuCell faced significant challenges due to contamination events, which impacted production and sales. Despite these setbacks, the company has implemented operational improvements and controls to enhance its production process. In the first three quarters of 2023, production output increased steadily, with finished goods production rising from approximately $3.3 million to $5.3 million. The company targets a quarterly production value of approximately $6 million, which would annualize to about 80% of its full production capacity.
Financially, ImmuCell reported a substantial increase in sales during the first quarter of 2024, achieving an all-time quarterly sales record of $7.3 million. This marks a 111% increase compared to the same period in 2023. The company's backlog of orders was around $9.1 million as of March 31, 2024, showing a significant increase from the previous year.
Looking ahead, ImmuCell continues to work towards FDA approval for Re-Tain®, with the goal of revolutionizing the treatment of subclinical mastitis in the dairy market. The company remains committed to increasing its production capacity and output to meet growing demand and aims to maintain production success going forward.
ImmuCell's innovative products and strategic focus on enhancing cattle health and productivity position the company as a significant player in the biotechnology and animal health sectors. For more information, visit the company's website at www.immucell.com.
ImmuCell (ICCC) reported significant growth in Q3 2024, with product sales increasing 11% to $6 million compared to Q3 2023. The company achieved a 51% increase in nine-month sales to $18.7 million and a 46% rise in trailing twelve-month sales to $23.8 million. Gross margin improved to 26% in Q3 2024 from 23% in Q3 2023. The net loss narrowed to $702,000 ($0.09 per share) compared to $940,000 ($0.12 per share) in Q3 2023. Cash position strengthened to $3.8 million, though this came at the cost of some stockholder dilution through an at-market offering.
ImmuCell (Nasdaq: ICCC) announced it will report unaudited financial results for Q3 2024 after market close on November 13, 2024. The company will host a conference call on November 14, 2024 at 9:00 AM ET to discuss the results. The company anticipates no changes to the preliminary sales results disclosed on October 8, 2024. ImmuCell develops and manufactures products improving health and productivity of dairy and beef cattle, including First Defense® for newborn calf immunity and Re-Tain® for subclinical mastitis treatment.
ImmuCell (Nasdaq: ICCC) announced preliminary, unaudited sales results for Q3 2024. Key highlights include:
- Total sales for Q3 2024 were $6.0 million, an 11% increase from Q3 2023
- Nine-month sales reached $18.7 million, up 51% year-over-year
- Twelve-month sales totaled $23.8 million, a 46% increase from the previous year
- Annualized production output was approximately 73-81% of the estimated full capacity of $30 million per year
- Backlog of orders as of September 30, 2024, was approximately $7.3 million
The company continues to work towards FDA approval for Re-Tain®, with plans to submit a Non-Administrative NADA later in 2024. ImmuCell will host a conference call on November 14, 2024, to discuss Q3 2024 financial results.
ImmuCell (Nasdaq: ICCC) announced unaudited financial results for Q2 2024. Highlights include:
- Product sales increased 55% to $5.5 million in Q2 2024 vs Q2 2023
- Product sales up 82% to $12.7 million for H1 2024 vs H1 2023
- Trailing twelve-month product sales grew 48% to $23.2 million
Despite sales growth, the company reported a net loss of $1.5 million in Q2 2024. Gross margin declined to 22% in Q2 2024 from 30% in Q2 2023. The company aims to produce finished goods worth $12 million+ every six months, targeting 80%+ of its estimated $30 million annual production capacity.
ImmuCell is working to resolve production contamination issues and improve yields. The FDA issued an Incomplete Letter for the Re-Tain® product, requiring resolution of inspectional observations at the contract manufacturer before resubmission.
ImmuCell (Nasdaq: ICCC) will announce its unaudited financial results for the quarter ended June 30, 2024, after market close on Tuesday, August 13, 2024. A conference call is scheduled for Wednesday, August 14, 2024, at 9:00 AM ET to review these results. Access the call at (844) 855-9502 (toll-free) or (412) 317-5499 (international). A replay is available until August 21, 2024, at (877) 344-7529 (toll-free) or (412) 317-0088 (international), using access code #3744296.
The Company expects no changes to the preliminary sales results disclosed on July 9, 2024. The Quarterly Report on Form 10-Q will be filed after market close on August 13, 2024. Investors are encouraged to review the updated Corporate Presentation slide deck on the Company's website post-announcement.
ImmuCell (Nasdaq: ICCC) has announced preliminary, unaudited sales results for Q2 2024. The company reported a 55% increase in sales to $5.47 million for the three-month period ended June 30, 2024, compared to $3.53 million in the same period of 2023. For the first half of 2024, sales rose by 82% to $12.73 million, and for the twelve-month period, sales increased by 48% to $23.22 million. The company's production output was between 74% and 85% of its full capacity. Additionally, ImmuCell is working towards FDA approval for Re-Tain®, with submission expected after resolving inspectional observations. A conference call is scheduled for August 14, 2024, to discuss these results further.
ImmuCell provided an update on the regulatory status of its product development initiative for Re-Tain®. The company received a Technical Section Incomplete Letter from the FDA for its third submission of the CMC Technical Section, important for its NADA. ImmuCell has prepared a fourth submission but must clear inspectional observations at its facilities before submitting. The FDA confirmed acceptable inspectional status for ImmuCell, and its contract manufacturer expects to respond to inspectional observations by end of June 2024. The company anticipates a Non-Administrative NADA submission, possibly subject to a shorter review period, aiming for FDA approval and a controlled launch strategy between Q2 2025 and Q1 2026.
ImmuCell (Nasdaq: ICCC) has announced that its 2024 Annual Meeting of Stockholders will be held virtually on June 13, 2024, at 9:30 AM ET. The meeting will be conducted via telephone conference call and live audio webcast, not in person. Stockholders of record as of April 15, 2024, can participate by dialing specific toll-free numbers or accessing the webcast. Participation in the Q&A session post-meeting will be to the telephone call. A replay will be available until June 19, 2024. Stockholders are encouraged to vote in advance via proxy. More information is available on the company's website and SEC filings.
ImmuCell (Nasdaq: ICCC) reported a significant 111% year-over-year increase in product sales for Q1 2024, totaling $7.3 million. This marks the highest quarterly sales in the company's history. The trailing twelve-month sales also rose by 33%, reaching $21.3 million. Gross margin improved to 32%, up from 9% in Q1 2023. Despite these gains, the company reported a net loss of $438,000, a substantial improvement from the $2.3 million loss in the same period last year. EBITDA turned positive at $377,000 from a negative $1.6 million in Q1 2023. A backlog of $9.1 million in orders remains. However, cash reserves decreased slightly to $960,000. The FDA has delayed the approval of ImmuCell's Re-Tain® product due to pending inspectional observations at their contract manufacturer.
ImmuCell (Nasdaq: ICCC) will announce unaudited financial results for the quarter ended March 31, 2024 on May 14, 2024. The conference call to review the results is scheduled for May 15, 2024. Interested parties can access the call by dialing (844) 855-9502 (toll free) or (412) 317-5499 (international) at 9:00 AM ET. The Company expects no change to the preliminary sales results disclosed on April 9, 2024. Investors can review the updated Corporate Presentation slide deck on the Company's website.
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