ImmuCell Announces Unaudited Financial Results for the Quarter Ended September 30, 2024
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 (ICCC) ha riportato una crescita significativa nel terzo trimestre del 2024, con le vendite di prodotti aumentate dell'11% a 6 milioni di dollari rispetto al terzo trimestre del 2023. L'azienda ha registrato un aumento del 51% nelle vendite dei nove mesi a 18,7 milioni di dollari e un incremento del 46% nelle vendite degli ultimi dodici mesi a 23,8 milioni di dollari. Il margine lordo è migliorato al 26% nel terzo trimestre del 2024, rispetto al 23% nel terzo trimestre del 2023. La perdita netta si è ridotta a 702.000 dollari (0,09 dollari per azione), rispetto a 940.000 dollari (0,12 dollari per azione) nel terzo trimestre del 2023. La posizione di cassa è migliorata a 3,8 milioni di dollari, anche se questo è avvenuto a costo di una certa diluizione degli azionisti tramite un'offerta a mercato.
ImmuCell (ICCC) reportó un crecimiento significativo en el tercer trimestre de 2024, con un aumento del 11% en las ventas de productos, alcanzando los 6 millones de dólares en comparación con el tercer trimestre de 2023. La compañía logró un incremento del 51% en las ventas de nueve meses, alcanzando los 18,7 millones de dólares, y un aumento del 46% en las ventas de doce meses consecutivos, totalizando 23,8 millones de dólares. El margen bruto mejoró al 26% en el tercer trimestre de 2024, en comparación con el 23% en el tercer trimestre de 2023. La pérdida neta se redujo a 702,000 dólares (0.09 dólares por acción), en comparación con 940,000 dólares (0.12 dólares por acción) en el tercer trimestre de 2023. La posición de efectivo se fortaleció a 3.8 millones de dólares, aunque esto ocurrió a expensas de cierta dilución de los accionistas a través de una oferta al mercado.
ImmuCell (ICCC)는 2024년 3분기에 상당한 성장을 보고했으며, 제품 판매는 2023년 3분기와 비교하여 11% 증가한 600만 달러에 달했습니다. 회사는 9개월 매출이 1870만 달러로 51% 증가했으며, 지난 12개월 매출도 2380만 달러로 46% 증가했습니다. 총 마진은 2023년 3분기 23%에서 2024년 3분기 26%로 개선되었습니다. 순손실은 94만 달러(주당 0.09달러)로 줄어들었고, 2023년 3분기 순손실은 94만 달러(주당 0.12달러)였습니다. 현금 보유액은 380만 달러로 강화되었으나, 이는 시장 조건에 따른 주주 희석을 감수하는 대가였습니다.
ImmuCell (ICCC) a rapporté une croissance significative au troisième trimestre 2024, avec des ventes de produits augmentant de 11 % pour atteindre 6 millions de dollars par rapport au troisième trimestre 2023. L'entreprise a réalisé une augmentation de 51 % des ventes sur neuf mois pour atteindre 18,7 millions de dollars et une hausse de 46 % des ventes sur douze mois glissants pour atteindre 23,8 millions de dollars. La marge brute s'est améliorée à 26 % au troisième trimestre 2024 contre 23 % au troisième trimestre 2023. La perte nette a été réduite à 702 000 dollars (0,09 dollar par action) contre 940 000 dollars (0,12 dollar par action) au troisième trimestre 2023. La position de trésorerie s'est renforcée à 3,8 millions de dollars, bien que cela ait eu un coût en termes de dilution des actionnaires à travers une offre de marché.
ImmuCell (ICCC) berichtete von einem signifikanten Wachstum im 3. Quartal 2024, mit einem Anstieg der Produktverkäufe um 11% auf 6 Millionen Dollar im Vergleich zum 3. Quartal 2023. Das Unternehmen erzielte einen Anstieg der Neunmonatsverkäufe um 51% auf 18,7 Millionen Dollar und einen Anstieg der Verkäufe der letzten zwölf Monate um 46% auf 23,8 Millionen Dollar. Die Bruttomarge verbesserte sich im 3. Quartal 2024 auf 26% von 23% im 3. Quartal 2023. Der Nettoverlust verringerte sich auf 702.000 Dollar (0,09 Dollar pro Aktie), verglichen mit 940.000 Dollar (0,12 Dollar pro Aktie) im 3. Quartal 2023. Die Liquiditätsposition stärkte sich auf 3,8 Millionen Dollar, was jedoch auf Kosten einer gewissen Verwässerung der Aktionäre durch ein Marktangebot geschah.
- Product sales increased 11% YoY to $6 million in Q3 2024
- Nine-month sales grew 51% to $18.7 million
- Gross margin improved to 26% from 23% YoY in Q3
- Net loss decreased to $702,000 from $940,000 YoY
- Cash position strengthened to $3.8 million from $979,000 at year-end 2023
- Continued net loss of $702,000 in Q3 2024
- Stockholder dilution from at-market offering
- Production yield issues affecting gross margin
- Pending FDA approval for Re-Tain product
- Unresolved inspectional observations at contract manufacturer
Insights
ImmuCell's Q3 2024 results show mixed signals. While revenue growth is strong with
The improved cash position of
The company's progress with Re-Tain®, their novel antibiotic alternative for subclinical mastitis treatment, represents a potentially transformative opportunity in dairy health management. The resolution of contamination issues since April 2024 is positive, but ongoing yield challenges in production processes need attention. The pending FDA submission for Re-Tain® faces some hurdles with manufacturing facility inspections, though discussions about expedited review are encouraging. The company's First Defense® product line continues to show strong market acceptance, evidenced by the substantial sales growth, but manufacturing optimization remains important for sustainable success.
PORTLAND, Maine, Nov. 13, 2024 (GLOBE NEWSWIRE) -- ImmuCell Corporation (Nasdaq: ICCC) (“ImmuCell” or the “Company”), a growing animal health company that develops, manufactures and markets scientifically proven and practical products that improve the health and productivity of dairy and beef cattle, today announced its unaudited financial results for the quarter ended September 30, 2024.
Q3 2024 Highlights:
- Product sales increased
11% over the comparable quarter in 2023. - Product sales increased
51% over the comparable nine-month period in 2023. - Product sales increased
46% over the previous trailing twelve-month period ended September 30, 2023.
Management’s Discussion:
“Our preliminary, unaudited product sales for the third quarter of 2024 were first reported on October 8, 2024,” commented Michael F. Brigham, President and CEO of ImmuCell. “We have no changes to those figures.”
“We are excited about our sales growth compared to the prior periods,” continued Mr. Brigham. “We have operated without another contamination event since April of 2024, which leads us to believe that the remediation steps that we have implemented in our production process are keeping the bioburden within specification. Now, we are focused on fixing our process yields to improve our gross margin.”
“We have improved our cash position during 2024 pursuant to an at the market offering at the expense of some stockholder ownership dilution,” continued Mr. Brigham. “We think this has been necessary to advance our strategic plan, which includes continuing to provide First Defense® to the market as we stabilize our production systems at a higher output level and revolutionizing the way that subclinical mastitis is treated in today’s dairy market with Re-Tain®, our novel alternative to traditional antibiotics that is in the FDA approval process.”
“We continue to work to achieve FDA approval to commercialize Re-Tain®,” concluded Mr. Brigham. “We plan to provide an update when we have filed our Non-Administrative NADA, which will include our fourth submission of the CMC Technical Section, responding to the minor issues from the Incomplete Letter issued in May of 2024, together with All Other Information and Product Labeling. We anticipate making this submission shortly after the inspectional observations at our contract manufacturer are resolved to the satisfaction of the FDA. We have been in discussions with the FDA to seek an expedited review once that submission is made.”
Certain Financial Results:
- Product sales increased by
11% , or$615,000 , to$6 million during the three-month period ended September 30, 2024 compared to$5.4 million during the three-month period ended September 30, 2023. - Product sales increased by
51% , or$6.4 million , to$18.7 million during the nine-month period ended September 30, 2024 compared to$12.4 million during the nine-month period ended September 30, 2023. - Product sales increased by
46% , or$7.6 million , to$23.8 million during the trailing twelve-month period ended September 30, 2024 compared to$16.3 million during the trailing twelve-month period ended September 30, 2023. - Gross margin earned was
26% and23% of product sales during the three-month periods ended September 30, 2024 and 2023, respectively. Gross margin earned was27% and21% of product sales during the nine-month periods ended September 30, 2024 and 2023, respectively. - Net loss was
$702,000 , or$0.09 per basic share, during the three-month period ended September 30, 2024 in comparison to a net loss of$940,000 , or$0.12 per basic share, during the three-month period ended September 30, 2023. Net loss was$2.7 million , or$0.34 per basic share, during the nine-month period ended September 30, 2024 in comparison to a net loss of$4.6 million , or$0.60 per basic share during the nine-month period ended September 30, 2023. - EBITDA (a non-GAAP financial measure described on page 5 of this press release) improved to approximately
$119,000 during the three-month period ended September 30, 2024 in contrast to approximately ($95,000) during the three-month period ended September 30, 2023. EBITDA improved to approximately ($221,000) during the nine-month period ended September 30, 2024 in comparison to approximately ($2.3) million during the nine-month period ended September 30, 2023.
Balance Sheet Data as of September 30, 2024:
- Cash and cash equivalents increased to
$3.8 million as of September 30, 2024 from$979,000 as of December 31, 2023, with no draw outstanding on the available$1 million line of credit as of these dates. - Net working capital increased to approximately
$9.4 million as of September 30, 2024 from$7.3 million as of December 31, 2023. - Stockholders’ equity increased to
$26.4 million as of September 30, 2024 from$25 million as of December 31, 2023.
Cautionary Note Regarding Forward-Looking Statements (Safe Harbor Statement):
This Press Release and the statements to be made in the related conference call referenced herein contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and will often include words such as “expects”, “may”, “anticipates”, “aims”, “intends”, “would”, “could”, “should”, “will”, “plans”, “believes”, “estimates”, “targets”, “projects”, “forecasts”, “seeks” and similar words and expressions. Such statements include, but are not limited to, any forward-looking statements relating to: our plans and strategies for our business; projections of future financial or operational performance; the timing and outcome of pending or anticipated applications for regulatory approvals; future demand for our products; the scope and timing of ongoing and future product development work and commercialization of our products; future costs of product development efforts; the expected efficacy of new products; estimates about the market size for our products; future market share of and revenue generated by current products and products still in development; our ability to increase production output and reduce costs of goods sold per unit; the adequacy of our own manufacturing facilities or those of third parties with which we have contractual relationships to meet demand for our products on a timely basis; the likelihood, severity or impact of future contamination events; the robustness of our manufacturing processes and related technical issues; estimates about our production capacity, efficiency and yield; the salability of products currently held in inventory pending FDA approval; future regulatory requirements relating to our products; future expense ratios and margins; the effectiveness of our investments in our business; anticipated changes in our manufacturing capabilities and efficiencies; our effectiveness in competing against competitors within both our existing and our anticipated product markets; our ability to convert the backlog of orders into sales; and any other statements that are not historical facts. These statements are intended to provide management's current expectation of future events as of the date of this press release, are based on management's estimates, projections, beliefs and assumptions as of the date hereof; and are not guarantees of future performance. Such statements involve known and unknown risks and uncertainties that may cause the Company's actual results, financial or operational performance or achievements to be materially different from those expressed or implied by these forward-looking statements, including, but not limited to, those risks and uncertainties relating to: difficulties or delays in development, testing, regulatory approval, production and marketing of our products (including the First Defense® product line and Re-Tain®), competition within our anticipated product markets, customer acceptance of our new and existing products, product performance, alignment between our manufacturing resources and product demand (including the consequences of backlogs), uncertainty associated with the timing and volume of customer orders as we come out of a prolonged backlog, adverse impacts of supply chain disruptions on our operations and customer and supplier relationships, commercial and operational risks relating to our current and planned expansion of production capacity, and other risks and uncertainties detailed from time to time in filings we make with the Securities and Exchange Commission (SEC), including our Quarterly Reports on Form 10-Q, our Annual Reports on Form 10-K and our Current Reports on Form 8-K. Such statements involve risks and uncertainties and are based on our current expectations, but actual results may differ materially due to various factors. In addition, there can be no assurance that future risks, uncertainties or developments affecting us will be those that we anticipate. We undertake no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
| Condensed Statements of Operations (Unaudited) | |||||||||||||||
| During the Three-Month Periods Ended September 30, | During the Nine-Month Periods Ended September 30, | ||||||||||||||
| (In thousands, except per share amounts) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Product sales | |||||||||||||||
| Costs of goods sold | 4,428 | 4,130 | 13,633 | 9,764 | |||||||||||
| Gross margin | 1,584 | 1,267 | 5,109 | 2,612 | |||||||||||
| Product development expenses | 786 | 1,118 | 3,079 | 3,328 | |||||||||||
| Sales, marketing and administrative expenses | 1,374 | 1,333 | 4,292 | 4,028 | |||||||||||
| Operating expenses | 2,160 | 2,451 | 7,371 | 7,356 | |||||||||||
| NET OPERATING LOSS | (576) | (1,184) | (2,262) | (4,744) | |||||||||||
| Other expenses (income), net | 124 | (244) | 405 | (113) | |||||||||||
| LOSS BEFORE INCOME TAXES | (700) | (940) | (2,667) | (4,631) | |||||||||||
| Income tax expense | 2 | - | 4 | 4 | |||||||||||
| NET LOSS | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
| Basic weighted average common shares outstanding | 8,164 | 7,747 | 7,908 | 7,747 | |||||||||||
| Basic net loss per share | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
| Diluted weighted average common shares outstanding | 8,164 | 7,747 | 7,908 | 7,747 | |||||||||||
| Diluted net loss per share | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
| Selected Balance Sheet Data (In thousands) (Unaudited) | ||||||
| As of September 30, 2024 | As of December 31, 2023 | |||||
| Cash and cash equivalents | ||||||
| Net working capital | 9,422 | 7,272 | ||||
| Total assets | 44,449 | 43,808 | ||||
| Stockholders’ equity | ||||||
Non-GAAP Financial Measures:
Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP measures included in this press release should be considered in addition to, and not as a substitute for or superior to, the comparable measure prepared in accordance with GAAP. We believe that considering the non-GAAP measure of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) assists management and investors by looking at our performance across reporting periods on a consistent basis excluding these certain charges that are not uses of cash from our reported loss before income taxes. We calculate EBITDA as described in the following table:
| During the Three-Month Periods Ended September 30, | During the Nine-Month Periods Ended September 30, | |||||||||||||||
| (In thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Loss before income taxes | ( | ( | ( | ( | ||||||||||||
| Interest expense (excluding debt issuance and debt discount costs) | 133 | 136 | 401 | 311 | ||||||||||||
| Depreciation | 670 | 696 | 1,999 | 2,027 | ||||||||||||
| Amortization (including debt issuance and debt discount costs) | 16 | 13 | 46 | 27 | ||||||||||||
| EBITDA | ( | ( | ( | |||||||||||||
EBITDA included stock-based compensation expense (which is a non-cash expense that management adds back to EBITDA when assessing its cash flows) of approximately
Conference Call:
The Company is planning to host a conference call on Thursday, November 14, 2024 at 9:00 AM ET to discuss the unaudited financial results for the quarter ended September 30, 2024. Interested parties can access the conference call by dialing (844) 855-9502 (toll free) or (412) 317-5499 (international). A teleconference replay of the call will be available until November 21, 2024 at (877) 344-7529 (toll free) or (412) 317-0088 (international), utilizing replay access code #6807288. Investors are encouraged to review the Company’s updated Corporate Presentation slide deck that provides an overview of the Company’s business and is available under the “Investors” tab of the Company’s website at www.immucell.com, or by request to the Company. An updated version of the slide deck will be made available under the “Investors” tab of the Company’s website after the market closes on Wednesday, November 13, 2024.
About ImmuCell:
ImmuCell Corporation's (Nasdaq: ICCC) purpose is to create scientifically proven and practical products that improve the health and productivity of dairy and beef cattle. ImmuCell manufactures and markets First Defense®, providing Immediate Immunity™ to newborn dairy and beef calves, and is in the late stages of developing Re-Tain®, a novel treatment for subclinical mastitis in dairy cows without FDA-required milk discard or meat withhold label restrictions that provides an alternative to traditional antibiotics. Press releases and other information about the Company are available at: http://www.immucell.com.
Contacts:
Michael F. Brigham, President and CEO
ImmuCell Corporation
(207) 878-2770
Joe Diaz, Robert Blum and Joe Dorame
Lytham Partners, LLC
(602) 889-9700
iccc@lythampartners.com
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