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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.
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