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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 Corporation (Nasdaq: ICCC) announced preliminary sales results for Q1 2023, reporting $3.45 million, a decline of 43% from $6.00 million in Q1 2022. The decrease is attributed to a production slowdown due to previously disclosed contamination issues. The backlog of orders increased significantly to $7.5 million from $2.5 million at the end of 2022. Efforts during the slowdown included process improvements and complete sanitization of production facilities. Quality control tests have shown an 82% pass rate for incoming milk batches. The company is preparing for a third submission to the FDA for the Re-Tain® product by end of April 2023, with a six-month review period expected. A conference call is scheduled for May 12, 2023, to discuss full financial results.
ImmuCell Corporation (Nasdaq: ICCC) reported its unaudited financial results for the year ended December 31, 2022, showing a net loss of $2.5 million compared to a net loss of $78,000 in 2021. The gross margin fell to 41% from 45% due to contamination issues in production. The company faced production slowdowns and increasing backlogs, which reached $2.5 million. Cash reserves decreased to $5.8 million, down from $10.2 million in the prior year. Despite setbacks, ImmuCell is focused on expanding production capacity while preparing to resubmit critical FDA documentation for its Re-Tain® product, which addresses significant losses from subclinical mastitis in the dairy industry.
ImmuCell Corporation (Nasdaq: ICCC) has announced its upcoming unaudited financial results for the year ending December 31, 2022, to be released after the market closes on February 21, 2023. A conference call will follow on February 22, 2023, at 9:00 AM ET for discussing these results. Investors can participate by calling (844) 855-9502 or (412) 317-5499. The Company also plans to file its Annual Report on Form 10-K around March 29, 2023, and will update its Corporate Presentation on its website.
ImmuCell is known for products that enhance cattle health, including First Defense® and the developing Re-Tain® treatment.
ImmuCell Corporation (Nasdaq: ICCC) announced its preliminary, unaudited sales results for 2022, showing total sales of $18.57 million, down 3.5% from $19.24 million in 2021. Q4 sales were $3.91 million, a 28.2% decline compared to $5.44 million in Q4 2021. Notably, the company reported a backlog of $2.5 million, significantly up from $205,000 in Q3 2022. Despite production delays, the company aims to obtain regulatory approval for its Re-Tain product in 2023.
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