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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) has appointed Dr. Mark Wustenberg as the new Commercial Leader of Stakeholder Engagement, aimed at launching their innovative product, Re-Tain®, pending FDA approval. Dr. Wustenberg brings significant experience in the dairy industry, having held various leadership roles, including at Tillamook County Creamery. His focus will be on enhancing communication and research efforts to foster product acceptance, benefiting both Re-Tain® and the First Defense® product line. The company is set to discuss its financial results on May 13, 2022.
ImmuCell Corporation (Nasdaq: ICCC) has appointed Dr. Mark Wustenberg as Commercial Leader of Stakeholder Engagement. Dr. Wustenberg brings extensive experience from his previous roles, including Vice President of Sustainability at Tillamook County Creamery. He will focus on the upcoming launch of Re-Tain®, pending FDA approval, and enhancing the market presence of First Defense®. The company aims to improve dairy producer profitability through these initiatives, leveraging Dr. Wustenberg's industry expertise to strengthen its sales and marketing strategy.
ImmuCell Corporation (Nasdaq: ICCC) reported preliminary, unaudited sales of $6.0 million for Q1 2022, a 46% increase from $4.1 million in Q1 2021. This marks a record high for any quarter. The company is expanding its First Defense manufacturing capacity from $16.5 million to $35 million, with annualized output reaching $23.8 million. ImmuCell is also awaiting FDA approval for the Re-Tain product, with a response expected in Q3 2022.
ImmuCell Corporation (Nasdaq: ICCC) reported a strong performance for the year ended December 31, 2021, with product sales increasing by 25% to $19.2 million compared to 2020. In Q4 alone, sales surged by 45% to $5.4 million. The company's gross margin improved to 47% for Q4 and 45% for the year. Net operating income shifted to a gain of $257,000, contrasting with a $1.4 million loss in 2020. Cash and equivalents rose to $10.2 million. A significant FDA submission regarding Re-Tain is expected to impact future market launch plans.
ImmuCell Corporation (Nasdaq: ICCC) plans to announce its unaudited financial results for Q4 and the year ended December 31, 2021, on February 22, 2022. A conference call will be held on February 23, 2022, at 9:00 AM ET, where executives will discuss production capacity investments for the First Defense product line and insights regarding the upcoming launch of Re-Tain.
The Annual Report on Form 10-K is expected to be filed by March 30, 2022. Stakeholders are encouraged to view the updated corporate presentation on the company's website following the financial results announcement.
ImmuCell Corporation (Nasdaq: ICCC) reported preliminary unaudited sales of $19.2 million for 2021, marking a 25% increase from 2020's $15.3 million. The fourth quarter saw sales of $5.4 million, a 45% rise from $3.7 million in the previous year. The company attributes this growth to strategic investments in expanding manufacturing capacity for its First Defense® product, with plans for further investment of $1.8 million to enhance production capabilities to approximately $35 million. ImmuCell is also progressing on its Re-Tain® drug application to the FDA.
ImmuCell Corporation (Nasdaq: ICCC) reported a net income of $148,000 for Q3 2021, a significant turnaround from the net loss of ($323,000) in Q3 2020. Total product sales rose 38% to $5.2 million, while nine-month sales increased 19% to $13.8 million. The company achieved a gross margin of 47% in Q3 2021 and improved EBITDA to approximately $852,000. Cash reserves grew to $10.5 million as of September 30, 2021, up from $7.9 million at year-end 2020. ImmuCell plans to submit another Technical Section to the FDA for its product Re-Tain® by year-end 2021.
ImmuCell Corporation (Nasdaq: ICCC), a company focused on improving the health of dairy and beef cattle, will report unaudited financial results for Q3 and the nine-month period ending September 30, 2021, after market close on November 15, 2021. A conference call will be held on November 16, 2021, at 9:00 AM ET to discuss these results. The Quarterly Report on Form 10-Q will be filed concurrently. Details about their products, including First Defense and Re-Tain, are available on their website.
ImmuCell Corporation (Nasdaq: ICCC) reported preliminary, unaudited sales results for Q3 2021, showcasing a significant increase in total sales. For the three-month period ending September 30, sales reached $5.2 million, a 38% increase compared to $3.7 million in Q3 2020. Year-to-date sales also rose to $13.8 million, up 19% from $11.6 million year-over-year. The company's production capacity is expanding, with plans to increase annual capacity from $16.5 million to $23 million. This growth is attributed to fulfilling backlog orders and improved production capabilities.
ImmuCell Corporation (Nasdaq: ICCC) has announced the hiring of Dr. Raffael Lichdi as its new Commercial Research & Technical Services Veterinarian. Dr. Lichdi, an experienced veterinarian with a background in large dairy consulting and animal health companies, is expected to enhance the company's market position, particularly for its subclinical mastitis treatment, Re-Tain®. This product aims to treat dairy cows without the need for milk discards and is pending FDA approval. The company is also addressing a backlog in its First Defense® product line by expanding production capacity.
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