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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 the FDA issued a Technical Section Incomplete Letter regarding its CMC submission for Re-Tain®, aimed at treating subclinical mastitis in dairy cows. This letter pertains to manufacturing requirements for the drug substance and product. The company plans to resubmit the CMC section in Q4 2021, aiming for a New Animal Drug Approval by Q3 2022. The previous FDA letters had covered four other major sections necessary for product approval.
ImmuCell Corporation (Nasdaq: ICCC) reported a net income of $141,000 for Q2 2021, a significant turnaround from a net loss of $766,000 in Q2 2020. Total product sales surged by 53% to $4.5 million compared to $2.9 million in the prior year. Despite experiencing delays in production capacity expansion, the company managed to reduce its backlog of First Defense® orders and increased its annualized production output to approximately $18.2 million. Gross margins improved to 46% in Q2 2021, up from 43% in the same period last year. Cash and equivalents rose to $10.7 million.
ImmuCell Corporation (Nasdaq: ICCC) plans to announce its unaudited financial results for Q2 2021 on August 12, 2021, after market close. A conference call to discuss these results is scheduled for August 13, 2021, at 9:00 AM ET. Investors will have access to the financial report via the company’s website post-release. ImmuCell focuses on developing products to enhance the health of dairy and beef cattle, including First Defense® for calf immunity and Re-Tain® for mastitis treatment.
ImmuCell Corporation (Nasdaq: ICCC) reported preliminary unaudited sales results for Q2 2021, showing a 53% increase in product sales to approximately $4.5 million, compared to the same period last year. This follows a 10% increase in six-month sales to approximately $8.6 million. The company has nearly completed a $3.5 million investment to boost production capacity of its First Defense product, aiming for $30 million annual sales by Q3 2022. A backlog reduction was reported, with expectations of eliminating remaining orders by Q3 2021.
ImmuCell Corporation (Nasdaq: ICCC) announced that its 2021 Annual Meeting of Stockholders will be held virtually, scheduled for June 16, 2021, at 3:00 PM ET, due to COVID-19 precautions. Stockholders as of April 15, 2021, can participate via a live audio webcast or by telephone. Proxy voting is encouraged ahead of the meeting, with arrangements for those wishing to vote during the event. The company also encourages investors to review its recent Form 10-Q and Corporate Presentation for insights on its business and upcoming matters for vote.
ImmuCell Corporation (Nasdaq: ICCC) reported its Q1 2021 financial results with total product sales of $4.1 million, down 16% year-over-year. However, annual sales increased by 2% to $14.5 million. The company faced a backlog of $3.1 million, up from $1.8 million in Q4 2020. Gross margin declined to 39%, expected to return to 46% post-expansion. A $4.25 million equity raise was secured for growth initiatives. The net loss for Q1 2021 was $441,000, compared to a loss of $122,000 in Q1 2020. Cash reserves decreased to $6.8 million from $7.9 million.
ImmuCell Corporation (Nasdaq: ICCC) plans to release its unaudited financial results for Q1 2021 on May 13, 2021, after market close. A conference call will occur on May 14, 2021, at 9:00 AM ET to discuss these results and a recent equity raise. Investors can listen to the call via specified phone lines. Additionally, a Corporate Presentation will be available on the company's website following the earnings report. ImmuCell focuses on developing products to enhance the health of dairy and beef cattle.
ImmuCell Corporation (Nasdaq: ICCC) announced the closure of an equity investment on April 14, 2021, raising $4,250,037 by issuing 515,156 common shares at $8.25 each to its largest stockholder and other investors. The funds will facilitate growth initiatives, including increasing production capacity for First Defense® from $23 million to $30 million per year, conducting marketing studies, and expanding vaccine production. A conference call is scheduled for May 14, 2021, to discuss the investment and financial results.
ImmuCell Corporation (Nasdaq: ICCC) reported preliminary unaudited sales results for Q1 2021, revealing a 16% decline in total product sales, equating to a decrease of $791,000 compared to Q1 2020, totaling approximately $4.1 million. The decrease was anticipated due to higher beginning inventory last year. Despite this, the company noted a backlog of orders of approximately $3 million, indicating strong demand. Plans to increase annual production capacity from $16.5 million to $23 million are on schedule, expected to be completed by June 30, 2021.
ImmuCell Corporation (Nasdaq: ICCC) reported an increase in total product sales by $1.6 million, or 12%, to $15.3 million for the year ended December 31, 2020. The company submitted a crucial FDA filing for Re-Tain™, a mastitis product, with a response expected in Q3 2021. A backlog of orders worth $1.8 million was noted, attributed to COVID-19 disruptions. Gross margin decreased to 45% in 2020, attributed to higher fixed costs. Net loss improved to $1.022 million ($0.14 per share) compared to $1.296 million ($0.19 per share) in 2019. EBITDA increased to $1.893 million.
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