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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) will report unaudited financial results for the year ending December 31, 2020, on February 22, 2021. A conference call is scheduled for February 23, 2021, at 9:00 AM ET, to discuss the results. Interested parties can join by calling (844) 855-9502 (toll-free) or (412) 317-5499 (international). Following the call, a replay will be available for seven days. The company’s updated Corporate Presentation will be accessible on its website after the market closes on February 22, 2021, with the Annual Report on Form 10-K expected by March 30, 2021.
ImmuCell Corporation (Nasdaq: ICCC) announced a 12% increase in preliminary, unaudited product sales, reaching approximately $15.3 million for 2020. Strong demand for the First Defense® product line has led to a production backlog estimated at $1.8 million. To meet this demand, the company plans a $3.5 million investment to expand production capacity to about $23 million annually, up from $16.5 million. Additionally, the launch of the Re-Tain™ product is anticipated in Q3 2021, depending on FDA approval timelines.
ImmuCell Corporation (Nasdaq: ICCC) has announced a restructuring of its bank debt, securing a $1.5 million loan from Gorham Savings Bank. This loan features a seven-year term with an interest rate of 3.5% per annum. Approximately $624,000 of the loan will pay down an outstanding mortgage balance, while around $876,000 will be allocated for closing costs and working capital. The CEO, Michael F. Brigham, highlighted that this financial backing will enhance the company's liquidity and support its expansion plans.
ImmuCell Corporation (Nasdaq: ICCC) reported a 25% increase in product sales, reaching $3.7 million for Q3 2020, compared to the same period in 2019. Year-to-date sales rose 15% to $11.6 million. The backlog of orders decreased from $945,000 to $130,000, indicating improved production efficiency. Net loss narrowed to $323,000 ($0.04/share) from $503,000 ($0.07/share) year-on-year. Gross margins declined slightly, and product development expenses rose to $1.1 million. The company anticipates further growth in 2021.
ImmuCell Corporation (Nasdaq: ICCC) will announce its unaudited financial results for Q3 2020 on November 12, 2020, after market close. A conference call to discuss these results is scheduled for November 13, 2020, at 9:00 AM ET. Investors can join the call via designated phone numbers. The company encourages reviewing its upcoming Quarterly Report on Form 10-Q post-announcement and its updated Corporate Presentation available on its website. ImmuCell specializes in developing practical products to enhance the health of dairy and beef calves.
ImmuCell Corporation (Nasdaq: ICCC) announced its preliminary, unaudited sales results for Q3 2020, revealing a 25% increase in product sales to $3.7 million compared to Q3 2019. For the nine-month period, sales rose 15% to $11.6 million. The company has significantly reduced its order backlog to $130,000 as of September 30, 2020. Management highlights continued growth driven by the Tri-Shield First Defense® product, which provides immediate immunity for calves. Future expansions in manufacturing capacity are expected, despite some COVID-19 related delays.
ImmuCell Corporation (Nasdaq: ICCC) announced its Q2 2020 financial results, reporting a 9% increase in product sales to $3 million compared to Q2 2019. For the six-month period, sales rose 11% to $7.9 million. Despite these gains, the company faced a net loss of $766,000, or $0.11 per share, compared to a loss of $627,000 in the same quarter last year. Gross margins declined to 43% from 46% year-over-year. However, cash reserves increased to $9.6 million, and the backlog of orders was reduced to approximately $945,000 as of June 30, 2020.
ImmuCell Corporation (Nasdaq: ICCC) plans to report its unaudited financial results for the second quarter ending June 30, 2020, on August 12, 2020. A conference call will be held the following morning, August 13, 2020, at 9:00 AM ET to discuss the results.
Investors can access the call by dialing (844) 855-9502 (toll-free) or (412) 317-5499 (international). A replay will be available for seven days after the call. The company will also file its Quarterly Report on Form 10-Q on the same day.
ImmuCell Corporation (Nasdaq: ICCC) has secured a $500,000 subordinated loan from the Maine Technology Institute (MTI) aimed at enhancing its production capabilities. The interest-free loan for the initial two years supports the expansion of the First Defense® product line and the development of Re-Tain™, which aims to offer a novel treatment for subclinical mastitis. This funding is critical for moving forward with the company's growth plans, including increasing annual production capacity from $18 million to $27 million. The company has also recently completed facility renovations to accommodate this expansion.
ImmuCell Corporation (Nasdaq: ICCC) announced a virtual format for its 2020 Annual Meeting of Stockholders due to the COVID-19 pandemic, scheduled for June 10 at 3:00 PM ET. Stockholders can participate via a dial-in conference call or an audio webcast. Those wishing to vote at the meeting must contact the company beforehand. Additionally, a conference call reviewing Q1 2020 financial results will take place on May 14 at 9:00 AM ET. The company emphasized the importance of stockholders voting via proxy ahead of the meeting. More details are available on their website.
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