Business
ImmuCell Announces Preliminary, Unaudited Product Sales Results for the Quarter Ended March 31, 2020
PORTLAND, Maine, April 02, 2020 (GLOBE NEWSWIRE) -- ImmuCell Corporation (Nasdaq: ICCC) (“ImmuCell” or the “Company”), a growing animal health company that
About this update from Immucell Corporation
[{"type":"text","content":"PORTLAND, Maine, April 02, 2020 (GLOBE NEWSWIRE) -- ImmuCell Corporation (Nasdaq: ICCC) (“ImmuCell” or the “Company”), a growing animal health company that develops, manufactures and markets scientifically-proven and practical products that improve the health and productivity of dairy and beef cattle, today announced preliminary, unaudited product sales results for the first quarter ended March 31, 2020.\n Product Sales Results:Total product sales increased by approximately 11.3%, or $500,000, to approximately $4.9 million during the quarter ended March 31, 2020 versus last year’s first quarter, which ended March 31, 2019. Total product sales increased by approximately 13.6%, or $1.7 million, to approximately $14.2 million during the trailing twelve-month period ended March 31, 2020 versus the trailing twelve-month period ended March 31, 2019. In addition, the Company had a backlog of orders worth approximately $1.4 million as of March 31, 2020. These reported figures are preliminary, unaudited estimates and are subject to change. This is the Company’s third consecutive quarter of strong sales growth. Total product sales increased by approximately 24% during the fourth quarter ended December 31, 2019 and by approximately 38% during the third quarter ended September 30, 2019, versus the comparable periods during 2018, respectively. This level of growth indicates strong acceptance of the First Defense® product line as a tool to help dairy and beef producers optimize the health and productivity of their newborn calves. This consistent sales growth reduced ending inventory as of March 31, 2020. The Company has estimated that its current annual production capacity is approximately $18 million. The first quarter annualized sales rate is approximately 9% over this rate of production. The current level of demand points to the importance of the Company’s $3.5 million investment to expand its annual production capacity to approximately $27 million. This project is proceeding on budget and on time for anticipated completion in June, subject to any future COVID-related interruptions. Forward-Looking Cautions:The first quarter is always the seasonal highest for sales, but the Company is uncertain about its ability to continue this growth rate and meet all customer demand timely during the second quarter given the current state of the global ...