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ImmuCell Announces Preliminary, Unaudited Sales Results for Q2 2023
PORTLAND, Maine, July 11, 2023 (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, July 11, 2023 (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 sales results for the second quarter of 2023, which ended June 30, 2023. Preliminary, Unaudited Total Sales Results: 20232022($ Decrease) (% Decrease)During the Three-Month Periods Ended June 30,$3.53 million$3.86 million($328,000)(9%) During the Six-Month Periods Ended June 30,$6.98 million$9.86 million($2.88 million)(29%) During the Twelve-Month Periods Ended June 30,$15.69 million$20.46 million($4.77 million)(23%) Sales during the three, six and twelve-month periods ended June 30, 2023 were below the comparable periods ended June 30, 2022 in large part because of the previously disclosed production slowdown implemented during the first quarter of 2023 to remediate contamination events impacting the Company’s manufacturing process. Second quarter sales increased modestly over the $3.45 million of sales recorded during the first quarter of 2023. Second quarter of 2023 sales could have increased by more but narrowly missed benefiting from approximately $543,000 worth of finished goods inventory (valued at approximate sales value) that did not ship until the beginning of July due to cold chain shipping requirements and the July 4th holiday schedule. As of June 30, 2023, the backlog of orders was equal to approximately $8 million, representing a significant increase from approximately $2.5 million as of December 31, 2022. During the four-month period ended June 22, 2023, the standard quality control test of incoming milk batches met specifications approximately 95% of the time, while approximately 2.5% failed with the balance currently pending final testing and disposition. The two subsequent standard quality control tests at the middle and end of the production process have continued to be within specification 100% of the time. “This data supports our belief that our remediation efforts have been successful and gives us confidence as we return to full production,” commented Michael F. Brigham, President and CEO of ImmuCell. “For the month of June 2023 alone, production output - which includes th...