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ImmuCell Announces Preliminary, Unaudited Sales Results for Q2 2024
PORTLAND, Maine, July 09, 2024 (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 09, 2024 (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 2024, which ended June 30, 2024. Preliminary, Unaudited Total Sales Results: 2024 2023 $ Increase % Increase During the Three-Month Periods Ended June 30,$5.47 million$3.53 million$1.94 million55% During the Six-Month Periods Ended June 30,$12.73 million$6.98 million$5.75 million82% During the Twelve-Month Periods Ended June 30,$23.22 million$15.69 million$7.54 million48% During the three-, six- and twelve-month periods ended June 30, 2024, annualized production output was approximately 74%, 85% and 77%, respectively, of the Company’s estimated full capacity of $30 million per year. As of June 30, 2024, the backlog of orders aggregated approximately $8.93 million. “We plan to push our production processes aggressively during the second half of 2024 with the goal of producing an additional $14 million worth of product, which would amount to approximately 95% of our estimated full capacity for that period,” commented Michael F. Brigham, President and CEO of ImmuCell. “If we are able to achieve this goal, we will have produced approximately 90% of our estimated full capacity for the year and created significant sales growth over the year ended December 31, 2023.” “In addition, we continue to work to achieve FDA approval to commercialize Re-Tain®,” Mr. Brigham concluded. “We plan to provide an update when we have made our fourth submission of the CMC Technical Section. We anticipate making this submission shortly after the inspectional observations at our contract manufacturer are resolved to the satisfaction of the FDA, and we expect less than a 180-day review of the CMC by the FDA after that.” Since the first quarter of 2020, the Company has been providing a preliminary look at its unaudited top line results soon after the close of the quarter. The Company expects to provide this prompt, preliminary report on product sales until further notice going forward. Conference Call: The Company is planning to host a conference call on Wednesday, August 14, 2024 at ...