Business
ImmuCell Announces Preliminary, Unaudited Sales Results for the Quarter Ended September 30, 2020
PORTLAND, Maine, Oct. 06, 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, Oct. 06, 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 calves, today announced preliminary, unaudited sales results for the third quarter ended September 30, 2020.\n Understanding that ImmuCell’s financial performance during the COVID-19 pandemic is of great interest to investors, the Company is providing this preliminary look at the top line results early in the reporting period. The Company expects to offer the same preliminary sales information after the close of the fourth quarter of 2020 and plans to return to a more standard disclosure practice during 2021. Product Sales Results: Total product sales increased by 25%, or $752,000, to $3.7 million during the three-month period ended September 30, 2020 versus the comparable period during 2019.Total product sales increased by 15%, or $1.5 million, to $11.6 million during the nine-month period ended September 30, 2020 versus the comparable period during 2019.Total product sales increased by 17%, or $2.2 million, to $15.2 million during the trailing twelve-month period ended September 30, 2020 versus the trailing twelve-month period ended September 30, 2019. Management’s Discussion:“As indicated by the continued top line growth, our sales team has been able to pivot and be both safe and successful despite COVID-19’s impact on how we work,” commented Michael F. Brigham, President and CEO. “Over the longer nine-month and trailing twelve-month periods, our growth is being generated by Tri-Shield First Defense®, which provides antibodies without vaccination so every calf receives a measured dose of Immediate Immunity™ against all three of the primary scour-causing pathogens, E. coli, coronavirus, and rotavirus.” “We reduced the backlog of orders that was worth approximately $1.4 million as of March 31, 2020 and approximately $945,000 as of June 30, 2020 to approximately $130,000 as of September 30, 2020,” concluded Mr. Brigham. “We are on budget to come on-line with 50% more freeze-drying capacity in just over a month, despite some COVID-19 related delays at the equipment manufacturer. We have deferred installation of the 100% increase in our liqui...