Business
ImmuCell Announces Preliminary, Unaudited Sales Results for the Year Ended December 31, 2020
PORTLAND, Maine, Jan. 07, 2021 (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, Jan. 07, 2021 (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 year ended December 31, 2020. Beginning with the first quarter of 2020, the Company has been providing a preliminary look at the top line results early in the reporting period. The Company expects to provide this prompt, preliminary report on product sales until further notice going forward. “We expect to report a 12% increase in total product sales to approximately $15.3 million during the year ended December 31, 2020 versus the year ended December 31, 2019,” commented Michael F. Brigham, President and CEO of ImmuCell. “As we gladly turn the calendar forward to 2021, we are very optimistic about the growth prospects for our business with expanded production capacity coming online.” Mr. Brigham continued, “The First Defense® product line has been exceedingly well received by the market, and this strong demand has temporarily outstripped our ability to manufacture enough product. During the second quarter of 2021, we expect to complete a $3.5 million investment to expand our production capacity to approximately $23 million annually, compared to our current theoretical annual capacity of approximately $16.5 million. These estimates are subject to biological yield variance, product format mix and other factors.” Mr. Brigham concluded, “Due to strong demand, we accumulated a backlog of orders worth approximately $1.8 million as of year-end. As our customers plan for their requirements in the coming months, we have seen a significant increase in order quantities during the fourth quarter. We are well positioned to meet that demand as our new production capacity comes online.” With respect to the Re-Tain™ product development initiative, Mr. Brigham further commented, “We pushed our previously disclosed target of submitting the final Technical Section to the FDA by the end of 2020 out by about one month, reflecting actual production dates of the registration batches and required stability data. These submissions are generally subject to a six-month review by the FDA. As previousl...