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ImmuCell Announces Preliminary, Unaudited Sales Results for the Year Ended December 31, 2022
PORTLAND, Maine, Jan. 09, 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, Jan. 09, 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 year ended December 31, 2022. Preliminary, Unaudited Total Sales Results: 2022 2021 ($ Decrease) (% Decrease) During the Three-Month Periods Ended December 31,$3.91 million $5.44 million ($1.53 million) (28.2%) During the Twelve-Month Periods Ended December 31,$18.57 million $19.24 million ($675,000) (3.5%) As of December 31, 2022, there was a backlog of orders equal to approximately $2.5 million, representing an increase from approximately $205,000 as of September 30, 2022 and from approximately $2.4 million as of December 31, 2021. The Company believes that this backlog is a good indication of the strong demand for the First Defense® product line and supports the need for the investments the Company has made (and continues to make) to increase its production capacity. “Our manufacturing plan for calendar year 2022 was to have the production equipment necessary to produce approximately $30-$35 million of product per year operational by July 1, 2022, but delays in the fabrication of certain critical equipment prevented this from happening,” commented Michael F. Brigham, President and CEO of ImmuCell. “However, we did achieve our revised goal of having this equipment in place by the end of 2022, putting us in better shape as we begin 2023. This equipment implementation delay and a previously disclosed loss related to production contamination events which occurred around the end of the third quarter of 2022, very unfortunately, have prolonged our backlog status.” “We continue to work to achieve regulatory approval to commercialize Re-Tain®,” Mr. Brigham concluded. “We still expect to make our third submission of the CMC Technical Section during the first quarter of 2023. When made, this submission will be subject to a six-month review by the FDA.” Conference Call: Since the first quarter of 2020, the Company has been providing a preliminary look at its top line results soon after the close of the quarter. The Company expects to provide this prompt, preliminary report on prod...