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ImmuCell Announces Record Preliminary, Unaudited Sales Results for the Year Ended December 31, 2021
PORTLAND, Maine, Jan. 05, 2022 (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. 05, 2022 (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, 2021. Preliminary, Unaudited Total Sales Results: 2021 2020 $ Increase % IncreaseDuring the Quarters Ended December 31,$5.4 million* $3.7 million $1.7 million 45% During the Years Ended December 31,$19.2 million* $15.3 million $3.9 million 25% *Represents a record high level of sales for the period. “Sales for full year 2021 increased by about 25% to $19.2 million compared to full year 2020, which is exciting for us,” commented Michael F. Brigham, President and CEO of ImmuCell. “I salute the entire ImmuCell team for having successfully delivered significant year-over-year sales growth in a challenging environment.” “As our sales and order backlog continue to increase, the strategic investments to expand our First Defense® manufacturing capacity are beginning to pay off,” added Mr. Brigham. “Our 2021 fourth quarter annualized manufacturing output almost reached the $23 million level targeted for Phase I of our investment to increase manufacturing capacity.” The Company has initiated an additional investment of approximately $1.8 million (Phase II) to further increase its annual First Defense® manufacturing capacity to approximately $35 million commencing in the third quarter of 2022. The capacity estimates above are subject to biological yield variance, product format mix, selling price and other factors. “Our work to achieve regulatory approval to commercialize Re-Tain® continues,” Mr. Brigham concluded. “Later in January, we expect to make our second submission to the FDA of the final Technical Section required to complete our New Animal Drug Application. This additional time past our December 31st submission target has enabled us to clarify some key issues before re-submitting to the FDA. We anticipate a response from the FDA six months after submission.” 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...