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ImmuCell Announces Record Preliminary, Unaudited Sales Results for Third Quarter of 2021
PORTLAND, Maine, Oct. 06, 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, Oct. 06, 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 third quarter ended September 30, 2021. Preliminary, Unaudited Total Sales Results: 2021 2020 $ Increase % IncreaseDuring the Three-MonthPeriods Ended September 30,$5.2 million* $3.7 million $1.4 million 38% During the Nine-MonthPeriods Ended September 30,$13.8 million* $11.6 million $2.2 million 19% During the Twelve-MonthPeriods Ended September 30,$17.5 million* $15.2 million $2.3 million 15% *Represents a record high level of sales for the period. “These strong sales results benefited from the fulfillment of some old orders as we clear our backlog,” commented Michael F. Brigham, President and CEO of ImmuCell. “Through September 30th, we shipped almost everything that we produced so our sales approximated our production capacity.” The growth in sales and the expansion of production capacity are described in the following table: Quarterly AnnualizedEstimated production capacity before expansion$4,125,000 $16,500,000 2Q 2021 First Defense® sales$4,473,000 — 3Q 2021 First Defense® sales$5,033,000 — Estimated production capacity after expansion$5,750,000 $23,000,000 The Company has largely completed the critical objectives of its $3.5 million investment to increase its First Defense® production capacity from approximately $16.5 million to approximately $23 million in terms of annual sales value. The Company anticipates obtaining USDA approval for commercial use of the final piece of equipment required to fully complete this project during the fourth quarter of 2021. The Company also initiated an additional investment of approximately $925,000 to further increase this annual production capacity to at least $30 million by the third quarter of 2022. The annual capacity estimates above are subject to biological yield variance, product format mix, selling price and other factors. “We expect to achieve our publicly stated goal of delivering sales growth during the year ending December 31, 2021 (versus the prior year), overcoming the drop in sales we reported during the first quart...