Business
ImmuCell Announces Strong Preliminary, Unaudited Sales Results for Second Quarter of 2021
PORTLAND, Maine, July 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, July 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 second quarter ended June 30, 2021. “We expect to report a 53%, or $1.6 million, increase in total product sales to approximately $4.5 million during the quarter ended June 30, 2021, versus the same period of the prior year,” commented Michael F. Brigham, President and CEO of ImmuCell. “This level of quarterly sales is a near record for us, second only to the $4.9 million we recorded during the seasonally-high first quarter of 2020. We expect to report a 10%, or $773,000, increase in total product sales to approximately $8.6 million during the six-month period ended June 30, 2021, versus the same period of the prior year.” As indicated by these sales results, the Company has largely completed the critical objectives of its $3.5 million investment (that was initiated about 18 months ago) to increase its First Defense® production capacity from approximately $16.5 million to approximately $23 million in terms of annual sales value. These capacity estimates are subject to biological yield variance, product format mix, selling price and other factors. The Company anticipates initiating the qualification and implementation of the final two pieces of equipment required to fully complete this project during the beginning of the third quarter. The Company also anticipates initiating an additional investment of approximately $800,000 during the third quarter of this year to increase its First Defense® production capacity further to approximately $30 million or more per year by the third quarter of 2022. “The backlog of orders increased from approximately $1.8 million as of December 31, 2020 to approximately $3.1 million as of March 31, 2021,” Mr. Brigham added. “As a result of our expanding production capacity, we expect to report that we shipped 11%, or $435,000, more product during the second quarter of 2021 than during the first quarter of this year and that we reduced the backlog to approximately $1.9 million as of June 30, 2021.” “We expect to significantly reduce or eliminate ...