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ImmuCell Announces Unaudited Financial Results for the First Quarter Ended March 31, 2020
PORTLAND, Maine, May 13, 2020 (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, May 13, 2020 (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 calves, today announced unaudited financial results for the quarter ended March 31, 2020.\n Product Sales Results: Total product sales increased by 11%, or $500,000, to $4.9 million during the three-month period ended March 31, 2020 versus the comparable period during 2019. Sales of the First Defense® product line increased by 16% during the quarter ended March 31, 2020 versus the comparable period during 2019.Total product sales increased by 14%, or $1.7 million, to $14.2 million during the twelve-month period ended March 31, 2020 versus the twelve-month period ended March 31, 2019. Management’s Discussion:“The first quarter is historically our highest sales quarter due to market seasonality, but the first quarter of 2020 set a record with an 11% increase in sales. Demand was higher than we could service resulting in a $1.4 million backlog as of March 31, 2020 compared to a backlog of $276,000 as of March 31, 2019,” commented Michael F. Brigham, President and CEO. “This record sales pace is fueling our intensity to adapt so we can better serve our markets despite the challenging circumstances.” “The leasehold improvements necessary to increase our annual production capacity for the First Defense® product line from approximately $18 million to approximately $27 million are almost complete,” Mr. Brigham added. “Phase I of this expansion project (that being the relocation of our capsule assembly functions to the new facility to create space for the installation of increased freeze-drying capacity) is most critical to filling our current backlog of orders. We are taking a measured approach to Phase II of this expansion project (that being the relocation of our gel assembly functions to the new facility to create space for the installation of increased liquid processing capacity) later in the year as we continue to monitor economic conditions, fill the backlog of orders and build up our inventory levels.” For up-to-date photos of the Company’s First Defense® manufacturing facility expansion, please visit https://immucell.com/construction/. “Our ...