Business
ImmuCell Announces Unaudited Financial Results for the Quarter and Year Ended December 31, 2021
Annual Product Sales for 2021 Increased 25% over 2020 PORTLAND, Maine, Feb. 22, 2022 (GLOBE NEWSWIRE) -- ImmuCell Corporation (Nasdaq: ICCC) (“ImmuCell” or
About this update from Immucell Corporation
[{"type":"text","content":"Annual Product Sales for 2021 Increased 25% over 2020\nPORTLAND, Maine, Feb. 22, 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 its unaudited financial results for the quarter and year ended December 31, 2021. Product Sales Results: During the three-month period ended December 31, 2021, total product sales increased by 45%, or $1.7 million, to $5.4 million versus the three-month period ended December 31, 2020.During the year ended December 31, 2021, total product sales increased by 25%, or $3.9 million, to $19.2 million versus the year ended December 31, 2020. Management’s Discussion:“A 25% increase in product sales to $19.2 million during 2021 helped us to dramatically improve our bottom-line results, as we increased production output to capture this growth in demand while managing an ongoing backlog of orders,” commented Michael F. Brigham, President and CEO. “During the fourth quarter of 2021, we increased finished goods production output of the First Defense® product line to the annualized rate of approximately $22.9 million, and we have initiated additional investments to increase our production capacity from the annual goal of $23 million for the first phase of our capacity expansion investment to approximately $35 million per year by the end of 2022.” “We recently made our second submission of the last of five significant Technical Sections pertaining to Re-Tain® (specifically the Chemistry, Manufacturing and Controls Technical Section) addressing the comments and queries raised by the FDA in its review of our first submission,” concluded Mr. Brigham. “We are anticipating a response from the FDA in early August, which will determine whether we will be able to commence market launch of Re-Tain® early fourth quarter of 2022.” Other Financial Results: Gross margin earned was 47% and 43% of product sales during the quarters ended December 31, 2021 and 2020, respectively, and 45% of product sales during both of the years ended December 31, 2021 and 2020.Product development expenses were $4.2 million and $4.4 million during the years ended December 31, 2021 and 2020, respectively.Net ope...