Business
ImmuCell Announces Unaudited Financial Results for the Quarter Ended June 30, 2022
PORTLAND, Maine, Aug. 11, 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, Aug. 11, 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 ended June 30, 2022. Unaudited Total Sales Results: 2022 2021 ($ Decrease)$ Increase (% Decrease)% IncreaseDuring the Three-Month PeriodsEnded June 30,$3.9 million $4.5 million ($680,000) (15%) During the Six-Month PeriodsEnded June 30,$9.9 million $8.6 million $1.2 million 14% During the Twelve-Month PeriodsEnded June 30,$20.5 million $16.1 million $4.3 million 27% Management’s Discussion:“A material disruption in the supply of needed plastic syringes used in our gel product format limited our production and sales during the quarter,” commented Michael F. Brigham, President and CEO of ImmuCell. “If not for this supply disruption that we are working to resolve during the third quarter, sales would have been flat for the quarter and up approximately 22% for the six-month period and up approximately 31% for the trailing twelve-month period, compared to the prior year.” “We recently received a Technical Section Incomplete Letter from the FDA with regards to our second full submission of the CMC Technical Section, approval of which is required to market Re-Tain®. The principal issue remaining is a successful pre-approval re-inspection of our manufacturing facility. The other six comments from the FDA are not related to the safety or efficacy of the product. This clarifies the required path to product approval. We are working to make our third submission during the third quarter, which would be subject to a six-month review by the FDA,” concluded Mr. Brigham. “We remain poised and excited to revolutionize the way that subclinical mastitis is treated. Mastitis is a disease that causes about $2 billion in economic harm to the dairy industry per year.” Other Financial Results: Gross margin earned was 44% and 46% of product sales during the quarters ended June 30, 2022 and 2021, respectively, and 49% and 43% of product sales during the six-month periods ended June 30, 2022 and 2021, respectively, and 48% and 44% of product sales during the trailing twelve-month periods ended Jun...