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ImmuCell Announces Unaudited Financial Results for the Quarter Ended June 30, 2023
PORTLAND, Maine, Aug. 10, 2023 (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. 10, 2023 (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, 2023. Management’s Discussion: “Our unaudited, preliminary product sales were first reported on July 11, 2023,” commented Michael F. Brigham, President and CEO of ImmuCell. “We have no changes to those figures.” “The production slowdown that was necessary to remediate a production contamination event materially hurt performance during the first half of the year,” continued Mr. Brigham. “We believe that the operational improvements we have implemented throughout the production process as part of this remediation will help us run more effectively at a higher output level going forward.” The Company is being driven by data as it resolves its temporary production problem. Product is tested at the beginning, middle and end of the production process. During the trailing four-month period ended August 4, 2023, all three quality control tests have met standards 100% of the time. This improvement from the depth of the contamination problem in January is allowing the Company to come back into full production. “As we recover and resume full production, our goal is to be able to produce approximately $6 million worth of product per quarter, which would annualize to about 80% of our estimated full production capacity of approximately $30 million annually,” added Mr. Brigham. “At the same time, we remain poised and excited to revolutionize the way that subclinical mastitis is treated in today’s dairy market with Re-Tain®, a novel alternative to traditional antibiotics,” concluded Mr. Brigham. “We are preparing to make our third submission of the CMC Technical Section to the FDA for review shortly, which is a critical milestone in our efforts to commercialize this product.” Certain Financial Results: Product sales decreased by 9%, or $329,000, to $3.5 million during the three-month period ended June 30, 2023 compared to $3.9 million during the three-month period ended June 30, 2022.Product sales decreased by 29%, or $2.9 million, to $7.0 million during the six-month per...