Business
ImmuCell Announces Unaudited Financial Results for the Quarter Ended June 30, 2024
PORTLAND, Maine, Aug. 13, 2024 (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. 13, 2024 (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, 2024. Q2 2024 Highlights: Product sales increased 55% versus the comparable quarter in 2023.Product sales increased 82% versus the comparable six-month period in 2023.Product sales increased 48% from the previous trailing twelve-month period ended June 30, 2023. Management’s Discussion:“Our preliminary, unaudited product sales for the second quarter of 2024 were first reported on July 9, 2024,” commented Michael F. Brigham, President and CEO of ImmuCell. “We have no changes to those figures.” After a slowdown during 2023 that was necessary to remediate certain production contamination events, the Company’s objective is to produce finished goods with an approximate sales value of $12 million or more every six months, which would annualize to about 80% or more of its estimated full production capacity of approximately $30 million. The actual value of the Company’s production capacity varies based on biological and process yields, product format mix, selling price and other factors. During the six-month period ended June 30, 2024, finished goods production was approximately $12.7 million, which would annualize to approximately $25.4 million (or approximately 85% of $30 million). “As reflected in our top-line sales growth, we have largely achieved our current production capacity expansion goals, but this has come with some contamination and yield losses that have resulted in very low gross margin,” continued Mr. Brigham. “We believe that we have implemented remediation steps that will keep the bioburden within specification, and we have several important initiatives underway to improve yield over the coming quarters.” The backlog of orders was worth approximately $7.9 million as of August 6, 2024, which is a decrease from approximately $9.4 million as of December 31, 2023 but still a large increase from approximately $2.5 million as of December 31, 2022. Certain Financial Results: Product sales increased by 55%, or $1.9 million, to $5.5 million during the thr...