Business
ImmuCell Announces Unaudited Financial Results for the Quarter Ended March 31, 2022
Q1 2022 Product Sales Increased 46% over Q1 2021 PORTLAND, Maine, May 12, 2022 (GLOBE NEWSWIRE) -- ImmuCell Corporation (Nasdaq: ICCC) (“ImmuCell” or the
About this update from Immucell Corporation
[{"type":"text","content":"Q1 2022 Product Sales Increased 46% over Q1 2021\nPORTLAND, Maine, May 12, 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 March 31, 2022. Unaudited Total Sales Results: 2022 2021 $ Increase % IncreaseDuring the Quarters Ended March 31,$6.0 million* $4.1 million $1.9 million 46% During the Twelve-Month Periods Ended March 31,$21.1 million $14.5 million $6.6 million 45% *Represents a record high level of sales for any quarter. Management’s Discussion:“A 46% increase in product sales to $6 million during the first quarter of 2022 helped us dramatically improve our cash flows and bottom-line results versus the comparable quarter last year. We continue to expand our production output to capture the acceleration in demand while managing an ongoing backlog of orders,” commented Michael F. Brigham, President and CEO. “During the first quarter of 2022, we increased finished goods production output of the First Defense® product line to the annualized rate of approximately $23.8 million, exceeding our annual goal of $23 million, and we are working to complete additional investments to increase our annual production capacity to approximately $35 million by the end of this year.” “We are anticipating a response from the FDA during the third quarter of 2022 to our second submission of the last of five significant Technical Sections pertaining to Re-Tain® (specifically the Chemistry, Manufacturing and Controls Technical Section) to complete our New Animal Drug Application. This response will determine whether we will be able to commence market launch early in the fourth quarter of 2022,” concluded Mr. Brigham. “At the same time, we are responding to the observations from a recent pre-approval inspection by the FDA.” Other Financial Results: Gross margin earned was 52% and 39% of product sales during the quarters ended March 31, 2022 and 2021, respectively, and 49.5% of product sales during the six-month period ended March 31, 2022 and 48% of product sales during the twelve-month period ended March 31, 2022.Product development expenses were level at j...