Business
ImmuCell Announces Unaudited Financial Results for the Quarter Ended March 31, 2024
PORTLAND, Maine, May 14, 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, May 14, 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 March 31, 2024. Management’s Discussion:“Our preliminary, unaudited product sales for the first quarter of 2024 were first reported on April 9, 2024,” commented Michael F. Brigham, President and CEO of ImmuCell. “We have no changes to those figures.” Total sales during the three-month period ended March 31, 2024 were 111% above the comparable period ended March 31, 2023. Total sales during the trailing twelve-month period ended March 31, 2024 were 33% above the comparable period ended March 31, 2023. The $7.3 million in sales recorded during the first quarter of 2024 represents an all-time quarterly sales record for the Company. The next highest quarter was $6 million recorded during the first quarter of 2022. After a slowdown during 2023 that was necessary to remediate certain production contamination events, finished goods produced increased steadily from approximately $3.3 million to $4 million during the first and second quarters of 2023, respectively, and then further to the average of $5.2 million per quarter during the six-month period ended December 31, 2023. The Company’s objective is to produce finished goods with an approximate sales value of $6 million or more per quarter, 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. “By implementing and optimizing a multi-year investment to increase our production capacity, we achieved $7.2 million of production during the first quarter of 2024, which annualizes to $28.7 million, or about 96% of our $30 million full capacity estimate,” continued Mr. Brigham. As the work to increase production output to meet demand continues, the backlog of orders was worth approximately $9.1 million as of March 31, 2024, which is a small decrease from approximately $9.4 million as of December 31, 2023 but still a la...