Business
ImmuCell Announces Unaudited Financial Results for the Quarter Ended September 30, 2023
PORTLAND, Maine, Nov. 13, 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, Nov. 13, 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 September 30, 2023. Management’s Discussion: “Our unaudited, preliminary product sales for the third quarter of 2023 were first reported on October 5, 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 several contamination events materially impacted performance metrics during the first nine months of the year,” continued Mr. Brigham. “We believe that the operational improvements and controls that we have implemented throughout the production process (from farm to finished goods) will enable us to run more effectively and at a higher output level going forward.” Finished goods produced increased steadily from approximately $3.3 million to $4 million and further to $5.3 million during the first, second and third quarters of 2023, respectively. The Company’s goal is to be able to produce product with an estimated sales value of approximately $6 million per quarter, which would annualize to about 80% of its estimated full production capacity of approximately $30 million. “We are implementing and optimizing recent investments to increase our production capacity and resume full production,” added Mr. Brigham. “Third quarter production was approximately 89% of our quarterly objective.” “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 that is subject to FDA approval,” concluded Mr. Brigham. Certain Financial Results: Product sales increased by 13%, or $600,000, to $5.4 million during the three-month period ended September 30, 2023 compared to $4.8 million during the three-month period ended September 30, 2022.Product sales decreased by 16%, or $2.3 million, to $12.4 million during the nine-month period ended September 30, 2023 compared to $14.7 million during the nine-month period ended September 30, 2022.Product sa...