Business
ImmuCell Announces Unaudited Financial Results for the Quarter Ended September 30, 2024
PORTLAND, Maine, Nov. 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, Nov. 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 September 30, 2024. Q3 2024 Highlights: Product sales increased 11% over the comparable quarter in 2023.Product sales increased 51% over the comparable nine-month period in 2023.Product sales increased 46% over the previous trailing twelve-month period ended September 30, 2023. Management’s Discussion:“Our preliminary, unaudited product sales for the third quarter of 2024 were first reported on October 8, 2024,” commented Michael F. Brigham, President and CEO of ImmuCell. “We have no changes to those figures.” “We are excited about our sales growth compared to the prior periods,” continued Mr. Brigham. “We have operated without another contamination event since April of 2024, which leads us to believe that the remediation steps that we have implemented in our production process are keeping the bioburden within specification. Now, we are focused on fixing our process yields to improve our gross margin.” “We have improved our cash position during 2024 pursuant to an at the market offering at the expense of some stockholder ownership dilution,” continued Mr. Brigham. “We think this has been necessary to advance our strategic plan, which includes continuing to provide First Defense® to the market as we stabilize our production systems at a higher output level and revolutionizing the way that subclinical mastitis is treated in today’s dairy market with Re-Tain®, our novel alternative to traditional antibiotics that is in the FDA approval process.” “We continue to work to achieve FDA approval to commercialize Re-Tain®,” concluded Mr. Brigham. “We plan to provide an update when we have filed our Non-Administrative NADA, which will include our fourth submission of the CMC Technical Section, responding to the minor issues from the Incomplete Letter issued in May of 2024, together with All Other Information and Product Labeling. We anticipate making this submission shortly after the inspectional observations at our contract manufacturer are resolved to the satisfaction of t...