Business
ImmuCell Announces Unaudited Financial Results for the Second Quarter Ended June 30, 2020
PORTLAND, Maine, Aug. 12, 2020 (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. 12, 2020 (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 calves, today announced unaudited financial results for the quarter ended June 30, 2020.\n Product Sales Results: Total product sales increased by 9%, or $256,000, to $3 million during the three-month period ended June 30, 2020 versus the comparable period during 2019.Total product sales increased by 11%, or $756,000, to $7.9 million during the six-month period ended June 30, 2020 versus the comparable period during 2019. Excluding non-animal health sales (which product has since been divested) from the 2019 results, the increase in total animal health sales during the current period was 13%. Total product sales increased by 19%, or $2.3 million, to $14.5 million during the trailing twelve-month period ended June 30, 2020 versus the trailing twelve-month period ended June 30, 2019. Excluding non-animal health sales (which product has since been divested) from the results during the trailing twelve-month period ended June 30, 2019, the increase in total animal health sales during the current period was 20%. Management’s Discussion:“The COVID-19 pandemic has changed the way we operate, but our dedicated team has been flexible and creative pushing First Defense® production during these extremely difficult times and challenging work conditions,” commented Michael F. Brigham, President and CEO. “We reduced the backlog of orders to approximately $945,000 as of June 30, 2020 from approximately $1.4 million as of March 31, 2020. The investment to increase our First Defense® production capacity remains on budget and close to on-time completion, despite COVID-19 related challenges.” “As indicated by the continued top line growth, our sales team has been able to pivot to stay safe and be successful despite COVID-19’s impact on how we work,” added Mr. Brigham. “Our first production priority is Tri-Shield First Defense® because our growth is being driven by this product format, which provides antibodies without vaccination so every calf receives a measured dose of Immediate Immunity™ against all three of the primary scour-causing pathogens, E. coli, cor...