Business
ImmuCell Announces Unaudited Financial Results for the Second Quarter Ended June 30, 2021
Bottom Line: Q2 2021 Net Income of $141,000 versus Q2 2020 Net Loss of ($766,000) PORTLAND, Maine, Aug. 12, 2021 (GLOBE NEWSWIRE) -- ImmuCell Corporation
About this update from Immucell Corporation
[{"type":"text","content":"Bottom Line: Q2 2021 Net Income of $141,000 versus Q2 2020 Net Loss of ($766,000)\nPORTLAND, Maine, Aug. 12, 2021 (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 June 30, 2021. Product Sales Results: During the three-month period ended June 30, 2021, total product sales increased by 53%, or $1.6 million, to $4.5 million versus the three-month period ended June 30, 2020.During the six-month period ended June 30, 2021, total product sales increased by 10%, or $773,000, to $8.6 million versus the six-month period ended June 30, 2020.During the twelve-month period ended June 30, 2021, total product sales increased by 11%, or $1.6 million, to $16.1 million versus the twelve-month period ended June 30, 2020. Management’s Discussion:“A 53% increase in product sales to $4.5 million during the second quarter of 2021 helped us record net income of $141,000 in contrast to a net loss of ($766,000) during the second quarter of 2020,” commented Michael F. Brigham, President and CEO. “We reduced the backlog of First Defense® orders by $1.1 million during the quarter to $1.9 million as of June 30, 2021. As of the week ended August 6, 2021, we had reduced this backlog further to under $1.3 million.” “We have experienced manufacturer-related delays with the installation of the last two pieces of equipment needed to meet our June 30 target for completion of the investment to increase our annual production capacity for the First Defense® product line from approximately $16.5 million to approximately $23 million,” Mr. Brigham added. “The installation of one piece was completed in July, and we are working around the unavailability of the other, implementation of which has been delayed into the fourth quarter. Most importantly, we were able to increase production output to the annualized rate of approximately $18.2 million and record a gross margin as a percentage of product sales of 46% during the second quarter of 2021.” “Later this quarter, we expect to issue a press release discussing the FDA’s response to our last of five significant Technical Section submiss...