Business
ImmuCell Announces Unaudited Financial Results for the Third Quarter Ended September 30, 2021
Q3 2021 Net Income of $148,000 versus Q3 2020 Net Loss of ($323,000) PORTLAND, Maine, Nov. 15, 2021 (GLOBE NEWSWIRE) -- ImmuCell Corporation (Nasdaq: ICCC)
About this update from Immucell Corporation
[{"type":"text","content":"Q3 2021 Net Income of $148,000 versus Q3 2020 Net Loss of ($323,000)\nPORTLAND, Maine, Nov. 15, 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 third quarter and the nine-month period ended September 30, 2021. Product Sales Results: During the three-month period ended September 30, 2021, total product sales increased by 38%, or $1.4 million, to $5.2 million versus the three-month period ended September 30, 2020.During the nine-month period ended September 30, 2021, total product sales increased by 19%, or $2.2 million, to $13.8 million versus the nine-month period ended September 30, 2020. Management’s Discussion:“A 38% increase in product sales to $5.2 million during the third quarter of 2021 helped us record net income of $148,000 in contrast to a net loss of ($323,000) during the third quarter of 2020,” commented Michael F. Brigham, President and CEO. “We are delivering both increased product sales and increased production output,” added Mr. Brigham. “We were able to increase production output of the First Defense® product line to the annualized rate of approximately $20.1 million and record a gross margin as a percentage of product sales of 47% during the third quarter of 2021.” “We are on plan to make a second submission of the last of five significant Technical Section submissions pertaining to Re-Tain® to the FDA before year end,” concluded Mr. Brigham. “The response from the FDA after their six-month review will determine whether we will be able to commence an initial, limited market launch of Re-Tain® at the end of the third quarter of 2022.” Other Financial Results: Gross margin earned was 47% and 46% of product sales during the quarters ended September 30, 2021 and 2020, respectively, and 44% and 45% of product sales during the nine-month periods ended September 30, 2021 and 2020, respectively.Product development expenses were $1 million and $1.1 million during the quarters ended September 30, 2021 and 2020, respectively, and $3.1 million and $3.2 million during the nine-month periods ended September 30, 2021 and 2020, respectively.Net inc...