Business
ImmuCell Announces Unaudited Financial Results for the Year Ended December 31, 2019
PORTLAND, Maine, Feb. 18, 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, Feb. 18, 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 cattle, today announced unaudited financial results for the year ended December 31, 2019.\n Product Sales Results: Total product sales increased by $2,737,000, or 25%, to $13,723,000 during the year ended December 31, 2019 versus the year ended December 31, 2018. Total product sales increased by $1,512,000, or 30%, to $6,602,000 during the six-month period ended December 31, 2019 versus the comparable period during 2018.Total product sales increased by $695,000, or 24%, to $3,632,000 during the quarter ended December 31, 2019 versus the comparable period during 2018. Sales of the First Defense® product line increased by 24% during the year and quarter ended December 31, 2019 versus the comparable periods during 2018. Management’s Discussion:“We believe dairy and beef producers are increasingly coming to understand our value proposition of less needles in cows and less antibiotics in calves,” commented Michael F. Brigham, President and CEO. “We are the only veterinary biologic line offering measured levels of antibody-driven immunity against bacterial and viral scours providing Immediate Immunity™ to newborn dairy and beef calves against the three most prevalent pathogens – E. coli, coronavirus and rotavirus.” “To meet growing demand, construction of our expanded manufacturing facility to increase production capacity for the First Defense® product line is well under way,” Mr. Brigham added. “We expect to substantially complete this work on schedule around the end of the upcoming second quarter increasing our annual production capacity from approximately $18 million to approximately $27 million.” “During the third quarter of 2019, the FDA conducted a pre-approval inspection of our Re-Tain™ Drug Substance manufacturing facility,” Mr. Brigham continued. “We have responded to the FDA’s findings without significant cost or any delay to the timeline to product approval.” Other Financial Results: Gross margin earned was 49% and 47% of product sales during the years ended December 31, 2019 and 2018, respectively.Product development expenses were $3,...