Business
ImmuCell Announces Unaudited Financial Results for the Year Ended December 31, 2022
PORTLAND, Maine, Feb. 21, 2023 (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. 21, 2023 (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 year ended December 31, 2022. Management’s Discussion:“Our unaudited, preliminary product sales were first reported on January 9, 2023,” commented Michael F. Brigham, President and CEO of ImmuCell. “We have no changes to those figures.” “Unfortunately, we are experiencing a second contamination event in our production process,” continued Mr. Brigham. “Our entire manufacturing team, along with technical support from experienced members of our sales team, are fully engaged in the remediation of this problem.” In 2018, it became clear that demand for Tri-Shield First Defense® was outpacing production. Despite growing sales, the Company saw backlogs of approximately $1.8 million, $2.4 million and $2.5 million as of December 31, 2020, 2021 and 2022, respectively. In response to this increasing demand, the Company began a series of investments during 2019 to increase its production capacity to over $30 million per year. The necessary facility expansions and new equipment to increase production capacity were in place by the end of 2022. As this increased production capacity was coming online, a product contamination event was detected by standard in-process quality control testing around the end of the third quarter of 2022. Immediate steps to address the contamination were taken, and production ran without issue during the balance of the fourth quarter of 2022. During the first quarter of 2023, a second contamination event was detected, also by standard in-process quality control testing. This is resulting in a slowdown of production output as necessary steps are taken to assess and remediate the issues and ensure that any product that is put to market meets all quality standards. The Company believes that the ongoing implementation of its capacity expansion plans and the corrective actions being taken in response to these contamination events should allow for operations at the higher level of production output going forward without further significant contaminations. This slowdown i...