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 preliminary, unaudited
sales results for the third quarter of 2023, which ended September
30, 2023.
Preliminary, Unaudited Total Sales Results: |
|
2023 |
2022 |
$ Increase ($ Decrease) |
% Increase (% Decrease) |
During the Three-Month Periods Ended September 30, |
$5.40 million |
$4.80 million |
$600,000 |
13% |
|
|
|
|
|
During the Nine-Month Periods Ended September 30, |
$12.38 million |
$14.66 million |
($2.28 million) |
(16%) |
|
|
|
|
|
During the Trailing Twelve-Month Periods Ended September 30, |
$16.29 million |
$20.10 million |
($3.81 million) |
(19%) |
Total sales during the three-month period ended September 30,
2023 were above the comparable period ended September 30, 2022, but
sales during the nine-month and twelve-month periods ended
September 30, 2023 still lagged behind the comparable periods ended
September 30, 2022.
Finished goods produced increased steadily from approximately
$3.3 million to $4 million and further to $5.3 million during the
first, second and third quarters of 2023, respectively. The Company
aims to produce finished goods with an approximate sales value of
$6 million per quarter, as it implements and optimizes recent
investments to increase its production capacity. Third quarter
production was approximately 89% of this objective.
As the work to increase production output to meet demand
continues, the backlog of orders increased to approximately $8.9
million as of September 30, 2023, which is an increase from
approximately $8 million as of June 30, 2023 and a significant
increase from approximately $2.5 million as of December 31,
2022.
“We believe that we are on the right track to increase
production output, but we still have more work to do to catch up to
product demand,” commented Michael F. Brigham, President and CEO of
ImmuCell. “Due to a six-month delay by a key equipment fabricator,
we were not able to benefit from all the new equipment
installations and facility expansions needed to increase our
production output until the beginning of this year. However, before
we could benefit from this increased capacity, we incurred a
contamination event in our production process that forced a
slowdown in production to remediate. We now anticipate that we are
in a good position to move past the contamination events that
plagued us during the first part of the year and put implementation
of our plan to rebuild for growth back on track, as indicated by
the growth in both production and sales during the three-month
period ended September 30, 2023.”
“In addition, we continue to work to achieve FDA approval to
commercialize Re-Tain®,” Mr. Brigham concluded.
“We made our third submission of the CMC Technical Section in
August, which is subject to a six-month review by the FDA.”
Since the first quarter of 2020, the Company has been providing
a preliminary look at its top line results soon after the close of
the quarter. The Company expects to provide this prompt,
preliminary report on product sales until further notice going
forward.
Conference Call:The Company will host a
conference call on Tuesday, November 14, 2023 at 9:00 AM ET to
discuss the full financial results for the quarter ended September
30, 2023. Interested parties can access the conference call by
dialing (844) 855-9502 (toll free) or (412) 317-5499
(international) at 9:00 AM ET. A teleconference replay of the call
will be available until November 21, 2023 at (877) 344-7529 (toll
free) or (412) 317-0088 (international), utilizing replay access
code #5077962. Investors are encouraged to review the Company’s
updated Corporate Presentation slide deck that provides an overview
of the Company’s business and is available under the “Investors”
tab of the Company’s website at www.immucell.com, or by request to
the Company.
About ImmuCell:ImmuCell Corporation's
(Nasdaq: ICCC) purpose is to create scientifically
proven and practical products that improve the health and
productivity of dairy and beef cattle. ImmuCell manufactures
and markets First Defense®, providing
Immediate Immunity™ to newborn dairy and beef
calves, and is in the late stages of developing
Re-Tain®, a novel treatment for
subclinical mastitis in dairy cows without a milk discard
requirement that provides an alternative to traditional
antibiotics. Press releases and other information about the Company
are available at: http://www.immucell.com.
Contacts: |
Michael F.
Brigham, President and CEO |
|
ImmuCell Corporation |
|
(207) 878-2770 |
|
|
|
Joe Diaz, Robert Blum and Joe Dorame |
|
Lytham Partners, LLC |
|
(602) 889-9700 |
|
iccc@lythampartners.com |
Cautionary Note Regarding Forward-Looking Statements
(Safe Harbor
Statement):
This Press Release and the statements to be made in the related
earnings conference call referenced herein contain “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, as amended. Forward-looking statements can be
identified by the fact that they do not relate strictly to
historical or current facts and will often include words such as
“expects”, “may”, “anticipates”, “aims”, “intends”, “would”,
“could”, “should”, “will”, “plans”, “believes”, “estimates”,
“targets”, “projects”, “forecasts”, “seeks” and similar words and
expressions. Such statements include, but are not limited to, any
forward-looking statements relating to: our plans and strategies
for our business; projections of future financial or operational
performance; the timing and outcome of pending or anticipated
applications for regulatory approvals; future demand for our
products; the scope and timing of ongoing and future product
development work and commercialization of our products; future
costs of product development efforts; the expected efficacy of new
products; estimates about the market size for our products; future
market share of and revenue generated by current products and
products still in development; our ability to increase production
output and reduce costs of goods sold per unit; the adequacy of our
own manufacturing facilities or those of third parties with which
we have contractual relationships to meet demand for our products
on a timely basis; the impacts of backlogs on customer
relationships; the effectiveness of our contamination remediation
efforts; the likelihood, severity or adverse impact of future
contamination events impacting our production process; the
anticipated costs of (or time to complete) planned expansions of
our manufacturing facilities and the adequacy of our funds
available for these projects; the robustness of our manufacturing
processes and related technical issues; estimates about our
production capacity, efficiency and yield; future regulatory
requirements relating to our products; the efficacy of our
investments in our business; anticipated changes in our
manufacturing capabilities and efficiencies; our effectiveness in
competing against competitors within both our existing and our
anticipated product markets; and any other statements that are not
historical facts. These statements are intended to provide
management's current expectation of future events as of the date of
this earnings release, are based on management's estimates,
projections, beliefs and assumptions as of the date hereof; and are
not guarantees of future performance. Such statements involve known
and unknown risks and uncertainties that may cause the Company's
actual results, financial or operational performance or
achievements to be materially different from those expressed or
implied by these forward-looking statements, including, but not
limited to, those risks and uncertainties relating to: difficulties
or delays in development, testing, regulatory approval, production
and marketing of our products (including the First
Defense® product line and
Re-Tain®), competition within our
anticipated product markets, customer acceptance of our new and
existing products, product performance, alignment between our
manufacturing resources and product demand (including the
consequences of backlogs), uncertainty associated with the timing
and volume of customer orders as we come out of a prolonged
backlog, adverse impacts of supply chain disruptions on our
operations and customer and supplier relationships, commercial and
operational risks relating to our current and planned expansion of
production capacity, and other risks and uncertainties detailed
from time to time in filings we make with the Securities and
Exchange Commission (SEC), including our Quarterly Reports on Form
10-Q, our Annual Reports on Form 10-K and our Current Reports on
Form 8-K. Such statements involve risks and uncertainties and are
based on our current expectations, but actual results may differ
materially due to various factors. In addition, there can be no
assurance that future risks, uncertainties or developments
affecting us will be those that we anticipate. We undertake no
obligation to update any forward-looking statement, whether written
or oral, that may be made from time to time, whether as a result of
new information, future developments or otherwise.
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