ImmuCell reports 11% sales boost in third quarter

PORTLAND, Maine - ImmuCell Corporation (NASDAQ:ICCC), a company focused on improving the health and productivity of dairy and beef cattle, has announced preliminary, unaudited sales results for the third quarter of 2024, which ended on September 30. The company reported an 11% increase in sales for the three-month period, with revenues rising from $5.4 million in 2023 to $6.0 million in 2024.

The growth trend extended to the nine- and twelve-month periods ended September 30, with sales climbing 51% and 46% respectively, compared to the same periods last year. ImmuCell's nine-month sales reached $18.7 million, up from $12.4 million, while the twelve-month figures rose from $16.3 million to $23.8 million.

ImmuCell's production output for the three-, nine-, and twelve-month periods was approximately 73%, 81%, and 77% of its estimated full capacity of about $30 million per year. As of the end of the third quarter, the company had a backlog of orders totaling roughly $7.3 million. This backlog is believed to reflect strong demand from distributors replenishing stocks and end-users placing advance orders for the upcoming first quarter calving season.

Additionally, ImmuCell is progressing towards the FDA approval of Re-Tain®, a novel treatment for subclinical mastitis in dairy cows. The company plans to update on their submission to the FDA later this year, following the resolution of inspectional observations at their contract manufacturer.

A conference call to discuss these financial results is scheduled for Thursday, November 14, 2024, at 9:00 AM ET. Interested parties can join the call, and a replay will be available until November 21, 2024.

This financial update is based on a press release statement from ImmuCell Corporation.

In other recent news, ImmuCell Corporation has reported significant sales growth for the second quarter of 2024, despite experiencing operational difficulties. The company has been grappling with product contamination events and equipment breakdowns, which have impacted its gross margin. Despite these challenges, ImmuCell has improved its operational efficiency and is nearing the final regulatory steps for its new product, Re-Tain.

Moreover, ImmuCell has amended the lease for its Portland, Maine facility and updated its by-laws, reflecting recent changes in the Delaware General Corporation Law. The company's EBITDA has also seen a significant improvement, moving from negative $2.2 million in H1 2023 to negative $340,000 in H1 2024.

In personnel changes, Dr. Joe Crabb has retired but will continue as a consultant, with Dr. John Zinckgraf now overseeing the Re-Tain project. As these recent developments unfold, ImmuCell continues to focus on improving operational efficiency, managing inflationary pressures, and finalizing the regulatory steps for Re-Tain. The company's next earnings call is scheduled for November 11, 2024.

InvestingPro Insights

ImmuCell Corporation's recent financial performance aligns with the data provided by InvestingPro. The company's revenue growth of 48.05% over the last twelve months and an impressive 54.92% quarterly growth rate in Q2 2024 reflect the strong sales increases reported in the article for the three-, nine-, and twelve-month periods.

Despite the positive revenue trajectory, InvestingPro data reveals that ImmuCell is not currently profitable, with a negative operating income of $3.35 million over the last twelve months. This suggests that while the company is experiencing robust sales growth, it's still working towards achieving profitability.

An InvestingPro Tip highlights that ImmuCell's liquid assets exceed its short-term obligations, indicating a solid financial position to support its ongoing operations and potential FDA approval for Re-Tain®. This liquidity could be crucial as the company continues to invest in growth and regulatory processes.

It's worth noting that ImmuCell does not pay a dividend to shareholders, which is common for growth-focused companies reinvesting in their operations. The company's market capitalization of $29.06 million and a price-to-book ratio of 1.22 provide additional context for investors evaluating the stock's valuation in light of its growth prospects.

For readers interested in a more comprehensive analysis, InvestingPro offers 13 additional tips for ImmuCell Corporation, providing deeper insights into the company's financial health and market position.

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