ImmuCell reports robust sales growth in Q2 2024

PORTLAND, Maine - ImmuCell Corporation (NASDAQ:ICCC), a company dedicated to improving the health and productivity of dairy and beef cattle, today reported a significant increase in its sales for the second quarter of 2024.

According to the preliminary, unaudited results, the company witnessed a 55% surge in sales during the three-month period ending June 30, 2024, reaching $5.47 million, up from $3.53 million in the corresponding period the previous year.

The six-month period ending June 30, 2024, also reflected a substantial growth of 82%, with sales climbing to $12.73 million from $6.98 million in 2023. Over the twelve-month period, sales grew by 48%, amounting to $23.22 million compared to $15.69 million the year before.

ImmuCell's President and CEO, Michael F. Brigham, expressed optimism about the company's performance, noting that production output for the three-, six-, and twelve-month periods stood at approximately 74%, 85%, and 77%, respectively, of the company's full capacity, which is estimated at $30 million per year.

With a backlog of orders totaling around $8.93 million as of June 30, 2024, the company aims to push production aggressively in the second half of the year to meet an additional $14 million worth of product demand, potentially achieving 90% of its full capacity for the year.

The company is also in the process of seeking FDA approval for Re-Tain®, a novel treatment for subclinical mastitis in dairy cows. ImmuCell plans to update on the progress of its fourth submission of the CMC Technical Section once the inspectional observations at their contract manufacturer are resolved to the satisfaction of the FDA.

Investors are expected to gain further insights into ImmuCell's financial results during a conference call scheduled for Wednesday, August 14, 2024. The call will discuss the unaudited financial results for the quarter ended June 30, 2024, and an updated version of the company’s corporate presentation will be made available on August 13, 2024.

This summary is based on a press release statement from ImmuCell Corporation and contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially due to various factors, and the company does not undertake any obligation to update forward-looking statements.

In other recent news, ImmuCell Corporation has made notable strides in its operations. The company has reported a substantial 111% growth in product sales, with sales rising to $7.2 million in the first quarter of 2024, a significant boost attributed to an increase in production capacity. Despite this sales growth, ImmuCell's gross margin improved to 32%, which is still below their target of 45%.

The company's EBITDA turned positive at $377,000, marking a significant improvement from the negative $1.6 million recorded in the same quarter of the previous year. ImmuCell is also advancing with the FDA regulatory process for its new product, Re-Tain®, aimed at improving the health of dairy and beef cattle. The FDA has recently deemed ImmuCell's inspectional status as acceptable, and the company is hopeful for a shorter review period for its New Animal Drug Application (NADA) process.

These are recent developments for ImmuCell, which continues to focus on its key product, First Defense, aimed at treating subclinical mastitis in dairy cows. The company remains focused on improving gross margin dollars and is working on increasing production volume and controlling the process.

Investors will be keenly watching the company's next earnings call scheduled for August, which will review the second-quarter results and provide further insights into ImmuCell's progress and strategies.

InvestingPro Insights

In light of ImmuCell Corporation's (NASDAQ:ICCC) reported sales surge, a glance at the company's financial health through InvestingPro's lens offers additional insights. ImmuCell's robust sales growth is mirrored by its impressive Revenue Growth of 32.89% over the last twelve months as of Q1 2024. This figure is further accentuated by a staggering quarterly revenue growth of 110.58% in Q1 2024. These metrics underscore the company's capacity to expand its top-line at an accelerating pace.

However, the company's growth story is not without its challenges. ImmuCell has been trading near its 52-week low, which may signal a potential undervaluation or market skepticism about future prospects. Additionally, the Price / Book ratio as of Q1 2024 stands at 1.34, suggesting that the company's stock is trading at a relatively moderate valuation in comparison to its book value.

On the operational front, ImmuCell's focus on ramping up production to meet demand aligns with its liquid assets surpassing short-term obligations, an InvestingPro Tip that indicates a strong short-term financial position. However, investors should note that ImmuCell has not been profitable over the last twelve months, and does not pay a dividend, reflecting a reinvestment strategy back into the company's growth initiatives.

To gain deeper insights into ImmuCell Corporation's financials and for additional InvestingPro Tips, interested readers can explore further at: https://www.investing.com/pro/ICCC. There are 3 more tips available, which could be particularly valuable for those considering an investment. Moreover, by using the coupon code PRONEWS24, users can get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, offering an opportunity to access premium financial insights at a discounted rate.

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