ImmuCell settles insurance claim for production losses

PORTLAND, Maine - ImmuCell Corporation (NASDAQ:ICCC), a company focused on animal health with a market capitalization of $44.9 million, announced today that it has reached a settlement for an insurance claim related to production contamination. The settlement amount of $426,587 is in addition to a previously recognized $250,000 payment for financial statement purposes during the third quarter of 2023. According to InvestingPro data, the company maintains a healthy liquidity position with a current ratio of 3.11, indicating strong ability to meet short-term obligations.

The insurance claim was associated with contamination events that affected the company's production from late 2022 through April 2024. These events had been previously disclosed by ImmuCell, which specializes in products that boost the health and productivity of dairy and beef cattle. Despite these challenges, the company has achieved impressive revenue growth of 46.4% over the last twelve months.

In other company news, ImmuCell is preparing to host an earnings conference call on Wednesday, February 26, 2025, at 9:00 AM ET. The call will discuss unaudited financial results for the quarter and year ended December 31, 2024. For deeper insights into ImmuCell's financial health, which InvestingPro rates as GOOD, investors can access comprehensive analysis and additional ProTips through the platform's detailed research reports. Interested parties can join the call, and a replay will be available until March 5, 2025.

Additionally, ImmuCell is set to update its Corporate Presentation slide deck, which provides an overview of the company's operations. This updated presentation will be made available after the market closes on Tuesday, February 25, 2025. The stock has shown strong momentum, currently trading near its 52-week high of $5.82.

ImmuCell is known for its First Defense® product, which offers Immediate Immunity™ to newborn calves, and is developing Re-Tain®, a novel treatment for subclinical mastitis in dairy cows. Re-Tain® aims to provide an alternative to traditional antibiotics without the need for FDA-required milk discard or meat withhold label restrictions.

The information in this article is based on a press release statement from ImmuCell Corporation.

In other recent news, ImmuCell Corporation has been making significant strides in its business operations. The diagnostics company recently announced an executive transition, with the Vice President of Manufacturing Operations, Elizabeth L. Williams, transitioning to a part-time role leading up to her retirement in 2025. This change is part of a larger, undisclosed material definitive agreement.

ImmuCell also reported a recovery in its Q3 2024 financial results, with gross margins improving to 26% and EBITDA turning positive. Sales for the company's First Defense product line showed an increase of 11%, 51%, and 46% for the three, nine, and twelve months ending September 2024, respectively.

The company amended its existing agreement with Norbrook Laboratories Limited, modifying the Development Services and Commercial Supply Agreement initially established in 2019. ImmuCell's Re-Tain submission is currently under review by the FDA, and the company is exploring strategic partnerships to support development expenses.

Lastly, ImmuCell is working on the development of a new bulk feed powder product to reduce costs, demonstrating its commitment to efficient and strategic financial management.

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