ImmuCell Announces Preliminary, Unaudited Sales Results for Q2 2023
11 Luglio 2023 - 10:05PM
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 second quarter of 2023, which ended June 30,
2023.
Preliminary, Unaudited Total Sales Results: |
|
2023 |
2022 |
($ Decrease) |
(% Decrease) |
During the Three-Month Periods Ended June 30, |
$3.53 million |
$3.86 million |
($328,000 |
) |
(9 |
%) |
|
|
|
|
|
During the Six-Month Periods Ended June 30, |
$6.98 million |
$9.86 million |
($2.88 million |
) |
(29 |
%) |
|
|
|
|
|
During the Twelve-Month Periods Ended June 30, |
$15.69 million |
$20.46 million |
($4.77 million |
) |
(23 |
%) |
Sales during the three, six and twelve-month periods ended June
30, 2023 were below the comparable periods ended June 30, 2022 in
large part because of the previously disclosed production slowdown
implemented during the first quarter of 2023 to remediate
contamination events impacting the Company’s manufacturing process.
Second quarter sales increased modestly over the $3.45 million of
sales recorded during the first quarter of 2023. Second quarter of
2023 sales could have increased by more but narrowly missed
benefiting from approximately $543,000 worth of finished goods
inventory (valued at approximate sales value) that did not ship
until the beginning of July due to cold chain shipping requirements
and the July 4th holiday schedule. As of June 30, 2023, the backlog
of orders was equal to approximately $8 million, representing a
significant increase from approximately $2.5 million as of December
31, 2022.
During the four-month period ended June 22, 2023, the standard
quality control test of incoming milk batches met specifications
approximately 95% of the time, while approximately 2.5% failed with
the balance currently pending final testing and disposition. The
two subsequent standard quality control tests at the middle and end
of the production process have continued to be within specification
100% of the time.
“This data supports our belief that our remediation efforts have
been successful and gives us confidence as we return to full
production,” commented Michael F. Brigham, President and CEO of
ImmuCell. “For the month of June 2023 alone, production output -
which includes the approximate sales value of about $543,000 worth
of finished goods inventory that did not ship until the beginning
of July 2023 - increased to approximately $1.91 million in
comparison to the monthly average of approximately $1.08 million
during the first five months of the year. We believe that this is a
positive indicator for the second half of 2023.”
“In addition, we continue to work to achieve FDA approval to
commercialize Re-Tain®,” Mr. Brigham concluded.
“As disclosed on June 28, 2023, we expect to make our third
submission of the CMC Technical Section by the end of July 2023.
When made, this submission will be subject to a six-month review by
the FDA.”
Conference Call: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. The Company will host a
conference call on Friday, August 11, 2023 at 9:00 AM ET to discuss
the full financial results for the quarter ended June 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
August 19, 2023 at (877) 344-7529 (toll free) or (412) 317-0088
(international), utilizing replay access code #5465238. 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 CEOImmuCell 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 efficacy or timeline to complete 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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