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.
https://finance.yahoo.com/news/immucell-announces-preliminary-unaudited-sales-200500306.html
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.