ImmuCell Announces Preliminary, Unaudited Sales Results for Q1 2024
- Record-breaking total product sales of $7.3 million for the first quarter of 2024.
- Total sales for the twelve-month period ended March 31, 2024, were $21.3 million, a 33% increase from the previous year.
- Backlog of orders worth approximately $9.1 million as of March 31, 2024, showcasing increased demand.
- Awaiting FDA approval to commercialize Re-Tain® with an expected response by May 2024.
- None.
ImmuCell Corporation's reported increase in total sales for the first quarter of 2024 by 111% compared to the same period in the previous year signals a remarkable growth trajectory. This performance is especially notable given the 42% increase from the preceding quarter, showing a strong upward trend in sales momentum. The company's ability to set a new all-time quarterly sales record indicates effective market penetration and demand fulfillment for its animal health products. Investors should consider the sustainability of this growth, particularly in relation to the company's production capacity and supply chain efficiency, as indicated by the backlog of orders.
Moreover, the slight decrease in order backlog from December 2023 to March 2024, though still substantially higher year over year, may suggest that the company is beginning to catch up with demand or experiencing a normalization in order flow. This could be a positive sign of operational improvements but warrants monitoring to see if it reflects a peak in demand. The pending FDA approval for Re-Tain® represents a potential catalyst for future growth and market expansion, which could further impact the company's financial position and stock valuation.
The animal health industry is a niche but growing segment of the pharmaceutical market and ImmuCell's performance can be a valuable indicator of the sector's overall health. The company's record sales figures suggest a robust demand for products that improve the health and productivity of dairy and beef cattle. This demand could be driven by various factors, including increased awareness of animal health, regulatory changes and a growing global need for protein sources.
Investors should note the competitive landscape and potential market share gains by ImmuCell, as well as the impact of global economic conditions on the agriculture sector. The company's focus on practical and scientifically proven products may resonate well with customers prioritizing efficiency and effectiveness in livestock management. The anticipated FDA approval of Re-Tain® could provide a significant competitive advantage and open new revenue streams, further solidifying ImmuCell's market position.
ImmuCell's preliminary sales results reflect the importance of innovation in the veterinary pharmaceuticals sector. With the company's emphasis on practical solutions for cattle health, it addresses key challenges faced by dairy and beef producers, such as disease prevention and productivity enhancement. The substantial increase in sales and the large backlog of orders underscore the market's recognition of the value these products bring to the livestock industry.
Understanding the technical aspects of products like Re-Tain® and their impact on animal health is important for evaluating the company's potential market impact following FDA approval. If Re-Tain® offers a novel approach or significant improvements over existing treatments, it could disrupt the market and drive further sales growth for ImmuCell. The long-term implications for the company hinge on continued product innovation, addressing emerging animal health concerns and maintaining a strong pipeline to meet the evolving needs of the agriculture sector.
PORTLAND, Maine, April 09, 2024 (GLOBE NEWSWIRE) -- 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 first quarter of 2024, which ended March 31, 2024.
| Preliminary, Unaudited Total Sales Results: | |||||
| 2024 | 2023 | $ Increase | % Increase | ||
| During the Three-Month Periods Ended March 31, | 111 | % | |||
| During the Twelve-Month Periods Ended March 31, | 33 | % | |||
Total sales during the three-month period ended March 31, 2024 were
“The
As the work to increase production output to meet demand continues, the backlog of orders was worth approximately
“In addition, we continue to work to achieve FDA approval to commercialize Re-Tain®,” Mr. Brigham concluded. “We expect a response from the FDA to our third submission of the CMC Technical Section no later than May 2024.”
Since the first quarter of 2020, the Company has been providing a preliminary look at its unaudited 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.
Conference Call:
The Company is planning to host a conference call on Friday, May 10, 2024 at 9:00 AM ET to discuss the unaudited financial results for the quarter ended March 31, 2024. 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 May 17, 2024 at (877) 344-7529 (toll free) or (412) 317-0088 (international), utilizing replay access code #2581533. Investors are encouraged to review the Company’s 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. An updated version of the slide deck was made available under the “Investors” tab of the Company’s website on April 2, 2024.
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 with a no milk discard claim 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 CEO |
| ImmuCell 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 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 impact of future contamination events; 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; future expense ratios and margins; the effectiveness 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; projections about depreciation expense and its impact on income for book and tax return purposes; our ability to convert the backlog of orders into sales; 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 press 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.
FAQ
What were ImmuCell 's total product sales for the first quarter of 2024?
What was the percentage increase in total sales for the twelve-month period ended March 31, 2024, compared to the previous year?
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What product is ImmuCell awaiting FDA approval to commercialize?
