Immucell Stock Price, News & Analysis

ImmuCell Corporation (Nasdaq: ICCC) announced that its 2021 Annual Meeting of Stockholders will be held virtually, scheduled for June 16, 2021, at 3:00 PM ET, due to COVID-19 precautions. Stockholders as of April 15, 2021, can participate via a live audio webcast or by telephone. Proxy voting is encouraged ahead of the meeting, with arrangements for those wishing to vote during the event. The company also encourages investors to review its recent Form 10-Q and Corporate Presentation for insights on its business and upcoming matters for vote.

ImmuCell Corporation (Nasdaq: ICCC) reported its Q1 2021 financial results with total product sales of $4.1 million, down 16% year-over-year. However, annual sales increased by 2% to $14.5 million. The company faced a backlog of $3.1 million, up from $1.8 million in Q4 2020. Gross margin declined to 39%, expected to return to 46% post-expansion. A $4.25 million equity raise was secured for growth initiatives. The net loss for Q1 2021 was $441,000, compared to a loss of $122,000 in Q1 2020. Cash reserves decreased to $6.8 million from $7.9 million.

ImmuCell Corporation (Nasdaq: ICCC) plans to release its unaudited financial results for Q1 2021 on May 13, 2021, after market close. A conference call will occur on May 14, 2021, at 9:00 AM ET to discuss these results and a recent equity raise. Investors can listen to the call via specified phone lines. Additionally, a Corporate Presentation will be available on the company's website following the earnings report. ImmuCell focuses on developing products to enhance the health of dairy and beef cattle.

ImmuCell Corporation (Nasdaq: ICCC) announced the closure of an equity investment on April 14, 2021, raising $4,250,037 by issuing 515,156 common shares at $8.25 each to its largest stockholder and other investors. The funds will facilitate growth initiatives, including increasing production capacity for First Defense® from $23 million to $30 million per year, conducting marketing studies, and expanding vaccine production. A conference call is scheduled for May 14, 2021, to discuss the investment and financial results.

ImmuCell Corporation (Nasdaq: ICCC) reported preliminary unaudited sales results for Q1 2021, revealing a 16% decline in total product sales, equating to a decrease of $791,000 compared to Q1 2020, totaling approximately $4.1 million. The decrease was anticipated due to higher beginning inventory last year. Despite this, the company noted a backlog of orders of approximately $3 million, indicating strong demand. Plans to increase annual production capacity from $16.5 million to $23 million are on schedule, expected to be completed by June 30, 2021.

ImmuCell Corporation (Nasdaq: ICCC) reported an increase in total product sales by $1.6 million, or 12%, to $15.3 million for the year ended December 31, 2020. The company submitted a crucial FDA filing for Re-Tain™, a mastitis product, with a response expected in Q3 2021. A backlog of orders worth $1.8 million was noted, attributed to COVID-19 disruptions. Gross margin decreased to 45% in 2020, attributed to higher fixed costs. Net loss improved to $1.022 million ($0.14 per share) compared to $1.296 million ($0.19 per share) in 2019. EBITDA increased to $1.893 million.

ImmuCell Corporation (Nasdaq: ICCC) will report unaudited financial results for the year ending December 31, 2020, on February 22, 2021. A conference call is scheduled for February 23, 2021, at 9:00 AM ET, to discuss the results. Interested parties can join by calling (844) 855-9502 (toll-free) or (412) 317-5499 (international). Following the call, a replay will be available for seven days. The company’s updated Corporate Presentation will be accessible on its website after the market closes on February 22, 2021, with the Annual Report on Form 10-K expected by March 30, 2021.

ImmuCell Corporation (Nasdaq: ICCC) announced a 12% increase in preliminary, unaudited product sales, reaching approximately $15.3 million for 2020. Strong demand for the First Defense® product line has led to a production backlog estimated at $1.8 million. To meet this demand, the company plans a $3.5 million investment to expand production capacity to about $23 million annually, up from $16.5 million. Additionally, the launch of the Re-Tain™ product is anticipated in Q3 2021, depending on FDA approval timelines.

ImmuCell Corporation (Nasdaq: ICCC) has announced a restructuring of its bank debt, securing a $1.5 million loan from Gorham Savings Bank. This loan features a seven-year term with an interest rate of 3.5% per annum. Approximately $624,000 of the loan will pay down an outstanding mortgage balance, while around $876,000 will be allocated for closing costs and working capital. The CEO, Michael F. Brigham, highlighted that this financial backing will enhance the company's liquidity and support its expansion plans.