ImmuCell Corporation, 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 calves, today announced preliminary, unaudited sales results for the third quarter ended September 30, 2020.
Understanding that ImmuCell’s financial performance during the COVID-19 pandemic is of great interest to investors, the Company is providing this preliminary look at the top line results early in the reporting period. The Company expects to offer the same preliminary sales information after the close of the fourth quarter of 2020 and plans to return to a more standard disclosure practice during 2021.
Product Sales Results:
- Total product sales increased by 25%, or $752,000, to $3.7 million during the three-month period ended September 30, 2020 versus the comparable period during 2019.
- Total product sales increased by 15%, or $1.5 million, to $11.6 million during the nine-month period ended September 30, 2020 versus the comparable period during 2019.
- Total product sales increased by 17%, or $2.2 million, to $15.2 million during the trailing twelve-month period ended September 30, 2020 versus the trailing twelve-month period ended September 30, 2019.
Management’s Discussion:
“As indicated by the continued top line growth, our sales team has been able to pivot and be both safe and successful despite COVID-19’s impact on how we work,” commented Michael F. Brigham, President and CEO. “Over the longer nine-month and trailing twelve-month periods, our growth is being generated by Tri-Shield First Defense®, which provides antibodies without vaccination so every calf receives a measured dose of Immediate Immunity™ against all three of the primary scour-causing pathogens, E. coli, coronavirus, and rotavirus.”
“We reduced the backlog of orders that was worth approximately $1.4 million as of March 31, 2020 and approximately $945,000 as of June 30, 2020 to approximately $130,000 as of September 30, 2020,” concluded Mr. Brigham. “We are on budget to come on-line with 50% more freeze-drying capacity in just over a month, despite some COVID-19 related delays at the equipment manufacturer. We have deferred installation of the 100% increase in our liquid processing capacity (which is not critical to our supply needs until the second quarter of 2021) into the first quarter of 2021, so that we can build up needed inventory before incurring the required transitional shut down of the impacted operations to move equipment and achieve USDA site license approvals.”
Conference Call:
Interested parties can access the conference call scheduled by the Company to review the full third quarter 2020 financial results by dialing (844) 855-9502 (toll free) or (412) 317-5499 (international) at 9:00 AM ET on Friday, November 13, 2020. A teleconference replay of the call will be available for seven days at (877) 344-7529 (toll free) or (412) 317-0088 (international), utilizing confirmation #10148680. Investors are encouraged to review the Company’s Form 10-Q for the three-month period ended September 30, 2020 that it expects to file with the SEC on Thursday, November 12, 2020 and its 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 purpose is to create scientifically-proven and practical products that improve the health and productivity of dairy and beef calves. 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 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 CEO |
| ImmuCell Corporation | |
| (207) 878-2770 | |
| Joe Diaz, Robert Blum and Joe Dorame | |
| Lytham Partners, LLC | |
| (602) 889-9700 | |
| iccc@lythampartners.com |
Contact Information:
Michael F. Brigham, President and CEO
Tags:
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Contact Information:
Michael F. Brigham, President and CEO
