ImmuCell Announces Preliminary, Unaudited Sales Results for the Second Quarter Ended June 30, 2020
July 07 2020 - 8:00AM
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 calves, today announced preliminary, unaudited
sales results for the quarter ended June 30, 2020.
Understanding that ImmuCell’s financial performance during the
COVID-19 pandemic is of great interest to investors, the Company
has decided to provide 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 third
and fourth quarters of 2020 and plans to return to a more standard
disclosure practice during 2021.
Product Sales Results:
- Total product sales increased by 9%, or $256,000, to $3 million
during the three-month period ended June 30, 2020 versus the
comparable period during 2019.
- Total product sales increased by 11%, or $756,000, to $7.9
million during the six-month period ended June 30, 2020 versus the
comparable period during 2019.
- Total product sales increased by 19%, or $2.3 million, to $14.5
million during the trailing twelve-month period ended June 30, 2020
versus the trailing twelve-month period ended June 30,
2019.
Management’s Discussion:“The COVID-19 pandemic
has changed the way we operate, but our very dedicated team has
been flexible and creative in order to push First
Defense® production during these extremely difficult times
and challenging work conditions,” commented Michael F. Brigham,
President and CEO. “We reduced the backlog of orders worth
approximately $945,000 as of June 30, 2020 from approximately $1.4
million as of March 31, 2020. The investment to increase our
First Defense® production capacity remains on
budget and on-time with our aggressive implementation goal, despite
COVID-19 related challenges.”
“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,” concluded Mr. Brigham. “Our
first production priority is Tri-Shield First
Defense® because our growth is being generated by this
product format, 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.”
Conference Call: Interested parties can access
the conference call scheduled by the Company to review the full
second quarter 2020 financial results by dialing (844) 855-9502
(toll free) or (412) 317-5499 (international) at 9:00 AM ET on
Thursday, August 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
#10145671. Investors are encouraged to review the Company’s Form
10-Q for the three-month period ended June 30, 2020 that it expects
to file with the SEC on Wednesday, August 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
(Nasdaq: ICCC) 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 |
Cautionary Note Regarding Forward-Looking Statements
(Safe Harbor Statement):This Press Release contains
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Such statements include, but are not limited
to, any 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; factors that may affect the
dairy and beef industries and future demand for our products; the
extent, nature and duration of the COVID-19 pandemic and its
consequences, and their direct and indirect impacts on the
Company’s production activities, operating results and financial
condition and on the customers and markets the Company serves; the
scope and timing of ongoing and future product development work and
commercialization of our products; future costs of product
development efforts; the estimated prevalence rate of subclinical
mastitis and dairy producers’ level of interest in treating
subclinical mastitis given the current economic and market
conditions; 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 associated with our new product,
Tri-Shield First Defense®; the
future 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 anticipated costs of
(or time to complete) planned expansions of our manufacturing
facilities and the adequacy of our funds available for these
projects; the continuing availability to us on reasonable terms of
third-party providers of critical products or services; the
robustness of our manufacturing processes and related technical
issues; estimates about our production capacity, efficiency and
yield; the future adequacy of our working capital and the
availability and cost of third-party financing; future regulatory
requirements relating to our products; future expense ratios and
margins; future compliance with bank debt covenants; costs
associated with sustaining compliance with current Good
Manufacturing Practice (cGMP) regulations in our current operations
and attaining such compliance for the facility to produce the Nisin
Drug Substance; implementation of international trade tariffs that
could reduce the export of dairy products, which could in turn
weaken the price received by our customers for their products; our
effectiveness in competing against competitors within both our
existing and our anticipated product markets; the
cost-effectiveness of additional sales and marketing expenditures
and resources; anticipated changes in our manufacturing
capabilities and efficiencies; the value of our net deferred tax
assets; projections about depreciation expense and its impact on
income for book and tax return purposes; anticipated market
conditions; and any other statements that are not historical facts.
Forward-looking statements can be identified by the use of words
such as “expects”, “may”, “anticipates”, “aims”, “intends”,
“would”, “could”, “should”, “will”, “plans”, “believes”,
“estimates”, “targets”, “projects”, “forecasts”, “seeks” and
similar words and expressions. In addition, there can be no
assurance that future developments affecting us will be those that
we anticipate. Such statements involve risks and uncertainties,
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, our reliance upon third parties for
financial support, products and services, changes in laws and
regulations, decision making and delays by regulatory authorities,
currency values and fluctuations and other risks detailed from time
to time in filings we make with the 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, including the
risk factors summarized above.
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