ImmuCell Announces Preliminary, Unaudited Sales Results for Q3 2023

PORTLAND, Maine, Oct. 05, 2023 (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 third quarter of 2023, which ended September 30, 2023.

Preliminary, Unaudited Total Sales Results:
	2023	2022	$ Increase  ($ Decrease)		% Increase (% Decrease)
During the Three-Month Periods Ended September 30,	$5.40 million	$4.80 million	$600,000		13%
During the Nine-Month Periods Ended September 30,	$12.38 million	$14.66 million	($2.28 million)		(16%)
During the Trailing Twelve-Month Periods Ended September 30,	$16.29 million	$20.10 million	($3.81 million)		(19%)

Total sales during the three-month period ended September 30, 2023 were above the comparable period ended September 30, 2022, but sales during the nine-month and twelve-month periods ended September 30, 2023 still lagged behind the comparable periods ended September 30, 2022.

Finished goods produced increased steadily from approximately $3.3 million to $4 million and further to $5.3 million during the first, second and third quarters of 2023, respectively. The Company aims to produce finished goods with an approximate sales value of $6 million per quarter, as it implements and optimizes recent investments to increase its production capacity. Third quarter production was approximately 89% of this objective.

As the work to increase production output to meet demand continues, the backlog of orders increased to approximately $8.9 million as of September 30, 2023, which is an increase from approximately $8 million as of June 30, 2023 and a significant increase from approximately $2.5 million as of December 31, 2022.