ImmuCell Announces Preliminary, Unaudited Sales Results for Q4 2023

PORTLAND, Maine, Jan. 08, 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 fourth quarter of 2023, which ended December 31, 2023.

Preliminary, Unaudited Total Sales Results:
	2023	2022	$ Increase ($ Decrease)	% Increase (% Decrease)
During the Three-Month Periods Ended December 31,	$5.1 million	$3.9 million	$1.2 million	30.3%
During the Years Ended December 31,	$17.5 million	$18.6 million	($1.1 million)	(5.9%)

Total sales during the three-month period ended December 31, 2023 were 30% above the comparable period ended December 31, 2022. Total sales during the year ended December 31, 2023 were 6% less than the year ended December 31, 2022, primarily due to lower production output during the first ten months of the year caused by previously disclosed contamination events and a pause in production necessary to remediate these events.

“We believe that we are on the right track to increase production output, but we still have more work to do to catch up to product demand,” commented Michael F. Brigham, President and CEO of ImmuCell. “We anticipate that we are in a good position to move past the contamination events that plagued us during the first ten months of 2023 and to execute on our plan to resume sales growth in 2024.”

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, but then dropped off slightly to $5.1 million during the fourth quarter of 2023. The Company’s objective is to produce finished goods with an approximate sales value of $6 million or more per quarter, as it implements and optimizes recent investments to increase its production capacity. Fourth quarter 2023 production was limited by lower output during the month of October, which was caused by a previously disclosed contamination event in September 2023. After remediating this event, the Company achieved full production during the balance of the quarter. The output levels achieved during the months of November and December 2023 annualize to approximately $26.8 million, which equates to an average quarterly production of approximately $6.7 million.