ImmuCell Announces Preliminary, Unaudited Sales Results for Q1 2024

PORTLAND, Maine, April 09, 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 first quarter of 2024, which ended March 31, 2024.

Preliminary, Unaudited Total Sales Results:
	2024	2023	$ Increase	% Increase
During the Three-Month Periods Ended March 31,	$7.3 million	$3.4 million	$3.8 million	111	%
During the Twelve-Month Periods Ended March 31,	$21.3 million	$16.0 million	$5.3 million	33	%

Total sales during the three-month period ended March 31, 2024 were 111% more than the comparable period ended March 31, 2023. Total sales during the three-month period ended March 31, 2024 were 42% more than the $5.1 million in sales recorded during the three-month period ended December 31, 2023. Total sales during the twelve-month period ended March 31, 2024 were 33% more than the twelve-month period ended March 31, 2023.

“The $7.3 million in total product sales achieved during the first quarter of 2024 is an all-time quarterly sales record for us,” commented Michael F. Brigham, President and CEO of ImmuCell. “This high mark in sales exceeds our next best quarter of $6 million during the first quarter of 2022 by 21%, or $1.3 million.”

As the work to increase production output to meet demand continues, the backlog of orders was worth approximately $9.1 million as of March 31, 2024, which is a small decrease from approximately $9.4 million as of December 31, 2023 but still a large increase from approximately $2.5 million as of December 31, 2022.

“In addition, we continue to work to achieve FDA approval to commercialize Re-Tain,” Mr. Brigham concluded. “We expect a response from the FDA to our third submission of the CMC Technical Section no later than May 2024.”

Since the first quarter of 2020, the Company has been providing a preliminary look at its unaudited top line results soon after the close of the quarter. The Company expects to provide this prompt, preliminary report on product sales until further notice going forward.