ImmuCell Announces Preliminary, Unaudited Sales Results for First Quarter of 2021

PORTLAND, Maine, April 07, 2021 (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 ended March 31, 2021.

Beginning with the first quarter of 2020, the Company has been providing a preliminary look at the top line results early in the reporting period. The Company expects to provide this prompt, preliminary report on product sales until further notice going forward.

“We expect to report a 16%, or $791,000, decrease in total product sales to approximately $4.1 million during the quarter ended March 31, 2021 versus the same period of the prior year, during which our sales benefitted from a higher level of beginning inventory,” commented Michael F. Brigham, President and CEO of ImmuCell. “This level of sales represents nearly 100% of our quarterly production capacity, underscoring the importance of the investment we are making to increase our annual production capacity from $16.5 million to $23 million, which is on schedule to be completed by June 30^th. These capacity estimates are subject to biological yield variance, product format mix, selling price and other factors.”

Mr. Brigham added, “We anticipated a decrease in sales for the quarter, as first publicly projected on February 22, 2021, and the amount of the decrease is consistent with what we projected in our Form 10-K filing on March 30, 2021. We expect that we can manage through this transitional drop in sales to end the year with positive sales growth year over year.”

“Due to strong demand, the backlog of orders worth approximately $1.8 million as of December 31, 2020 increased to approximately $3 million as of March 31, 2021,” Mr. Brigham concluded. “Given that some orders were cancelled during the first quarter and additional orders may still be cancelled, the amount of the order backlog is not directly comparable from period to period, but it does provide some indication of the amount of unmet demand for our product.”

Conference Call:
The Company will host a conference call on Friday, May 14, 2021 to discuss the financial results for the quarter ended March 31, 2021. Interested parties can access the conference call by dialing [phone] (toll free) or [phone] (international) at 9:00 AM ET. A teleconference replay of the call will be available for seven days at [phone] (toll free) or [phone] (international), utilizing confirmation #10154478. Investors are encouraged to review the Company’s 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.