ImmuCell records loss despite increase in sales
Courtesy / ImmuCell
ImmuCell says that a core part of its business strategy is to expand the market penetration of its First Defense treatment for calf scours.
Portland-based animal health company ImmuCell Corp. (NASDAQ: ICCC) reported a 21% sales rise to $2.4 million in its second quarter ended June 30 compared to the same period last year.
The company saw a $9,000 net loss in the second quarter that it attributed primarily to an increase in selling, administrative and product development expenses. That compares to net income of $94,000, or 3 cents per diluted share, during the second quarter of 2015.
Product development expenses rose 40% to $380,000 during the second quarter, and selling and administrative expenses rose by 30% to $838,000 during the second quarter versus the same quarter last year.
For the first six months of this year, net income was $443,000 or 11 cents per diluted share, compared to $573,000, or 18 cents per diluted share, during 2015's first half.
“Second quarter 2016 sales were up 21% to $2.4 million in comparison to the second quarter of 2015. It is important to compare second quarter to second quarter because first quarter sales are historically the strongest of the year as the first quarter is the prime beef calving season,” ImmuCell President and CEO Michael F. Brigham said in a statement. “With our enhanced manufacturing capabilities fully online, we ended the just-completed quarter by reducing the backlog of orders to $365,000 at June 30, 2016 from $1.7 million at March 31, 2016.”
The company had $10.8 million in cash, cash equivalents and other investments as of June 30, compared to $6.5 million as Dec. 31, 2015. Net working capital was $11.9 million at June 30 compared to $7.1 million at the end of 2015.
“We continue to execute on the two core components of our business strategy,” Brigham said. “First, we are expanding the market penetration of First Defense, our best-in-class treatment for calf scours, by introducing the product to new customers and communicating how it provides Immediate Immunity to newborn dairy and beef calves, generating a dependable return on investment. We hope to receive regulatory approval in 2017 for the addition of a bovine rotavirus disease claim to our existing claims against E. coli and coronavirus infections.”
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