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April 12, 2022

ImmuCell continues upward sales trajectory with record Q1 results

person in lab FILE PHOTO / TIM GREENWAY Michael Brigham is president and CEO of Portland-based ImmuCell Corp.

ImmuCell Corp. (Nasdaq: ICCC), a Portland-based biotech company that makes health products for cattle, on Monday reported financial results that showed a 46% sales increase for the first quarter of 2022, compared with the same period in 2021.

Last quarter's total hit a record high for the company, reaching $6 million, and continuing a trend that included a 45% sales increase for Q4 2021.

“This favorable comparison does reflect tighter supply constraints during the first quarter of 2021 before the first level of investments to increase our production capacity had been completed,” the company’s president and CEO, Michael Brigham, said in a news release.

ImmuCell said the sales figures are preliminary and that full financial results will be released May 13. For 2021, the company reported a net loss of $78,000, or a penny per share, improving on a loss of $1 million, or 14 cents a share, for the previous year. 

The Portland company has been investing in the gradual expansion of its manufacturing capacity for a product called First Defense, used to fight E. coli and other virus infections in newborn dairy and beef calves.

The goal is to grow from approximately $16.5 million to $35 million, he said.

The investments are beginning to pay off, Brigham added.

“Our 2022 first quarter annualized manufacturing output reached $23.8 million, exceeding the current level of $23 million of annual production capacity that we targeted for the end of 2021,” he said.

chart with numbers
Courtesy / ImmuCell Corp.
Sales at ImmuCell in Portland are on an upward trajectory.

The company has initiated an additional investment to further increase its annual First Defense manufacturing capacity to $35 million by the end of 2022. The capacity estimates are subject to biological yield variance, product format mix, selling price and other factors, according to the release.

ImmuCell is also in the late stages of developing Re-Tain, a treatment for a common disease in dairy cows.

“Our work to achieve regulatory approval to commercialize Re-Tain continues,” Brigham said. “We expect a response from the FDA during the third quarter to our submission of the final technical section required to complete our new animal drug application, and we are preparing our responses to the findings from a recent pre-approval inspection by the FDA.”

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