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ImmuCell Corp. (Nasdaq: ICCC), a Portland biotech company that makes preventive health products for beef and dairy cattle, on Thursday reported that its sales for the year’s third quarter increased 25% over the same period in 2019.
Sales rose $752,000 to $3.7 million during the three-month period that ended Sept. 30, 2020.
For the first nine months of the year, sales totaled $11.6 million, an increase of 15% or $1.5 million, over that period in 2019.
The company reported a loss of $323,000, or 4 cents per share, during this year’s third quarter, in comparison to net loss of $503,000, or 7 cents per share for the quarter last year. For the nine-month period in 2020, ImmuCell had a loss of $1.2 million, or 17 cents per share, in comparison to loss of $985,000, or 15 cents per share, last year.
The company also noted that a $937,700 loan received under the Paycheck Protection Program was recorded as a liability for the third quarter of 2020. Since then, ImmuCell has received notice that the loan has been fully forgiven and the amount is expected to be recognized as other income during the fourth quarter.
ImmuCell President and CEO Michael F. Brigham commented on the quarterly results in a news release, saying, “As indicated by the top line growth, our sales team continues to be productive and healthy despite COVID-19’s impact on the economy.
“We are making measurable progress in expanding our First Defense business. We reduced the backlog of orders and expect to fully realize the benefits of our expanded production capacity beginning in the second quarter of 2021.”
Shares of ImmuCell were trading at around $5.66 late Friday morning, almost unchanged from yesterday’s close.
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