Portland biotech ImmuCell reports 25% revenue growth for 2019
ImmuCell Corp. (Nasdaq: ICCC), a Portland biotech company that makes preventive health products for dairy and beef cattle, grew its revenue 25% last year, according to 2019 financial results reported Tuesday.
Sales totaled $13.7 million for the year, an increase of $2.7 million over 2018. The company ended 2019 with a net loss of $1.3 million, or 19 cents per share, compared to the previous year’s loss of $2.3 million, or 42 cents per share.
The 2018 loss included a non-cash expense of $563,000 recorded as a reserve against deferred tax assets.
ImmuCell's product development expenses during 2019 increased 5% over the 2018 total, going from $3.5 million to $3.7 million, according to the report.
“To meet growing demand, construction of our expanded manufacturing facility to increase production capacity for the First Defense product line is well under way,” ImmuCell President and CEO Michael F. Brigham said in a news release. “We expect to substantially complete this work on schedule around the end of the upcoming second quarter increasing our annual production capacity from approximately $18 million to approximately $27 million.”
Stockholders’ equity in the company increased to $29 million in 2019 from $21.7 million at the end of the previous year.
Shares of ImmuCell were trading at about $5.20 early Thursday morning, up slightly for the week so far, but had sold for more than $5.40 on Wednesday.
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