Immucell reports Q3 revenue $5.4M vs. $4.8M last year

ImmuCell announced preliminary, unaudited sales results for the third quarter of 2023, which ended September 30…Total sales during the three-month period ended September 30 were above the comparable period ended September 30, , but sales during the nine-month and twelve-month periods ended September 30 still lagged behind the comparable periods ended September 30. Finished goods produced increased steadily from approximately $3.3 million to $4 million and further to $5.3 million during the first, second and third quarters of 2023, respectively. ..As the work to increase production output to meet demand continues, the backlog of orders increased to approximately $8.9M as of September 30 , which is an increase from approximately $8M as of June 30, and a significant increase from approximately $2.5M as of December 31, 2022. “We believe that we are on the right track to increase production output, but we still have more work to do to catch up to product demand,” commented Michael F. Brigham, President and CEO of ImmuCell. “Due to a six-month delay by a key equipment fabricator, we were not able to benefit from all the new equipment installations and facility expansions needed to increase our production output until the beginning of this year. However, before we could benefit from this increased capacity, we incurred a contamination event in our production process that forced a slowdown in production to remediate. We now anticipate that we are in a good position to move past the contamination events that plagued us during the first part of the year and put implementation of our plan to rebuild for growth back on track, as indicated by the growth in both production and sales during the three-month period ended September 30, 2023.” “In addition, we continue to work to achieve FDA approval to commercialize Re-Tain ” Mr. Brigham concluded. “We made our third submission of the CMC Technical Section in August, which is subject to a six-month review by the FDA.” .