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PORTLAND, Maine, April 11, 2022 (GLOBE NEWSWIRE) — ImmuCell Corporation ICCC (“ImmuCell” or the “Company”), a growing animal health company that develops, manufactures and markets scientifically-proven and practical products that improve the health and productivity of dairy and beef cattle, today announced preliminary, unaudited sales results for the first quarter ended March 31, 2022.
Preliminary, Unaudited Total Sales Results: | |||||||
2022 | 2021 | $ Increase | % Increase | ||||
During the Quarters Ended March 31, | $6.0 million* | $4.1 million | $1.9 million | 46% | |||
During the Twelve-Month Periods Ended March 31, | $21.1 million | $14.5 million | $6.6 million | 45% |
*Represents a record high level of sales for any quarter with the first quarter being seasonally high for sales.
“Sales during the first quarter ended March 31, 2022 increased by 46% to $6.0 million compared to the same period of the prior year, which is exciting for us,” commented Michael F. Brigham, President and CEO of ImmuCell. “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 strategic investments we have been making to incrementally expand our First Defense® manufacturing capacity from approximately $16.5 million to approximately $35 million are beginning to pay off,” added Mr. Brigham. “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.”
The Company has initiated an additional investment to further increase its annual First Defense® manufacturing capacity to approximately $35 million by the end of 2022. The capacity estimates above are subject to biological yield variance, product format mix, selling price and other factors.
“Our work to achieve regulatory approval to commercialize Re-Tain® continues,” Mr. Brigham concluded….
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