Full Press Release Details
ImmuCell Announces Preliminary,
Unaudited Sales Results for Q2 of 2025
PORTLAND, Maine - July 9, 2025 - ImmuCell
Corporation (Nasdaq: 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 second quarter of 2025.
Since the first quarter of 2020, the Company has been providing a preliminary
look at its unaudited top line results soon after the close of the quarter. The Company expects to continue providing this prompt, preliminary
report on product sales until further notice going forward.
| Preliminary, Unaudited Total Sales Results: | ||||||||||||||||
| 2025 | 2024 | $ Increase | % Increase | |||||||||||||
| During the Three-Month Periods Ended June 30, | $ | 6.4 million | $ | 5.5 million | $ | 972,000 | 18 | % | ||||||||
| During the Six-Month Periods Ended June 30, | $ | 14.5 million | $ | 12.7 million | $ | 1.8 million | 14 | % | ||||||||
| During the Nine-Month Periods Ended June 30, | $ | 22.3 million | $ | 17.8 million | $ | 4.4 million | 25 | % | ||||||||
| During the Twelve-Month Periods Ended June 30, | $ | 28.3 million | $ | 23.2 million | $ | 5.1 million | 22 | % |
As displayed in the table above, product sales increased by 18%, 14%,
25% and 22% during the three-month, six-month, nine-month and twelve-month periods ended June 30, 2025 in comparison to the same periods
ended June 30, 2024, respectively.
With increased production output, the Company has now met current customer
demand and reduced the order backlog to under $100,000 as of June 30, 2025, which largely reflects normal timing differences between order
dates and shipment dates and is down from approximately $3.4 million as of May 6, 2025. The recent sales pace reflects, in part, the replenishment
of the distribution pipeline following an extended period during which product supply fell short of demand. During that time, distributors
operated with minimal to no buffer inventory stock. Now that distribution inventories have been rebuilt, the Company is back to shipping
within one week of order receipt. As a result, the Company's commercial team has transitioned its focus from managing product allocations
to pursuing new business and re-engaging customers affected during the period of short supply.
"Our investments to increase production capacity to over $30
million per year were challenging and did take longer than we had planned. We are now evaluating incremental liquid processing and freeze-drying
investments to increase capacity by an additional 33% to approximately $40 million or more to capitalize on potential demand growth in
the North American dairy and beef markets," commented Michael F. Brigham, President and CEO of ImmuCell. "Although buffer
stock replenishment and backlog depletion may result in one-time lifts in volume, our teams remain focused on the sustainable, long-term
growth of the First Defense product line."
As previously disclosed by the Company, the Company is initiating Investigational
Product use of Re-Tain to test market acceptance of the product over the last six months of 2025. This exciting
initiative reflects the innovative nature of this novel product and its safety profile and allows us to utilize available inventory before
shelf-life expiration to collect critical product performance data. This opportunity is not, however, expected to generate significant
revenue or profit. The Company made its Non-Administrative New Animal Drug Application (NADA) submission, that included its fourth submission
of the CMC Technical Section, together with the minor technical sections covering All Other Information and Product Labeling during early
January of 2025. Clearing inspectional observations at the facilities of the Company's contract manufacturer is still the critical
path constraint to NADA approval.
The Company is planning to host a conference call on Friday, August 15, 2025, at 9:00 AM ET to discuss the unaudited financial
results for the quarter ended June 30, 2025. Interested parties can access the conference call by dialing (844) 855-9502 (toll free) or
(412) 317-5499 (international) at 9:00 AM ET. A teleconference replay of the call will be available until August 22, 2025, at (877) 344-7529
(toll free) or (412) 317-0088 (international), utilizing replay access code #5659118. Investors are encouraged to review the Company's
Corporate Presentation slide deck that provides an overview of the Company's business and is available under the "Investors"
tab of the Company's website at www.immucell.com, or by request to the Company. An updated version of the slide deck is expected
to be made available after the market closes on Thursday, August 14, 2025.
ImmuCell Corporation's (Nasdaq:
ICCC) purpose is to create scientifically proven and practical products that improve the health and productivity of dairy and beef
cattle. ImmuCell manufactures and markets First Defense , providing Immediate Immunity to newborn
dairy and beef calves, and is in the late stages of developing Re-Tain , a novel treatment for subclinical mastitis
in dairy cows without FDA-required milk discard or pre-slaughter withdrawal label restrictions that provides an alternative to traditional
antibiotics. Press releases and other information about the Company are available at: http://www.immucell.com.
Cautionary Note Regarding Forward-Looking Statements (Safe Harbor
This Press Release and the statements to be made in the related conference
call referenced herein contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform
Act of 1995, as amended. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current
facts and will often include words such as "expects", "may", "anticipates", "aims", "intends",
"would", "could", "should", "will", "plans", "believes", "estimates",
"targets", "projects", "forecasts", "seeks" and similar words and expressions. Such statements
include, but are not limited to, any forward-looking statements relating to: our plans, goals and strategies for our business; projections
of future financial or operational performance; the timing and outcome of pending or anticipated applications for regulatory approvals
and pending or anticipated regulatory inspections of our facilities and those of our contract manufacturers; future demand for our products;
future adoption of Re-Tain by dairy producers; growth in acceptance of our First Defense
product line by dairy and beef producers; the impact of the global supply-chain disruptions on our ability to obtain, in a timely and
cost-effective fashion, all the supplies and components we need to produce our products; the impact of inflation and rising interest rates
on our operating expenses and financial results; the scope and timing of ongoing and future product development work and commercialization
of our products; future costs of product development efforts; future incidence rates of subclinical mastitis and producers' level
of interest in treating subclinical mastitis; the expected efficacy of new products; estimates about the market size for our products;
future market share of and revenue generated by current products and products still in development; our ability to increase production
output and reduce costs of goods sold per unit; the adequacy of our own manufacturing facilities or those of third parties with which
we have contractual relationships to meet demand for our products on a timely basis; the impacts of backlogs on customer relationships;
the efficacy of our contamination remediation efforts; whether or not we will experience future contamination events; the anticipated
costs of (or time to complete) planned expansions of our manufacturing facilities and the adequacy of our funds available for these projects;
the robustness of our manufacturing processes to meet future demand and related technical issues; estimates about our future production
capacity, efficiency and yield; the salability of products currently held in inventory pending regulatory approval; future regulatory
requirements relating to our products; future expense ratios and margins; the future consequences and effectiveness of our investments
in our business; anticipated changes in our manufacturing capabilities and efficiencies; our future effectiveness in competing against
competitors within both our existing and our anticipated product markets; and any other statements that are not historical facts. These
statements are intended to provide management's current expectations of future events as of the date of this earnings release, are based
on management's estimates, projections, beliefs and assumptions as of the date hereof; and are not guarantees of future performance. Such
statements involve known and unknown risks and uncertainties that may cause the Company's actual results, financial or operational performance
or achievements to be materially different from those expressed or implied by these forward-looking statements, including, but not limited
to, those risks and uncertainties relating to: difficulties or delays in development, testing, regulatory approval, production and marketing
of our products (including the First Defense product line and Re-Tain ), competition within
our anticipated product markets, customer acceptance of our new and existing products, product performance, alignment between our manufacturing
resources and product demand (including the consequences of backlogs), uncertainty associated with the timing and volume of customer orders
as we come out of a prolonged backlog, adverse impacts of supply chain disruptions on our operations and customer and supplier relationships,
commercial and operational risks relating to our current and planned expansion of production capacity, and other risks and uncertainties
detailed from time to time in filings we make with the Securities and Exchange Commission (SEC), including our Quarterly Reports on Form
10-Q, our Annual Reports on Form 10-K and our Current Reports on Form 8-K. Such statements involve risks and uncertainties and are based
on our current expectations, but actual results may differ materially due to various factors. In addition, there can be no assurance that
future risks, uncertainties or developments affecting us will be those that we anticipate. We undertake no obligation to update any forward-looking
statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or
Michael F. Brigham, President and CEO
Timothy C. Fiori, CFO
ImmuCell Corporation
Joe Diaz, Robert Blum and Joe Dorame
Lytham Partners, LLC