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ImmuCell Announces Financial Results for Third Quarter of 2017
PORTLAND, Maine, Nov. 13, 2017 (GLOBE NEWSWIRE) -- ImmuCell Corporation (NASDAQ:ICCC), a growing animal health company that develops, manufactures and markets scientifically-proven products that improve the health and productivity of dairy and beef cattle, today announced unaudited financial results for the quarter ended September 30, 2017.During the three-month period ended September 30, 2017, total product sales were just over $2 million compared to just under $2 million during the same quarter of 2016, an increase of 2%. During the nine-month period ended September 30, 2017, total product sales were just under $7.3 million compared to just over $7.3 million during the same period of 2016, a decrease of less than 1%. The year-to-year comparisons of product sales are impacted by the 2016 shipments of an order backlog and sales of a product that was discontinued during the first quarter of 2017. Excluding the shipments of orders that were in backlog as of December 31, 2015 and sales of the discontinued product, sales during the first nine months of 2017 would have increased by 8%, in comparison to the same period during 2016.Sales of the First Defense® product line increased (decreased) by 7%, 1% and (4%) during the three-month, nine-month and twelve-month periods ended September 30, 2017, respectively, in comparison to the same periods ended September 30, 2016.Net (loss) was ($339,000), or ($0.07) per share, for the third quarter of 2017 in comparison to a net income of $35,000, or $0.01 per diluted share, during the third quarter of 2016.Net income was $27,000, or $0.01 per diluted share, during the nine-month period ended September 30, 2017 in comparison to $478,000, or $0.11 per diluted share, during the nine-month period ended September 30, 2016.Due to a sharp increase in sales (caused, in part, by the lack of supply to the market of a competitive product during late 2014 and into the middle of 2015), the Company experienced a backlog of orders from early 2015 and through the middle of 2016, before doubling its production capacity. Since the third quarter of 2016, the Company has had sufficient available inventory and is shipping in accordance with the current demand of its distributors."Building on these third quarter results, we expect to report positive sales growth during the fourth quarter of 2017, over both the third quarter of 2017 and the fourth quarter of 2016," commented Michael F. Brigham, President and CEO. "We are preparing to move forward into 2018 with an expanded product line (subject to the anticipated USDA approval of First Defense® Tri-Shield™) and with the impacts of both the order backlog and of the discontinuation of the topical wipes product line out of our prior year comparatives."Balance Sheet Data as of September 30, 2017:Cash, cash equivalents and short-term investments decreased to $2.3 million at September 30, 2017 as the Company continued the build-out of its new manufacturing facility, compared to $10.6 million at December 31, 2016.Net working capital decreased to $2.7 million at September 30, 2017 from $12.3 million at December 31, 2016.Stockholders' equity increased to $21 million at September 30, 2017 from $19.7 million at December 31, 2016.Product Development and Regulatory Update: On November 13, 2017, the Company announced that it had achieved USDA approval of First Defense® Tri-Shield™, a new formulation that combines the existing First Defense® bivalent claims (against E. coli and coronavirus) with a guaranteed minimum level of rotavirus antibody content in a gel tube delivery format. This unique breadth of claims further differentiates the Company's product from competitive calf-level products on the market that have claims against both coronavirus and rotavirus or just E. coli or just coronavirus, but not all three. It also allows the Company to better compete in the larger dam-level scours preventative market space. The Company's new marketing campaign, ‘Beyond Vaccination™', suggests that by delivering immediate immunity directly to the calf via First Defense® Tri-Shield™, producers can avoid using such vaccines at dry-off and provide more consistent protection to the calf at the calf-level.Update on New Mastitis Product:A Certificate of Occupancy was issued by the City of Portland, Maine on October 30, 2017 for the Company's Nisin production facility. On November 8, 2017, the Company held a ‘ribbon-cutting' ceremony to celebrate the completion of the construction phase of this $21 million project. This facility will be used by ImmuCell to produce purified, pharmaceutical-grade Nisin Drug Substance at commercial scale. Adherence to the Company's anticipated timeline could lead to potential approval by the end of 2019 with subsequent market launch. "Implementing Nisin production at commercial scale is the most critical action in front of us on the path to regulatory approval of our novel treatment for subclinical mastitis," further commented Mr. Brigham. "Completing the facility construction in accordance with our timeline was an important milestone on the road to commercialization of this product."Approximately $14.6 million was invested in the Nisin production facility project through September 30, 2017. The Company expects to pay for the remaining $6.2 million of budgeted ...Full story available on Benzinga.com
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