Immucell reports Q1 revenue $3.45M vs. $6M last year
- ImmuCell (NASDAQ:ICCC) has announced preliminary, unaudited sales results for Q1 2023 slightly exceeded the previously projected range of $3.2M to $3.4M.
- Sales were significantly below prior periods because a production slowdown was implemented during the first quarter of 2023 in response to previously disclosed contamination events impacting the Co.’s manufacturing process.
- As of March 31, 2023, the backlog of orders was equal to ~$7.5M, representing a significant increase from ~$2.5M as of Dec. 31, 2022.
- The Co. extended its production cycle to provide time for the complete analysis of all standard quality control test data before work-in-process inventory is progressed to the next stage of production.
- “Since the production slowdown, the first quality control test of incoming milk batches has passed ~82% of the time and failed ~13% of the time with the remaining ~5% pending final testing and disposition." said Michael F. Brigham, President and CEO.