ImmuCell Announces Preliminary Q3 Revenue Of $6M Up From $5.4M YoY
Benzinga Newsdesk 2 years ago
EarningsNewsGuidance
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
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 third quarter of 2024, which ended September 30, 2024.
| Preliminary, Unaudited Total Sales Results: | |||||
| 2024 | 2023 | $ Increase | % Increase | ||
| During the Three-Month Periods Ended September 30, | $6.0 million | $5.4 million | $615,000 | 11% | |
| During the Nine-Month Periods Ended September 30, | $18.7 million | $12.4 million | $6.4 million | 51% | |
| During the Twelve-Month Periods Ended September 30, | $23.8 million | $16.3 million | $7.6 million | 46% | |
During the three-, nine- and twelve-month periods ended September 30, 2024, annualized production output was approximately 73%, 81% and 77%, respectively, of the Company's estimated full capacity of approximately $30 million per year.
As of September 30, 2024, the backlog of orders aggregated approximately $7.3 million. The Company believes that the current backlog reflects strong demand as distributors work to replenish their buffer stocks and as end-users place orders in advance of the first quarter calving season.
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.