The Company is planning to host a conference call on Wednesday, August 14, 2024 at 9:00 AM ET to discuss the unaudited financial results for the quarter ended June 30, 2024. 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 21, 2024 at (877) 344-7529 (toll free) or (412) 317-0088 (international), utilizing replay access code #3744296. Investors are encoura ...

PORTLAND, Maine, July 09, 2024 (GLOBE NEWSWIRE) -- 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 2024, which ended June 30, 2024. Preliminary, Unaudited Total Sales Results: 2024 2023 $ Increase % Increase During the Three-Month ...

PORTLAND, Maine , June 05, 2024 (GLOBE NEWSWIRE) -- 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 provided a regulatory update on the status of its product development initiative for Re-Tain®. As previously disclosed, the Company recently received a Technical Section Incomplete Letter (Incomplete Let ...

Upon FDA approval, the Company intends to implement its previously disclosed limited distribution, controlled launch strategy with product expiration dating estimated at between the second quarter of 2025 and the first quarter of 2026, subject to final product shelf-life disposition by the FDA. PORTLAND, Maine , June 05, 2024 (GLOBE NEWSWIRE) -- ImmuCell Corporation (Nasdaq: ICCC) ("ImmuCell" or the "Company"), a growing animal health company that develops, manufactures and markets scientifically proven and ...

PORTLAND, Maine, June 04, 2024 (GLOBE NEWSWIRE) -- 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 that its 2024 Annual Meeting of Stockholders (the "Annual Meeting") will be conducted virtually on Thursday, June 13, 2024, at 9:30 AM ET, as previously disclosed in its Proxy Statement filed wi ...

PORTLAND, Maine, June 04, 2024 (GLOBE NEWSWIRE) -- 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 that its 2024 Annual Meeting of Stockholders (the "Annual Meeting") will be conducted virtually on Thursday, June 13, 2024, at 9:30 AM ET, as previously disclosed in its Proxy Statement filed wi ...

Financial Performance - Net cash provided by operating activities improved by $3.2 million, from a net cash used of $(2.8) million in Q1 2023 to $419,000 in Q1 2024, primarily due to a $1.9 million decrease in net loss and a $952,000 swing from inventory build to reduction [136]. - Total assets decreased by $757,000, from $43.8 million as of December 31, 2023, to $43.1 million as of March 31, 2024, representing a 2% decline [140]. - Stockholders' equity decreased by $357,000, from $24.993 million as of December 31, 2023, to $24.636 million as of March 31, 2024, also a 1% decline [140]. - Interest expense for Q1 2024 was $146,000, compared to $90,000 in Q1 2023, with anticipated interest expenses of $566,000 and $494,000 for the years ending December 31, 2024, and 2025, respectively [138]. - During the three-month period ended March 31, 2024, net operating loss decreased to $300,000 from $2.3 million in the same period of 2023, primarily due to a $2 million increase in gross margin [211]. - Sales and marketing expenses decreased by 9% to $801,000, representing 11% of product sales for the three-month period ended March 31, 2024, compared to 26% in the same period of 2023 [201]. - Administrative expenses decreased by 6% to $532,000, amounting to 7% of product sales for the three-month period ended March 31, 2024, down from 16% in the same period of 2023 [210]. Inventory and Production - Inventory balance decreased by $662,000 from $7.8 million as of December 31, 2023, to $7.1 million as of March 31, 2024 [136]. - The investment of approximately $5.5 million for First Defense and Re-Tain projects has been deferred due to production challenges and contamination events [146]. - Finished goods production increased from approximately $3.3 million in Q1 2023 to $7.2 million in Q1 2024, aiming for an annualized production capacity of approximately $30 million [159]. - The annual production capacity for the First Defense product line increased from approximately $16.5 million to $23 million, and further to approximately $30 million, representing a 33% increase [149][150]. - The production capacity for First Defense is estimated at $30 million annually, with potential to increase to $40 million with further investments [161]. - The company has produced adequate inventory to implement a controlled launch strategy, with expiration dating estimated between Q2 2025 and Q1 2026 [193]. Sales and Market Performance - First Defense product line sales reached $7.3 million in Q1 2024, a 111% increase compared to $3.45 million in Q1 2023 [166]. - Total product sales for 2023 were approximately $17.5 million, with a goal to exceed $35 million annually post Re-Tain market launch [162]. - Domestic sales in Q1 2024 increased by 112% compared to Q1 2023, while international sales rose by 104% [166]. - The gross margin for Q1 2024 was $2.3 million, representing a 663% increase from $301,000 in Q1 2023, with a gross margin percentage of 32% [177]. - The gross margin as a percentage of product sales was 28% for the trailing twelve months ended March 31, 2024, down from 30% in the previous year [177]. - The company experienced a significant increase in selling prices, with First Defense prices raised by approximately 8% in November 2023 [176]. Regulatory and Compliance - The FDA has issued a Technical Section Incomplete Letter regarding the CMC Technical Section, requiring a re-submission that could potentially be handled through a shortened review period [192]. - The FDA conducted a pre-approval inspection of the DS facility in early 2024, resulting in one deficiency noted on the FDA's Form 483 [194]. - The current agreement with Norbrook for DP manufacturing is expected to enable the company to commence sales of Re-Tain without delay upon FDA approval [196]. - The company anticipates FDA approval for its new DP manufacturing facility at least two years after project restart, with expected annual sales capacity of $7 million to $10 million [198]. Strategic Initiatives - The company aims to achieve stable production of approximately $30 million per year, with a goal of producing at least $6 million worth of product per quarter [159]. - The anticipated benefits from a new lease for additional space include potential installation of Freeze-Dryers 5, 6, 7, and 8, and improved operations [151]. - The company is pursuing an insurance claim of approximately $700,000 related to losses from contamination events, with $250,000 received to date [160]. - The company aims to limit initial distribution of Re-Tain to ensure effective usage and support, potentially leading to lower initial revenues but safeguarding long-term performance [209]. - The company is strategically investing in international market development while focusing on domestic growth to maximize efficiency [204]. Financial Position and Taxation - As of December 31, 2023, the federal net operating loss carryforward was $17.8 million, and the state net operating loss carryforward was $4.7 million, which significantly offsets future income tax expenses [216]. - The U.S. corporate tax rate was reduced from 34% to 21% due to the Tax Cuts and Jobs Act, impacting the company's income tax rate and deferred tax assets [216]. Quality Control and Risk Management - The company implemented new quality control measures to mitigate risks of contamination, which previously impacted production and sales [177]. - The cost of milk discard associated with traditional antibiotics ranges from approximately $36.00 to $150.00 per treated animal, depending on treatment duration and milk production [182]. - Finished goods yield has shown favorable improvement, but remains variable; the goal is to achieve a gross margin percentage of approximately 45% of total sales [180]. Investment and Capital Expenditure - The company has invested in capital projects to increase annual production capacity for the First Defense product line from approximately $16.5 million to $40 million [142]. - Total construction and equipment costs for the new commercial-scale DS production facility amounted to approximately $20.8 million [189]. - Total investments of approximately $13.7 million have been made over the past 10 years to increase production capacity, which represents about 56% of stockholders' equity as of March 31, 2024 [155].

ImmuCell Exhibit 99.1 ImmuCell Announces Unaudited Financial Results for the Quarter Ended March 31, 2024 For Immediate Release PORTLAND, Maine – May 14, 2024 – 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 its unaudited financial results for the quarter ended March 31, 2024. Management's D ...

PORTLAND, Maine, May 08, 2024 (GLOBE NEWSWIRE) -- 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, expects to report unaudited financial results for the quarter ended March 31, 2024 after the market closes on Tuesday, May 14, 2024. The Company is planning to host a conference call the next morning, Wednesday, ...

PORTLAND, Maine, May 08, 2024 (GLOBE NEWSWIRE) -- 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, expects to report unaudited financial results for the quarter ended March 31, 2024 after the market closes on Tuesday, May 14, 2024. The Company is planning to host a conference call the next morning, Wednesday, ...