ImmuCell(US:ICCC)2021-05-14 16:21Company Overview and Strategic Focus - ImmuCell aims to capitalize on the growth of First Defense® product line and revolutionize subclinical mastitis treatment with Re-Tain™[5] - The company focuses on delivering Immediate Immunity™ to newborn calves, improving herd productivity without unnecessary dam vaccine injections[5] - ImmuCell is addressing the $2 billion annual economic harm caused by mastitis infections without traditional antibiotics, using Re-Tain™[5] Product Lines and Market Opportunities - First Defense® targets the U S market with approximately $23 4 million in annual sales for calf-level scours prevention products[12] - The company estimates the U S market for dam-level vaccine products to prevent scours is almost 2X the calf-level product sales[13] - Re-Tain™ targets the mastitis market, estimated to cause approximately $2 billion in economic loss to the dairy industry each year[14, 25] Financial Performance and Capital Expenditures - As of March 31, 2021, ImmuCell had $6 8 million in cash and cash equivalents and $9 7 million in net working capital[42] - The company completed an investment of approximately $3 5 million to increase First Defense® production capacity from approximately $16 5 million to approximately $23 million[13, 23] - ImmuCell is constructing a $21 million pharmaceutical production facility for Re-Tain™[14, 24] Sales Growth and Market Share - Total product sales have grown with a 13% CAGR from 2011-2020, reaching $15 3 million in 2020[35] - The company's calf-level U S market share has increased from 34% in 2017 to 41% in 2020[19]