ImmuCell Q3 2022 sales down 7% YoY, net loss of $655K vs prior-year profit; margins hurt by contamination

IMMUCELL CORP /DE/

2022-Q3 EPS reported -$0.11 revenue$14,657,082

Q3 2022 product sales of $4.80M, down 7% from $5.15M in Q3 2021; nine-month sales up 6% to $14.66M.
Net loss of $655K ($0.08/share) in Q3 vs net income of $148K ($0.02/share) a year ago; nine-month net loss $826K.
Gross margin fell to 38% in Q3 from 47% in prior year due to product contamination events causing inventory write-offs.
Restated Q1 and Q2 2022 filings to accrue $222K of deferred compensation (PTO); no cash impact.
FDA submission for Re-Tain CMC Technical Section on track for Q1 2023, subject to six-month review.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

IMMUCELL CORP /DE/ reported the nine-month periods ended September 30, 2022 results: revenue $ 14.66 million, net income ($826,000), EPS ($0.11) per basic share.

Period: the nine-month periods ended September 30, 2022
Revenue: $ 14.66 million
Net income: ($826,000)
EPS: ($0.11) per basic share
Result: reported results

Exact text from the filing

(% Decrease ) % Increase During the Three-Month Periods Ended September 30, $ 4.80 million $ 5.15 million $ (354,000 ) (7 )% During the Nine-Month Periods Ended September 30, $ 14.66 million $ 13.80 million $ 858,000 6 % During the Twelve-Month Periods Ended September 30, $ 20.10 million $ 17.54 million $ 2.56 million 15 % Management’s Discussion: “As we work our way

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

IMMUCELL CORP /DE/ reported the quarter ended September 30, 2022 results: revenue $ 4.80 million, net income ($655,000), EPS ($0.08) per basic share.

Period: the quarter ended September 30, 2022
Revenue: $ 4.80 million
Net income: ($655,000)
EPS: ($0.08) per basic share
Result: reported results

Exact text from the filing

quarter ended September 30, 2022. Unaudited Total Sales Results: 2022 2021 ($ Decrease ) $ Increase (% Decrease ) % Increase During the Three-Month Periods Ended September 30, $ 4.80 million $ 5.15 million $ (354,000 ) (7 )% During the Nine-Month Periods Ended September 30, $ 14.66 million $ 13.80 million $ 858,000 6 % During the Twelve-Month Periods Ended September

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Source: SEC EDGAR

accession 0001213900-22-074266

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