ImmuCell reports net loss of $2.5M for 2022; second contamination event slows Q1 2023 production

IMMUCELL CORP /DE/

2022-FY EPS reported -$0.32 revenue$18,567,962

Net loss of $2.5M ($0.32 per share) vs loss of $78k in 2021; gross margin fell to 41% from 45%.
EBITDA dropped to $350k from $2.7M; cash decreased to $5.8M from $10.2M.
Second contamination event detected in Q1 2023; production slowdown and backlog more than doubled since year-end.
Deferred planned capacity expansion to over $40M/year due to lost gross margin in Q1 2023.
Aiming to re-submit CMC Technical Section for Re-Tain to FDA in Q1 2023, subject to external lab results.

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 financial results for the year ended December 31, 2022.

Period: the year ended December 31, 2022
Result: reported results

Exact text from the filing

On February 21, 2023 ImmuCell Corporation (the "Company") issued a press release announcing the unaudited financial results for the year ended December 31, 2022.

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Source: SEC EDGAR

accession 0001213900-23-013281

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