ImmuCell Q1 product sales down 43% to $3.4M; net loss $2.3M due to contamination

IMMUCELL CORP /DE/

2023-Q1 EPS reported -$0.30 revenue$3,446,527

Product sales fell 43% YoY to $3.4M; net loss of $2.3M ($0.30/basic share) vs net income of $513K ($0.07 diluted) in Q1 2022.
Gross margin collapsed to 9% from 52% on write-off of contaminated inventory and production slowdown.
Order backlog surged to ~$8M as of May 3, 2023, from $2.5M at Dec 31, 2022, due to reduced output.
Cash dropped to $3.1M from $5.8M; EBITDA turned negative to ($1.6M) from $1.2M a year ago.
Remediation efforts underway; management targets $6M quarterly production run-rate (80% of $30M capacity).

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 0.98

IMMUCELL CORP /DE/ reported the quarter ended March 31, 2023 results: revenue $3.4 million, net income ($2.3) million, EPS ($0.30) per basic share.

Period: the quarter ended March 31, 2023
Revenue: $3.4 million
Net income: ($2.3) million
EPS: ($0.30) per basic share
Result: reported results

Exact text from the filing

Product sales decreased by 43%, or $2.6 million, to $3.4 million during the three-month period ended March 31, 2023

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Source: SEC EDGAR

accession 0001213900-23-038528

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