secwatch.observer — SEC 8-K summary
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Issuer:     IMMUCELL CORP /DE/ (ICCC)
CIK:        0000811641
Form:       8-K
Filed at:   2023-05-11T23:59:59+00:00
Accession:  0001213900-23-038528
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/811641/000121390023038528/0001213900-23-038528-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/811641/000121390023038528/ea178219-8k_immucell.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-038528

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