ImmuCell Q3 product sales up 13% to $5.4M but gross margin halved on contamination events; net loss widens

IMMUCELL CORP /DE/

2023-Q3 EPS reported -$0.60 revenue$12,375,708

Product sales $5.4M (+13% YoY) for Q3 2023; nine-month sales $12.4M (-16% YoY).
Gross margin fell to 23% (Q3 2023) from 38% (Q3 2022) due to production contamination and inventory write-offs.
Net loss $940k ($0.12/share) vs $655k ($0.08/share) in Q3 2022; nine-month loss $4.6M ($0.60) vs $826k ($0.11).
Cash decreased to $2.0M from $5.8M at Dec 2022; no draw on $1M credit line.
Finished goods produced rose sequentially from $3.3M to $4M to $5.3M across Q1-Q3; goal is $6M/quarter (80% of 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 0.9

IMMUCELL CORP /DE/ reported the quarter ended September 30, 2023 results: revenue $5.4 million, net income Net loss was $940,000, or $0.12 per basic share, EPS $0.12 per basic share.

Period: the quarter ended September 30, 2023
Revenue: $5.4 million
Net income: Net loss was $940,000, or $0.12 per basic share
EPS: $0.12 per basic share
Result: reported results

Exact text from the filing

to traditional antibiotics that is subject to FDA approval,” concluded Mr. Brigham. 1 of 6 Certain Financial Results: ● Product sales increased by 13%, or $600,000, to $5.4 million during the three-month period ended September 30, 2023 compared to $4.8 million during the three-month period ended September 30, 2022. ● Product sales decreased by 16%, or $2.3

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Source: SEC EDGAR

accession 0001213900-23-086101

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