ImmuCell Q2 product sales up 55% but net loss $1.5M; FDA incomplete letter for Re-Tain

IMMUCELL CORP /DE/

2024-Q2 EPS reported -$0.25 revenue$12,730,467

Product sales $5.5M (+55% YoY); six-month sales $12.7M (+82% YoY).
Net loss $1.5M ($0.20/sh) in Q2 2024 vs $1.4M loss ($0.18/sh) in Q2 2023.
Gross margin fell to 22% from 30% due to contamination issues and yield losses.
FDA issued CMC Technical Section Incomplete Letter for Re-Tain; resubmission hinges on contract manufacturer inspection resolution.
Backlog $7.9M as of Aug 6 2024, down from $9.4M at Dec 31 2023.

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