Earnings release
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ImmuCell ImmuCell Announces Unaudited Financial Results for the Third Quarter Ended September 30 , 2021 Q3 2021 Net Income of $ 148,000 versus Q3 2020 Net Loss of ( $ 323,000 ) For Immediate Release PORTLAND , Maine - November 15 , 2021 – ImmuCell Corporation ( Nasdaq : ICCC ) ( " ImmuCell " or the “ Company ” ) , a growing animal health company that develops , manufactures and markets scientifically - proven and practical products that improve the health and productivity of dairy and beef cattle , today announced its unaudited financial results for the third quarter and the nine - month period ended September 30 , 2021 . ● Product Sales Results : During the three - month period ended September 30 , 2021 , total product sales increased by 38 % , or $ 1.4 million , to $ 5.2 million versus the three - month period ended September 30 , 2020 . During the nine - month period ended September 30 , 2021 , total product sales increased by 19 % , or $ 2.2 million , to $ 13.8 million versus the nine - month period ended September 30 , 2020 . Management's Discussion : " A 38 % increase in product sales to $ 5.2 million during the third quarter of 2021 helped us record net income of $ 148,000 in contrast to a net loss of ( $ 323,000 ) during the third quarter of 2020 , " commented Michael F. Brigham , President and CEO . " We are delivering both increased product sales and increased production output , " added Mr. Brigham . " We were able to increase production output of the First Defense® product line to the annualized rate of approximately $ 20.1 million and record a gross margin as a percentage of product sales of 47 % during the third quarter of 2021. " " We are on plan to make a second submission of the last of five significant Technical Section submissions pertaining to Re - Tain® to the FDA before year end , " concluded Mr. Brigham . “ The response from the FDA after their six - month review will determine whether we will be able to commence an initial , limited market launch of Re - Tain® at the end of the third quarter of 2022. " 1 of 5