PORTLAND — ImmuCell Corp., which diagnoses and prevents bovine diseases, posted a smaller third-quarter loss amid higher sales of its lead product, First Defense, and lower product development expenses.
The loss totaled $64,000, or 2 cents a share, compared with a loss of $128,000, or 4 cents a share, a year ago.
Product sales increased to $1.08 million from $1 million a year ago.
“In this extremely challenging dairy and beef economy with a record low milk-to-feed price ratio narrowing our customers’ profit margins, sales of our lead product, First Defense, increased by 9 percent and 2 percent during the third quarter and year-to-date, respectively,” said Chief Executive and President Michael Brigham.
The company also said its improved financial performance was related to planned reductions in product development expenses associated with Mast Out, which is designed to treat udder infections in dairy cows. The company also saw increased gross margin sales of First Defense, which reduces deaths in calves by preventing intestinal infections.
This story was updated at 12:50 p.m. Nov. 7 to correct the amount of ImmuCell’s third-quarter loss.