Portland-based ImmuCell Corp. on Thursday reported sales of $3.7 million for the third quarter, an increase of 25 percent from $3 million in sales during the third quarter of 2019.
The company, which makes bovine health products for the dairy and beef industries, reported a net loss of $323,000 for the quarter, an improvement from its $503,000 quarterly loss a year earlier. The company cited continuing, high product development expenses as it continues to expand production of existing products and pursue U.S. Food and Drug Administration approval for a new product.
ImmuCell’s flagship product line, known as First Defense, prevents common diseases in newborn calves. Its new product awaiting FDA approval, known as Re-Tain, is a natural treatment for mastitis, or inflammation of the udders, in lactating cows.
“As indicated by the top line growth, our sales team continues to be productive and healthy despite COVID-19’s impact on the economy,” said ImmuCell President and CEO Michael F. Brigham in a statement. “We are making measurable progress in expanding our First Defense business. We reduced the backlog of orders and expect to fully realize the benefits of our expanded production capacity beginning in the second quarter of 2021.”
Brigham said the company is proceeding with plans to undergo its second phase of FDA review for Re-Tain, a process that will take at least six months.
ImmuCell trades on the Nasdaq exchange under the symbol ICCC. The earnings report was released after the market closed on Thursday. ImmuCell stock was priced at $5.60 at market close, up 2.6 percent from the previous day’s closing price of $5.46.
Correction: This story was updated at 11:55 a.m. Saturday Nov. 14, 2020 to correct the amount of ImmuCell’s quarterly losses.
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