ImmuCell Corp. reported a double-digit sales increase in 2020 and says it has made its last major submission to the U.S. Food and Drug Administration for a new product under development.
The Portland-based animal health products maker, which produces immunity-boosting treatments for dairy and beef cattle, reported 2020 sales of $15.3 million on Monday, up 12 percent from $13.7 million the previous year. The company suffered a net loss of $1 million, or 14 cents per share, in 2020, an improvement over its net loss of $1.3 million, or 19 cents per share, in 2019.
The company said it has completed its fifth and final major submission to the FDA for Re-Tain, a natural product that treats mastitis, or inflammation of the udders, in lactating cows. ImmuCell says the product would offer a significant advantage to dairy farms that use it because the FDA would not require milk from cows undergoing treatment to be discarded, as is the case with competing products.
“Our team did an outstanding job compiling a very extensive and detailed submission to the FDA for Re-Tain,” ImmuCell President and CEO Michael F. Brigham said in a news release. “That completes the bulk of the regulatory submission work on our end. Now we continue to maintain our production and quality systems and prepare to respond to any FDA queries and ongoing site inspections.”
Brigham said the expanding company is “experiencing some growing pains” during the first quarter while available product is constrained, but that by increasing its annual production capacity to roughly $23 million, ImmuCell expects a “return to a growth mode” during the second half of the year and thereafter.
ImmuCell, which trades on the Nasdaq exchange under the symbol ICCC, issued the earnings report Monday after market close. Over the past month, the value of ImmuCell stock has increased by more than 60 percent from about $7 per share on Jan. 25 to $11.74 per share as of Monday’s market close.
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