ImmuCell Corporation reported a significant increase in financial performance for the fiscal year ending December 31, 2024, with total product sales reaching $26.5 million, a 52% increase from $17.5 million in 2023. The company achieved a gross margin of 30%, up from 22% the previous year, reflecting improved production efficiency and a recovery from prior contamination events that had hampered output. The fourth quarter of 2024 alone saw sales of $7.8 million, marking a 52% increase compared to the same period in 2023, driven by both domestic and international sales growth.
The company experienced notable operational challenges in the previous fiscal year, including multiple contamination events that necessitated production slowdowns. These issues resulted in scrapped inventory valued at approximately $407,000 in 2024, down from $527,000 in 2023. However, with new quality control measures implemented, ImmuCell has operated without contamination since April 2024, allowing for a gradual return to full production capacity, which is now estimated at over $30 million annually.
Strategically, ImmuCell has focused on expanding its product offerings and market reach. The First Defense® product line, which provides immediate immunity to newborn calves, remains the primary revenue driver, accounting for 99% of total sales. The company is also advancing its Re-Tain® product, a treatment for subclinical mastitis in dairy cows, which is expected to revolutionize mastitis management by eliminating the need for milk discard during treatment. The FDA approval process for Re-Tain® is ongoing, with the company recently submitting its fourth Technical Section for review.
In terms of workforce, ImmuCell employed 75 individuals as of December 31, 2024, a slight decrease from 79 the previous year. The company continues to invest in its manufacturing capabilities, having raised approximately $4.6 million through an At-The-Market offering in 2024 to support its growth initiatives. Looking ahead, ImmuCell aims to exceed $35 million in product sales by 2027, while also addressing the backlog of orders that had accumulated due to production constraints.
Overall, ImmuCell's outlook remains cautiously optimistic as it navigates the complexities of product development, regulatory approvals, and market dynamics. The company is committed to enhancing its operational efficiencies and expanding its market presence, particularly in the international arena, while maintaining a focus on sustainable practices in animal health.
About IMMUCELL CORP /DE/
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