Biotech firm ImmuCell reports 38% sales increase
Portland-based biotechnology company ImmuCell Corp. (Nasdaq: ICCC) on Monday reported its third-quarter results, which were driven by a sales boost of 38%.
The company, which makes preventative health products for dairy and beef cattle, said in a news release that revenues increased from $2.2 million in the same period last year to $3 million.
"We continue to see favorable sales results during 2019 from investments in the First Defense product line,” said President and CEO Michael F. Brigham. “We are growing and investing in infrastructure to fuel future growth.”
ImmuCell reported a net loss of $503,000, or 7 cents per share, during the third quarter in comparison to a loss of $250,000, or 5 cents per share, during the third quarter of 2018.
“Given the increasing demand, we entered into a lease covering 14,300 square feet of mostly manufacturing space during the third quarter, as part of our $3 million investment to increase production capacity for the First Defense product line,” Brigham said.
Total equity of the company increased to $29.2 million as of Sept. 30, up from $21.7 million at the end of 2018.
On Friday morning, shares of ImmuCell stock were trading at about $5.10, little changed from Monday's close.
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