ImmuCell posts net loss in Q2
A boost in revenue didn't help Portland biotech firm ImmuCell Corp. avoid finishing its second quarter with a net loss of $148,000.
The biotech company, which develops products for the bovine health market, reported sales for the quarter ended June 30 had increased 21% to slightly more than $1 million compared to the same quarter last year. "In this economy, some say that ‘the new up is flat,'" Michael Brigham, Immucell's president and CEO, said in a release. "At a time when our primary customers are fighting to stay in business in the face of record low milk prices and high feed costs, any sales growth is an important validation of the value of our products."
The boost in revenue, however, was consumed by a 16% increase in production costs, to $489,000, associated with the company's development of a new product for the bovine health industry. The company ended the second quarter with a net loss of $148,000, or $0.05 per share, compared to a net loss of $238,000, or $0.08 per share, during the same period in 2008.
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