Sales Recap:

PORTLAND, Maine – February 10, 2016 – ImmuCell Corporation (NASDAQ: ICCC), a growing animal health company that is developing, manufacturing and selling products that improve health and productivity in the dairy and beef industries, today announced financial results for its fourth quarter and year ended December 31, 2015.

2015 Fourth Quarter Financial Overview:

  • Total sales increased 22% to $2.7 million compared to fourth quarter 2014;
  • 14th consecutive quarter of positive sales growth and 20th quarter of positive sales growth out of the last 21 quarters (in comparison to the same quarters of the prior years); and
  • Net income of $289,000, or $0.09 per diluted share, during fourth quarter 2015 compared to net income of $131,000, or $0.04 per diluted share, during fourth quarter 2014.

2015 Full Year Financial Overview:

  • Total sales increased 35% to $10.2 million compared to 2014;
  • First Defense® sales increased 36%, or $2.5 million, compared to 2014;
  • Net income of $1.2 million, or $0.38 per diluted share, during 2015 in contrast to net loss of ($167,000), or ($0.06) per share, during 2014;
  • Net cash provided by operating activities of $2.9 million during 2015 in comparison to $302,000 during 2014; and
  • Cash, cash equivalents, short-term investments and long-term investments of $6.5 million as of December 31, 2015 compared to $3.8 million as of December 31, 2014.

Management’s Discussion: “We continue to execute on the two core components of our business strategy,” commented Michael F. Brigham, president and chief executive officer. “First, we are expanding the market penetration of First Defense®, our best-in-class treatment for calf scours.  As evidenced by the 36% increase in year-over-year First Defense® sales, our sales and marketing team is doing an effective job introducing the product to new customers and communicating how it provides Immediate Immunity™ to newborn calves, generating a dependable return on investment to dairy and beef producers. We look forward to regulatory approval in 2017 for the addition of a bovine rotavirus disease claim to our existing claims against E. coli and coronavirus infections. That would enable us to bring the first passive antibody product with this breadth of disease claims to market. Second, we are advancing the development of Mast Out®, our novel treatment for subclinical mastitis in lactating dairy cows. Our groundbreaking product innovation is unlike all other mastitis treatments on the market today that are all sold subject to a milk discard period.  Our goal is to revolutionize the way mastitis is treated by making treatment of subclinical infections economically feasible by not requiring a milk discard or meat withhold during, or for a period of time after, treatment.  No other product presently on the market can offer this value proposition.”

Other Financial Results for 2015:

Total product sales during the three-month period ended December 31, 2015 increased by 22%, or $489,000, to $2.7 million from $2.2 million during the same period in 2014. Total product sales during the year ended December 31, 2015 increased by 35%, or $2.6 million, to $10.2 million from $7.6 million during the same period in 2014.

Sales of First Defense® and related product line extensions increased by 36% during the year ended December 31, 2015, in comparison to 2014. Sales also benefited from a strong beef price and from the temporarily interrupted supply to the market of a competitive product during late 2014 and early 2015. This new level of sales demand has exceeded the Company’s current production capacity and available inventory, resulting in a backlog of First Defense® orders aggregating approximately $381,000 as of December 31, 2015. The investment to increase liquid processing production capacity for First Defense® by 50% was completed during fourth quarter 2015. The investment to increase freeze-drying production capacity for First Defense® by 100% is proceeding on schedule and is expected to be completed before the end of first quarter 2016.

Product development expenses decreased by 28%, or $132,000, to $331,000 during the fourth quarter of 2015, as compared to $463,000 during the same period in 2014, aggregating 12% and 21% of product sales during the fourth quarters of 2015 and 2014, respectively. Product development expenses decreased by 43%, or $944,000, to $1.2 million during the year ended December 31, 2015, as compared to $2.2 million during the same period in 2014, aggregating 12% and 29% of product sales during 2015 and 2014, respectively.  The higher expenses during the full year of 2014 were largely the result of expenses incurred in connection with the Company’s small-scale Nisin production plant investment.

Income before income taxes was approximately $430,000 during the fourth quarter of 2015 in comparison to income before income taxes of $188,000 during the same period in 2014. Net income was $289,000, or $0.09 per diluted share, during the fourth quarter of 2015 in comparison to net income of $131,000, or $0.04 per diluted share, during the same period in 2014.

Income before income taxes was approximately $2.1 million during the year ended December 31, 2015 in contrast to a loss before income taxes of ($255,000) during the same period in 2014. Net income was $1.2 million, or $0.38 per diluted share, during the year ended December 31, 2015 in contrast to net loss of ($167,000), or ($0.06) per share, during the same period in 2014.

Financing Milestones:

  • A commitment letter with TDBank N.A. covering a $4.3 million credit facility (which is subject to customary closing conditions) was signed on January 19, 2016; and
  • Gross proceeds from an underwritten public offering of 1,123,810 shares of common stock at a price to the public of $5.25 per share that closed on February 3, 2016 were $5.9 million; Net proceeds from the common stock issuance were $5.3 million, after deducting underwriting discounts and other expenses incurred in connection with the issuance.

“Our current cash, plus our cash flow from operations, together with the new capital raised provides a road map to complete the development of Mast Out® and bring the product to market,” further commented Michael F. Brigham, president and chief executive officer.  “Sales of First Defense® have funded most of the product development to date.  This new funding will be used to construct and equip a facility to produce Nisin, the active ingredient in Mast Out®.  Our preliminary estimate for this project is approximately $17 to $18 million, and we aim to complete the construction and installation work in late 2017 or 2018.  This would keep us on our expected timeline for achieving FDA approval in late 2018 or 2019.  This is an important milestone in the history of ImmuCell.  We look forward with great anticipation.”

Press Release 2-10-2016 “ImmuCell Announces Full Year 2015 Financial Results” Full Detail

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