ImmuCell Announces Unaudited Financial Results for the Quarter and Year Ended December 31, 2024

Core Viewpoint - ImmuCell Corporation reported significant growth in product sales and improved financial performance for the year ended December 31, 2024, indicating a recovery from previous contamination issues and a focus on enhancing production yields and gross margins [2][5][6]. Financial Performance - Fourth quarter product sales increased by 52% to approximately $7.8 million compared to$5.1 million in the same quarter of 2023 [5][6]. - Full year product sales also rose by 52% to approximately $26.5 million, up from$17.5 million in 2023 [5][6]. - Gross margin improved to 37% in Q4 2024 from 25% in Q4 2023, and for the full year, it increased to 30% from 22% [6]. - Net income for Q4 2024 was $515,000, or$0.06 per diluted share, compared to a net loss of $1,140,000, or ($0.15) per basic share, in Q4 2023 [6][10]. - The company achieved positive EBITDA of approximately $1,331,000 in Q4 2024, contrasting with negative EBITDA of approximately ($311,000) in Q4 2023 [6][12]. Balance Sheet Highlights - Cash and cash equivalents increased to $3.8 million as of December 31, 2024, from$979,000 a year earlier [9][10]. - Net working capital rose to approximately $10.6 million from$7.3 million [9]. - Stockholders' equity increased to $27.5 million from$25 million [9]. Product Development and Regulatory Status - The company is working towards FDA approval for Re-Tain®, with a Controlled Launch pending FDA clearance of inspectional observations [2][6]. - Discussions with the FDA are ongoing to expedite the review process for the product [2]. Company Overview - ImmuCell Corporation focuses on developing and marketing products that enhance the health and productivity of dairy and beef cattle, including the First Defense® product line and the upcoming Re-Tain® treatment [14].