The following is a summary of the ImmuCell Corporation (ICCC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• ImmuCell's Q1 2024 product sales have seen a significant jump of 111% compared to Q1 2023, and trailing 12-month sales are up 33%.

• The company recorded production of $7.2 million during Q1 2024, annualizing to about 96% of their $30 million full capacity estimate.

• Despite recording an all-time quarterly sales record of $7.3 million in Q1 2024, the company fell short of profitability with EBITDA improving from negative $1.6 million in Q1 2023 to positive $377,000 in Q1 2024.

• The gross margin as a percentage of product sales improved to 32% in Q1 2024 from 9% in Q1 2023 but falls short of their 45% target.

Business Progress:

• ImmuCell is working on operational improvements to increase production yield and prevent significant contamination events and equipment breakdowns.

• The company is facing a regulatory delay in the approval process of their product 'retain', which they believe has the potential to revolutionize the treatment of subclinical mastitis in the dairy market post approval.

• Due to constrained cash flows, the company has frozen certain capital expenditure investments, focusing on the commercial opportunity with a product called First Defense. However, a $1 million line of credit is available until September 2025.

More details: ImmuCell IR

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