The following is a summary of the ImmuCell Corporation (ICCC) Q2 2024 Earnings Call Transcript:

Financial Performance:

• ImmuCell reported top line sales growth during the three, six, and 12-month periods ended June 30, 2024, compared to the same periods last year.

• Finished goods production for the six-month period was approximately $12.7 million, aiming for an annual rate close to $25.4 million, about 85% of the $30 million full capacity target.

• Gross margin improved from 19% to 28% during the six-month period ended June 30, 2024, although below the 40% target.

• EBITDA improved from a negative $2.2 million in the six-month period ended June 30, 2023, to negative $340,000 in the six-month period ended June 30, 2024.

Business Progress:

• ImmuCell has largely completed the production capacity expansion initiated in 2022, and successfully increased production output to 85% of their full capacity target.

• Implemented new remediation steps in April 2024 to address contamination events, showing successful results with no further contamination to date.

• Continuing efforts to bring Re-Tain to the market with FDA interaction, aiming to address inspectional observations and seek expedited review.

Opportunities:

• Positioned to capitalize on strong sales driven by production capacity expansion and improvements to product contamination issues.

• Poised to meet the demand for Re-Tain in the dairy market as a novel alternative to traditional antibiotics.

Risks:

• Faced significant product contamination events impacting gross margin, and challenged by inflationary pressures on cost of labor and components.

• Dependent on the resolution of FDA requirements and inspectional observations to progress with Re-Tain's market entry.

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