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ImmuCell Corporation (ICCC-0.60%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, highlighting a 52% increase in product sales to $26.5 million, driven by the First Defense® product line. This increase is attributed to higher production output following the resolution of contamination events that had previously slowed production.
Gross margin improved to 30% of sales, up from 22% in the prior year, reflecting better production yields and increased sales volume. However, this margin remains below the company's target of 40% or more.
Product development expenses were $3.9 million, primarily focused on Re-Tain®, a treatment for subclinical mastitis in dairy cows. The company has completed its fourth submission of the Chemistry, Manufacturing, and Controls Technical Section to the FDA, aiming for product approval.
Sales and marketing expenses increased by 12% to $3.5 million, as the company continues to expand its market presence. Administrative expenses rose slightly to $2.2 million, reflecting ongoing operational costs.
Net loss for the year was $2.2 million, a significant reduction from the $5.8 million loss in the previous year, largely due to improved sales and gross margin.
ImmuCell's balance sheet shows total assets of $45.1 million, with stockholders' equity increasing to $27.5 million. The company raised $4.6 million through an At-The-Market Offering to support its operations.
The company continues to focus on expanding its production capacity for the First Defense® product line and advancing the regulatory approval process for Re-Tain®.
The filing also notes the company's efforts to manage risks related to production capacity, regulatory compliance, and market competition, as well as its strategy to mitigate the impact of inflation and supply chain disruptions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ImmuCell Corporation annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.