Immucell reports Q4 revenue $3.91M vs. $5.44M in FY21

As of December 31, there was a backlog of orders equal to approximately $2.5M, representing an increase from approximately $205,000 as of September 30 and from approximately $2.4M as of December 31 The Company believes that this backlog is a good indication of the strong demand for the First Defense product line and supports the need for the investments the Company has made to increase its production capacity. "Our manufacturing plan for calendar year 2022 was to have the production equipment necessary to produce approximately $30-$35M of product per year operational by July 1, but delays in the fabrication of certain critical equipment prevented this from happening," commented Michael F. Brigham, President and CEO of ImmuCell. "However, we did achieve our revised goal of having this equipment in place by the end of 2022, putting us in better shape as we begin 2023. This equipment implementation delay and a previously disclosed loss related to production contamination events which occurred around the end of the third quarter of 2022, very unfortunately, have prolonged our backlog status." "We continue to work to achieve regulatory approval to commercialize Re-Tain ," Mr. Brigham concluded. "We still expect to make our third submission of the CMC Technical Section during the first quarter of 2023. When made, this submission will be subject to a six-month review by the FDA."