Q2 2024 ImmuCell Corp Earnings Call Transcript
Key Points
- Strong top-line sales growth during the 3, 6, and 12 month periods ended June 30, 2024, compared to the same periods in 2023.
- Finished goods production reached approximately $12.7 million for the six-month period, annualizing to about $25.4 million, which is 85% of the estimated $30 million annual full capacity target.
- Gross margin as a percentage of product sales improved from 19% to 28% year-over-year for the six-month period ended June 30, 2024.
- Implemented successful remediation steps for contamination events, with no contamination since April 2024.
- Improved EBITDA from negative $2.2 million to negative $340,000 year-over-year for the six-month period ended June 30, 2024.
- Gross margin is still well short of the 40% target, despite improvements.
- Significant product contamination events from late 2022 through early 2024 impacted production and sales.
- Facing challenging inflationary pressures on the cost of labor and components.
- Production yield losses have contributed to gross margin deterioration.
- Cash is tight, leading to frozen nonessential capital expenditure investments.
Good morning, and welcome to the ImmuCell Corporation Reports second quarter ended June 30, 2024, unaudited financial results conference call. (Operator Instructions)Please note this event is being recorded. I'll now like to turn the conference call over to Joe Diaz of Lytham Partners. Please go ahead.
Thank you, Anthony. Good morning and welcome. As Anthony indicated, my name is Joe Diaz with Lytham Partners. We are the Investor Relations consulting firm for ImmuCell. Thank all of you for joining us today to discuss the unaudited financial results for the quarter ended June 30, 2024.
Listeners are reminded and cautions that statements made by management during the course of this call include forward-looking statements, which include any statements that refer to future events, our expected future results or predictions about steps the company plan to take in the future.
These statements are not guarantees of performance and are subject to risks and uncertainties that could cause actual
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