ImmuCell ( NASDAQ: ICCC ) said its Q3 sales declined 7% Y/Y according to preliminary results for the period ended Sept. 30.
Q3 sales are expected to be $4.80M, compared to $5.15M in Q3 2021.
The company's Q2 revenue had declined -15.0% Y/Y to $3.86M.
"We have addressed the material disruption in the supply chain of needed plastic parts that negatively impacted sales during the second quarter, and we have no basis to expect a reoccurrence of this supply interruption," said ImmuCell President and CEO Michael Brigham in an Oct. 5 press release.
For 9M period, sales seem to grow +6% Y/Y to $14.66M, as per preliminary data.
Brigham added that the company reduced the backlog of orders to ~$205K as of Sept. 30, compared to ~$704K as of June 30, and ~$2.43M as of Dec. 31, 2021. Most of the backlog was held over this past weekend to enable cold shipping to customers on Oct. 3.
"Our work to achieve regulatory approval to commercialize Re-Tain continues," Brigham commented. "We will make our third submission of the CMC Technical Section when our response to the FDA’s inquiries is complete."
ICCC -1.32% to $7.47 premarket Oct. 5
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ImmuCell stock dips as preliminary Q3 sales decline 7% Y/Y