Portland-based ImmuCell Corp. increased its sales revenue in the third quarter from a year earlier but still experiencd a net loss because of research and development expenditures, the company reported Tuesday.

ImmuCell, which develops, manufactures and markets products that improve the health and productivity of dairy and beef cattle, generated revenue of about $2.2 million during the quarter, compared with about $2 million in the third quarter of 2017.

The company reported a quarterly net loss of $250,000, or 5 cents per share, compared with a net loss of $339,000, or 7 cents per share, a year earlier.

ImmuCell President and CEO Michael Brigham said the loss was primarily because of expenditures associated with the development of a new product for which ImmuCell is seeking U.S. Food and Drug Administration approval. The product is a natural treatment for bovine mastitis, an inflammatory disease of the udders in lactating cows.

The company’s total sales revenue for the first nine months of the year was $8 million, up 9 percent from $7.3 million during the first nine months of 2017.

It experienced a total net loss of $1.3 million for the nine-month period, compared with net income of $27,000 for the first nine months of 2017.

In May, ImmuCell reported that a production bottleneck had contributed to a disappointing first quarter, with the company unable to keep up with customer demand.

However, ImmuCell said in July that it had eliminated the bottleneck and was able to fulfill all outstanding product orders.

ImmuCell is a publicly held company that trades on the Nasdaq exchange under the symbol ICCC.

 

Augusta and Waterville news

Get news and events from your towns in your inbox every Friday.


  • This field is for validation purposes and should be left unchanged.