Portland-based animal health company ImmuCell Corp. reported revenue growth of 25 percent in 2019, but the company still incurred a net loss of $1.3 million for the year.

ImmuCell on Thursday reported 2019 sales revenue of $13.7 million, compared with $11 million a year earlier. The company develops, manufactures and markets products that improve the health and productivity of dairy and beef cattle.

Despite the revenue increase, ImmuCell incurred a net loss of $1.3 million in 2019, compared with a net loss of $2.3 million a year earlier. The company said its product development expenses in 2019 were $3.7 million, compared with $3.5 million in 2018.

“To meet growing demand, construction of our expanded manufacturing facility to increase production capacity for the First Defense product line is well under way,” said ImmuCell President and CEO Michael Brigham in a statement. “We expect to substantially complete this work on schedule around the end of the upcoming second quarter, increasing our annual production capacity from approximately $18 million to approximately $27 million.”

ImmuCell stock trades on the Nasdaq stock exchange under the symbol ICCC. The company’s share price was $5.40 as of 2 p.m. Thursday, largely unchanged from the previous day’s closing price of $5.37.


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