ImmuCell Corp. (NASDAQ:ICCC) Q2 2019 Earnings Conference Call Transcript
Aug 13, 2019 • 09:00 am ET
Good day, and welcome to the ImmuCell Corporation Report Second Quarter Fiscal Year 2019 Financial Results. All participants will be in a listen-only mode. [Operator Instructions]. Please note, this event is being recorded.
I would now like to turn the conference over to Joe Diaz with Lytham Partners. Please go ahead.
Thank you, Lisa, and good morning all of you on the call.
My name is Joe Diaz with Lytham Partners. We are the investor relations consulting firm for ImmuCell. I thank all of you for joining us today.
I would like to preface this discussion with a caution regarding forward-looking statements. Listeners are reminded that statements made by the management team of ImmuCell during the course of this call include forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those discussed today. Additional information regarding these risks and uncertainties is available under the cautionary note regarding forward-looking statements in the Company's press release that was issued last night as well as in the Company's periodic filings with the SCC, which can be obtained from the SEC or by visiting the Investors section of the Company's website at immucell.com.
With that said, let me turn the call over to Michael Brigham, President and CEO of ImmuCell Corporation, after which we will open the call for your questions. Michael?
We have a very good roster assembled here. So thank you all for taking the time to join today's call. I do appreciate that.
We've spent a fair amount of time preparing our quarterly report on form 10-Q. I think it is worth a read. I'm not going to repeat a lot of those important details on this call, but I do want to highlight three important milestones to look for going forward and then mention what I see as the two most important financial results from last night's filings.
So let me start with the three important milestones to watch for. I think as previously disclosed, you may know we have a $3 million project to expand production capacity for First Defense. That project is underway, at the early stages, going well so far, just getting started here. The goal and the end result of this project will be to increase our liquid processing capacity by 100%, increase our freeze drying capacity by 50%. And what that means to us is that we expect this investment to increase the annual sales value of our production capacity from approximately $18 million to $27 million. So we'll keep you updated on that progress.
Number two. We also have a $4 million project to create our own aseptic filling capability for Re-Tain. This investment is necessary to give us the needed control over the production process for Re-Tain from start to finish. So at the same time, we continue -- at the same time, we're building this production capacity, the filling capacity. We continue to progress a short-term contract with our current aseptic filling