ImmuCell Corp. (NASDAQ:ICCC) Q4 2019 Earnings Conference Call - Final Transcript

Feb 19, 2020 • 09:00 am ET

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ImmuCell Corp. (NASDAQ:ICCC) Q4 2019 Earnings Conference Call - Final Transcript

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Operator
Operator

Good day, and welcome to the ImmuCell Corporation Reports its Fourth Quarter Fiscal Year 2019 Financial Results Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference call over to Mr. Joe Diaz of Lytham Partners. Mr. Diaz, the floor is yours, sir.

Executive
Joe Diaz

Thank you, Mike, and good morning, and welcome. 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 to discuss the unaudited financial results for the year ended December 31, 2019.

I would like to preface this discussion today with a caution regarding forward-looking statements. Listeners are reminded that statements made by management 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 or the safe harbor statement in the company's press release that was issued last evening as well as in the company's periodic filings with the Securities and Exchange Commission, 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?

Executive
Michael F. Brigham

Okay. Great. Thank you all for taking the time to join today's call. I do appreciate that. I am not going to rehash a lot of the detail that you can pick up from the press release that we issued last night. But I do want to use this time to highlight 4 important topics.

So first of all, let's review the sales growth. We reported a 25% increase in total sales to $13.7 million during 2019 over 2018. This is just continued great work by our sales team with a product that is delivering visible results to our customers every day. You may recall that sales demand exceeded supply of Tri-Shield First Defense through the first half of 2019 because of difficulty producing enough of the complex rotavirus vaccine used in the manufacture of this product. I would like to take this opportunity to publicly commend our manufacturing and our quality and our product development teams that worked together successfully to resolve this production lab challenge at the beginning of 2019. As a result, during the second half of 2019, we were able to return to a mass market selling approach through distribution for Tri-Shield First Defense. For that reason, I think it's also important to compare the sales results for the second half of 2019 to the second half of 2018. Total product sales increased by $1.5 million or 30% to $6.6 million during the 6-month period ended December 31, 2019, versus the six-month period ended December 31, 2018.

The second comment is that at this stage