ImmuCell Corp. (NASDAQ:ICCC) Q1 2020 Earnings Conference Call - Final Transcript

May 14, 2020 • 09:00 am ET

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ImmuCell Corp. (NASDAQ:ICCC) Q1 2020 Earnings Conference Call - Final Transcript

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Operator
Operator

Welcome to the ImmuCell Corporation Reports First Quarter Fiscal Year 2020 Financial Results Conference Call. [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.

Analyst
Joe Diaz

Thank you, Brendan. Good morning, and welcome to all of you. My name is Joe Diaz. As the operator indicated, I'm with Lytham Partners, and we're the Investor Relations consulting firm for ImmuCell. Again, I thank all of you for joining us today to discuss the unaudited financial results for the first quarter which ended March 31, 2020.

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 are available under the cautionary note regarding forward-looking statements or, in other words, the safe harbor statement in the company's press release and its Form 10-Q, which were issued last night, and 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 Chief Executive Officer of ImmuCell Corporation, after which we'll 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. Just last night, we filed our Form 10-Q for the three month period ended March 31, 2020 and issued a press release summarizing some of the key results. So I'm not going to rehash a lot of the detail that you can pick up from the Q and the press release, but I would like to highlight a few of what I see as some more important disclosures. So first, with regards to the press release, I'd say about 3 things: product sales, top line, 11% growth, a good quarter for us, ending the quarter with an additional $1.4 million worth of demand on backlog. And that brought us to a $14.2 million annual revenue trailing 12 months, $14.2 million.

The other number two on the press release, you'll see a link in there. We talked a little bit about the leasehold improvements, the project to expand First Defense production capacity. So that project's going well. If you have a chance to click on those pictures or you can pick them up through our website, you can see that we're at the late stage of that project basically turning a warehouse into assembly space. Really, really going well, on budget, on time. I'll call that basically sort of Phase I, and we're approaching the certificate of occupancy. We see that coming here pretty quick, the move in. And we get up and running with assembly in that building. Phase II is going to lyo, the freeze dryer,