ImmuCell ($ICCC), a maker of livestock health products, reported second-quarter sales were better than a year ago though down from record-setting levels it saw for the first quarter of this year.
The Portland, ME-based company, which makes drugs to prevent and treat diseases in dairy and beef cattle, said second-quarter sales of $2 million were 27% higher than the same period in 2014. Net income for the company was $94,000, or 3 cents per share, versus a net loss of $295,000, or 10 cents per share.
In the first quarter of this year, ImmuCell recorded its most profitable quarter in 12 years, when sales of its First Defense--used to treat scours in calves--soared by more than $3 million on purchase orders that exhausted the company's production capacity. The company said at the time the rush on First Defense created a $1.3 million backlog of orders.
That run was likely due to a supply interruption that affected a competing product made by Eli Lilly's ($LLY) Elanco animal health unit.
The company also said that during the second quarter, the USDA approved the company's research demonstrating the disease-fighting capabilities of a new product under development designed to treat bovine rotavirus infection in newborn calves.
"This confirms the positive study results that were first announced in February 2015 and is a significant step forward in the company's effort to bring the first passive antibody product to market with disease claims against three leading causes of calf scours, E. coli, coronavirus and rotavirus," the company said in a press release.