ImmuCell Corporation (ICCC) has reported a 90.03 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $0.04 million, or $0.01 a share in the quarter, compared with $0.35 million, or $0.11 a share for the same period last year.
Revenue during the quarter dropped 20.39 percent to $1.97 million from $2.47 million in the previous year period. Gross margin for the quarter contracted 398 basis points over the previous year period to 61.23 percent. Total expenses were 97.41 percent of quarterly revenues, up from 74.64 percent for the same period last year. That has resulted in a contraction of 2277 basis points in operating margin to 2.59 percent.
Operating income for the quarter was $0.05 million, compared with $0.63 million in the previous year period.
"We now have a clear financing plan in place to commercialize Mast Out®, our novel treatment for subclinical mastitis in lactating dairy cows. Our groundbreaking product innovation is unlike all other antibiotic treatments on the market today," commented Michael F. Brigham, President and CEO. "Presently, mastitis, which costs the dairy industry about $2 billion per year, is treated with traditional antibiotic products, and treatment is generally reserved for clinical infections when the cow produces non-saleable milk.
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