Good morning, and welcome to the ImmuCell Corporation Reports Fourth Quarter and Full Year 2018 Financial Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note that 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, Chad. Good morning and welcome to the ImmuCell fourth quarter 2018 earnings conference call. Thanks to all of you for joining us today. As a reminder, today's call is being recorded. My name is Joe Diaz with Lytham Partners. We're the Investor Relations consulting firm for ImmuCell. Please note that the unaudited summary press release that was filed with the Securities and Exchange Commission last night is available to you and that the full audited details of the Company's 2018 financial results will be available toward the end of March, when the Company files its annual report on Form 10-K with the SEC. 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 available under the cautionary note regarding forward-looking statements in the Company's press release that was issued last night as well as on the Company's periodic filings with the SEC, 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 to Michael Brigham, President and CEO of ImmuCell Corporation, after which we will open the call for your questions. Michael?

Great. Thank you, all for taking the time to join today's call. I do appreciate that. Let me start by saying Happy Valentine's Day to all. Also I have to apologize, I'm just coming out of quite a cold. So forgive me for the scratchy voice here. I'm going to go a bit off script today and just speak to the top of mind about a few things that I think are important to note about the press release, disclosures we made last night. As Joe mentioned, more complete and audited review of 2018 will be available when we file our Annual Report on Form 10-K towards the end of March. So top line, to start with sales, you can see sales are up 5%. This is in a very difficult dairy economy, I mean we really do see and feel the pain of our customers. So we're quite pleased to be up with a 5% increase. And Tri-Shield is driving a lot of that increase and I'll talk about that as my second topic. The fourth quarter was off a bit, I see Seeking Alpha picks that up as a title, as a headliner. And if you dig into the numbers, we're talking about less than $200,000 flux there. So it doesn't concern me a great bit. I did put some detail into the queue – into the press release as to why that happened and I'm comfortable with those reasons for that flux. And the other point, I want to make is only back out some non-core animal health products and just look at our core animal health products. The sales were up about 8%, so 5% and 8%, when you look at the numbers that way in this very difficult dairy economy, not horrible. So let's go…

Thank you. We will now begin the question-and-answer session. [Operator Instructions] The first question today will be from Sam Rebotsky with SER Asset Management. Please go ahead.

Yeah. Good morning, Michael. Hope you feel better soon. Is the second half, you talk about having enough supply for the Tri-Shield, will you be able to significantly increase sales, because as you're allocating right now, how should we look at sales from the Tri-Shield going forward?

Thanks, Sam. Good question. So projections are just that, projections. They're going to be wrong. I don't know, it's going to be high or low. So I don't have a dollar figure to sort of throw out there publicly at this point, but I do expect significant sales in the second half, way above this 5% and 8% range. And we will report those, as we go, it'll be staged so that you'll see the fourth quarter being higher than the previous three quarters of 2018. And we will step through it as first quarter, second quarter 2019. But really again the fixes that we're putting into the vaccine technology now are six months away from doses that we can give to the sales teams to move to market. So the bigger impact is going to be Q3 and Q4.

Okay. That sounds good. Now the First Defense, do we have the same problem or can we ship all the First Defense we want to?

Yes. I mean -- I refer to it as one First Defense product line and then we have the Dual-Force and the Tri-Shield. I think you're referring to the Dual-Force bolus, the traditional product, it's 27 years on the market now since first USDA approval. So that we have plenty of the bolus, no backlog on the bolus. We just see that, those sales kind of being mature and not a source of great growth but still a huge portion of our total sales. So flat but important and no problem with inventory there and we'll move forward. I think the gel formats, just open up new customers to the product, perhaps to these customer that doesn't like the bolus delivery as much. And also again, this beyond vaccination concept, customers that are using a dam vaccine that maybe weren't willing to give that up for the bivalent coverage, but maybe more willing to give it up for the trivalent coverage of the Tri-Shield.

Okay. And further on the submission of the Mast Out, we expect to submit it before the end of February which is 14 days away. So we're pretty certain on that submission today that we've done all the testing and we're ready to submit that.

I can't comment to that Sam, I mean I know the testing is done, that has been done for a while, it's really the documentation and the formatting of the submission, I put a lot of pressure on it. Our team to put that in before this call, because it would've been convenient for me and I've found it more productive to step back a little bit and make sure they just get it right. And not make a rush submission at the last minute plus or minus a couple of weeks plus or minus a couple of months. At this point isn't going to really be a big negative, so, yes at this point, not by today but very soon.

Okay. Good luck. It's exciting looking forward to seeing the submission and your improvements that you expect to have for the rest of the year. Good luck, Michael.

Thank you, Sam. I appreciate that.

[Operator Instructions] It looks like we have a follow up from Mr. Rebotsky with SER Asset Management. Please go ahead, sir.

Okay. After you have everything together Michael, do you think you want to start telling the new investors and potential investors, the story and so that they can hear what ImmuCell is doing?

So, when you say everything together Sam, are you referring to having this submission into the FDA.

Well, so presumably will you start telling your story to new investors prior to filing the 10-K in March, or you going to wait for that or you going to start going around once you submit to the FDA, go to more investor conferences and share what ImmuCell has been doing.

Yes. Thanks, I get it now. So, that schedule is something I talk to Joe Diaz about quite often, he kind of leads that program guides me through that program. As I look at my schedule quite selfishly, I don't think we're going to be able to get out on the road until I get that 10-K file. There's just quite a lot of work involved with that and other matters that are going to kind of tie up a good deal this February, March time, then things settle down and I think when our routine is to get out on the road with investors, likely investors that Lytham Partners introduces to us a couple of times after each press release. So long-winded answer Sam, but I think, what I'm trying to say is, couple of times per year after each earnings release in this case, just probably more likely to be after the 10-K filing.

Okay. Well good luck, Michael. I think it's a good story. I mean, I've been involved a long time. I think it will bear fruit at this point in time as soon as you submit to the FDA and good luck.

Appreciate it. Thanks again, Sam.

Ladies and gentlemen, this concludes our question-and-answer session. I would like to turn the conference back over to Joe Diaz for any closing remarks.

Okay. Thank you all of you for participating in today's call. We do look forward to talking with you again to review the results of the current first quarter of 2019, sometime around the middle of May or thereabouts. Again I remind you that the full audited 2018 financial details will be available toward the end of March with the filing of the Form 10-K. With that have a great finish to the week and we'll look forward to talking with you again soon. Have a great day.

The conference is now concluded. Thank you for attending today’s presentation. You may now disconnect.