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ImmuCell Corporation

ICCC

ImmuCell Corporation • NASDAQ
$4.84 ▲ 0.83% (+0.04)
Market Cap $43.78 M
52w High $7.60
52w Low $4.10
Dividend Yield 0%
P/E 17.29
Volume 4.91K
Outstanding Shares 9.05M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $5.506M ▼ $2.343M ▲ $-139.748K ▼ -2.538% ▼ $-0.02 ▼ $543.798K ▼
Q2-2025 $6.445M ▼ $2.248M ▲ $501.88K ▼ 7.787% ▼ $0.056 ▼ $1.297M ▼
Q1-2025 $8.067M ▲ $2.236M ▲ $1.447M ▲ 17.937% ▲ $0.16 ▲ $2.242M ▲
Q4-2024 $7.751M ▲ $2.21M ▲ $514.555K ▲ 6.638% ▲ $0.058 ▲ $1.32M ▲
Q3-2024 $6.012M $2.158M $-701.69K -11.672% $-0.086 $108.108K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.886M ▼ $45.73M ▼ $15.929M ▼ $29.801M ▼
Q2-2025 $5.998M ▲ $46.721M ▲ $16.853M ▲ $29.867M ▲
Q1-2025 $4.599M ▲ $45.622M ▲ $16.628M ▼ $28.994M ▲
Q4-2024 $3.758M ▼ $45.1M ▲ $17.582M ▼ $27.518M ▲
Q3-2024 $3.809M $44.449M $18.037M $26.412M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $501.88K ▼ $1.601M ▲ $-125.927K ▲ $-76.448K ▲ $1.399M ▲ $1.446M ▲
Q1-2025 $1.447M ▲ $1.574M ▲ $-329.05K ▼ $-403.647K ▼ $841.139K ▲ $1.245M ▲
Q4-2024 $515K ▲ $-3.051K ▲ $-196.216K ▼ $148.866K ▼ $-50.401K ▼ $-199.267K ▲
Q3-2024 $-701.69K ▲ $-639.331K ▼ $-88.412K ▲ $3.212M ▲ $2.484M ▲ $-727.743K ▼
Q2-2024 $-1.532M $581.78K $-106.241K $-111.601K $363.938K $471.039K

Revenue by Products

Product Q2-2018Q2-2021Q3-2021Q4-2021
FirstDefenseProductLineMember
FirstDefenseProductLineMember
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
OtherAnimalHealthMember
OtherAnimalHealthMember
 $0 ▲$0 ▲$0 ▲$0 ▲
First Defense Product Line
First Defense Product Line
 $0 ▲$0 ▲$0 ▲$0 ▲
Other Animal Health
Other Animal Health
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement ImmuCell looks like a very small, niche business that has been hovering around break‑even. Sales have inched up, but not dramatically. Profitability is fragile: gross margins are positive most years, but small shifts in costs or sales volumes flip results between a tiny profit and a small loss. Recent years show continued net losses per share, with one year standing out as particularly weak, suggesting some combination of higher spending, weaker margins, or both. Overall, this is still an early‑stage or small‑scale commercial story rather than a mature, consistently profitable one.

Balance Sheet

Balance Sheet The balance sheet is modest in size, with assets and equity slowly trending upward, which hints at gradual growth investment rather than rapid expansion. Cash has come down from earlier levels, while debt has crept up, so the company appears more reliant on borrowings than before. Equity remains positive and has grown recently, which is reassuring, but the mix of slightly higher debt and lower cash means there is less cushion if performance disappoints or projects get delayed.

Cash Flow

Cash Flow Cash generation has been roughly at break‑even, without strong, sustained inflows. Operating cash flow fluctuates around zero, and after modest investment spending, free cash flow has occasionally dipped negative. This pattern suggests the business can sometimes fund itself but doesn’t yet generate abundant excess cash to comfortably finance growth or weather long downturns. Any large new initiative or long regulatory delay could strain cash resources unless backed by additional financing.

Competitive Edge

Competitive Edge Within its narrow corner of animal health, ImmuCell has carved out a distinctive position. Its focus on antibody‑based, antibiotic‑free products for calves and dairy cows directly aligns with growing pressure to reduce antibiotic use in food animals. The First Defense brand has a clear, practical benefit for farmers: targeted, reliable early‑life protection for calves. The company’s specialized colostrum‑antibody manufacturing capability is not easy to copy, and regulatory approvals add another barrier. However, it still faces much larger, diversified competitors, and its strength is concentrated in a few specific products rather than a broad portfolio.

Innovation and R&D

Innovation and R&D Innovation is the core of the story. ImmuCell’s expertise in purifying antibodies from colostrum underpins its existing First Defense line, and its work with Nisin for mastitis (Re‑Tain) could be a meaningful step forward if regulatory approvals and adoption go as hoped. Re‑Tain’s antibiotic‑free approach and potential economic advantages for farmers are notable differentiators. The company also sees room to extend its Nisin platform and expand internationally, but each of these paths comes with regulatory, execution, and commercialization risks. Overall, this is a concentrated R&D effort: a few key projects could materially change the company’s scale, but setbacks would have an outsized impact.

Summary

ImmuCell is a small, specialized animal health company built around a clear theme: antibiotic‑free, immune‑based solutions for the dairy and beef industries. Financially, it sits close to break‑even with thin margins, modest assets, and limited cash flexibility, suggesting a business still in a delicate phase of development. Strategically, it benefits from differentiated technology, established niche products, and strong alignment with long‑term trends away from antibiotics. The main swing factor is execution and timing: regulatory outcomes, the commercial rollout of Re‑Tain, the ability to scale production efficiently, and success in expanding its product and geographic reach will largely determine whether the company can move from fragile, small‑scale operations to a more stable and profitable footing. Uncertainty is high because so much depends on a handful of key products and approvals.

NEWS

November 13, 2025 · 4:05 PM UTC

ImmuCell Announces Unaudited Financial Results for the Quarter Ended September 30, 2025

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November 6, 2025 · 4:05 PM UTC

ImmuCell to Announce Unaudited Financial Results for the Quarter Ended September 30, 2025

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November 4, 2025 · 4:05 PM UTC

ImmuCell Announces Onboarding of New CEO and Related Management Changes

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October 7, 2025 · 4:05 PM UTC

ImmuCell Announces Preliminary, Unaudited Sales Results for Q3 of 2025

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September 29, 2025 · 4:05 PM UTC

ImmuCell Announces Selection of its Next President and CEO

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