Core Viewpoint - ImmuCell Corporation has shown a significant turnaround in profitability and operational performance, but investor sentiment remains cautious due to concerns over the sustainability of sales momentum and regulatory challenges with its Re-Tain product [11]. Financial Performance - ImmuCell reported second-quarter revenues of $6.4 million, an 18% increase from $5.5 million a year earlier, with net income turning to a profit of $502,000, or 6 cents per diluted share, compared to a net loss of $1.5 million, or 20 cents per share, in the prior-year quarter [2]. - For the first half of 2025, revenues grew 14% year over year to $14.5 million, and net income rose to $1.9 million, or 22 cents per share, compared to a $2 million loss in the prior-year period [2]. - Adjusted EBITDA turned positive at $1.4 million for the quarter, reversing a loss of $619,000 in the prior year, with trailing 12-month adjusted EBITDA at $5.3 million, compared to a loss of $370,000 in the prior-year period [3]. Balance Sheet Strength - Cash and equivalents increased to $6 million from $3.8 million at year-end 2024, with net working capital at $12.7 million [4]. - The company refinanced part of its bank debt, extending maturities and reducing balloon payment risk [4][9]. Management Commentary - CEO Michael Brigham noted the elimination of the backlog of orders by June 30, 2025, and the rebuilding of distributor inventories ahead of the typically softer third quarter [5]. - CFO Timothy Fiori highlighted that gross margin gains were crucial for returning to profitability, but acknowledged that restocking distributors provided a temporary sales boost, indicating potential softer revenue momentum in the second half of 2025 [5]. Factors Influencing Performance - The recovery was largely driven by expanded First Defense production capacity, which allowed the company to eliminate backlogs that had previously constrained growth [6]. - Strong demand in both dairy and beef segments, along with new product formats, contributed to the positive performance [6]. Regulatory Challenges - The development of Re-Tain, a novel mastitis treatment, faces regulatory and operational hurdles, with a commercial launch delayed pending FDA approval and compliance issues with manufacturing partners [7]. - Current Re-Tain inventory will be used in investigational product use trials and will not contribute to revenues [7]. Future Guidance - ImmuCell did not provide formal financial guidance for the remainder of 2025 but indicated that distributor restocking in the first half likely provided a one-time sales boost, suggesting softer performance ahead [8]. - Future expansion of First Defense capacity from $30 million to $40 million in annual revenue support is on hold until cash flow visibility improves [8]. Strategic Developments - The company is testing market acceptance of Re-Tain with Michigan State University, reflecting a strategy to balance reduced development spending with exploration of strategic partnerships for commercialization [10].

Financial Data and Key Metrics Changes - Product sales increased by 18% or $972,000 in Q2 2025 compared to Q2 2024, and by 14% or $1,800,000 compared to the previous quarter [6][8] - Gross margin as a percentage of product sales improved to 44% in Q2 2025 from 22% in Q2 2024 [9] - Adjusted EBITDA for the three months ended June 30, 2025, was $1,400,000, a significant improvement from negative $619,000 in the same period of 2024 [10] Business Line Data and Key Metrics Changes - The First Defense product line is now positioned as a suite of related products with expanded uses and appeal, contributing to the overall sales growth [11] - The company has eliminated its backlog of orders and is now refilling distribution inventory, which may lead to a temporary boost in sales [7][8] Market Data and Key Metrics Changes - The company anticipates a potential softening in sales during the second half of 2025 due to the inventory rebuild not being expected to repeat [8] - The market for the new product format of First Defense is showing traction, with initial sales recorded in Q2 2025 [49][50] Company Strategy and Development Direction - The company is focused on commercial opportunities with First Defense and aims to capture increased market share while recovering from previous supply disruptions [12] - The strategy for the RETAIN product includes conducting investigational product use studies to gather market feedback and explore strategic options for future commercialization [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term plan despite current challenges, emphasizing the importance of cash flow and regulatory compliance for future growth [39][41] - The management acknowledged the frustration caused by supply shortages and is now focused on rebuilding customer relationships and reputation in the market [44][45] Other Important Information - The company successfully refinanced its bank debt, reducing interest rates and avoiding large balloon payments due in 2026 [10][11] - The company is exploring strategic options to support the launch of RETAIN, including potential partnerships for financial and marketing support [33][34] Q&A Session Summary Question: Can you provide details on the backlog and organic growth? - The backlog was $4,000,000 as of March 31, 2025, and has been worked through during Q2 2025, with some orders canceled and most filled [21][22] Question: Update on FDA interactions regarding RETAIN? - The company clarified that it does not have a 483 observation and is waiting for a CMO to resolve inspection observations, which is the final hurdle for FDA approval [26][28] Question: How much inventory will be expiring in the second half of the year? - All inventory produced for RETAIN will be used for investigational studies and will not generate revenue [29][30] Question: What are the strategic options being pursued? - The company is looking for financial and marketing support to assist in the commercial launch of RETAIN, focusing on partnerships rather than traditional distributors [33][34] Question: What is the status of the capacity expansion project? - The project to increase capacity from $30 million to $40 million is currently on hold, with timing dependent on cash flow and market conditions [37][39] Question: How is the sales team adapting post-supply issues? - The sales team is now focused on regaining lost customers and expanding into new territories, feeling energized by the availability of adequate inventory [41][42]

PART I: FINANCIAL INFORMATION [ITEM 1. Unaudited Financial Statements](index=3&type=section&id=ITEM%201.%20Unaudited%20Financial%20Statements) Presents ImmuCell's unaudited financial statements and notes for Q2 2025 and FY2024, covering Balance Sheets, Operations, Equity, and Cash Flows [Balance Sheets](index=3&type=section&id=Balance%20Sheets) The balance sheets show the company's financial position, with total assets increasing to $46.72 million as of June 30, 2025, from $45.10 million as of December 31, 2024 | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :-------------- | :---------------- | | Total Assets | $46,720,898 | $45,100,477 | | Total Liabilities | $16,853,470 | $17,582,290 | | Total Stockholders' Equity | $29,867,428 | $27,518,187 | - Cash and cash equivalents increased by **60% to $5,998,494** as of June 30, 2025, from $3,758,232 as of December 31, 2024[8](index=8&type=chunk) - Inventory increased to **$8,294,426** as of June 30, 2025, from $7,112,623 as of December 31, 2024[8](index=8&type=chunk) [Statements of Operations](index=4&type=section&id=Statements%20of%20Operations) The company reported a significant turnaround, moving from a net loss in 2024 to net income in 2025 | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Product sales | $6,444,880 | $5,472,890 | $14,512,054 | $12,730,467 | | Gross margin | $2,817,924 | $1,230,486 | $6,171,896 | $3,525,845 | | Net operating income (loss) | $569,562 | $(1,386,607) | $1,687,187 | $(1,686,660) | | Net income (loss) | $501,880 | $(1,531,626) | $1,948,863 | $(1,969,494) | | Basic net income (loss) per share | $0.06 | $(0.20) | $0.22 | $(0.25) | - Product sales increased by **18%** for the three-month period and **14%** for the six-month period ended June 30, 2025, compared to the respective periods in 2024[10](index=10&type=chunk) - Gross margin significantly improved, increasing by **129%** for the three-month period and **75%** for the six-month period ended June 30, 2025, compared to the respective periods in 2024[10](index=10&type=chunk) [Statements of Stockholders' Equity](index=5&type=section&id=Statements%20of%20Stockholders'%20Equity) Stockholders' equity increased, primarily driven by net income, At-The-Market (ATM) offerings of common stock, and stock-based compensation | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :-------------- | :---------------- | | Total Stockholders' Equity | $29,867,428 | $27,518,187 | | Net Income (Loss) (6-month) | $1,948,863 | $(1,969,494) | | ATM Offering Proceeds (6-month) | $281,446 | $252,749 | | Stock-based Compensation (6-month) | $118,929 | $179,131 | - The company issued **63,230 shares** through an At-The-Market Offering during the six-month period ended June 30, 2025, generating net proceeds of **$281,446**[13](index=13&type=chunk) [Statements of Cash Flows](index=7&type=section&id=Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly improved to $3.18 million for the six-month period ended June 30, 2025, compared to $1 million in the prior year | Cash Flow Activity | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------- | :--------------------------- | :--------------------------- | | Net cash provided by operating activities | $3,175,334 | $1,000,285 | | Net cash used for investing activities | $(454,977) | $(176,597) | | Net cash used for financing activities | $(480,095) | $(478,144) | | Net increase in cash and cash equivalents | $2,240,262 | $345,544 | | Ending cash and cash equivalents | $5,998,494 | $1,324,285 | - Cash and cash equivalents increased by **$2,240,262** during the six-month period ended June 30, 2025, reaching **$5,998,494**[16](index=16&type=chunk) - Investing activities saw an increase in cash used, primarily for the purchase of property, plant, and equipment[16](index=16&type=chunk) [Notes to Unaudited Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Financial%20Statements) The notes provide detailed disclosures on the company's business operations, significant accounting policies, and specific financial accounts [1. BUSINESS OPERATIONS](index=9&type=section&id=1.%20BUSINESS%20OPERATIONS) ImmuCell Corporation, an animal health company, focuses on products for dairy and beef cattle, particularly the First Defense product line and Re-Tain - ImmuCell Corporation specializes in animal health products for dairy and beef cattle, with two main segments: Scours (First Defense product line) and Mastitis (Re-Tain)[21](index=21&type=chunk) - The company experienced production contamination events from Q3 2022 through April 2024, and another in Q2 2025, which led to a production slowdown and negatively impacted sales and gross margin[21](index=21&type=chunk) - Re-Tain, a treatment for subclinical mastitis, is under development and, if approved, would be a first-of-its-kind new animal drug unrelated to human-use antibiotics[21](index=21&type=chunk) [2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=9&type=section&id=2.%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This section outlines the significant accounting policies followed by ImmuCell Corporation, including the basis of presentation, valuation methods, and revenue recognition - The financial statements are prepared in accordance with GAAP, requiring management to make estimates and assumptions, particularly for inventory valuation, Re-Tain related assets, deferred tax assets, and costs of goods sold[22](index=22&type=chunk)[50](index=50&type=chunk) - The company considers highly liquid investment instruments maturing within three months as cash equivalents and holds no cash or cash equivalents in excess of FDIC limits[23](index=23&type=chunk) - Revenue is recognized when control of promised goods is transferred to customers, typically at shipment, with immaterial product returns historically[41](index=41&type=chunk) [3. TRADE ACCOUNTS RECEIVABLE](index=16&type=section&id=3.%20TRADE%20ACCOUNTS%20RECEIVABLE) Trade accounts receivable decreased to $2.38 million as of June 30, 2025, from $3.77 million as of December 31, 2024 | Metric | June 30, 2025 | December 31, 2024 | | :----------------------- | :-------------- | :---------------- | | Trade accounts receivable | $2,378,823 | $3,771,133 | - No allowance for credit losses or product returns was recorded as of June 30, 2025, or December 31, 2024, reflecting a very low historical credit loss rate[53](index=53&type=chunk) [4. INVENTORY](index=17&type=section&id=4.%20INVENTORY) Total inventory increased to $8.29 million as of June 30, 2025, from $7.11 million as of December 31, 2024, primarily driven by finished goods | Inventory Component | June 30, 2025 | December 31, 2024 | | :------------------ | :-------------- | :---------------- | | Raw materials | $1,514,140 | $1,356,228 | | Work-in-process | $5,582,991 | $5,746,865 | | Finished goods | $1,197,295 | $9,530 | | Total | $8,294,426 | $7,112,623 | - Finished goods inventory saw a significant increase from **$9,530 to $1,197,295**, indicating a build-up of ready-to-sell products[55](index=55&type=chunk) [5. PRE

Core Insights - ImmuCell Corporation reported significant improvements in financial performance for the second quarter and six-month period ended June 30, 2025, including a net income of approximately $502,000 for the quarter and $1.9 million for the six months, contrasting with net losses in the same periods of 2024 [4][8]. Product Sales Highlights - Product sales for the second quarter of 2025 increased by 18% to approximately $6.4 million compared to the same quarter in 2024 [7]. - For the six-month period ended June 30, 2025, product sales rose by 14% to approximately $14.5 million compared to the same period in 2024 [7]. - Over the twelve-month period ended June 30, 2025, product sales increased by 22% to approximately $28.3 million compared to the previous year [7]. Financial Performance - Gross margin improved to 44% for the three-month period and 43% for the six-month period ended June 30, 2025, compared to 22% and 28% respectively in 2024 [8]. - Adjusted EBITDA improved to approximately $1.4 million, $3.7 million, and $5.3 million for the three-month, six-month, and twelve-month periods ended June 30, 2025, respectively [8][16]. Balance Sheet Strength - Cash and cash equivalents increased to approximately $6.0 million as of June 30, 2025, up from $3.8 million at the end of 2024 [8][14]. - Net working capital rose to approximately $12.7 million as of June 30, 2025, compared to $10.6 million at the end of 2024 [8][14]. - Stockholders' equity increased to approximately $29.9 million as of June 30, 2025, from $27.5 million at the end of 2024 [9]. Strategic Initiatives - The company has eliminated the backlog of orders as of June 30, 2025, and is building inventory to meet customer demand for the peak selling season [4]. - ImmuCell has initiated Investigational Product use for Re-Tain to collect market feedback on product performance during the second half of 2025 and into early 2026 [4].

ImmuCell Corporation Investor Presentation August 2025 (Nasdaq: ICCC) 2 Table of Contents | 1) | Company Overview and Strategic Opportunity..…….……..…………………………………………………….….… 4-27 | | --- | --- | | 2) | Testimonials………………………………………………………………….……..…….…………………………………….……….…28-32 | | 3) | Financial Review(1).………………..….……..……………………………..……………………………………………..… 33-39 | | 4) | Other Information..……………...………...………………………………………….……………………………...……….…….40-52 | (1)Detailed financial reports, summary press releases and conference ...

PORTLAND, Maine, Aug. 12, 2025 (GLOBE NEWSWIRE) -- ImmuCell Corporation (Nasdaq: ICCC) ("ImmuCell" or the "Company"), a growing animal health company that develops, manufactures and markets scientifically proven and practical products that improve the health and productivity of dairy and beef cattle, today announced it has successfully refinanced a portion of its bank debt. Management's Discussion: Proceeds from a new loan from Maine Community Bank (MCB) in the principal amount of $2,327,119, bearing intere ...

Core Viewpoint - ImmuCell Corporation is set to report its unaudited financial results for Q2 2025 on August 14, 2025, with a conference call scheduled for the following morning to discuss these results [1][2][3]. Financial Results - The company anticipates no changes to the preliminary sales results for the second quarter ended June 30, 2025, which were previously disclosed on July 9, 2025 [3]. Conference Call Details - A conference call will be held on August 15, 2025, at 9:00 AM ET, accessible via specific toll-free and international numbers [2]. - A replay of the conference call will be available until August 22, 2025, with designated access codes for listeners [2]. Corporate Presentation - Investors are encouraged to review the updated Corporate Presentation slide deck available on the company's website, which will be updated after the market closes on August 14, 2025 [4]. Company Overview - ImmuCell Corporation focuses on developing products that enhance the health and productivity of dairy and beef cattle, including First Defense for newborn calves and Re-Tain for treating subclinical mastitis in dairy cows [5].

Core Viewpoint - ImmuCell Corporation (ICCC) has received an "Outperform" upgrade due to strong sales execution, improved gross margins, and strategic opportunities linked to its late-stage mastitis treatment, Re-Tain [1] Price Performance - ICCC shares have outperformed the industry with a 64.3% increase over the past year compared to the industry's 6.4% growth [2] Sales Execution & Market Penetration - The company achieved a record $8.1 million in product sales for Q1 2025, marking an 11% year-over-year increase, driven by strong demand for its First Defense line [3] - Production capacity expansion supports over $30 million in annual sales, reducing order backlog from $4.4 million at the end of 2024 to $3.4 million by early May 2025 [3] Product Mix and Customer Preference - The Tri-Shield formulation, which provides protection against E. coli, coronavirus, and rotavirus, constituted approximately 71% of the product mix in the quarter, indicating strong customer preference for broader-spectrum coverage [4] Gross Margin Recovery & Operating Leverage - Gross margin improved to 42% in Q1 2025 from 32% in the prior year and 37% in Q4 2024, reflecting enhanced yields and reduced contamination-related scrap [6] - Adjusted EBITDA rose to $2.3 million in Q1 2025 from $0.46 million a year earlier, with a trailing 12-month adjusted EBITDA of $3.3 million, a significant recovery from a $280,000 loss in the prior year [7] Financial Stability - The company reported $4.6 million in cash, $12.1 million in working capital, and a fully undrawn $1 million credit line as of March 2025, alongside $29 million in stockholders' equity [8] Product Innovation & New Format Launch - A bulk powder version of First Defense is set to launch in the second half of 2025, targeting calf ranches and representing an underpenetrated market segment [9] - This new format is expected to enhance market access and diversify revenue streams away from the current sales model [10] Optionality Through Re-Tain & FDA Review - Re-Tain, a non-antibiotic treatment for subclinical mastitis, is under FDA review and represents a strategic option for the company [11] - A Controlled Launch strategy has been outlined to prioritize data collection and quality assurance during initial commercialization [12] Outlook - The "Outperform" rating reflects the company's ability to scale sales and margins through its First Defense franchise, strategic expansion into new formats, and potential upside from Re-Tain's FDA approval [13]

[Overview of Form 8-K Filing (July 9, 2025)](index=1&type=section&id=Form%208-K%20Filing%20July%209%2C%202025) This section outlines ImmuCell Corporation's Form 8-K filing on July 9, 2025, covering preliminary Q2 2025 sales and exhibits [Announcement of Preliminary Q2 2025 Sales Results](index=2&type=section&id=Item%202.02.%20Results%20of%20Operations%20and%20Financial%20Condition) ImmuCell Corporation announced preliminary unaudited Q2 2025 product sales, detailed in a furnished press release - The company issued a press release announcing its preliminary, unaudited product sales for the quarter ended June 30, 2025[6](index=6&type=chunk) - The information in the press release is considered "furnished" and not "filed" for the purposes of Section 18 of the Exchange Act, which has legal implications regarding liability[7](index=7&type=chunk) [Exhibits](index=2&type=section&id=Item%209.01.%20Financial%20Statements%20and%20Exhibits.) The filing includes a press release with preliminary sales data and a Cover Page Interactive Data File as exhibits Exhibit List | Exhibit No. | Description | | :--- | :--- | | 99.1 | Press Release of ImmuCell Corporation dated July 9, 2025 | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

Core Viewpoint - ImmuCell Corporation reported preliminary unaudited sales results for Q2 2025, showing significant growth in product sales across various time periods compared to the same periods in 2024 [1][3]. Sales Performance - Total sales for the three-month period ended June 30, 2025, reached $6.4 million, an increase of $972,000 or 18% from $5.5 million in the same period of 2024 [3]. - For the six-month period ended June 30, 2025, sales totaled $14.5 million, up by $1.8 million or 14% from $12.7 million in 2024 [3]. - Sales for the nine-month period ended June 30, 2025, were $22.3 million, reflecting a $4.4 million increase or 25% compared to $17.8 million in 2024 [3]. - Over the twelve-month period ended June 30, 2025, total sales reached $28.3 million, an increase of $5.1 million or 22% from $23.2 million in 2024 [3]. Production and Inventory Management - The company has successfully increased production output, meeting current customer demand and reducing the order backlog to under $100,000 as of June 30, 2025, down from approximately $3.4 million on May 6, 2025 [4]. - The recent sales pace is attributed to the replenishment of the distribution pipeline after a period of supply shortages, allowing the company to ship within one week of order receipt [4]. Future Capacity and Product Development - The company is evaluating additional investments to increase production capacity by 33% to approximately $40 million annually to meet potential demand growth in the North American dairy and beef markets [5]. - ImmuCell is initiating Investigational Product use of Re-Tain to test market acceptance, although this is not expected to generate significant revenue [5]. - The company has submitted a Non-Administrative New Animal Drug Application (NADA) and is addressing inspectional observations at its contract manufacturer's facilities, which is critical for NADA approval [5]. Upcoming Events - A conference call is scheduled for August 15, 2025, to discuss the unaudited financial results for the quarter ended June 30, 2025 [6][7].