
Core Viewpoint - ImmuCell Corporation reported record product sales and net income for the first quarter of 2025, indicating strong growth and operational improvements in the animal health sector [4][8]. Financial Performance - Product sales for Q1 2025 reached approximately $8.1 million, an increase of 11% compared to Q1 2024 [8]. - For the six-month period ending March 31, 2025, product sales increased by 28% to approximately $15.8 million compared to the same period in 2024 [8]. - Over the twelve-month period ending March 31, 2025, product sales also rose by 28% to approximately $27.3 million compared to the previous year [8]. - The gross margin improved to 42% in Q1 2025 from 37% in Q4 2024 [4]. - Net income for Q1 2025 was approximately $1.4 million, or $0.16 per diluted share, compared to a net loss of $438,000, or ($0.06) per basic share, in Q1 2024 [9]. Balance Sheet Highlights - Cash and cash equivalents increased to $4.6 million as of March 31, 2025, up from $3.8 million as of December 31, 2024 [9]. - Net working capital rose to approximately $12.1 million as of March 31, 2025, compared to $10.6 million at the end of 2024 [9]. - Stockholders' equity increased to $29 million as of March 31, 2025, from $27.5 million as of December 31, 2024 [9]. Operational Insights - The company is focused on reducing order backlogs and improving gross margins as production output increases [4]. - ImmuCell is advancing the Investigational Product use of Re-Tain to gather market feedback on product performance during the second half of 2025 [4]. - The company is also reducing product development expenses and exploring strategic options for its technology [4].