Summary of ImmuCell Corporation's Investor Conference Call Company Overview - ImmuCell Corporation is located in Maine and has approximately 80 employees with trailing 12-month sales of about $28 million as of June 30 [2] - The company primarily focuses on its flagship product, First Defense, which is designed for newborn dairy calves [2] Product Details - The First Defense product line includes Tri-Shield, which was introduced in 2018 and adds rotavirus protection to the existing E. coli and coronavirus claims [4] - The product aims to prevent scours, a significant issue in calf raising, by providing concentrated antibodies to newborns [6][7] - The company is expanding its product line to include functional feeds, which will not have USDA claims but will utilize the same antibodies [5] Market Position and Competition - The total domestic market opportunity for calf-level treatment is estimated at $31 million, with an additional $82 million when including dam-level treatment [16] - Main competitors include large vaccine manufacturers like Boehringer Ingelheim and Merck, with ImmuCell differentiating itself by providing preformed antibodies rather than relying on vaccination [14][15] Manufacturing and Capacity - ImmuCell faced contamination issues in the past but has since improved its manufacturing processes and is now capable of producing over $30 million in revenue [17][18] - The company is considering expanding its capacity, which would involve a $3 million investment in additional equipment to support $40 million or more in revenue [28][30] Financial Performance - In the first half of 2025, ImmuCell reported a year-over-year revenue growth of approximately 14%, with net income around $1.9 million and adjusted EBITDA of approximately $3.7 million [33] - The company has recently refinanced loans to lower interest rates and remove large balloon payments due in 2026 [34] FDA Approval and Future Products - ImmuCell is developing a new product, Re-Tain, aimed at treating mastitis, which is currently in the late stages of FDA approval [35][36] - The company has invested $22 million in a commercial-scale production plant for Re-Tain, but is currently facing delays due to compliance issues with a contract manufacturer [37] Leadership Transition - CEO Michael Brigham announced his intention to step down due to personal reasons, with a succession plan in place to find a successor by year-end [39] Additional Insights - The company emphasizes sustainability by reducing antibiotic use in livestock, aligning with current health trends and regulatory demands [19][20] - Customer sentiment has been mixed due to past supply issues, but there is a strong return to the product as availability improves [25]