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ImmuCell Announces Preliminary, Unaudited Sales Results for Q3 of 2025
Globenewswire· 2025-10-07 20:05
PORTLAND, Maine, Oct. 07, 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 preliminary, unaudited sales results for the third quarter of 2025. Since the first quarter of 2020, the Company has been providing a preliminary look at its unaudited top line results soon afte ...
ImmuCell (NasdaqCM:ICCC) 2025 Conference Transcript
2025-09-30 21:17
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]
ImmuCell Announces Selection of its Next President and CEO
Globenewswire· 2025-09-29 20:05
Core Viewpoint - ImmuCell Corporation has appointed Olivier te Boekhorst as the new President and CEO, effective November 1, 2025, to drive growth in its product offerings, particularly First Defense and Re-Tain [1][3]. Company Leadership Transition - Olivier te Boekhorst is currently an Operating Partner at ARCHIMED and has extensive experience in the animal healthcare sector, including leadership roles at IDEXX Laboratories [2]. - The current President and CEO, Michael F. Brigham, will transition to a Special Advisor role for at least two months to ensure a smooth leadership change [3]. Strategic Focus - The company aims to enhance sales of First Defense and advance the development of Re-Tain, which addresses animal health issues without traditional antibiotics [3]. - Mr. te Boekhorst emphasized the opportunity to improve farm animal welfare and sustainability in the dairy and beef industries [3]. Compensation Structure - Mr. te Boekhorst's employment terms include two stock option awards: one for 76,673 shares, granted on September 16, 2025, and a second award for up to 85,000 shares, to be granted after his employment begins [4]. - The stock options will have a 10-year term and will vest in three equal increments over three years [4]. Company Overview - ImmuCell Corporation focuses on developing products that improve the health and productivity of dairy and beef cattle, including First Defense for newborn calves and Re-Tain for mastitis treatment [6].
ImmuCell Swings to Q2 Profit on Strong Sales, Shares Still Slide
ZACKS· 2025-08-21 15:51
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].
ImmuCell(ICCC) - 2025 Q2 - Earnings Call Transcript
2025-08-15 14:00
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]
ImmuCell Announces Unaudited Financial Results for the Quarter Ended June 30, 2025
Globenewswire· 2025-08-14 20:05
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 Announces Bank Debt Refinancing
Globenewswire· 2025-08-12 20:05
Core Viewpoint - ImmuCell Corporation has successfully refinanced a portion of its bank debt, which is expected to improve its financial position and operational flexibility [1][2]. Financial Summary - The company secured a new loan from Maine Community Bank (MCB) amounting to $2,327,119 at a fixed interest rate of 6.5% per annum [2]. - The proceeds were utilized to pay off an existing loan from MCB with a balance of $1,525,852 at 7% interest and another loan from the Finance Authority of Maine (FAME) with a balance of $768,209 at 8% interest [2]. - The paid-off loans had balloon principal payments totaling approximately $1,946,000 due in the third quarter of 2026 [2]. - The new loan features a five-year amortization schedule, concluding in the third quarter of 2030 [2]. Management Commentary - The President and CEO of ImmuCell expressed appreciation for the ongoing relationship with MCB and acknowledged the support from FAME, particularly during mid-2023 [3]. - By paying off the FAME loan early, the company aims to free up funds for other uses within the State of Maine [3]. Upcoming Events - ImmuCell plans to host a conference call on August 15, 2025, to discuss the unaudited financial results for the quarter ended June 30, 2025 [3]. Company Overview - ImmuCell Corporation focuses on developing and marketing products that enhance the health and productivity of dairy and beef cattle [4]. - The company manufactures First Defense, which provides Immediate Immunity™ to newborn calves, and is developing Re-Tain, a treatment for subclinical mastitis in dairy cows [4].
ImmuCell to Announce Unaudited Financial Results for the Quarter Ended June 30, 2025
Globenewswire· 2025-08-07 12:00
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].
ImmuCell Upgraded to Outperform on Sales Surge & FDA Upside
ZACKS· 2025-07-22 16:56
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]
ImmuCell Announces Preliminary, Unaudited Sales Results for Q2 of 2025
Globenewswire· 2025-07-09 12:00
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].