ImmuCell Announces Unaudited Financial Results for the Quarter Ended March 31, 2026
Rhea-AI Summary
ImmuCell (Nasdaq: ICCC) reported unaudited Q1 2026 net income of $1.9 million, or $0.21 per share, on product sales of $10.4 million, up 28.4% year over year.
Gross margin reached 45.0%. Cash rose to $6.8 million, supported by $3.4 million free cash flow, higher manufacturing output, and a $2 million settlement to fund First Defense® capacity expansion.
Positive
- Product sales increased to $10.4 million in Q1 2026 from $8.1 million in Q1 2025
- Gross margin improved to 45.0% of product sales versus 41.6% a year earlier
- Net income rose to $1.9 million, or $0.21 per share, from $1.4 million, or $0.16
- Cash and cash equivalents increased to $6.8 million from $3.8 million at year-end 2025
- Net cash provided by operating activities grew to $3.6 million from $1.6 million
- Average manufacturing output increased from about 380,000 to more than 450,000 units per month
- ImmuCell received a net $2 million settlement to support First Defense capacity expansion
- Market share in the U.S. scours biologicals market increased by approximately 3% of animals treated
Negative
- Sales, marketing and administrative expenses increased to $2.4 million from $1.5 million year over year
- Other income shifted to a $15,000 net expense versus $331,000 net income in Q1 2025
- Management expects revenue to moderate mid-year as seasonal demand eases and prior backlog clearance affects year-over-year comparisons
News Market Reaction – ICCC
In the May 15 session, ICCC gained 7.99%, reflecting a notable positive market reaction. Argus tracked a peak move of +2.6% during that session. Our momentum scanner triggered 7 alerts that day, indicating moderate trading interest and price volatility. Trading volume was elevated at 2.7x the daily average, suggesting notable buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 04 | Full-year earnings | Positive | -1.7% | Reported 2025 sales growth and margin expansion with narrowed net loss. |
| Nov 13 | Q3 2025 earnings | Neutral | -10.7% | Mixed Q3 results with lower quarterly sales but stronger nine-month metrics. |
| Aug 14 | Q2 2025 earnings | Positive | -9.2% | Q2 2025 sales up 18% and swing to net income with higher margins. |
| May 14 | Q1 2025 earnings | Positive | +7.9% | Record Q1 2025 sales and net income with improved gross margin. |
| Feb 25 | Q4 & FY 2024 | Positive | +7.5% | Q4 and 2024 sales growth with margin gains and return to positive EBITDA. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have often been strong fundamentally but produced mixed stock reactions, with an average move of about -1.25% and both sharp gains and declines following past reports.
Over the past year, ImmuCell’s earnings updates have highlighted steady product sales growth and margin expansion. For example, full-year 2025 results on March 4, 2026 showed product sales of $27.6M and a gross margin of 41.4%, yet the stock fell 1.7%. Earlier quarters like Q2 and Q1 2025 also delivered higher sales and improved profitability but triggered both rallies and selloffs. Today’s strong Q1 2026 metrics continue that trend of operational improvement against inconsistent price responses.
Key Terms
non-gaap financial measure financial
gaap financial
ebitda financial
stock-based compensation expense financial
forward-looking statements regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
PORTLAND, Maine, May 14, 2026 (GLOBE NEWSWIRE) -- ImmuCell Corporation (Nasdaq: ICCC) (“ImmuCell” or the “Company”), an animal health biologics company that develops and markets products to improve calf health and productivity, today announced its unaudited financial results for the quarter ended March 31, 2026.
Management’s Discussion:
“Today we are reporting net income of
“We had a record revenue quarter driven by high seasonal demand from the cow-calf segment and an increase in our market share in the U.S. scours biologicals market by approximately
“ImmuCell had a very successful start to 2026,” said Olivier te Boekhorst, President and CEO of ImmuCell. “We increased average output from approximately 380,000 manufacturing units per month in 2025 to more than 450,000 per month in the first quarter of 2026, driven by yield improvements from our existing plant,” continued Mr. te Boekhorst. “We are planning a significant First Defense® capacity expansion and we are pleased to announce that we recently settled all disputes with our former contract manufacturer for a net payment to ImmuCell of
Certain Financial Results:
- First quarter 2026 product sales increased
28.4% , to approximately$10.4 million , compared to the quarter ended March 31, 2025. - First quarter 2026 gross margin improved to
45.0% of product sales compared to41.6% during the quarter ended March 31, 2025. - Net income was
$1.9 million , or$0.21 per basic share, during the quarter ended March 31, 2026 compared to a net income of$1.4 million , or$0.16 per basic share, during the quarter ended March 31, 2025.
Balance Sheet Data as of March 31, 2026:
- Cash and cash equivalents increased to
$6.8 million as of March 31, 2026, from$3.8 million as of December 31, 2025. - Net working capital increased to approximately
$14.9 million as of March 31, 2026 from$13.0 million as of December 31, 2025. - Stockholders’ equity increased to
$29.1 million as of March 31, 2026 from$27.1 million as of December 31, 2025.
| Condensed Statements of Income (Unaudited) | |||||||
| Three Months Ended March 31, | |||||||
| (In thousands, except per share amounts) | 2026 | 2025 | |||||
| Product sales | $ | 10,357 | $ | 8,067 | |||
| Costs of goods sold | 5,700 | 4,713 | |||||
| Gross profit | 4,657 | 3,354 | |||||
| Sales, marketing and administrative expenses | 2,370 | 1,479 | |||||
| Product development expenses | 318 | 757 | |||||
| Operating expenses | 2,688 | 2,236 | |||||
| NET OPERATING INCOME | 1,969 | 1,118 | |||||
| Other (expenses) income, net | (15 | ) | 331 | ||||
| INCOME BEFORE INCOME TAXES | 1,954 | 1,449 | |||||
| Income tax expense | 12 | 2 | |||||
| NET INCOME | $ | 1,942 | $ | 1,447 | |||
| Basic and diluted weighted average common shares | |||||||
| outstanding | 9,046 | 8,981 | |||||
| Basic and diluted net income per share | $ | 0.21 | $ | 0.16 | |||
| Selected Balance Sheet Data (In thousands) (Unaudited) | |||||||
| As of | As of | ||||||
| March 31, 2026 | December 31, 2025 | ||||||
| Cash and cash equivalents | $ | 6,813 | $ | 3,807 | |||
| Inventory | $ | 8,674 | $ | 9,267 | |||
| Net working capital | $ | 14,949 | $ | 12,967 | |||
| Total assets | $ | 44,108 | $ | 42,532 | |||
| Stockholders' equity | $ | 29,135 | $ | 27,055 | |||
| Selected Cash Flow Data (In thousands) (Unaudited) | |||||||
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| Operating Activities | $ | 3,573 | $ | 1,574 | |||
| Investing Activities | (167 | ) | (329 | ) | |||
| Financing Activities | (400 | ) | (404 | ) | |||
| Net Change in Cash | 3,006 | 841 | |||||
| Cash at Beginning of Period | 3,807 | 3,758 | |||||
| Cash at End of Period | $ | 6,813 | $ | 4,599 | |||
Non-GAAP Financial Measures: Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flow that either excludes or includes amounts that are not normally included in or excluded from the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP measures included in this press release should be considered in addition to, and not as a substitute for or superior to, the comparable measure prepared in accordance with GAAP.
We believe that considering the non-GAAP measure of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) assists management and investors by looking at our performance across reporting periods on a consistent basis excluding certain charges from our reported income before income taxes. We calculate EBITDA as described in the following table and reconciled to the most comparable GAAP financial measure:
| Three Months Ended March 31, | |||||||
| (In thousands) | 2026 | 2025 | |||||
| Income before income taxes | $ | 1,954 | $ | 1,449 | |||
| Interest expense (excluding debt issuance and debt discount costs) | 97 | 117 | |||||
| Depreciation | 528 | 671 | |||||
| Amortization (including debt issuance and debt discount costs) | 3 | 16 | |||||
| EBITDA | $ | 2,582 | $ | 2,253 | |||
EBITDA includes stock-based compensation expense (which is a non-cash expense that management adds back to EBITDA when assessing its cash flows) of approximately
Webcast / Conference Call:
The Company will host a conference call and webcast on Friday, May 15, 2026, at 9:00 AM ET to review the unaudited financial results. Interested parties may access the conference call by dialing (844) 855-9502 (toll free) or (412) 317-5499 (international).
The live webcast can be accessed at: https://app.webinar.net/x4lBVGrRb75
The live webcast will feature a set of accompanying presentation slides that will subsequently be available in the Investors section of the Company’s website at: https://immucell.com/investors/
A teleconference replay of the conference call will be available through May 22, 2026, by dialing (855) 669-9658 (toll free) or (412) 317-0088 (international) and utilizing replay access code #9452004.
A webcast replay will also be available at: https://app.webinar.net/x4lBVGrRb75
About ImmuCell:
ImmuCell Corporation (Nasdaq: ICCC) is an animal-health biologics company that operates in the fast-growing market for calf health solutions. It develops, manufactures and commercializes the First Defense® line of products that provides Immediate Immunity™ through colostrum-derived, orally delivered antibodies against the principal viral and bacterial causes of scours. Scours (neonatal calf diarrhea) is one of the most prevalent and deadly diseases in neonatal calves worldwide. Press releases and other information about the Company are available at: http://www.immucell.com/investors.
Cautionary Note Regarding Forward-Looking Statements (Safe Harbor Statement):
This Press Release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and will often include words such as “expects”, “may”, “anticipates”, “aims”, “intends”, “would”, “could”, “should”, “will”, “plans”, “believes”, “estimates”, “targets”, “projects”, “forecasts”, “seeks” and similar words and expressions. Such statements include, but are not limited to, any forward-looking statements relating to: our plans, goals and strategies for our business; projections of future financial or operational performance; manufacturing efficiencies and capacity; future investments in sales and marketing; future demand for our products, including the First Defense® product line; adequacy of inventory; future pricing of our products; the scope, timing, and costs of ongoing and future product development work and commercialization of our products; and any other statements that are not historical facts. projections about depreciation expense and its impact on income for book and tax return purposes; and any other statements that are not historical facts. These statements are intended to provide management’s current expectation of future events as of the date of this earnings release, are based on management’s estimates, projections, beliefs and assumptions as of the date hereof; and are not guarantees of future performance. Such statements involve known and unknown risks and uncertainties that may cause the Company’s actual results, financial or operational performance or achievements to be materially different from those expressed or implied by these forward-looking statements, including, but not limited to, those risks and uncertainties relating to: difficulties or delays in development, testing, regulatory approval, production and marketing of our products, competition within our anticipated product markets, customer acceptance of our new and existing products, product performance, alignment between our manufacturing resources and product demand (including the consequences of backlogs), uncertainty associated with the timing and volume of customer orders as we come out of a prolonged backlog, adverse impacts of supply chain disruptions on our operations and customer and supplier relationships, commercial and operational risks relating to our current and planned expansion of production capacity, and other risks and uncertainties detailed from time to time in filings we make with the Securities and Exchange Commission (SEC), including our Quarterly Reports on Form 10-Q, our Annual Reports on Form 10-K and our Current Reports on Form 8-K. Such statements involve risks and uncertainties and are based on our current expectations, but actual results may differ materially due to various factors, including the risk factors summarized under ITEM 1A-RISK FACTORS and uncertainties otherwise referred to in our most recent Annual Report on Form 10-K. In addition, there can be no assurance that future risks, uncertainties or developments affecting us will be those that we anticipate. We undertake no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
| Contacts: | Olivier te Boekhorst, President and CEO Timothy C. Fiori, Chief Financial Officer ImmuCell Corporation investor.relations@immucell.com Joe Diaz, Robert Blum and Joe Dorame Lytham Partners, LLC iccc@lythampartners.com |
