ImmuCell Announces Unaudited Financial Results for the Quarter Ended September 30, 2025
ImmuCell (Nasdaq: ICCC) reported unaudited results for the quarter ended September 30, 2025. Q3 product sales fell 8% to $5.5M, while nine-month product sales rose 7% to $20.0M and twelve-month sales rose 16% to $27.8M. The company posted net income of $1.8M for the nine months versus a loss of $2.7M year-ago, driven by higher sales and margin recovery.
Gross margin improved to 42.6% for the nine months (vs. 27.3% prior year). Adjusted EBITDA was $751k for Q3 and $4.42M for nine months. Balance sheet highlights: cash $3.9M, net working capital $12.8M, stockholders' equity $29.8M. Re-Tain remains in investigational use with Michigan State University while management addresses prior backlog.
ImmuCell (Nasdaq: ICCC) ha riportato risultati non verificati per il trimestre chiuso il 30 settembre 2025. Le vendite di prodotto nel Q3 sono diminuite dell'8% a $5,5 milioni, mentre le vendite di prodotto nei primi nove mesi sono aumentate del 7% a $20,0 milioni e le vendite a 12 mesi sono salite del 16% a $27,8 milioni. L'azienda ha registrato un utile netto di $1,8 milioni nei nove mesi rispetto a una perdita di 2,7 milioni nello stesso periodo dell'anno scorso, trainato da vendite più elevate e dal recupero dei margini.
Il margine lordo è migliorato al 42,6% per i nove mesi (rispetto al 27,3% dell'anno precedente). L'EBITDA rettificato è stato $751k per il Q3 e $4,42M per i nove mesi. Punti salienti del bilancio: cassa $3,9M, capitale circolante netto $12,8M, patrimonio degli azionisti $29,8M. Re-Tain resta in uso sperimentale con la Michigan State University mentre la direzione affronta l'eventuale backlog.
ImmuCell (Nasdaq: ICCC) reportó resultados no auditados para el trimestre que terminó el 30 de septiembre de 2025. Las ventas de productos del Q3 cayeron un 8% a $5.5 millones, mientras que las ventas de productos de los nueve meses subieron un 7% a $20.0 millones y las ventas de doce meses crecieron un 16% a $27.8 millones. La empresa reportó ingreso neto de $1.8 millones para los nueve meses frente a una pérdida de 2.7 millones en el año anterior, impulsado por mayores ventas y recuperación del margen.
El margen bruto mejoró al 42.6% para los nueve meses (vs. 27.3% del año anterior). EBITDA ajustado fue de $751k para el Q3 y $4.42M para los nueve meses. Elementos clave del balance: efectivo $3.9M, capital de trabajo neto $12.8M, patrimonio de los accionistas $29.8M. Re-Tain permanece en uso de investigación con la Universidad Estatal de Michigan, mientras la dirección aborda el backlog anterior.
ImmuCell (나스닥: ICCC)은 2025년 9월 30일 종료된 분기에 대한 비감사 결과를 발표했습니다. Q3 제품 매출은 8% 감소한 $5.5M을 기록했고, 9개월 간 제품 매출은 7% 증가한 $20.0M, 12개월 매출은 16% 증가한 $27.8M을 기록했습니다. 회사의 순이익은 9개월 동안 $1.8M으로 전년 동기 손실 $2.7M에서 흑자로 전환되었으며, 이는 판매 증가와 마진 회복에 의해 주도되었습니다.
총 이익률은 9개월 동안 42.6%로 개선되었습니다(전년 동기의 27.3% 대비). 조정 EBITDA는 Q3에 $751k, 9개월 동안 $4.42M이었습니다. 대차대조표 하이라이트: 현금 3.9백만 달러, 순운전자본 12.8백만 달러, 주주자본 29.8백만 달러입니다. Re-Tain은 미시간 주립대학교와 함께 연구용으로 남아 있으며 경영진은 과거의 뎁백(backlog)을 다루고 있습니다.
ImmuCell (Nasdaq : ICCC) a publié des résultats non audités pour le trimestre terminé le 30 septembre 2025. Ventes de produits au T3 ont diminué de 8 % pour atteindre $5,5 M, tandis que les ventes de produits sur neuf mois ont augmenté de 7 % pour atteindre $20,0 M et les ventes sur douze mois ont augmenté de 16 % pour atteindre $27,8 M. L'entreprise a affiché un bénéfice net de $1,8 M pour les neuf mois contre une perte de 2,7 M$ à la même période l'année précédente, porté par des ventes plus élevées et une récupération des marges.
La marge brute s'est améliorée à 42,6% pour les neuf mois (contre 27,3% l'année précédente). EBITDA ajusté était de $751k pour le T3 et de $4,42M pour les neuf mois. Points saillants du bilan : trésorerie 3,9 M$, fonds de roulement net 12,8 M$, capitaux propres des actionnaires 29,8 M$. Re-Tain reste en usage expérimental avec l’Université d’État du Michigan tandis que la direction traite l’arriéré antérieur.
ImmuCell (Nasdaq: ICCC) hat unaudited Ergebnisse für das Quartal zum 30. September 2025 gemeldet. Q3 Produktverkäufe sanken um 8% auf $5,5 Mio., während Produktverkäufe der neun Monate um 7% auf $20,0 Mio. stiegen und Verkäufe in zwölf Monaten um 16% auf $27,8 Mio. zunahmen. Das Unternehmen meldete Nettoeinkommen von $1,8 Mio. für die neun Monate gegenüber einem Verlust von 2,7 Mio. USD im Vorjahr, angetrieben durch höhere Verkäufe und Margenrückgewinnung.
Bruttomarge verbesserte sich auf 42,6% für die neun Monate (gegenüber 27,3% im Vorjahr). Bereinigtes EBITDA betrug $751k für Q3 und $4,42M für die neun Monate. Bilanz-Highlights: Bargeld 3,9 Mio., Net Working Capital 12,8 Mio., Eigenkapital der Aktionäre 29,8 Mio.. Re-Tain bleibt in der Erprobung mit der Michigan State University, während das Management frühere Rückstände adressiert.
ImmuCell (المدرجة في ناسداك: ICCC) أصدرت نتائج غير مُدققة للربع المنتهي في 30 سبتمبر 2025. مبيعات المنتجات في الربع الثالث انخفضت بنسبة 8% إلى $5.5 مليون، في حين ارتفعت مبيعات المنتجات خلال التسعة أشهر بنسبة 7% لتصل إلى $20.0 مليون وارتفعت المبيعات خلال الاثني عشر شهراً بنسبة 16% لتصل إلى $27.8 مليون. سجلت الشركة صافي دخل قدره $1.8 مليون للمدة التسعة أشهر مقابل خسارة قدرها 2.7 مليون دولار في العام السابق، مدفوعة بارتفاع المبيعات وتحسن الهامش.
الهامش الإجمالي تحسن ليصل إلى 42.6% للمدة التسعة أشهر (مقابل 27.3% في السنة السابقة). كما كان EBITDA المعدل $751k للربع الثالث و$4.42M للمدة التسعة أشهر. أبرز بنود الميزانية: النقدية 3.9 مليون دولار، رأس المال العامل الصافي 12.8 مليون دولار، حقوق مالكي الأسهم 29.8 مليون دولار. يبقى منتج Re-Tain قيد الاستخدام التجريبي مع جامعة ولاية ميشيغان بينما تتناول الإدارة الأرش الخلفي السابق.
- Nine-month net income of $1.8M versus a $2.7M loss prior year
- Gross margin recovered to 42.6% for the nine months (from 27.3%)
- Adjusted EBITDA improved to $4.42M for the nine months
- Twelve-month product sales increased 16% to $27.8M
- Q3 product sales declined 8% to $5.5M
- Q3 net loss of $0.14M (loss per share $0.02)
- Prior production backlog created difficult year‑over‑year quarterly comparisons
- Re-Tain remains in investigational use with no commercial approval disclosed
Insights
Mixed quarterly sales but clear margin and profitability recovery through nine months; balance sheet modestly stronger.
Product sales fell
Gross margin improved sharply to
Operationally, management cites resolution of a production backlog and higher inventory availability as the cause of near-term comparisons being unfavourable; this explains the quarterly decline but aligns with the nine-month recovery. Cash and cash equivalents rose slightly to
Key dependencies and risks remain explicit: continued sales recovery depends on sustained product adoption and maintaining higher gross margins. Monitor reported product sales in the upcoming conference call on
PORTLAND, Maine, Nov. 13, 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 its unaudited financial results for the quarter ended September 30, 2025.
Product Sales Highlights:
- During the third quarter of 2025, product sales decreased by
8% to approximately$5.5 million compared to the third quarter of 2024. - During the nine-month period ended September 30, 2025, product sales increased by
7% to approximately$20.0 million compared to the nine-month period ended September 30, 2024. - During the twelve-month period ended September 30, 2025, product sales increased by
16% to approximately$27.8 million compared to the twelve-month period ended September 30, 2024.
Preliminary, unaudited product sales for the third quarter of 2025 were first reported on October 7, 2025. There are no changes to those figures.
Management’s Discussion:
“Net Income for the nine-month period ended September 30, 2025 was
“The Company has overcome a prolonged order backlog situation that arose from previous interruptions in production. As we can see in the quarter ended September 30, 2025 results, backlog dynamics have created difficult conditions for year over year sales comparisons,” added Mr. Fiori. “We now have sufficient inventory on hand throughout the supply chain to give our customers, distributor partners and sales team the confidence to drive product adoption and revenue growth. We are operating from a clean slate.”
“Another healthy sign is the recovery of our gross margin percentage. We achieved
“On the topic of Re-Tain®,” Mr. Fiori further commented, “our Investigational Product use of Re-Tain® is under way, in partnership with Michigan State University. We will continue to collect market feedback about product performance in the field over the remainder of 2025 and into 2026.”
Certain Other Financial Results:
- Gross margin was
43% and26% of product sales during the three-month periods ended September 30, 2025 and 2024, respectively. - Net loss was approximately (
$140,000) , or ($0.02) per basic share, during the three-month period ended September 30, 2025, in comparison to a net loss of ($702,000) , or ($0.09) per basic share, during the three-month period ended September 30, 2024. - Net income was
$1.8 million , or$0.20 per diluted share, during the nine-month period ended September 30, 2025, in contrast to a net loss of ($2.7) million , or ($0.34) per basic share, during the nine-month period ended September 30, 2024. - Adjusted EBITDA (a non-GAAP financial measure described below in this press release) improved to approximately
$751,000 and$4.4 million during the three-month and nine-month periods ended September 30, 2025, respectively, versus$196,000 and$35,000 for the comparable periods in 2024.
Balance Sheet Data as of September 30, 2025:
- Cash and cash equivalents increased to approximately
$3.9 million as of September 30, 2025 from$3.8 million as of December 31, 2024, with no draw outstanding on the available$1 million line of credit as of these dates. - Net working capital increased to approximately
$12.8 million as of September 30, 2025 from$10.6 million as of December 31, 2024. - Stockholders’ equity increased to approximately
$29.8 million as of September 30, 2025 from$27.5 million as of December 31, 2024.
Cautionary Note Regarding Forward-Looking Statements (Safe Harbor Statement):
This Press Release and the statements to be made in the related conference call referenced herein 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; the timing and outcome of pending or anticipated applications for regulatory approvals and pending or anticipated regulatory inspections of our facilities and those of our contract manufacturers; future demand for our products; future adoption of Re-Tain® by dairy producers; growth in acceptance of our First Defense® product line by dairy and beef producers; future costs of product development efforts; the adequacy of our own manufacturing facilities or those of third parties with which we have contractual relationships to meet demand for our products on a timely basis; the impacts of backlogs on customer relationships; the efficacy of our contamination remediation efforts; whether or not we will experience future contamination events; the anticipated costs of (or time to complete) planned expansions of our manufacturing facilities and the adequacy of our funds available for these projects; the robustness of our manufacturing processes to meet future demand and related technical issues; future changes in our manufacturing capabilities and efficiencies; 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 (including the First Defense® product line and Re-Tain®), 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), 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, our ability to obtain colostrum that meets our specifications, and other risks and uncertainties detailed from time to time in filings we make with the 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. 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.
Statements of Operations (Unaudited)
| During the Three-Month Periods Ended September 30, | During the Nine-Month Periods Ended September 30, | ||||||||||||||
| (In thousands, except per share amounts) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Product sales | $ | 5,506 | $ | 6,012 | $ | 20,018 | $ | 18,742 | |||||||
| Costs of goods sold | 3,143 | 4,428 | 11,483 | 13,633 | |||||||||||
| Gross margin | 2,363 | 1,584 | 8,535 | 5,109 | |||||||||||
| Sales and marketing expenses | 919 | 844 | 2,472 | 2,630 | |||||||||||
| Product development expenses | 694 | 786 | 2,283 | 3,079 | |||||||||||
| Administrative expenses | 729 | 528 | 2,073 | 1,662 | |||||||||||
| Operating expenses | 2,343 | 2,158 | 6,828 | 7,371 | |||||||||||
| NET OPERATING INCOME (LOSS) | 20 | (575 | ) | 1,707 | (2,262 | ) | |||||||||
| Other (expenses) income, net | (155 | ) | (125 | ) | 110 | (406 | ) | ||||||||
| (LOSS) INCOME BEFORE INCOME TAXES | (135 | ) | (700 | ) | 1,817 | (2,667 | ) | ||||||||
| Income tax expense | 4 | 1 | 8 | 4 | |||||||||||
| NET (LOSS) INCOME | $ | (140 | ) | $ | (702 | ) | $ | 1,809 | $ | (2,671 | ) | ||||
| Basic weighted average common shares outstanding | 9,046 | 8,164 | 9,019 | 7,908 | |||||||||||
| Basic net (loss) income per share | $ | (0.02 | ) | $ | (0.09 | ) | $ | 0.20 | $ | (0.34 | ) | ||||
| Diluted weighted average common shares outstanding | 9,046 | 8,164 | 9,019 | 7,908 | |||||||||||
| Diluted net (loss) income per share | $ | (0.02 | ) | $ | (0.09 | ) | $ | 0.20 | $ | (0.34 | ) | ||||
Selected Balance Sheet Data (In thousands) (Unaudited)
| As of September 30, 2025 | As of December 31, 2024 | |||||
Cash and cash equivalents | $ | 3,886 | $ | 3,758 | ||
| Net working capital | 12,827 | 10,631 | ||||
| Stockholders’ equity | 29,801 | 27,518 | ||||
| Total assets | $ | 45,730 | $ | 45,100 | ||
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 net (loss) income. Adjusted EBITDA is calculated and reconciled to the most comparable GAAP financial measure in the following table:
| During the Three-Month Periods Ended September 30, | During the Nine-Month Periods Ended September 30, | |||||||||||||
| (In thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||
| Net (loss) income | $ | (140 | ) | $ | (702 | ) | $ | 1,809 | $ | (2,671 | ) | |||
| Income tax expense | 4 | 1 | 8 | 4 | ||||||||||
| Interest expense (excluding debt issuance and debt discount costs) | 105 | 133 | 336 | 401 | ||||||||||
| Depreciation | 674 | 670 | 2,009 | 1,999 | ||||||||||
| Amortization (including debt issuance and debt discount costs) | 34 | 16 | 66 | 46 | ||||||||||
| Stock-based compensation expense | 73 | 78 | 192 | 257 | ||||||||||
| Adjusted EBITDA | $ | 751 | $ | 196 | $ | 4,420 | $ | 35 | ||||||
Cash payments to satisfy debt repayment obligations and to make capital expenditure investments are other uses of cash that are not included in the calculation of EBITDA, which management also considers when assessing its cash flows.
Conference Call:
The Company is planning to host a conference call on Friday, November 14, 2025 at 9:00 AM ET to discuss the unaudited financial results for the quarter ended September 30, 2025. Interested parties can access the conference call by dialing (844) 855-9502 (toll free) or (412) 317-5499 (international). A teleconference replay of the call will be available until November 21, 2025 at (877) 344-7529 (toll free) or (412) 317-0088 (international), utilizing replay access code #7664668. Investors are encouraged to review the Company’s updated Corporate Presentation slide deck that provides an overview of the Company’s business and is available under the “Investors” tab of the Company’s website at www.immucell.com, or by request to the Company. An updated version of the slide deck was made available after the market closed on Thursday, November 13, 2025.
About ImmuCell:
ImmuCell Corporation's (Nasdaq: ICCC) purpose is to create scientifically proven and practical products that improve the health and productivity of dairy and beef cattle. ImmuCell manufactures and markets First Defense®, providing Immediate Immunity™ to newborn dairy and beef calves, and is in the late stages of developing Re-Tain®, a novel treatment for subclinical mastitis in dairy cows without FDA-required milk discard or pre-slaughter withdrawal label restrictions that provides an alternative to traditional antibiotics. Press releases and other information about the Company are available at: http://www.immucell.com.
| Contacts: | Olivier te Boekhorst, President and CEO |
| Timothy C. Fiori, Chief Financial Officer | |
| ImmuCell Corporation | |
| (207) 878-2770 | |
| Joe Diaz, Robert Blum and Joe Dorame | |
| Lytham Partners, LLC | |
| (602) 889-9700 | |
| iccc@lythampartners.com |
FAQ
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