ImmuCell Announces Unaudited Financial Results for the Year Ended December 31, 2025
Rhea-AI Summary
ImmuCell (Nasdaq: ICCC) reported unaudited results for the year ended December 31, 2025 showing product sales of $27.6M, up 4.3% year-over-year, and a gross profit margin of 41.4% versus 30.0% in 2024. Net loss narrowed to $1.0M, or ($0.12) per share.
Management cited higher volumes, manufacturing efficiencies and price realization; cash was $3.8M, inventory rose to $9.267M, and net working capital was $12.967M as of December 31, 2025.
Positive
- Gross margin improved to 41.4% (from 30.0%)
- Net operating income of $1.6M, improving $3.3M versus 2024
- Manufacturing output rose to ~380,000 units/month (from ~345,000)
Negative
- $2.7M write-down of Re-Tain assets
- $651,000 colostrum inventory write-downs
- $297,000 CEO transition-related expenses increasing 2025 charges
- Finished goods inventory increased to $9.267M, tying up working capital
News Market Reaction – ICCC
On the day this news was published, ICCC declined 1.70%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
ICCC traded down 2.14% while momentum peers MAIA and SER also moved down (-0.63%, -0.89%), suggesting some broader pressure in related biotech names despite mixed moves across the wider peer list.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 13 | Q3 2025 earnings | Positive | -10.7% | Q3 sales dipped but margins and nine-month net income improved sharply. |
| Aug 14 | Q2 2025 earnings | Positive | -9.2% | Strong Q2 sales growth, margin gains and swing from loss to net income. |
| May 14 | Q1 2025 earnings | Positive | +7.9% | Record quarterly net income with double-digit sales growth and higher margins. |
| Feb 25 | FY/Q4 2024 earnings | Positive | +7.5% | Strong Q4 and full-year 2024 sales with significant gross margin expansion. |
| Nov 13 | Q3 2024 earnings | Positive | +2.0% | Q3 2024 showed solid sales growth and narrowing net loss versus prior year. |
Earnings releases have generally highlighted improving sales and margins, with 3 of the last 5 prompting positive price moves and 2 seeing sharp selloffs despite upbeat language.
Over the past five earnings reports, ImmuCell has repeatedly emphasized sales growth, margin expansion, and improving profitability. Events from Nov 13, 2024 through Nov 13, 2025 show rising product sales, stronger gross margins, and a shift from losses to periods of net income. Today’s 2025 annual results, with higher sales and gross profit but a net loss influenced by write-downs, extend that narrative of operational improvement offset by strategic and non‑recurring charges.
Historical Comparison
Across 5 recent earnings releases, ICCC’s average 24-hour move was -0.51%, indicating generally modest reactions even when fundamentals and margins showed clear improvement.
Earnings since late 2024 trace a path of growing product sales, improving gross margins, and transitions from losses to periods of profitability, while the company has gradually shifted strategic emphasis toward its First Defense® franchise and away from Re-Tain®.
Market Pulse Summary
This announcement details 2025 results with product sales of $27.644M, higher gross margin of 41.4%, and EBITDA of $2.194M, offset by a net loss of $1.040M tied to write-downs and transition costs. Investors may track how the focus on First Defense® influences future revenue mix, whether margin gains persist, and how cash of $3.807M and net operating income trends evolve in subsequent periods.
Key Terms
ebitda financial
non-gaap financial measure financial
forward-looking statements regulatory
AI-generated analysis. Not financial advice.
PORTLAND, Maine, March 04, 2026 (GLOBE NEWSWIRE) -- ImmuCell Corporation (Nasdaq: ICCC) (“ImmuCell” or the “Company”), an animal health company that develops, manufactures and markets products that improve cattle health and productivity, today announced its unaudited financial results for the year ended December 31, 2025.
Management’s Discussion:
“Today we are reporting 2025 net operating income of
“2025 was a successful year for ImmuCell,” said Olivier te Boekhorst, President and CEO of ImmuCell. “As first announced on January 8, 2026, revenue in 2025 grew by
Certain Financial Results:
- 2025 product sales increased
4.3% to approximately$27.6 million compared to the year ended December 31, 2024. - 2025 gross profit improved to
41.4% of product sales during the year ended December 31, 2025 compared to30% during the year ended December 31, 2024. - Net loss was
$1.0 million , or ($0.12) per basic share, during the year ended December 31, 2025 compared to a net loss of$2.2 million , or ($0.26) per basic share, during the year ended December 31, 2024.
Balance Sheet Data as of December 31, 2025:
- Cash and cash equivalents remained at
$3.8 million as of December 31, 2025 and 2024, with no draw outstanding on the available$1 million line of credit as of either date. - Net working capital increased to approximately
$13.0 million as of December 31, 2025 from$10.6 million as of December 31, 2024, due primarily to an increase in finished goods inventory. - Stockholders’ equity decreased to
$27.1 million as of December 31, 2025 from$27.5 million as of December 31, 2024.
| Condensed Statements of Operations (Unaudited) | ||||||||||||
| During the Three-Month | During the Years Ended | |||||||||||
| Periods Ended December 31, | December 31, | |||||||||||
| (In thousands, except per share amounts) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Product sales | ||||||||||||
| Costs of goods sold | 4,716 | 4,919 | 16,199 | 18,552 | ||||||||
| Gross profit | 2,910 | 2,832 | 11,445 | 7,941 | ||||||||
| Product development expenses | 759 | 819 | 3,042 | 3,899 | ||||||||
| Sales, marketing and administrative expenses | 2,209 | 1,391 | 6,754 | 5,682 | ||||||||
| Operating expenses | 2,968 | 2,210 | 9,796 | 9,581 | ||||||||
| NET OPERATING (LOSS) INCOME | (58 | ) | 622 | 1,649 | (1,640 | ) | ||||||
| Other expenses, net | 2,788 | 101 | 2,678 | 507 | ||||||||
| (LOSS) INCOME BEFORE INCOME TAXES | (2,846 | ) | 521 | (1,029 | ) | (2,147 | ) | |||||
| Income tax expense | 3 | 6 | 11 | 10 | ||||||||
| NET (LOSS) INCOME | ( | ) | ( | ) | ( | ) | ||||||
| Basic and diluted weighted average common shares outstanding | 9,046 | 8,935 | 9,026 | 8,167 | ||||||||
| Basic and diluted net (loss) income per share | ( | ) | ( | ) | ( | ) | ||||||
| Selected Balance Sheet Data (In thousands) (Unaudited) | ||||||||
| As of | As of | |||||||
| December 31, 2025 | December 31, 2024 | |||||||
| Cash and cash equivalents | ||||||||
| Inventory | ||||||||
| Net working capital | ||||||||
| Total assets | ||||||||
| Stockholders' equity | ||||||||
| Selected Cash Flow Data (In thousands) (Unaudited) | ||||||
| During the Years Ended | ||||||
| December 31, | ||||||
| 2025 | 2024 | |||||
| Operating Activities | ||||||
| Investing Activities | (1,214 | ) | (461 | ) | ||
| Financing Activities | (1,212 | ) | 2,883 | |||
| Net Change in Cash | 49 | 2,779 | ||||
| Cash at Beginning of Period | 3,758 | 979 | ||||
| Cash at End of Period | ||||||
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 (loss) income before income taxes. We calculate EBITDA as described in the following table and reconciled to the most comparable GAAP financial measure:
| During the Three-Month | During the Years Ended | |||||||||||
| Periods Ended December 31, | December 31, | |||||||||||
| (In thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||
| (Loss) income before income taxes | ( | ) | ( | ) | ( | ) | ||||||
| Interest expense (excluding debt issuance and debt discount costs) | 103 | 125 | 439 | 526 | ||||||||
| Depreciation | 702 | 669 | 2,711 | 2,668 | ||||||||
| Amortization (including debt issuance and debt discount costs) | 8 | 16 | 73 | 62 | ||||||||
| EBITDA | ( | ) | ||||||||||
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
Conference Call:
The Company is planning to host a conference call on Thursday, March 5, 2026, at 9:00 AM ET to review the unaudited financial results. Interested parties can access the conference call by dialing (844) 855-9502 (toll free) or (412) 317-5499 (international) at 9:00 AM ET. A teleconference replay of the call will be available until March 12, 2026 at (855) 669-9658 (toll free) or (412) 317-0088 (international), utilizing replay access code #2017737.
About ImmuCell:
ImmuCell Corporation's (Nasdaq: ICCC) purpose is to create scientifically proven and practical products that improve cattle health and productivity. ImmuCell manufactures and markets First Defense®, providing Immediate Immunity™ to newborn dairy and beef calves. Press releases and other information about the Company are available at: http://www.immucell.com.
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 contain “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; estimates of anticipated write-offs relating to equipment, inventory or other assets; projections of future financial or operational performance; future demand for our products; growth in acceptance of our First Defense® product line by dairy and beef producers; future prospects for and investments associated with expanding production of First Defense® product line; future prospects for First Defense® versus Re-Tain®; the timing and outcome of prospective future applications for regulatory approvals and future implications of prior regulatory inspection deficiencies relating to facilities of our contract manufacturer; future regulatory requirements relating to our products; and any other statements that are not historical facts. These statements are intended to provide management's current expectations 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, uncertainty associated with the timing and volume of customer orders, adverse impacts of possible future supply chain disruptions or shortfalls on our operations and customer and supplier relationships, commercial and operational risks relating to our current and planned expansion of production capacity of First Defense®, 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. 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 |
FAQ
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