IMMUCELL CORP /DE/ ICCC

Healthcare SIC 2835 - In Vitro & In Vivo Diagnostic Substances Nasdaq

ImmuCell Corporation, founded in 1982 and a SEC-registered public company since 1987, is an animal health biologics company focused on the development, manufacture, and commercialization of products intended to improve the survivability, health, and long-term performance of neonatal dairy and beef calves. The Company's practical, science-based solutions help prevent calf scours, one of the most prevalent diseases in neonatal calves worldwide that accounts for 30-40% of pre-weaning mortality in many production systems. The Company's primary product line, First Defense®, utilizes hyperimmunized bovine colostrum to provide pathogen-specific antibodies and other bioactive components. First Defense® is designed to provide Immediate Immunity™ through orally delivered antibodies against the principal viral and bacterial causes of neonatal calf diarrhea (scours), including Escherichia coli (E.coli), bovine coronavirus, and bovine rotavirus. First Defense® is administered at, or soon after, birth in multiple formats, including single-dose boluses, gel formulations delivered by syringe, and multi-dose powder configurations. In the United States, First Defense® products are regulated as veterinary biologics by the U.S. Department of Agriculture's Center for Veterinary Biologics under the Virus-Serum-Toxin Act. In Canada, products are regulated by the Canadian Food Inspection Agency and in other countries, the products are regulated by similar agencies. Certain product formats are marketed as feed supplements regulated by the U.S. Food and Drug Administration under the Federal Food, Drug, and Cosmetic Act. The Company's manufacturing processes include proprietary vaccine development, dairy herd hyperimmunization management, colostrum sourcing and qualification, antibody concentration and purification processes, blending, fill-finish operations, and final product testing and release. The Company uses third parties to manufacture certain product formats. Products are marketed through the Company's commercial sales organization in collaboration with a network of international, national and regional animal health distributors.

Last close 9.90 2026-09-04
Market cap $89.9M 2026-06-30 share count
52-week range 4.52 - 12.10

Valuation FY2025 figures against the last close

P/S3.3x
P/E
P/FCF73.4x
EV/EBITDA21.5x
Dividend yield
Diluted EPS-0.12

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $27.6M$26.5M$17.5M$18.6M$19.2M$15.3M$13.7M$11.0M$10.4M$9.5M
Cost of revenue $16.2M$18.6M$13.6M$10.9M$10.6M$8.5M$7.0M$5.8M$5.2M$4.1M
Gross profit $11.4M$7.9M$3.9M$7.6M$8.7M$6.9M$6.7M$5.2M$5.2M$5.4M
R&D $3.0M$3.9M$4.4M$4.5M$4.2M$4.4M$3.7M$3.5M$2.0M$1.2M
SG&A $3.2M$2.2M$2.1M$2.3M$1.7M$1.7M$1.7M$1.7M$1.5M$1.5M
Total operating expenses $9.8M$9.6M$9.6M$9.9M$8.4M$8.2M$7.7M$6.6M$5.5M$4.5M
Operating income $1.6M-$1.6M-$5.7M-$2.3M$257.4K-$1.4M-$953.9K-$1.4M-$242.8K$890.2K
Interest expense $493.4K$568.7K$475.6K$348.5K$314.4K
Pre-tax income -$1.0M-$2.1M-$5.8M-$2.5M-$69.1K-$1.0M-$1.3M-$1.9M-$438.5K$758.3K
Income tax $11.6K$10.1K$4.6K$7.7K$9.2K$10.1K$28.2K$461.6K$270.3K$249.9K
Net income -$1.0M-$2.2M-$5.8M-$2.5M-$78.3K-$1.0M-$1.3M-$2.3M-$168.1K$508.4K
EPS, basic -0.12-0.26-0.75-0.32-0.01-0.14-0.19-0.42-0.030.12
EPS, diluted -0.12-0.26-0.75-0.32-0.01-0.14-0.19-0.42-0.030.12
Shares, diluted (wtd. avg.) $9.0M$8.2M$7.7M$7.7M$7.6M$7.2M$6.8M$5.5M$4.9M$4.3M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $3.8M$3.8M$978.7K$5.8M$10.2M$6.9M$6.3M$2.5M$3.8M$5.2M
Short-term investments $996.5K$2.5M$5.5M
Receivables $3.4M$3.8M$2.2M$1.8M$2.7M$1.8M$1.6M$932.3K$1.3M$992.4K
Inventory $9.3M$7.1M$7.8M$6.0M$3.1M$2.1M$2.5M$2.3M$2.0M$2.1M
Total current assets $16.9M$15.0M$11.5M$14.0M$16.3M$12.2M$13.2M$6.4M$7.5M$14.3M
Property, plant and equipment $21.1M$25.3M$27.6M$28.4M$26.9M$26.8M$25.3M$26.0M$26.1M$9.8M
Goodwill $95.6K$95.6K$95.6K$95.6K$95.6K$95.6K$95.6K$95.6K$95.6K$95.6K
Other intangibles $0$19.1K$38.2K$57.3K$76.4K$95.5K$114.6K$133.7K$152.8K$171.9K
Total assets $42.5M$45.1M$43.8M$44.9M$44.5M$40.3M$38.7M$32.7M$34.3M$24.7M
Accounts payable $2.3M$2.5M$2.1M$2.0M$1.6M$1.4M$1.2M$1.2M$1.7M$1.9M
Short-term debt $1.6M$1.5M$10.4M$8.9M$8.5M$9.4M$9.1M
Total current liabilities $4.0M$4.4M$4.2M$3.1M$2.5M$2.2M$2.5M$2.6M$2.1M$2.1M
Long-term debt $7.5M$9.0M$10.2M$812.2K$9.5M$8.4M$9.3M$9.0M
Total liabilities $15.5M$17.6M$18.8M$14.5M$11.9M$12.1M$9.7M$11.0M$10.7M$5.0M
Retained earnings -$15.2M-$14.2M-$12.0M-$6.2M-$3.7M-$3.7M-$2.6M-$1.3M$979.0K$1.1M
Total equity $27.1M$27.5M$25.0M$30.4M$32.6M$28.3M$29.0M$21.7M$23.6M$19.7M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $2.5M$357.9K-$4.7M-$1.5M$954.2K$1.3M$233.5K-$373.4K$1.2M-$222.3K
Depreciation and amortisation $2.8M$2.7M$2.7M$2.5M$2.4M$2.3M$2.2M$1.5M$885.3K$783.3K
Stock-based compensation $295.9K$325.6K$368.9K$266.2K$144.3K$253.1K$313.1K$344.0K$199.8K$67.4K
Capital expenditure $1.3M$465.7K$1.9M$4.0M$2.6M$4.1M$1.4M$2.0M$17.8M$3.6M
Investing cash flow -$1.2M-$461.2K-$1.9M-$4.0M-$1.6M-$2.6M-$3.4M-$1.8M-$12.3M-$4.5M
Financing cash flow -$1.2M$2.9M$1.8M$1.1M$3.9M$1.9M$6.9M$889.6K$9.7M$8.3M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-016719.

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