IMMUCELL CORP /DE/ ICCC
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.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- Americas - Revenue Benchmark - Geographic Concentration Risk
- Non-US - Revenue Benchmark - Geographic Concentration Risk
| Region | FY2025 | FY2024 |
|---|---|---|
| Americas - Revenue Benchmark - Geographic Concentration Risk | $24.4M | $22.9M |
| Non-US - Revenue Benchmark - Geographic Concentration Risk | $3.3M | $3.6M |
As the company reported it, from the “Note 13 - Revenue - Product Sales Disaggregated by Geographic Area (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -0.03 | 0.12 |
| EPS, diluted | -0.12 | -0.26 | -0.75 | -0.32 | -0.01 | -0.14 | -0.19 | -0.42 | -0.03 | 0.12 |
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.5M | $10.4M | $11.0M | $13.7M | $15.3M | $19.2M | $18.6M | $17.5M | $26.5M | $27.6M |
| Gross profit | $5.4M | $5.2M | $5.2M | $6.7M | $6.9M | $8.7M | $7.6M | $3.9M | $7.9M | $11.4M |
| Net income | $508.4K | -$168.1K | -$2.3M | -$1.3M | -$1.0M | -$78.3K | -$2.5M | -$5.8M | -$2.2M | -$1.0M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Results announced Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Officer or director change Item 5.02
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 2835
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| CLDX | Celldex Therapeutics, Inc. | $2.30B | — | -78.0% |
| NTLA | Intellia Therapeutics, Inc. | $1.57B | — | 16.9% |
| QDEL | QuidelOrtho Corp | $941.5M | — | -1.9% |
| ACHV | ACHIEVE LIFE SCIENCES, INC. | $667.8M | — | — |
| MYGN | MYRIAD GENETICS INC | $556.7M | — | -1.6% |