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
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.
Others in SIC 2835
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| IDXX | IDEXX LABORATORIES INC /DE | $42.18B | 40.9x | 10.4% |
| LNTH | Lantheus Holdings, Inc. | $6.59B | 29.6x | 0.5% |
| CLDX | Celldex Therapeutics, Inc. | $3.12B | — | -78.0% |
| NEOG | NEOGEN CORP | $2.58B | — | -2.7% |
| NTLA | Intellia Therapeutics, Inc. | $1.79B | — | 16.9% |
| QDEL | QuidelOrtho Corp | $958.0M | — | -1.9% |
| ACHV | ACHIEVE LIFE SCIENCES, INC. | $873.6M | — | — |
| TKNO | Alpha Teknova, Inc. | $371.5M | — | 7.4% |