ImmuCell Corporation
- Open
- 9.87
- Day high
- 9.93
- Day low
- 9.73
- Prev close
- 9.84
- Volume
- 3K
- Mkt cap
- $90M
- P/E (TTM)
- 117.4
- EPS (TTM)
- $0.08
- P/B
- 2.9
- P/S
- 2.9
- Yield
- —
- Per share
- —
- ▲Insiders net buying $76K over the last 3 months (1 open-market buy, 0 sales)
- 🏛Institutions reducing (13F)
ImmuCell Corporation (ICCC) is a Healthcare company listed on NASDAQ. The stock is up 64% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 0 sales (SEC Form 4). Drillr has 1 published research article covering ICCC.
ImmuCell Corporation (ICCC) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ICCC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 14, 2026 | $0.05 | $0.20 | +300.0% | $7M | +33.1% |
| May 15, 2026 | $0.05 | $0.21 | +320.0% | $10M | +91.8% |
| Mar 4, 2026 | — | $-0.31 | — | $8M | — |
| Nov 13, 2025 | — | $-0.02 | — | $6M | — |
| Aug 14, 2025 | — | $0.06 | — | $6M | — |
| May 14, 2025 | — | $0.16 | — | $8M | — |
| Nov 13, 2024 | — | $-0.09 | — | $6M | — |
| Feb 27, 2024 | — | $-0.15 | — | $5M | -5.6% |
| Nov 13, 2023 | — | $-0.12 | — | $5M | -0.1% |
| Aug 10, 2023 | — | $-0.18 | — | $4M | -34.6% |
| May 11, 2023 | — | $-0.30 | — | $3M | -36.2% |
| Feb 21, 2023 | — | $-0.22 | — | $4M | -27.6% |
ICCC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 22, 2026 | te Boekhorst Paul Francis Olivierdirector, officer: President and CEO | Buy | 8,000 | $9.49 |
| Apr 16, 2026 | Wainman Paul Rdirector | Grant | 11,933 | $7.60 |
| Apr 16, 2026 | Basse Gloria Fdirector | Grant | 11,933 | $7.60 |
| Apr 16, 2026 | Turner Kathy Vdirector | Grant | 17,899 | $7.60 |
| Apr 16, 2026 | Tomsche David Scottdirector | Grant | 11,933 | $7.60 |
| Apr 14, 2026 | Brockmann Bobbi Jodirector, officer: VP of Sales and Marketing | Grant | 5,000 | $5.49 |
| Apr 14, 2026 | Gathagan Bryan K.director | Grant | 10,000 | $5.49 |
| Apr 14, 2026 | Basse Gloria Fdirector | Grant | 10,000 | $5.49 |
| Apr 14, 2026 | Rosgen Steven T.director | Grant | 10,000 | $5.49 |
| Apr 14, 2026 | Tomsche David Scottdirector | Grant | 10,000 | $5.49 |
| Apr 14, 2026 | Wainman Paul Rdirector | Grant | 10,000 | $5.49 |
| Mar 24, 2026 | BRIGHAM MICHAEL Fdirector | Option | 25,000 | $5.84 |
| Mar 24, 2026 | BRIGHAM MICHAEL Fdirector | Tax | 24,052 | $6.07 |
| Mar 23, 2026 | te Boekhorst Paul Francis Olivierdirector, officer: President and CEO | Grant | 109,500 | $6.26 |
| Jan 29, 2026 | te Boekhorst Paul Francis Olivierdirector, officer: President and CEO | Grant | 110,000 | $6.26 |
Source: ICCC SEC Form 4 filings, latest Jun 22, 2026. For informational purposes only — not investment advice.
See the full ICCC insider & 13F page →ImmuCell Corporation company profile
Overview
ImmuCell Corporation (NASDAQ:ICCC) is a specialized animal health company founded in 1982 and headquartered in Portland, Maine. The company went public in 1987 and has spent over four decades developing, manufacturing, and marketing products specifically designed to enhance the health and productivity of dairy and beef cattle. ImmuCell operates in the niche animal health biotechnology sector, focusing on preventive care solutions for newborn calves and treatment products for dairy cow health issues. The company has invested 25 years and approximately $50 million in developing its flagship Re-Tain product, which awaits FDA approval as a revolutionary alternative to traditional antibiotics for treating subclinical mastitis in dairy cows.
Business
ImmuCell operates in the animal health biotechnology industry, specifically targeting the dairy and beef cattle market. The company's business revolves around developing and manufacturing specialized biological products that address critical health challenges in cattle farming. The company's primary product is First Defense, an orally delivered preventive treatment for newborn dairy and beef calves. This product prevents scours, a potentially fatal diarrheal condition that affects young calves. First Defense works by providing passive immunity through antibodies that protect against E. coli, coronavirus, and rotavirus - the three main pathogens that cause scours in newborn calves. The product comes in different formulations, including Tri-Shield First Defense (which protects against all three pathogens) and Dual-Force First Defense (which includes whey protein concentrate for nutritional benefits). The company also manufactures the California Mastitis Test, a diagnostic tool used by dairy farmers to detect somatic cell counts in milk and identify which quarter of a cow's udder has mastitis - an inflammatory condition of the mammary gland that can significantly impact milk production and quality. ImmuCell's most significant development effort centers on Re-Tain, a Nisin-based intramammary treatment for subclinical mastitis in lactating dairy cows. Unlike traditional antibiotic treatments that require farmers to discard milk during treatment periods, Re-Tain offers zero milk discard, making it economically attractive to dairy farmers. This product represents a potential paradigm shift in mastitis treatment, offering an alternative to antibiotics at a time when antibiotic resistance is a growing concern in both human and veterinary medicine. Revenue breakdown shows First Defense products dominate the business, with Tri-Shield representing approximately 71% of total product sales and other products accounting for the remaining 30%. The company achieved $26.5 million in total revenue for fiscal year 2024, with product sales growing 52% compared to the previous year.
Revenue model
ImmuCell generates revenue primarily through direct product sales to animal health distributors, who then sell to dairy and beef cattle operations. The company operates on a traditional manufacturing and distribution model, where it produces biological products in its Maine facility and sells them through established distribution channels in the United States and internationally. The company's revenue model is straightforward product sales, with customers being dairy and beef cattle farmers who purchase these products through veterinarians and animal health distributors. The paying customers are ultimately the farmers who need these products to maintain herd health and productivity, though the immediate buyers are typically distributors who stock and resell the products. Several factors significantly impact ImmuCell's margins and profitability. Production efficiency plays a crucial role, as the company has struggled with contamination events that reduce yields and increase costs. From late 2022 to early 2024, the company experienced multiple contamination events in its raw material processing, which significantly impacted gross margins. The company sources colostrum (the raw material for First Defense) from dairy farms, and the quality and bioburden levels of this raw material directly affect production costs and yields. Product mix also influences margins, with the more complex Tri-Shield formulation requiring two cheese batches per dose compared to one batch for simpler formulations, making it more expensive to produce. However, Tri-Shield commands higher prices, so the net effect on margins depends on production efficiency. Seasonal demand patterns affect the business, with peak demand occurring during calving season (December through March), when most dairy and beef operations have newborn calves requiring First Defense treatment. This seasonality creates working capital challenges and requires careful production planning. The company has implemented price increases to offset inflation in raw materials and labor costs, and has invested heavily in expanding production capacity from approximately $16.5 million to $30 million annually. Achieving higher production volumes helps spread fixed costs and improve overall margins, with the company targeting gross margins of 45% or higher.
Competitive moat
ImmuCell's competitive moat is relatively narrow but defensible within its specific niche. The company's primary competitive advantage lies in its specialized expertise in bovine colostrum processing and biological product manufacturing for cattle health. This represents a highly specialized field that requires significant regulatory knowledge, manufacturing expertise, and established relationships with raw material suppliers. The company's manufacturing processes for First Defense rely on proprietary techniques rather than patent protection, creating some barriers to entry through trade secrets and know-how. The biological nature of these products requires specialized facilities, regulatory approvals, and quality control systems that would be expensive and time-consuming for competitors to replicate. However, the moat is not particularly strong. The animal health industry includes large, well-capitalized companies like Zoetis, Merck Animal Health, and Boehringer Ingelheim that could potentially develop competing products if the market opportunity became sufficiently attractive. ImmuCell's small size (approximately 80 employees) and limited resources make it vulnerable to competition from larger players with greater R&D budgets and distribution capabilities. The company's most significant potential moat lies in Re-Tain, which could provide first-mover advantage in the zero-milk-discard mastitis treatment market. If approved, Re-Tain would offer a unique value proposition that could be difficult for competitors to replicate quickly, given the lengthy FDA approval process for veterinary biologics. However, this advantage depends entirely on obtaining FDA approval and successfully commercializing the product. The company faces potential disruption from alternative approaches to calf health management, including improved vaccination protocols, better farm management practices, or competing biological products. The relatively small size of the target market also limits the company's ability to achieve significant economies of scale or invest heavily in R&D compared to larger animal health companies.
Risks & safety
ImmuCell presents a moderate margin of safety with improving financial metrics but ongoing cash flow challenges. • **Cash and Liquidity**: Strong cash position of $4.6 million as of Q1 2025, up from $979,000 at end of 2023. Company has access to $1 million line of credit. Current ratio of 4.1 indicates strong short-term liquidity. • **Debt Levels**: Moderate debt-to-equity ratio of 0.21, indicating manageable leverage. Total liabilities of $12.8 million against total assets of $45.6 million. • **Cash Flow**: Positive free cash flow of $1.2 million in Q1 2025, a significant improvement from negative free cash flows in previous periods. Operating cash flow positive at $1.6 million in Q1 2025. • **Valuation Metrics**: Extremely low P/E ratio of 0.007 and P/B ratio of 0.001 suggest potential undervaluation, though these metrics may reflect data quality issues. EV/EBITDA of 0.32 appears unusually low. • **Profitability**: Company achieved positive EBITDA of $1.1 million in Q1 2025 and $1.3 million in Q4 2024, showing operational improvement. Net income positive at $1.4 million in Q1 2025. • **Other Considerations**: Revenue growth of 52% in 2024 demonstrates strong business momentum. Production capacity expansion to $30 million annually provides operational leverage. Re-Tain approval represents significant upside potential but remains uncertain.
Recent development
Over the past few years, ImmuCell has undergone significant operational transformation while pursuing regulatory approval for its breakthrough Re-Tain product. The company experienced major production challenges from late 2022 through early 2024, with multiple contamination events that severely impacted manufacturing efficiency and financial performance. These contamination issues stemmed from high bioburden levels in sourced colostrum and equipment not optimized for higher production volumes. The company successfully addressed these production problems by April 2024, implementing improved quality control processes and optimizing raw material sourcing. Since then, ImmuCell has achieved no contamination events for over a year, allowing production to reach approximately 85% of its targeted $30 million annual capacity. This operational turnaround has driven significant improvements in gross margins, from 22% in 2023 to 27% for the full year 2024, with the company targeting 45% or higher. ImmuCell has been developing new product formats to expand its market reach, including a spray-dried bulk powder version of First Defense targeted at large calf operations. This product is expected to launch in 2025 and represents an effort to utilize existing colostrum inventory more efficiently while accessing new customer segments. The most significant strategic development remains the pending FDA approval of Re-Tain, ImmuCell's Nisin-based mastitis treatment. After 25 years and $50 million in development costs, the company submitted its final regulatory package in January 2025 and is now in the investigational product use phase, gathering market feedback through controlled studies. Management has indicated they are exploring strategic options for the Re-Tain technology, potentially including partnerships or licensing arrangements to offset the substantial development expenses. To support its growing business complexity, ImmuCell has strengthened its management team by hiring Tim Fiori as CFO, formerly from IDEXX Laboratories, bringing additional expertise in animal health industry operations and finance. The company has also raised nearly $4.4 million through an at-the-market equity offering to strengthen its balance sheet and fund continued growth initiatives.
ICCC company profile · for informational purposes only — not investment advice.
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