ICCC

Shares of ImmuCell Corporation ICCC have lost 8.8% since reporting its results for the second quarter of 2026. This compares with the S&P 500 index’s 0.8% decline over the same time frame. Over the past month, the stock has fallen 10.9% against the S&P 500’s 3.4% return. ImmuCell reported second-quarter product sales of $7.19 million, up 11.5% from $6.45 million a year earlier. Earnings were 20 cents per share compared with 6 cents in the prior-year quarter, while net income rose to $1.84 million from $502,000. However, the latest quarter included a one-time $2-million legal settlement from a former contract manufacturer. Gross profit declined to $2.44 million from $2.82 million, and the gross margin contracted to 33.9% from 43.7%. Adjusted EBITDA increased to $2.69 million from $1.36 million but also included the settlement. ImmuCell Corporation price-consensus-eps-surprise-chart | ImmuCell Corporation Quote For the first six months of 2026, product sales increased 20.9% year over year to $17.54 million. Net income rose to $3.78 million from $1.95 million, while adjusted EBITDA advanced to $5.41 million from $3.67 million. Both 2026 measures included the settlement. Second-quarter domestic sales climbed 27.7% to $6.2 million, but international sales fell 38.9% to about $1 million, mainly because Canadian comparisons reflected the prior-year clearing of backorders. The operating cash flow for the first six months of 2026 increased to $6.59 million from $3.18 million. Cash and equivalents reached $8.86 million as of June 30, 2026, up from $3.81 million at 2025-end, while working capital rose to $16.64 million from $12.97 million. Inventory was broadly stable at $9.08 million. Management said that restored product availability, investments in the commercial team and product portfolio and a favorable domestic calf market supported the quarter. Distributor out-the-door volume growth accelerated to 28% in the second quarter from 21% in the first. First Defense’s share of U.S. animals receiving a biological scours preventative increased to approximately 19% at June-end from about 15% in December 2025. Tri-Shield remained the principal producer-level growth driver, while Dual-Force sales to distributors benefited from normal stocking and the Functional Feed line gained traction. For the first half, Tri-Shield sales grew 25.1%, and Functional Feed generated about 20% of ImmuCell’s overall growth. Management also cited higher calf values as strengthening producers’ economic incentive to prevent scours. The sequential gross-margin decline from 45% in the first quarter reflected a 7.5-percentage-point impact from lower production, 2.1 points from roughly $150,000 of scrap tied to a purchased-material quality issue and 1.9 points from shifting former Re-Tain costs into costs of goods sold. Management said that lower output was partly planned for the seasonally softer quarter and accompanied maintenance and process changes intended to improve yields. The company still met demand and increased finished-goods inventory. Sales, marketing and administrative expenses rose to $2.38 million from $1.42 million due to leadership and commercial investments. Product-development expenses fell to $120,000 from $832,000 following lower Re-Tain spending and the related cost reclassification. ImmuCell expects to produce nearly 1 million more manufacturing units in 2026 than in 2025 and believes its current plant can support demand while expansion work proceeds. Management nevertheless flagged contamination risks, rising competition for high-quality colostrum and the need to improve yields. International expansion is expected to take time as the company evaluates regulatory and market-entry investments. In June, the board authorized an approximately $8-million program to repurpose former Re-Tain facilities and equipment for First Defense. A $3.5-million freeze-drying phase is targeted for completion in the first half of 2027, followed by a $4.5-million colostrum-processing phase by year-end. Management expects the project to more than triple capacity and cut processing time from two or three months to less than one month, funded mainly with cash and operating cash flow. A Michigan State study of another potential Re-Tain use was expected to conclude around September or October before further licensing decisions. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ImmuCell Corporation (ICCC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Friday, Aug. 14, 2026 at 9:00 a.m. ET Investor Relations - Joe Diaz President and Chief Executive Officer - Oliver Te Boekhorst Chief Financial Officer - Timothy Fiori Senior Vice President of Sales and Marketing - Bobbi Brockmann Operator: Good morning, and welcome to the ImmuCell Corporation conference call to discuss unaudited second quarter 2026 financial results. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Joe Diaz of Lytham Partners. Please go ahead. Joe Diaz: Thank you. Good morning, and welcome. As the conference call operator indicated, my name is Joe Diaz with Lytham Partners. We are the Investor Relations consulting firm for ImmuCell. I thank all of you for joining us today to discuss the unaudited earnings for the second quarter and 6 months ended June 30, 2026. Listeners are reminded and cautioned that statements made by management during the course of this call include forward-looking statements, which include any statement that refers to future events or expected future results or predictions about steps the company plans to take in the future. These statements are not guarantees of performance and are subject to risks and uncertainties that could cause actual results, outcomes or events to differ materially from those discussed today. Additional information regarding forward-looking statements and the risks and uncertainties that could impact future results outcomes or events is available under the cautionary note regarding forward-looking statements or the safe harbor statement provided with the press release that the company filed last night, along with the company's other periodic filings with the SEC. Information discussed on today's call speaks only as of today, Friday, August 14, 2026. The company undertakes no obligation to update any information discussed on today's call. Please note that references to certain non-GAAP financial measures may be made during today's call. With that said, let me turn the call over to Oliver Te Boekhorst, President and CEO of ImmuCell Corporation, for some opening remarks. Oliver? P. F. Te Boekhorst: Thanks, Joe, and good morning, everyone. It's my pleasure to welcome you to today's discussion of ImmuCell's results for the second quarter of 2026. Our discussion of results will be accompanied by a few slides that are also part of our updated investor presentation that you can find on our Investor page, immucell.com/investors. In late 2025, ImmuCell made significant changes to better position ourselves for success, including a strategic focus on the calf scours market and investments in leadership, sales force expansion and manufacturing. Our rationale for this shift was that we compete very effectively with First Defense, our highly differentiated calf scours preventative product in the large growing calf health market and that we believe our portfolio has considerable runway for further expansion domestically, internationally and through selected innovations. Since we introduced this focus on First Defense and enhanced our yield improvement efforts, we have accelerated our growth and increased our share. Our strong commercial results reflect the benefits of restored product availability, investments in our commercial team and product portfolio and a favorable domestic calf market. As previously discussed, we have been highly focused on ensuring reliable product supply. The team has made a lot of changes across the supply chain, and we are on track to produce nearly 1 million more manufacturing units this year than we did in 2025. We are now well positioned to meet growing customer demand with our current plant while we execute a major capacity expansion program that is expected to more than triple our current capacity and improve long-term product cost. On today's call, we will discuss the factors affecting gross margin, the actions underway to improve yields and our planned capacity investments. For a company our size, it continues to make a lot of sense to focus on our successful on-market products and solve the supply challenges that have historically constrained our growth, and we're excited to report on our progress today. I will now turn the call over to Timothy Fiori, our Chief Financial Officer, for a deeper review of our second quarter financial results. Tim? Timothy Fiori: Thank you, Oliver. I'll start with a short recap of product sales results, which are unchanged from our July 9 press release. All the numbers I'll speak to are approximate and rounded. Product sales for the second quarter of 2026 came in at $7.2 million, an increase of 11.5% compared to the second quarter of 2025. Our growth in the second quarter is particularly significant given the challenging comparison with the second quarter of 2025 when we resolved the backorder situation and benefited from significant restocking orders by distributors. Domestic sales for the second quarter grew 27.7% compared to the second quarter of 2025 to $6.2 million, while international sales for the second quarter declined 38.9% to about $1 million in the same period. Sales to [ Canada ] accounted for the majority of the decline, which is related to the 2025 backorder clearing. Product sales for the 6-month period ended June 30, 2026, came in at $17.5 million, an increase of 20.9% compared to the 6-month period ended June 30, 2025. Oliver will speak to sales out of distribution, which are both strong and trending in the right direction. Gross margin as a percentage of product sales was 33.9% in the second quarter of 2026 compared to 43.7% in the second quarter of 2025. This year-over-year decline in the second quarter primarily reflected the shift of costs formerly associated with Re-Tain into cost of goods sold and lower output in one of our manufacturing process subprocesses. Sequentially, gross margin declined 11.1 percentage points from the first quarter, reflecting 7.5 points from lower manufacturing output, 2.1 points from approximately $150,000 of scrap caused by a purchased material and 1.9 points from the Re-Tain cost shift. The lower second quarter output reflected anticipated sales volumes and planned process changes intended to improve future yields. Despite these pressures, we were able to meet demand and expand finished goods inventory. Reported operating expenses were reduced by the previously announced $2 million settlement with our former Re-Tain contract manufacturer, which is presented on the income statement as other operating income. Sales, marketing and administrative expenses increased to $2.4 million in the second quarter of 2026 compared to $1.4 million during the second quarter of 2025. This was driven by investments in leadership and expanded commercial activities, both as previously announced. Product development expenses declined from approximately $800,000 in the second quarter of 2025 to approximately $120,000 in the second quarter of 2026, driven by reductions in spending on Re-Tain product development and the previously mentioned shift of former Re-Tain-related expenses to cost of goods sold. Excluding the settlement, operating expenses were $5.2 million in the 6 months ended June 30, 2026, compared with $4.5 million in the 6 months ended June 30, 2025. To wrap up our income statement discussion, our net income was $1.8 million or $0.20 per share during the second quarter of 2026 compared to $500,000 or $0.06 per share during the second quarter of 2025. For the first 6 months of 2026, net income was $3.8 million compared to $1.9 million during the same period last year. Both the second quarter and 6-month 2026 results include the $2 million settlement received during the second quarter. As usual, we provided adjusted EBITDA figures in yesterday's earnings release. We believe looking at adjusted EBITDA assists management and investors by looking at our performance across reporting periods on a consistent basis, excluding certain charges from our reported income before income taxes. Adjusted EBITDA was $2.7 million in the second quarter of 2026 compared to $1.4 million in the second quarter of 2025. For the first 6 months of 2026, adjusted EBITDA was $5.4 million compared with $3.7 million during the same period last year. Both 2026 figures include the aforementioned $2 million legal settlement. To wrap up with financials, let me highlight a few key balance sheet items. Our balance sheet as of June 30, 2026, continues to be in a strong position. We ended the second quarter of 2026 with $8.9 million of cash on hand and $9.1 million of inventory. Working capital increased from $13 million at the end of 2025 to $16.6 million at the end of the second quarter of 2026. The settlement contributed $2 million to our cash and working capital improvement. ImmuCell recently announced a $3.5 million investment in freeze-drying capacity to build scalable manufacturing capabilities and ensure continued reliability -- reliable supply of First Defense. We expect to complete this initial phase of the expansion in the first half of 2027. Today, we are announcing our intent to invest approximately $4.5 million in our liquids processing capacity. This phase is expected to be completed by the end of 2027. Both of these investments leverage existing equipment and facilities that have been built for the discontinued Re-Tain product. We expect this capacity expansion will more than triple our current capacity and improve product costs long term. Currently, we intend to finance the majority of this expansion with cash on hand and cash from operations. We may supplement this investment with our line of credit facility as needed. With that, I will turn the call back to Oliver. Oliver? P. F. Te Boekhorst: Thanks, Tim. As I mentioned in my initial remarks, ImmuCell made the decision to focus on our scours preventative products, First Defense in late 2025. In the first half of this year, we achieved $17.5 million in product revenue, a 20.9% increase compared to the first half of 2025. Tri-Shield, which is our flagship product that offers the most advanced protection against neonatal diarrhea, had strong 25.1% growth for the first half of the year. And as Tim explained, the U.S. performed particularly well with 32.5% growth in the first half of 2026 compared to 2025. We're also excited to report that our functional feed line contributed about 20% of that growth. Some of the other metrics we review to measure commercial performance include volume growth at the distributor level and our market share. We access data that shows how much our distributors' out-the-door revenue and volumes from our products changes each month. This gives us a good idea of what our products are doing at a producer level. Our distributors saw 21% and 28% volume growth in the first and second quarter of 2026, respectively, compared to the same quarters last year or 24% for the first half of 2026 compared to the first half of 2025. We increased our market share as well, defined as First Defense's share of animals treated with a biological scours preventative in the U.S. And we increased that market share from approximately 15% in December 2025 to approximately 19% at the end of June 2026. Our price point is approximately twice that of our competitors, and that means our share of spending by producers rose from approximately 29% to 38% in the same period. We're very proud of our product efficacy, but this market share gain is also the direct result of investments we made to expand our commercial team. We are reaching and converting more producers every day. As a reminder, we compete in an attractive market supported by significantly higher calf values. The value of a day-old calf has increased from approximately $400 to $1,700 since 2024, strengthening the economic case for preventing scours in those calves. Scours remains a leading cause of death in pre-weaning calves and results in up to $1 billion of annual economic losses in the U.S. More than half of calves still do not receive any biological scours preventative. So we have to show up, ask the right questions and present the health and economic benefits of our solutions in ways that are appropriate for each specific production environment. Now historically, ImmuCell's growth has been constrained by manufacturing capacity. So relying or ensuring reliable supply remains a strategic priority. From January through July, our team completed an extensive planning process encompassing process design, equipment and facility requirements, cost estimates and implementation planning, and that work supports our decision to move forward with an approximately $8 million investment in freeze-drying and colostrum processing capacity using the facilities and equipment associated with the former Re-Tain program. The resulting plan combines new equipment with our established expertise in preserving, concentrating and purifying colostrum-derived antibodies. This is not just adding another production line. The project is designed to modernize our manufacturing approach, shorten processing times, expand capacity and improve long-term product economics. The new processes are expected to reduce total processing time from 2 to 3 months today to less than 1 month in the future and more than triple our current capacity. We've signed contracts with equipment suppliers and expect to begin engineering and construction activities shortly. Currently, as Tim mentioned, we intend to finance the majority of the expansion with cash on hand with the $2 million settlement contributing nicely to our available cash. In the meantime, improving yields from our existing plant remains a primary focus. In the first quarter, we achieved record production of more than 450,000 units per month. And in the second quarter, our output averaged approximately 350,000 units per month, with most of that reduction occurring in the month of June. Part of the lower output was planned. The second quarter is seasonally our lowest revenue quarter, and our improved planning showed that we could meet demand without running production too far ahead. We also made planned process changes and paused certain activities for quality investments and maintenance work intended to improve future yields. As Tim explained, lower manufacturing output reduced gross margin by approximately 7 percentage points compared to the first quarter. Importantly, we still met customer demand and increased finished goods inventory during the quarter. As Tim also noted, we incurred approximately $150,000 of scrap related to a relatively minor purchased material. Our quality controls identified the issue early, stopped the manufacturing process and limited the impact. So we remain focused on improving yields, strengthening our process discipline and reliably supporting continued demand growth. I mentioned in our last call that yield improvement is challenging and comes from doing a lot of different things really well every single day, and I cannot thank the team enough for their efforts. There is still a lot of work to do to stay ahead of demand for the remainder of 2026. We have to stay focused on managing contamination risk. We have to keep providing great service to our colostrum suppliers, and we have to manage yield improvement while we execute a major capacity expansion in our colostrum plant. The progress we are making on yields, together with our 2-phase expansion program, gives us greater confidence in our ability to meet customer demand and establish a sustainable, scalable and reliable supply. Tactically, with greater confidence in our ability to meet customer demand, we are now prioritizing product cost improvements and strengthening colostrum sourcing capabilities to support scalable growth. Competition for high-quality colostrum is increasing, and we are responding with new payment programs, enhanced technical services and expanded farm recruitment efforts. Colostrum represents approximately half of our product costs, so growing our collections and improving the yields we generate from colostrum are very important drivers of our business. We have discussed in previous calls that we believe strongly in international opportunity for our products. Our newly hired international business development executive is helping us transition from a reactive approach to a more proactive and strategic approach. We're actively assessing market opportunities and weighing them against regulatory and go-to-market investments. The results from our international strategy will take some time to come to fruition. In the meantime, our 3 new salespeople in the U.S. are getting up to speed and delivering results ahead of plan, as Tim discussed earlier on this call. Finally, I will repeat what I have communicated on each call. Our top priority at ImmuCell is solid execution across the organization from sales to farm management to vaccine manufacturing and colostrum processing, including all the support functions that make future profitable growth possible. It is a pleasure to work with the team as we execute our focused strategy to deliver today while we secure the future. And with that said, we will be happy to take your questions. So let's have the operator open up the lines. Operator: [Operator Instructions] And we have a question from [ Tom Fawkes ], a private investor. Unknown Attendee: I did get a chance to read the Form 10-Q. I do see on there that you guys are continuing investigation studies into Re-Tain. Could you provide any more update on that? Has Michigan State maybe talked to you guys about potential time lines as to when that would be done? Any further insight into how that's all going would be helpful. P. F. Te Boekhorst: Thank you for your question. Yes, we have asked Michigan State to work with us to investigate a, if you will, an additional use case for the Re-Tain product. And that study is ongoing. Discussions about the interim results are ongoing, and it will not be completed until, I would say, end of September, maybe even beginning of October. And so at that point, when we have the full results, we will be sharing those with the investors. Operator: [Operator Instructions] The next question comes from [ Frank Gasca ] , a private investor. Unknown Attendee: Great to see the improvements in revenue and your focus on margins. You actually went in enough detail to satisfy my question on the margins. In your 10-Q, I saw that the 2 primary customers percent went down, and I'm seeing that as evidence of the results in your increased salespeople. Is -- could you elaborate on that? Is that a fair enough assumption? P. F. Te Boekhorst: So let me -- that's a great question. Let me just start off by describing our commercial structure. So we essentially sell everything through distribution. And then we have a commercial team that is focused on winning new customers who then will order their products through our distribution partners. So as we are expanding into new segments or new geographic areas, there could be momentary shifts from which distributors are going to -- are the ones that are providing support to those customers. But it's more a question of a little bit of timing and just where those new customers happen to be located and which distributors those new customers prefer to use than a purposeful change on our end. I hope that makes sense. And the only thing I would add is that we've seen quite attractive customer acquisition results this quarter, and we put that in our investor deck on the website. So you can see the data, but it's been a very good couple of quarters actually of winning new customers. Operator: [Operator Instructions] Joe Diaz: Gentlemen, while we wait for additional questions, I've got a couple of questions here that I think you might want to respond to. Oliver, can you describe your current distribution ordering dynamics? Is everything essentially set the way you want to see it? Any particular issues out there? Can you comment on that? Timothy Fiori: Yes. Thanks, Joe. I'll actually take that one. So we've talked a lot over the past year about distributor ordering dynamics and also backlog fulfillment ordering dynamics where we would have compares that had fulfillment in them in the prior year. And I do -- we have consistently said we expected to lap that at the end of this quarter -- this past quarter, at the end of Q2 2026, and our view is still that, that is what has happened. So backlog was fulfilled by approximately the end of the second quarter 2025, and now we have a little bit cleaner history to compare to. Operator: The next question comes from [ John Ravlik ] with -- a private investor. Unknown Attendee: I'm not sure, has Re-Tain been discussed? I was interested if you've collected the data and set up a package for possible licensing. P. F. Te Boekhorst: Thank you for your question. So we're, in fact, awaiting the results of the investigational study by Michigan State, which we expect to be completed September, October time frame before we make any further decisions on our Re-Tain product. Operator: The next question comes from George Melas with MKH Management. George Melas: Thanks for the explanation on the gross margin and also on the expansion. Can you give us a little bit more information on the seasonality of the business between dairy and beef? And I was looking at sales to your distribution, and it seems like when you sell in the beef season, they seem to be -- those 2 distributors seem to be a smaller share of the sales. So is there a different channel partly for the -- on the beef side? P. F. Te Boekhorst: Thank you. That's a great question. So my summary response would be that, yes, there are different distributors that have strengths in dairy versus beef, although many are, as you can imagine, more geographically focused in their strengths, but different industries will buy from different distributors. That's certainly true. And what our strategy is to make sure that we have, first of all, distribution coverage for the entire country, which we do. And in many places, we have multiple distributors that can service customers so that we're leaving it up to the customer who they want to buy the product from. And that we then augment our distribution coverage with a focused commercial team that really works on new customer acquisition, which can be a fairly lengthy sales cycle for products like functional feed, somewhat shorter for other products. And then we add to our commercial team based on where we see the greatest opportunity for short-term sales gain. So that has been our approach. We aren't actively managing the volume that goes through one distributor versus another. We are focused solely on winning new customers. So the result then of the concentration of those 2 big distributors within our overall revenue are really just kind of the results of the ordering pattern at a producer level more than anything else. To your seasonality question, there is seasonality. Dairy industry tends to use our product all year long at similar levels, whereas beef industry has more of a calving season where a lot of calves are born in the same period of time, which is why we have peak seasons in Q4 and Q1 of the year. George Melas: Okay. Understood. And then just a follow-up question on -- I think you gave us some numbers on sell-through growth, which was up 24% year-over-year in the first half. Is that from the 2 large distributors? Or is that for the entire -- for all your distribution? And is that something you've been able to track for a long time? Or is that some new data that you have? P. F. Te Boekhorst: So the 24% growth is volume growth out-the-door by all our distributors. So it covers the entire market. And these are national data that we purchase and have access to and that we've had access to certainly for -- period, I don't know how long. I've only been here since November, but certainly for years, we've had access to this data to show us kind of what's going on at the producer level, which is ultimately how we measure our success. Operator: And next, we have a follow-up from [ Frank Gasca ], private investor. Unknown Attendee: Yes. On your margin, your explanation for the decrease, the Re-Tain shift aspect, that's recurring and continuous. Is that fair? Timothy Fiori: Yes, that's fair. Keep in mind that when we talk -- when I talked about it earlier, onetime was sequential. So what happened is in Q2, it's -- even if it's the same dollars of shift, it's against a smaller amount of revenue, so you get a larger percentage impact. But also the dollars were slightly higher in Q2 than Q1. And there's slight variability. It's the same -- the recurring costs associated with the building essentially, but those can vary a bit. Unknown Attendee: I mean, is this the extent of that category or understanding it has a continuous impact? And the dollar amount, is that pretty much established and fixed, understanding the percent will change with volume? Timothy Fiori: Yes. The dollar -- so really, I can be completely transparent about this. This is the cost of the building. So it's utilities, depreciation associated with the building. Those are the 2 biggest pieces. And then any maintenance that the building needs, of course, that isn't capitalizable. So that dollar amount is pretty stable, but it will fluctuate a little bit as utility bills do. Operator: Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Oliver Te Boekhorst for any closing remarks. P. F. Te Boekhorst: Thank you for your questions. Before I turn it over to Joe, I would just like to thank the ImmuCell team once again for their hard work and for delivering another quarter of strong commercial growth. Joe? Joe Diaz: Thank you, Oliver. We thank all of you on the call today for participating. We look forward to talking with you again to review the results for the quarter ending September 30, 2026, during the week of November 9, 2026. Have a great day. Operator: Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect. Before you buy stock in ImmuCell, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and ImmuCell wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. ImmuCell (ICCC) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance growth was driven by restored product availability, a favorable domestic calf market, and the strategic decision to focus exclusively on the First Defense product line. Domestic sales growth of 27.7% was partially offset by a 38.9% decline in international sales, primarily due to the lapping of 2025 backorder clearing in Canada. Market share for First Defense increased from approximately 15% to 19% of animals treated, while share of producer spending rose to 38% due to a premium price point. The economic case for scours prevention has strengthened significantly as day-old calf values rose from approximately $400 to $1,700 since 2024. Gross margin compression was driven by lower manufacturing output in June and the structural shift of legacy Re-Tain facility costs into cost of goods sold. Management identified and mitigated a $150,000 scrap event early through quality controls, limiting the impact of a defective purchased material. Yield improvement remains a primary focus, requiring rigorous contamination risk management and enhanced service to colostrum suppliers. The company is executing an $8 million, two-phase capacity expansion program intended to more than triple current capacity and improve long-term product economics. Phase one involves a $3.5 million investment in freeze-drying capacity expected to be complete by the first half of 2027. Phase two involves a $4.5 million investment in liquids processing capacity, utilizing existing Re-Tain facilities, with a target completion by the end of 2027. New manufacturing processes are expected to significantly modernize operations, reducing total processing time from 2-3 months to less than 1 month. Future growth will be supported by a transition from reactive to proactive international business development and the continued ramp-up of three new U.S. sales representatives. A $2 million legal settlement with a former Re-Tain contract manufacturer provided a significant one-time boost to net income and working capital. The discontinuation of Re-Tain led to a permanent shift of building-related costs (utilities, depreciation, maintenance) into cost of goods sold, impacting gross margin percentages. Increasing competition for high-quality colostrum has prompted management to implement new payment programs and farm recruitment efforts to secure raw material supply. Management is awaiting results from a Michigan State study on an additional use case for Re-Tain before making final decisions on licensing or further development. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management is awaiting results from a Michigan State study investigating an additional use case for Re-Tain, expected in the September to October 2026 timeframe. Decisions regarding licensing or the future of the product package are deferred until these full results are analyzed. The decrease in concentration among the top two distributors is attributed to successful new customer acquisition in new geographic areas rather than a purposeful change in distribution strategy. Management emphasized that while they sell through distributors, their commercial team focuses on converting producers who then choose their preferred distributor. Dairy demand remains relatively stable year-round, while the beef market is highly seasonal, driving peak demand in the fourth and first quarters due to calving cycles. Distributor volume growth of 24% in the first half of 2026 reflects broad market success across all channels, not just the largest partners.

This article first appeared on GuruFocus. Product Sales (Q2 2026): $7.2 million, an increase of 11.5% compared to Q2 2025. Domestic Sales (Q2 2026): $6.2 million, up 27.7% year-over-year. International Sales (Q2 2026): Approximately $1 million, down 38.9% year-over-year. Product Sales (H1 2026): $17.5 million, an increase of 20.9% compared to H1 2025. Gross Margin (Q2 2026): 33.9% of product sales, down from 43.7% in Q2 2025. Sales, Marketing, and Administrative Expenses (Q2 2026): $2.4 million, up from $1.4 million in Q2 2025. Product Development Expenses (Q2 2026): Approximately $120,000, down from approximately $800,000 in Q2 2025. Net Income (Q2 2026): $1.8 million, or $0.20 per share, compared to $500,000, or $0.06 per share, in Q2 2025. Net Income (H1 2026): $3.8 million, compared to $1.9 million in H1 2025. Adjusted EBITDA (Q2 2026): $2.7 million, compared to $1.4 million in Q2 2025. Adjusted EBITDA (H1 2026): $5.4 million, compared with $3.7 million in H1 2025. Cash on Hand (June 30, 2026): $8.9 million. Inventory (June 30, 2026): $9.1 million. Working Capital (June 30, 2026): $16.6 million, up from $13 million at the end of 2025. TriShield Product Growth (H1 2026): 25.1% growth compared to H1 2025. U.S. Product Growth (H1 2026): 32.5% growth compared to 2025. Distributor Volume Growth (H1 2026): 24% increase compared to H1 2025. Market Share (June 2026): Approximately 19% of animals treated with a biological scour preventative in the U.S., up from approximately 15% in December 2025. Warning! GuruFocus has detected 6 Warning Sign with ICCC. Is ICCC fairly valued? Test your thesis with our free DCF calculator. Release Date: August 14, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Product sales for Q2 2026 increased 11.5% year-over-year to $7.2 million, with domestic sales growing 27.7%. First Defense market share increased from approximately 15% in December 2025 to approximately 19% by the end of June 2026. Distributor sell-through volumes grew 24% in the first half of 2026 compared to the same period in 2025. The company received a $2 million settlement from its former retained contract manufacturer, boosting cash and working capital. ImmuCell Corp (NASDAQ:ICCC) is investing approximately $8 million to more than triple manufacturing capacity and reduce processing times from 2-3 months to less than one month. Gross margin declined to 33.9% in Q2 2026 from 43.7% in Q2 2025, impacted by lower manufacturing output and scrap costs. International sales decreased 38.9% in Q2 2026, primarily due to a decline in Canadian sales related to the 2025 backorder clearing. Sales, marketing, and administrative expenses increased to $2.4 million in Q2 2026 from $1.4 million in Q2 2025 due to investments in leadership and commercial expansion. Manufacturing output averaged approximately 350,000 units per month in Q2 2026, down from a record 450,000 units per month in Q1 2026. The company incurred approximately $150,000 in scrap costs due to a purchased material issue, which negatively impacted gross margin. Q: Can you provide more details on the $8 million capacity expansion investment and its expected impact on production?A: Olivier Boekhorst (President and CEO) explained that the approximately $8 million investment in freeze-drying and colostrum processing capacity will modernize their manufacturing approach, shorten processing times, expand capacity, and improve long-term product economics. The new processes are expected to reduce total processing time from two to three months today to less than one month in the future and more than triple current capacity. Contracts with equipment suppliers have been signed, and engineering and construction activities are expected to begin shortly. Q: What caused the significant decline in gross margin during the second quarter of 2026?A: Timothy Fiori (CFO) attributed the gross margin decline to three primary factors: lower manufacturing output (7.5 percentage points), approximately $150,000 of scrap caused by a purchased material (2.1 percentage points), and the shift of costs formerly associated with RETAIN into cost of goods sold (1.9 percentage points). The lower output reflected anticipated sales volumes and planned process changes intended to improve future yields, and the company still met customer demand and expanded finished goods inventory during the quarter. Q: How is the company's market share performing, and what is driving the gains?A: Olivier Boekhorst (President and CEO) reported that First Defense's share of animals treated with a biological scour preventative in the U.S. increased from approximately 15% in December 2025 to approximately 19% at the end of June 2026. Since their price point is approximately twice that of competitors, their share of spending by producers rose from approximately 29% to 38% in the same period. These gains are attributed to product efficacy and investments in expanding the commercial team. Q: What is the status of the RETAIN product and the study with Michigan State University?A: Olivier Boekhorst (President and CEO) confirmed that ImmuCell has asked Michigan State to investigate an additional use case for the RETAIN product. The study is ongoing, with discussions about interim results taking place. The study is not expected to be completed until the end of September or beginning of October, at which point the full results will be shared with investors before any further decisions are made on the product. Q: Can you elaborate on the distributor ordering dynamics and whether the backorder situation has been fully resolved?A: Timothy Fiori (CFO) stated that the company expected to lap the backlog fulfillment at the end of Q2 2026, and that view remains unchanged. The backlog was fulfilled by approximately the end of the second quarter of 2025, providing a cleaner history for comparisons going forward. This resolution allows for more accurate year-over-year comparisons in future quarters. Q: What is driving the growth in domestic sales versus the decline in international sales?A: Timothy Fiori (CFO) reported that domestic sales grew 27.7% in Q2 2026 compared to Q2 2025, reaching $6.2 million, while international sales declined 38.9% to about $1 million. The decline in international sales was primarily related to Canada and was attributed to the 2025 backorder clearing. The company is transitioning from a reactive to a proactive international strategy with a newly hired international business development executive. Q: How is the company addressing the increasing competition for high-quality colostrum?A: Olivier Boekhorst (President and CEO) explained that colostrum represents approximately half of product costs, making it a critical driver of the business. The company is responding to increasing competition with new payment programs, enhanced technical services, and expanded farm recruitment efforts. Growing collections and improving yields from colostrum are identified as very important drivers for scalable growth. Q: Can you explain the seasonality of the business between dairy and beef segments?A: Olivier Boekhorst (President and CEO) explained that the dairy industry tends to use their product all year long at similar levels, while the beef industry has a more defined calving season, resulting in peak seasons in Q4 and Q1. Different distributors have strengths in dairy versus beef, and the company's strategy is to ensure distribution coverage for the entire country while focusing on new customer acquisition rather than actively managing volume through specific distributors. Q: What is the nature of the recurring RETAIN cost shift affecting gross margin?A: Timothy Fiori (CFO) clarified that the recurring costs associated with the building, including utilities, depreciation, and non-capitalizable maintenance, are now being shifted into cost of goods sold. While the dollar amount is relatively stable, it can fluctuate slightly with utility costs. The percentage impact on gross margin varies with revenue levels, as seen in the sequential decline from Q1 to Q2. Q: How is the company's cash position and balance sheet looking after the recent investments and settlement?A: Timothy Fiori (CFO) reported that the company ended Q2 2026 with $8.9 million of cash on hand and $9.1 million of inventory. Working capital increased from $13 million at the end of 2025 to $16.6 million at the end of Q2 2026, with the $2 million settlement contributing to the improvement. The company intends to finance the majority of the capacity expansion with cash on hand and cash from operations, potentially supplementing with their line of credit facility as needed. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in ImmuCell Corporation? Here are five stocks we like better. Strong domestic growth drove results: Second-quarter product sales rose 11.5% year over year to $7.2 million, while net income increased to $1.8 million from $500,000. Domestic sales grew 27.7%, offsetting a 38.9% decline in international sales. First Defense continued gaining market share: First-half Tri-Shield sales grew 25.1%, while distributor volumes increased 24%. First Defense’s share of U.S. animals treated with biological scours preventatives rose to about 19% by June, from 15% in December 2025. Capacity expansion is planned through 2027: ImmuCell expects to invest approximately $8 million in freeze-drying and liquids-processing upgrades that should more than triple manufacturing capacity and reduce processing times. Near-term margins were pressured by lower production output, scrap costs and recurring expenses tied to the discontinued Re-Tain program. ImmuCell (NASDAQ:ICCC) reported higher second-quarter sales and earnings as domestic demand for its calf scours prevention products increased, while the company outlined plans to invest about $8 million to more than triple manufacturing capacity by the end of 2027. Product sales rose 11.5% year over year to $7.2 million in the second quarter of 2026. For the first six months of the year, product sales increased 20.9% to $17.5 million, according to Chief Financial Officer Timothy C. Fiori. → Lumentum Just Delivered the AI Growth Investors Wanted The company recorded second-quarter net income of $1.8 million, or $0.20 per share, compared with net income of $500,000, or $0.06 per share, a year earlier. Results included a previously announced $2 million settlement with ImmuCell’s former Re-Tain contract manufacturer. First-half net income totaled $3.8 million, compared with $1.9 million in the prior-year period. Domestic second-quarter sales increased 27.7% to $6.2 million, while international sales declined 38.9% to about $1 million. Fiori said the international decrease was primarily attributable to sales in Canada, where prior-year results benefited from orders associated with clearing a backorder situation. → Ryman Checks Into a $1.38B Hospitality Upgrade President and CEO Olivier te Boekhorst said the company’s strategic focus since late 2025 has been on its First Defense calf scours preventative portfolio. Tri-Shield, the company’s flagship product, posted 25.1% growth during the first half of 2026, he said. The company’s Functional Feed line contributed approximately 20% of overall first-half growth. U.S. sales grew 32.5% in the first half compared with the same period in 2025. → Joby’s Defense Pivot Accelerates With $500M Resonant Sciences Deal ImmuCell said distributor out-the-door volumes, which it uses as an indicator of sales at the producer level, increased 21% in the first quarter and 28% in the second quarter, producing first-half volume growth of 24% year over year. The company estimated that First Defense’s share of U.S. animals treated with a biological scours preventative increased from about 15% in December 2025 to about 19% at the end of June. Because First Defense is priced at roughly twice the level of competing products, ImmuCell said its share of producer spending increased from approximately 29% to 38% over that period. Te Boekhorst attributed the gains in part to investments in the commercial team, including three new U.S. salespeople. He said the company sells through distribution partners while its commercial organization focuses on adding new producer customers. Gross margin was 33.9% of product sales in the second quarter, down from 43.7% a year earlier and 11.1 percentage points below the first quarter of 2026. Fiori said the sequential decline reflected 7.5 percentage points from lower manufacturing output, 2.1 points from roughly $150,000 in scrap associated with a purchased material, and 1.9 points from a shift of costs formerly associated with the discontinued Re-Tain program into cost of goods sold. The Re-Tain-related costs are recurring building-related expenses, including utilities, depreciation and maintenance, Fiori said during the question-and-answer session. While the dollar amount is relatively stable, its percentage impact can vary depending on revenue levels. Te Boekhorst said production output averaged more than 450,000 units per month in the first quarter, a record level, before averaging about 350,000 units monthly in the second quarter. Much of the decrease occurred in June and was partly planned, he said, as the second quarter is seasonally the company’s lowest-revenue period and ImmuCell made process changes, maintenance investments and quality-related improvements intended to raise future yields. Despite reduced production, the company met customer demand and increased finished-goods inventory during the quarter. Management said it remains focused on contamination risk, colostrum sourcing and yield improvements while pursuing its capacity expansion. ImmuCell recently announced a $3.5 million investment in freeze-drying capacity, expected to be completed in the first half of 2027. On the call, the company also announced plans to invest about $4.5 million in liquids processing capacity, with completion expected by the end of 2027. The projects will use existing facilities and equipment associated with the former Re-Tain program. Management said the combined investment is designed to modernize manufacturing, reduce processing times from two to three months to less than one month, more than triple current capacity and improve long-term product costs. The company has signed contracts with equipment suppliers and expects engineering and construction activities to begin shortly. ImmuCell intends to finance most of the expansion with cash on hand and cash from operations, with its credit line available as needed. At June 30, ImmuCell had $8.9 million in cash, $9.1 million in inventory and $16.6 million in working capital, up from $13 million at the end of 2025. The $2 million legal settlement contributed to the increase in cash and working capital. On Re-Tain, te Boekhorst said Michigan State University is conducting an investigational study of an additional potential use case for the product. He said the study is expected to conclude around late September or early October, after which the company expects to share the results and determine next steps. ImmuCell Corporation (NASDAQ: ICCC) is a biotechnology company that develops, manufactures, and markets immunological products and diagnostic assays designed to enhance animal health in dairy and beef cattle. Headquartered in Portland, Maine, the company focuses on supporting herd health management through its portfolio of passive immunology solutions and veterinary diagnostics. The company's flagship offering, CalfGuard natural colostrum supplement, is formulated to promote the passive transfer of antibodies in newborn calves and reduce the incidence of neonatal diseases. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "ImmuCell Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

PORTLAND, Maine, Aug. 13, 2026 (GLOBE NEWSWIRE) -- ImmuCell Corporation (Nasdaq: ICCC) (“ImmuCell” or the “Company”), an animal health biologics company that develops, manufactures and markets products to improve calf health and productivity, today announced its unaudited financial results for the quarter ended June 30, 2026. Management’s Discussion: “Today we are reporting net income of $1.8 million for the second quarter of 2026,” commented Timothy C. Fiori, Chief Financial Officer of ImmuCell. “Revenue grew 11.5% to $7.2 million in the second quarter of 2026, which is a strong positive market signal in the face of high revenue in the second quarter of 2025 driven by distributor-restocking after a prolonged period of backorders. Gross margin was 34% in the second quarter of 2026, reflecting low manufacturing volumes and the absorption of expenses previously related to a discontinued development program as compared to the second quarter of 2025. A one-time $2 million settlement payment from a former contract manufacturer (CMO) contributed to net income in the second quarter of 2026 and is shown in the operating statement as a reduction to operating expenses.” “We saw an acceleration of our distributors’ out-the-door volume growth to 28% in the second quarter of 2026, up from 21% in the first quarter of 2026,” said Bobbi Brockmann, Senior Vice President of Sales and Marketing. “Our momentum was broad-based, driven by both higher volumes and price realization across sales territories and products. Tri-Shield® remained our primary growth driver at the producer-level, while we had higher sales of Dual-Force® to distribution this quarter as part of normal stocking activity, and our Functional Feed line continued to gain traction. We are pleased to report continued increases in our share of U.S. calves receiving a scour biological, reaching 19% this quarter.” “The 34% gross margin in the second quarter of 2026 was the result of several headwinds in manufacturing, primarily lower manufacturing volumes as compared to recent quarters, scrap caused by a quality issue with a purchased material, and the shift of costs formerly associated with Re-Tain®,” explained Mr. Fiori. “The lower output this quarter was aligned with lower sales volumes, as we were able to meet demand and expand finished goods inventory. Additionally, we made process changes in our manufacturing process to increase yields in future quarters.” ImmuCell recently announced the start of a capacity expansion investment to build its scalable manufacturing capability and ensure continued reliable supply of First Defense® using facilities and equipment associated with the discontinued Re-Tain® development program. “We previously announced an approximately $3.5 million investment in freeze-drying capacity that we expect to complete in the first half of 2027,” said Mr. Fiori. “In a second phase, we plan to invest approximately $4.5 million in our First Defense® colostrum liquid processing capacity to keep pace with demand. This phase is expected to take approximately six additional months. Currently, we intend to finance these expansions with cash on hand and cash from operations.” “Our strong commercial results reflect the benefits of restored product availability, investments in our commercial team and product portfolio, and a favorable domestic calf market,” said Olivier te Boekhorst, President and CEO. “We have been highly focused on ensuring reliable product supply and we are now well-positioned to meet customer demand while we execute a major capacity expansion program. Over the next 18 months, we expect to triple our capacity and improve long-term product economics. With greater confidence in our ability to meet customer demand, we are now prioritizing product cost improvements and strengthening colostrum sourcing capabilities to support scalable growth.” Certain Financial Results: Second quarter 2026 product sales increased 11.5%, to approximately $7.2 million, compared to the quarter ended June 30, 2025. Second quarter 2026 gross margin declined to 33.9% of product sales compared to 43.7% during the quarter ended June 30, 2025. Net income was $1.8 million, or $0.20 per diluted share, during the quarter ended June 30, 2026 compared to a net income of $0.5 million, or $0.06 per basic share, during the quarter ended June 30, 2025. Adjusted EBITDA (calculation methodology shown below) was $2.7 million in the three months ended June 30, 2026, as compared to $1.4 million in the three months ended June 30, 2025. During the three-month period ended June 30, 2026, ImmuCell received a legal settlement payment of $2 million from our former Re-Tain® contract manufacturer, which contributed to reported net income and adjusted EBITDA. Balance Sheet Data as of June 30, 2026: Cash and cash equivalents increased to $8.9 million as of June 30, 2026, from $3.8 million as of December 31, 2025, such increase benefiting in part from the $2 million settlement payment. Net working capital increased to approximately $16.6 million as of June 30, 2026 from $13.0 million as of December 31, 2025. Stockholders’ equity increased to $31.4 million as of June 30, 2026 from $27.1 million as of December 31, 2025. 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 income before income taxes. We calculate adjusted EBITDA as described in the following table and reconciled to the most comparable GAAP financial measure: During the six-month period ended June 30 2026, we received a legal settlement payment of $2 million from our former Re-Tain® CMO, which is part of reported net income and also adjusted EBITDA. Cash payments to satisfy debt repayment obligations and to make capital expenditure investments are other uses of cash that are not included in the calculation of EBITDA, but which management also does consider when assessing its cash flows. First Defense® Capacity Expansion: In late December 2025 and early January 2026, we announced our plan to convert the former Re-Tain® facilities and most of the related equipment for increased production of our First Defense® product line. In June 2026, our Board of Directors authorized a manufacturing capacity expansion program to execute that strategy. The first phase expands drying capacity by renovating the former Re-Tain® facility and adding a new freeze dryer with greater capacity and reliability than our current freeze-drying equipment. This phase is expected to take approximately 12 months and cost approximately $3.5 million. In a second phase, we plan to repurpose Re-Tain® equipment and add additional equipment and automation to expand our First Defense® colostrum liquid processing capacity. The second phase will involve additional investments, including for detailed engineering work to develop an efficient and scalable process. This phase is expected to take approximately six months and cost approximately $4.5 million. The goal of these capacity expansion investments is to further strengthen our ability to reliably manufacture First Defense® products to meet expected customer demand. Webcast / Conference Call: The Company will host a conference call and webcast on August 14, 2026, at 9:00 AM ET to review the unaudited financial results for the quarter ended June 30, 2026. Interested parties may access the conference call by dialing (844) 855-9502 (toll free) or (412) 317-5499 (international). The live webcast can be accessed at: https://app.webinar.net/EQx8PqBGe36 The live webcast will feature a set of accompanying presentation slides that will subsequently be available in the Investors section of the Company’s website at: https://immucell.com/investors/ A teleconference replay of the conference call will be available through August 21, 2026, by dialing (855) 669-9658 (toll free) or (412) 317-0088 (international) and utilizing replay access code #8659150. A webcast replay will also be available at: https://app.webinar.net/EQx8PqBGe36 About ImmuCell: ImmuCell Corporation (Nasdaq: ICCC) is an animal-health biologics company that operates in the fast-growing market for calf health solutions. It develops, manufactures and commercializes the First Defense® line of products that provides Immediate Immunity™ through colostrum-derived, orally delivered antibodies against the principal viral and bacterial causes of scours. Scours (neonatal calf diarrhea) is one of the most prevalent and deadly diseases in neonatal calves worldwide. Press releases and other information about the Company are available at: http://www.immucell.com/investors. Cautionary Note Regarding Forward-Looking Statements (Safe Harbor Statement): This Press Release contains “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 business plans, goals and strategies; projections of future financial and operational performance, expense ratios and margins; future demand for our products, including the First Defense® product line; the sequence, duration, costs and goals of our program to repurpose our former Re-Tain® facility and equipment for First Defense® production; and cost recoveries on Re-Tain® equipment no longer in service; capital expenditures, contractual commitments, and the anticipated sources and uses of cash to fund them; and any other statements that are not historical facts. projections about depreciation expense and its impact on income for book and tax return purposes; and any other statements that are not historical facts. These statements reflect management’s current expectations as of the date hereof, are based on management’s estimates, projections, beliefs and assumptions as of such date; and are not guarantees of future performance. Such statements involve known and unknown risks and uncertainties that may cause our actual results, performance or achievements to differ materially, including risks relating to: competition in our markets; customer acceptance and product performance; alignment between our manufacturing resources and product demand; supply chain disruptions affecting our operations and our customer and supplier relationships; the commercial and operational risks of our current and planned expansion of production capacity; difficulties or delays in development, testing, regulatory approval, production and marketing of our products, and other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission (SEC), including our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. There can be no assurance that the risks or developments we anticipate will be those that actually affect us. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise.

PORTLAND, Maine, July 09, 2026 (GLOBE NEWSWIRE) -- ImmuCell Corporation (Nasdaq: ICCC) (“ImmuCell” or the “Company”), an animal health biologics company that develops, manufactures and markets products to improve calf health and productivity, today announced preliminary, unaudited sales results for the second quarter of 2026. “Total sales for the three months ended June 30, 2026 were $7.2 million, an 11.5% increase compared to the three months ended June 30, 2025, driven by a 27.7% increase in domestic sales compared to 2025,” said Timothy Fiori, Chief Financial Officer of ImmuCell. “Our growth in the second quarter is particularly significant given the challenging comparison with the second quarter of 2025, when ImmuCell recorded substantial sales from distributors replenishing inventory following an extended period of backorders. International sales in the three months ended June 30, 2026 declined $0.6 million, or 38.9% compared to 2025; however, we believe that end-customer demand remains strong, particularly in Canada. Total sales for the six months ended June 30, 2026 were $17.5 million, a 20.9% increase compared to the six months ended June 30, 2025.” “We achieved another strong sales quarter, supported by excellent product availability and robust demand in the U.S. for our products,” commented Olivier te Boekhorst, President and CEO. “During the quarter, we directed our commercial efforts toward year-round dairy customers. This more price-sensitive segment generated demand resulting in 23.8% growth of Dual-Force® and 8.3% growth of Tri-Shield®. The expansion of our commercial team is contributing to increased customer acquisitions in that segment.” Management looks forward to discussing revenue drivers and complete financial results on a conference call on Friday, August 14, 2026 at 9:00 AM ET. Conference Call:The Company is planning to host a conference call on Friday, August 14, 2026 at 9:00 AM ET to discuss the unaudited financial results for the quarter ended June 30, 2026. 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 August 21, 2026 at (855) 669-9658 (toll free) or (412) 317-0088 (international), utilizing replay access code #8659150. About ImmuCell:ImmuCell Corporation (Nasdaq: ICCC) is an animal-health biologics company that operates in the fast-growing market for calf health solutions. It develops, manufactures and commercializes the First Defense® line of products that provides Immediate Immunity™ through colostrum-derived, orally delivered antibodies against the principal viral and bacterial causes of scours. Scours (neonatal calf diarrhea) is one of the most prevalent and deadly diseases in neonatal calves worldwide. Press releases and other information about the Company are available at: http://www.immucell.com/investors. Cautionary Note Regarding Forward-Looking Statements (Safe Harbor Statement): This Press Release contains “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; projections of future financial or operational performance; future demand for our products, including the First Defense® product line; future effects from our prior recovery from production backlogs; future consequences and effectiveness of our investments in our business, including the hiring of new sales personnel; and any other statements that are not historical facts. These statements are intended to provide management’s current expectation of future events as of the date of this press 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: competition within our anticipated product markets, customer acceptance of our new and existing products, uncertainty associated with the timing and volume of customer orders as we come out of a prolonged backlog, commercial and operational risks relating to our current and planned expansion of production capacity, 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, including the risk factors summarized under PART II: OTHER INFORMATION, ITEM 1A-RISK FACTORS and uncertainties otherwise referred to in the Annual Report. 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 CEOTimothy C. Fiori, Chief Financial OfficerImmuCell Corporation              [email protected] Joe Diaz, Robert Blum and Joe DorameLytham Partners, LLC                         [email protected]

Shares of ImmuCell Corporation ICCC have gained 21.1% since the company reported its earnings for the first quarter of 2026, outperforming the S&P 500 Index’s 0.3% rise over the same period. Over the past month, the stock has climbed 22.6%, also ahead of the S&P 500’s 4.5% jump. The strong share price performance followed a quarter in which the animal-health biologics company posted record revenues and improved profitability, supported by stronger demand for its First Defense calf-scours prevention products and continued manufacturing improvements. ImmuCell reported first-quarter 2026 product sales of $10.4 million, up 28.4% from $8.1 million in the year-ago quarter. Net income increased 34% year over year to $1.9 million, or 21 cents per share, from $1.4 million, or 16 cents per share, in the first quarter of 2025. Gross profit rose to $4.7 million from $3.4 million a year earlier, while gross margin expanded to 45% from 41.6%. EBITDA improved to $2.6 million from $2.3 million in the comparable quarter last year. The company attributed the margin gains to higher production volumes, manufacturing efficiencies and price realization. ImmuCell Corporation price-consensus-eps-surprise-chart | ImmuCell Corporation Quote Management said that demand for the company’s First Defense product portfolio remained strong during the quarter, particularly for Tri-Shield, its flagship calf-scours prevention product. Tri-Shield sales increased 38.5% year over year during the quarter. Domestic sales rose 35.7% to approximately $9.7 million, while international sales declined 30.2% to about $600,000. Executives highlighted increasing adoption of calf-scours prevention products as cattle producers respond to rising calf values and seek to reduce disease-related losses. According to management, the U.S. scours biologics category grew about 11% year over year in the first quarter, while ImmuCell captured nearly 80% of the category’s dollar expansion during the period. The company estimated that its share of U.S. category spending increased to 35.2% in the first quarter of 2026 from 29.1% in 2021. Its share of animals treated also increased to 18.1% from 15% over the same timeframe. Management attributed the gains to increased customer outreach, stronger product availability and the premium positioning of First Defense products. A major focus for ImmuCell over the past year has been addressing manufacturing constraints and improving product availability following prior backorder issues. Management said that the average manufacturing output increased to more than 450,000 manufacturing units per month in the first quarter of 2026 compared with roughly 380,000 units per month during 2025. The company said that the improvement stemmed from better production planning, reduced waste, overtime deployment and incremental capital investments designed to ease bottlenecks. These operational gains contributed to the quarter’s margin expansion. Gross margin also benefited from pricing improvements, although management noted that margins were partially offset by costs tied to former Re-Tain assets that shifted from product development expenses into the cost of goods sold. The impact reduced gross margin by approximately 2.4% during the quarter. Operating expenses increased to $2.7 million from $2.2 million a year earlier, reflecting investments in leadership, expanded commercial activities and sales-force growth. Product development expenses declined year over year due to the accounting reclassification of former Re-Tain-related costs. ImmuCell ended the quarter with cash and cash equivalents of $6.8 million, up from $3.8 million at the end of 2025. Net working capital increased to approximately $14.9 million from $13 million at year-end, while stockholders’ equity rose to $29.1 million from $27.1 million. The company generated $3.6 million in operating cash flow during the quarter compared with $1.6 million in the prior-year period. Inventory declined modestly to $8.7 million from $9.3 million at year-end as the company fulfilled strong seasonal demand. Management said that the improved liquidity position provides the flexibility to support future expansion initiatives while continuing to invest in manufacturing capacity and commercial operations. Management reiterated that expanding manufacturing capacity remains a strategic priority as demand continues to increase. During the quarter, ImmuCell reached a settlement with a former contract manufacturer that resulted in a net $2 million payment to the company. Executives said that the proceeds are expected to support a planned capacity expansion for First Defense production. The company is also increasing its commercial presence. Management disclosed that ImmuCell added three new U.S. sales territories instead of the two previously planned, citing strong domestic market momentum. The company is also developing a more structured international growth strategy, including hiring an executive focused on global business development. During the quarter, ImmuCell continued to sharpen its focus on the First Defense franchise after discontinuing emphasis on Re-Tain, its mastitis treatment program. Management indicated that assets previously associated with Re-Tain may be repurposed to support First Defense manufacturing expansion efforts. The company also highlighted governance changes implemented earlier this year, including the addition of three new independent board members with animal-health and operational expertise. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ImmuCell Corporation (ICCC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Revenue: Achieved first-ever $10 million revenue quarter. Product Sales: $10.4 million, a 28.4% increase from Q1 2025. Domestic Sales: Grew 35.7% to $9.7 million. International Sales: Declined 30.2% to $600,000. TriShield Sales: Increased 38.5% compared to Q1 2025. Gross Margin: Improved to 45% from 41.6% in Q1 2025. Operating Expenses: Increased to $2.7 million from $2.2 million in Q1 2025. Net Income: $1.9 million or $0.21 per share, a 34% increase from Q1 2025. EBITDA: Improved to $2.6 million from $2.3 million in Q1 2025. Cash on Hand: $6.8 million as of March 31, 2026. Inventory: $8.7 million as of March 31, 2026. Working Capital: Increased to $15 million from $13 million at year-end 2025. Manufacturing Output: Reached over 450,000 units per month. Settlement: $2 million settlement with a former contract manufacturer. Warning! GuruFocus has detected 6 Warning Sign with ICCC. Is ICCC fairly valued? Test your thesis with our free DCF calculator. Release Date: May 15, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. ImmuCell Corp (NASDAQ:ICCC) achieved its first-ever $10 million revenue quarter, marking a significant milestone for the company. The company reported a 34% increase in net income compared to the first quarter of 2025, demonstrating strong financial performance. Gross margins improved to 45% despite absorbing legacy costs, indicating effective cost management and operational efficiency. The company's flagship product, TriShield, saw a 38.5% sales growth in the first quarter of 2026 compared to the same period in 2025. ImmuCell Corp (NASDAQ:ICCC) expanded its share of the U.S. scours prevention market, with its First Defense product accounting for nearly 80% of total category dollar expansion in the quarter. International sales declined by 30.2% in the first quarter, highlighting challenges in expanding beyond the domestic market. Operating expenses increased to $2.7 million from $2.2 million in the first quarter of 2025, driven by investments in leadership and sales expansion. The company faced a headwind of 2.4% in gross margin due to costs associated with former retain assets. Other income decreased significantly due to a non-recurring insurance payment received in the first quarter of 2025. ImmuCell Corp (NASDAQ:ICCC) continues to face challenges in manufacturing capacity and product availability, which have historically impacted its ability to meet market demand. Q: Could you talk a little bit about your First Defense product and its seasonality, its target market, and whether or not it competes with existing products? A: Our First Defense product is a non-USDA-approved product that uses a different manufacturing process. It reduces our cost to manufacture and is offered at a lower price point. It's particularly useful for operations that don't want to feed each calf individually. We launched new formulations of this product late last year and are still in the product launch phase. Q: Can you tell us more about the key improvements that led to the yield improvement and your current maximum capacity? A: Key improvements include better planning, aligning sales and production forecasts, adding overtime capacity, reducing waste, and making minor capital investments to increase throughput. We don't have a specific maximum capacity number, but we are continuously improving yields and planning a major capacity expansion. Q: Help us understand the trajectory with TriShield, how it dipped during 2025 and has had a huge rebound. What drove that? A: The backorder dynamic affected trends, depending on product availability. More customers are shifting to TriShield, our flagship product, which is a premium-priced product. The recent calving season saw high demand, especially in the least price-sensitive segment. Q: What are the main drivers for the increase in your sales force, and what is the target market for those regions? A: We expanded our sales team to cover regions with calves, both beef and dairy. The increase in calf value makes investing in preventative products like First Defense attractive. More customer contact leads to more revenue, and we've seen this trend, prompting us to add a third territory in the western U.S. Q: With your current capacity and your four freezers, what do you see as your maximum capacity at this point? A: We are continuously improving yield and planning a major capacity expansion. We don't have a specific maximum capacity number, but we are actively planning to expand our plant capacity using funds from a settlement with a former contract manufacturer. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in ImmuCell Corporation? Here are five stocks we like better. ImmuCell posted a record Q1 2026, with product sales of about $10.4 million, up 28.4% year over year, and net income rising 34% to $1.9 million. Gross margin improved to 45%, reflecting better pricing and manufacturing performance. The company said its narrowed focus on the First Defense calf scours prevention business is paying off, with Tri-Shield sales up 38.5% and U.S. market share gains in both dollars and animals treated. Management believes First Defense drove most of the category’s growth in the quarter. Manufacturing output improved significantly, reaching more than 450,000 units per month as ImmuCell reduced waste, added overtime, and made targeted equipment investments. The company is also using a $2 million settlement and other resources to expand capacity while pursuing domestic and international growth opportunities. ImmuCell (NASDAQ:ICCC) reported a record first quarter of 2026, with management saying the company’s narrowed focus on its First Defense calf scours prevention portfolio helped drive its first-ever quarter above $10 million in product sales. President and Chief Executive Officer Olivier te Boekhorst said the company is beginning to see results from strategic changes made in 2025, including a sharper focus on the calf scours market, leadership investments and manufacturing yield improvements. → Micron Investors Face a High-Stakes Moment After the Latest Rally “We achieved our first-ever $10 million revenue quarter, which is an exciting milestone for our commercial team and our manufacturing team,” te Boekhorst said. He added that ImmuCell also achieved 45% gross margins despite costs tied to legacy Re-Tain assets that shifted from product development expense to cost of goods sold. Chief Financial Officer Timothy Fiori said product sales for the quarter ended March 31, 2026, were approximately $10.4 million, up 28.4% from what had been a record first quarter in 2025. Domestic sales increased 35.7% year over year to $9.7 million, while international sales declined 30.2% to about $600,000. → How Bad Could Tesla’s Cybertruck Recall Be for Shares? Fiori said Tri-Shield, ImmuCell’s flagship First Defense product, posted particularly strong growth, with sales increasing 38.5% compared with the first quarter of 2025. Gross margin improved to 45% of product sales from 41.6% in the prior-year quarter. Fiori attributed the year-over-year expansion to pricing and manufacturing performance, partially offset by a 2.4 percentage point headwind from former Re-Tain-related costs now included in cost of goods sold. → How Berkshire’s New York Times Bet Looks Today Operating expenses increased to $2.7 million from $2.2 million a year earlier. Fiori said the increase was driven by higher general and administrative costs, largely related to leadership investments, and higher sales expenses associated with expanded commercial activity after a backorder management period in early 2025. Those increases were partially offset by lower product development expenses due to the shift in Re-Tain-related costs. Net income rose 34% to $1.9 million, or $0.21 per share, compared with $1.4 million, or $0.16 per share, in the first quarter of 2025. EBITDA increased to $2.6 million from $2.3 million. ImmuCell ended the quarter with $6.8 million in cash and $8.7 million in inventory. Working capital increased to $15 million from $13 million at the end of 2025. Te Boekhorst said ImmuCell’s strategic focus on First Defense is supported by market conditions, including a sharp increase in calf values. He said calf values have increased almost sevenfold over the past three years, while scours affects up to 15% of pre-weaning calves and is the leading cause of death in those animals. According to te Boekhorst, scours creates up to $1 billion of economic burden in the U.S. through treatment costs, performance losses and mortality. He said U.S. farmers spent an estimated $93 million on scours prevention products in 2025, representing about 14% year-over-year growth. In the first quarter of 2026, the overall scours biologics category grew an estimated 11% year over year. Te Boekhorst said ImmuCell estimates that First Defense accounted for nearly 80% of total category dollar expansion during the quarter, based on end-customer revenue reported by distribution partners and market research firms. The company said its share of U.S. category spend increased from 29.1% to 35.2%, while its share of animals treated increased from 15% to 18.1% between 2021 and the first quarter of 2026. “We believe this performance is driven by an increase in sales activity that started last quarter and the market’s increasing confidence in our product availability,” te Boekhorst said. He also cited premium pricing and positioning as factors, noting that First Defense provides immediate protection for newborn calves against three common pathogens that cause scours and includes other bioactives derived from colostrum. Management said manufacturing capacity and product availability have historically been bigger challenges for ImmuCell than demand. Te Boekhorst said the company reached a record output level of more than 450,000 manufacturing units per month in the first quarter, compared with 380,000 per month in 2025, 344,000 in 2024 and 252,000 in 2023. He said the improvement came from better planning, closer alignment of sales and production forecasts, more balanced workflows, reduced waste and scrap events, targeted overtime and incremental equipment investments to increase throughput. “Yield improvement is challenging and comes from doing a lot of different things really well every single day,” te Boekhorst said. “There’s no magic bullet or single big lever.” During the question-and-answer session, te Boekhorst said recent improvements included adding overtime at critical manufacturing steps, reducing waste and making minor capital investments such as larger tanks and additional membranes to relieve bottlenecks. He said the company does not have a specific maximum capacity number in mind and is pursuing continuous yield improvement. ImmuCell also said it reached a $2 million settlement with a former contract manufacturer. Te Boekhorst said the company plans to deploy the cash toward expanding capacity to meet long-term demand, including more advanced process flows, state-of-the-art drying equipment and assets previously purchased for Re-Tain, the subclinical mastitis product the company had been developing before shifting its focus to First Defense in December 2025. Te Boekhorst said ImmuCell hired an international business development executive with decades of dairy industry experience to help move the company from a reactive to a more strategic approach to international opportunities. He said international expansion will require disciplined market prioritization, regulatory planning and capacity alignment. In the U.S., ImmuCell has expanded sales territories by three, rather than the two previously announced, because of domestic market momentum. In response to an investor question, te Boekhorst said the company is targeting regions with calves across both dairy and beef markets. Although the company has traditionally been more focused on dairy, te Boekhorst said ImmuCell is seeing significant increases in beef as calf values rise. He said the company believes more customer contact helps educate producers on how First Defense differs from competing vaccines and supports revenue growth. Management also discussed First Defense bulk, described by te Boekhorst as a non-USDA-approved functional feed product that uses the same colostrum and First Defense technology but a different manufacturing process. He said it is offered at a lower price point and is designed for operations that prefer adding the product to water, colostrum or milk for group feeding rather than treating calves individually. The product was launched in new formulations in the second half of 2025 and remains in a launch phase, he said. Looking ahead, te Boekhorst said the company’s top priority remains execution across sales, farm management, vaccine manufacturing, colostrum processing and support functions. Joe Diaz of Lytham Partners said ImmuCell expects to discuss results for the quarter ending June 30, 2026, during the week of Aug. 10, 2026. ImmuCell Corporation (NASDAQ: ICCC) is a biotechnology company that develops, manufactures, and markets immunological products and diagnostic assays designed to enhance animal health in dairy and beef cattle. Headquartered in Portland, Maine, the company focuses on supporting herd health management through its portfolio of passive immunology solutions and veterinary diagnostics. The company's flagship offering, CalfGuard natural colostrum supplement, is formulated to promote the passive transfer of antibodies in newborn calves and reduce the incidence of neonatal diseases. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "ImmuCell Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.