ImmuCell (ICCC) investor relations material

Market opportunity and product positioning

• First Defense® is a USDA-licensed scours prevention product for calves, delivering concentrated colostrum antibodies against E. coli, coronavirus, and rotavirus, and is a key revenue driver.

• The U.S. scours prevention market reached $93M in 2025, growing 14% year-over-year, with a $200M total addressable market and $1.4B global TAM.

• Scours affects ~5 million U.S. calves annually, causing $800M–$1B in economic losses, and remains a high-priority unmet need.

• Rising calf values have increased demand for health solutions, with calf prices up 4–7x since 2024.

• First Defense® gained 11% market share since 2021, now holding 35.2% of category spend and 18.1% of animals treated.

Product performance and customer impact

• First Defense® delivers immediate immunity by providing targeted antibodies, outperforming competitors by 3.3x–5.6x in neutralizing antibody content.

• Clinical trials show up to 100% survival in coronavirus challenges and significant reductions in treatment needs and pathogen shedding.

• The product portfolio addresses dairies, cow-calf operations, and calf ranches, with tailored formats and pricing.

• Use of scours biologics increased 10.4% in 2025, offsetting a 1.5% decline in calf numbers.

• Customer satisfaction and word-of-mouth have driven a growing install base and high retention.

Financial performance and growth

• Product sales reached $27.6M in 2025, with a 13.1% CAGR since 2010 and gross margin rising from 22.1% in 2023 to 41.4% in 2025.

• Q1 2026 saw record revenue of $10.4M (28.4% YoY growth), gross margin of 45%, and net income of $1.9M.

• Free cash flow turned positive in 2025 ($1.22M), and cash increased to $6.8M by March 2026.

• Balance sheet improved with normalized inventory, reduced debt, and strong liquidity metrics.

• Manufacturing output increased 35% since 2024, with capacity expansion underway to meet demand.