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ImmuCell (ICCC) investor relations material
ImmuCell Lytham Partners Fall 2025 Investor Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Company overview and product differentiation
Operates with about 80 employees and $28 million in trailing 12-month sales, focused on the First Defense product line for newborn calves.
First Defense and Tri-Shield products provide targeted antibodies against E. coli, coronavirus, and rotavirus, with Tri-Shield adding rotavirus for broader protection.
New functional feed products are being introduced to address larger-scale calf ranches, expanding beyond single-dose applications.
Products offer concentrated, specific antibody protection, outperforming vaccines by eliminating variability and reducing the need for antibiotics.
Main competitors are large vaccine producers, but efficacy and direct antibody delivery differentiate the offerings.
Market opportunity and manufacturing
Domestic market opportunity for calf-level treatment is estimated at $31 million, expanding to $82 million with dam-level treatment.
Manufacturing capacity was doubled to support over $30 million in revenue after overcoming contamination issues, with clean operations since early 2024.
Plans for further expansion include a $3 million investment in a fifth freeze dryer, potentially increasing capacity to $40 million in revenue.
Expansion would require facility renovations and is estimated to take about 18 months to complete.
Improved colostrum collection and quality standards were implemented to support growth and maintain product quality.
Financial performance and operations
First half of 2025 saw 14% year-over-year revenue growth, $1.9 million net income, and $3.7 million adjusted EBITDA, aided by restocking after backlog.
Refinanced two loans into a single $2.3 million loan, lowering interest rates and removing large balloon payments due in 2026.
Sales team is transitioning from managing product shortages to renewed focus on growth as supply stabilizes.
Customer loyalty remains strong despite previous supply issues, with many returning as product availability improves.
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