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ImmuCell (ICCC) investor relations material
ImmuCell Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Achieved net income of $1.8 million for the nine months ended September 30, 2025, reversing a $2.7 million loss in the prior year period, driven by increased production output, improved gross margins, and expense control.
Product sales grew 7% year-over-year to $20.0 million for the nine-month period, with First Defense® as the primary growth driver and expanded production capacity exceeding $30 million annually.
Gross margin improved to 43% for the nine months ended September 30, 2025, up from 27% in the prior year.
CEO succession completed in 2025, bringing new leadership with animal health industry experience and a focus on operational excellence and growth.
Re-Tain® remains in pre-commercialization, with FDA approval pending and ongoing investigational studies and field trials in partnership with Michigan State University.
Financial highlights
Net income of $1.8 million for the nine months ended September 30, 2025, compared to a net loss of $2.7 million in the prior year.
Product sales for the nine months were $20.0 million, up 7% year-over-year; trailing twelve-month sales rose 16% to $27.8 million.
Gross margin for the nine months was 43%, up from 27% in the prior year.
Adjusted EBITDA for the nine months ended September 30, 2025, was $4.4 million, up from $35,000 year-over-year.
Cash and cash equivalents as of September 30, 2025, were $3.9 million; debt (excluding line of credit) was $9.5 million.
Outlook and guidance
Management expects continued product adoption and revenue growth, supported by resolved inventory and backlog issues.
Ongoing efforts to secure FDA approval for Re-Tain®, with field feedback and investigational studies informing commercialization strategy.
Plans to expand First Defense® production capacity to $40 million annually are deferred due to cash constraints.
Management expects existing cash and gross margin from sales to fund operations for at least the next 12 months.
Exploring international market opportunities and regulatory approvals for First Defense®.
Explain Q3 sales decline despite backlog resolution
Key drivers of gross margin percentage recovery
Re-Tain® market feedback collection timeline
Explain Q3 sales decrease despite domestic growth
Re-Tain: What are the next steps before launch?
How will new CEO leverage past experience for growth?
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ImmuCell Corporation, an animal health company, designs, develops, manufactures, and markets products that enhance the health and productivity of dairy and beef cattle worldwide. It focuses on developing products that improve the health of calves during the period from birth through weaning.
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