ImmuCell (ICCC) Q1 2025 earnings summary

Executive summary

• Product sales reached a record $8.1 million in Q1 2025, up 11% year-over-year, driven by strong First Defense® performance and operational recovery.

• Net income for Q1 2025 was $1.4 million, reversing a net loss of $438,000 in Q1 2024, with gross margin improving to 42% from 32% year-over-year.

• Completed major production capacity expansion to over $30 million annually, with process improvements preventing contamination events.

• Re-Tain® remains in regulatory review, with investigational use initiated to gather market feedback and reduce development expenses.

• First Defense® addresses scours in calves and holds a leading market share; Re-Tain® targets reduced antibiotic use in dairy cows.

Financial highlights

• Product sales for the twelve months ended March 31, 2025, totaled $27.3 million, up 28% year-over-year.

• Adjusted EBITDA for Q1 2025 was $2.3 million, up sharply from $458,000 in Q1 2024.

• Net income per diluted share was $0.16 in Q1 2025, compared to $(0.06) in Q1 2024.

• Cash and cash equivalents increased to $4.6 million as of March 31, 2025.

• Net working capital rose to $12.1 million as of March 31, 2025.

Outlook and guidance

• Management expects continued strong performance as backlog clears and production capacity supports growth.

• Focus on reducing order backlog, improving gross margin, and collecting market feedback on Re-Tain® during H2 2025.

• Plans to reduce Re-Tain® product development expenses in 2025 and explore strategic options.

• Bulk powder product launch expected in Q2–Q4 2025, representing new upside potential.

• International market expansion for First Defense® is underway.