ICCCNasdaqIn Vitro & In Vivo Diagnostic SubstancesUS GAAP · USD

ImmuCell Corporation

ImmuCell Corp. develops and sells animal health products focused on providing immediate immunity to newborn dairy and beef cattle. The company is best known for its First Defense product line, which is sold primarily through distributors into U.S. dairy and beef markets.

Kysy yhtiöstä
Liikevaihto27,6milj. USD
+4,3 %v/v
Liikevoitto (EBIT)1,6milj. USD
+200,6 %v/v
EBIT-marginaali6,0%
+12,2 %-yks.v/v
Nettotulos−1,0milj. USD
+51,8 %v/v
Vapaa kassavirta1,2milj. USD
+1 236,0 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−100102030milj. USD2020: 15 milj. USD2020: EBIT −1,4 milj. USD20202021: 19 milj. USD2021: EBIT 0,26 milj. USD20212022: 19 milj. USD2022: EBIT −2,3 milj. USD20222023: 17 milj. USD2023: EBIT −5,7 milj. USD20232024: 26 milj. USD2024: EBIT −1,6 milj. USD20242025: 28 milj. USD2025: EBIT 1,6 milj. USD2025281,6
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
First Defense® product line99 %

Colostrum-based products sold to help newborn calves gain immediate immunity.

Re-Tain®1 %

A newer product line that requires manufacturing, launch, and capacity investment support.

Tuotteet

Raportoitu · osuus liikevaihdosta
99,3%FY2024100 %
  • First Defense Product Line99,3 %
  • Other Animal Health0,7 %

Lähde: 10-K FY2024, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

ImmuCell sells mainly to distributors serving the U.S. dairy and beef industries, rather than directly to end farmers. The company’s products are used by producers who want to improve calf health and reduce early-life mortality and disease risk, which supports repeat purchasing through animal health channels.

U.S. dairy industry

Buys First Defense products to support immediate immunity in newborn calves and reduce early health risk.

U.S. beef industry

Buys the same core products for calf health and early-life disease prevention.

Animal health distributors

Purchase in bulk and resell into dairy and beef channels; they are critical to market access.

International customers

Smaller but growing buyers outside the U.S. that contributed a rising share of sales in 2025.

Strategia

ImmuCell is focused on expanding production capacity for First Defense while conserving cash and limiting large capital spending. Management is also working to improve gross margin and support the launch and scaling of newer products such as Re-Tain.

Expand First Defense manufacturing capacityKeskipitkä aikaväli

Demand growth and product concentration make capacity a key constraint on revenue growth.

Protect and improve gross marginLyhyt aikaväli

Manufacturing yield, contamination, and input-cost volatility directly affect profitability and cash generation.

Preserve liquidity through disciplined capexLyhyt aikaväli

The company has limited scale, so cash conservation supports operating flexibility and product development.

Maantiede

The business is centered in the United States, where most sales are made into dairy and beef markets. International sales are smaller but have been growing, with management noting a higher share of sales outside the U.S. in 2025. Geography matters mainly because the company’s customer base, distributor network, and demand exposure are concentrated in U.S. livestock markets.

Riskit

ImmuCell is highly exposed to concentration risk because nearly all product sales come from First Defense and most sales are tied to two livestock markets and a small number of distributors. The business also faces manufacturing, regulatory, and cybersecurity risks that can disrupt production, compress margins, or impair customer confidence.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Product concentration in First Defense1Market concentration in dairy and beef2Manufacturing yield and contamination risk3Customer concentration4Cybersecurity and IT disruption5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Product concentration in First DefenseVaikutus: KriittinenTodennäköisyys: Korkea

    About 99% of product sales come from one product line, so any demand, quality, or competitive issue would have an outsized effect.

    Kohdistuu: First Defense product line

  2. Market concentration in dairy and beefVaikutus: KorkeaTodennäköisyys: Korkea

    Demand depends on livestock industry conditions, herd economics, and producer spending patterns.

    Kohdistuu: U.S. dairy and beef industries

  3. Manufacturing yield and contamination riskVaikutus: KorkeaTodennäköisyys: Korkea

    Biological yield variability and contamination events can raise cost of goods sold and reduce gross margin.

    Kohdistuu: Production and inventory

  4. Customer concentrationVaikutus: KorkeaTodennäköisyys: Kohtalainen

    A large portion of sales and receivables is tied to two distributors, increasing counterparty and bargaining-power risk.

    Kohdistuu: Two large distributors

  5. Cybersecurity and IT disruptionVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Operational downtime or data loss could interrupt production, delay shipments, and create legal or reputational damage.

    Kohdistuu: Information systems and connected business processes

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition at shipment

Timing depends on delivery terms and collectability assessment, affecting quarterly revenue cut-off.

Vaikutus: Can shift revenue between periods if shipment timing changes

Inventory valuation and biological yield

Cost per dose varies with yield, making inventory and gross margin estimates sensitive to production outcomes.

Vaikutus: Affects cost of goods sold, inventory carrying value, and margin

Deferred tax assets

Recoverability depends on future taxable income, which is uncertain for a small, product-concentrated company.

Vaikutus: Can affect tax expense and balance-sheet asset values

Re-Tain-related assets

Capitalized development or related assets may need impairment if commercialization or profitability lags expectations.

Vaikutus: Could create non-cash write-downs

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

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Päivitetty: 24.9.2026