Immucell (ICCC) AI Stock Analysis

• Market Cap: $58.62M
• Dividend Yield: N/A
• Average Volume (3M): 20.75K
• Price to Earnings (P/E): 25.8
• Beta (1Y): -0.29
• Revenue Growth: 16.49%
• EPS Growth: N/A
• Country: US
• Employees: 69
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.01
• Shares Outstanding: 9,045,851
• 10 Day Avg. Volume: 22,482
• 30 Day Avg. Volume: 20,748
• PEG Ratio: 0.30
• Price to Book (P/B): 1.53
• Price to Sales (P/S): 1.59
• P/FCF Ratio: -390.09
• Enterprise Value/Market Cap: 1.15
• Enterprise Value/Revenue: 2.43
• Enterprise Value/Gross Profit: 5.95
• Enterprise Value/Ebitda: 12.52
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: $6.50 ▲(4.17% Upside)
• Action: Reiterated Date: 01/09/26
• Date: Action: Reiterated 01/09/26

The score is driven mainly by mixed financial performance (cash flow improvement and moderate leverage, but weak profitability) and supportive technicals (price above key moving averages with positive MACD). Earnings commentary is broadly positive on margins and profitability improvements, but valuation is only average and recent corporate developments (FDA-related Re-Tain setback and impairment, plus international sales weakness) temper the outlook.

Positive Factors

Flagship product momentum

Sustained migration toward Tri‑Shield within the First Defense franchise indicates durable product adoption and customer retention in dairy and beef segments. That concentrated revenue engine supports repeat sales, distribution relationships, and scalable manufacturing leverage over the medium term.

Margin improvement

A material gross margin improvement reflects better pricing, cost control, or product mix, improving unit economics. Higher gross margins provide structural capacity to absorb SG&A, fund R&D or sales expansion, and materially improve the path to sustainable operating profitability as volumes scale.

Free cash flow recovery

A large TTM FCF increase strengthens financial flexibility to fund capacity buildouts, salesforce expansion, and working capital without heavy external financing. Improved cash generation reduces liquidity risk and supports reinvestment into the core First Defense growth strategy over the coming quarters.

Negative Factors

Regulatory setback and impairment

The FDA Incomplete Letter and subsequent pause of Re‑Tain removes a meaningful product pipeline option and triggered a non‑cash impairment. This reduces future diversification, pushes commercialization risk onto partnerships/licensing, and curtails internal upside from a novel mastitis treatment.

International sales volatility

Sharp international revenue declines highlight dependence on timing and distribution execution abroad. Persistent volatility undermines geographic diversification, magnifies revenue cyclicality, and means growth will rely more heavily on domestic channels and execution to achieve scale.

Weak underlying profitability

Despite recent quarterly improvements, very low net margin and negative EBIT indicate underlying operating leverage is limited. Structural profitability weakness constrains free cash generation, reduces resilience to demand shocks, and limits capital available for R&D or commercial expansion.

Immucell Business Overview & Revenue Model

Company Description

ImmuCell Corporation, an animal health company, develops, manufactures, and markets products that enhance the health and productivity of dairy and beef cattle in the United States and internationally. It offers First Defense, an orally delivered scours preventive product for newborn dairy and beef calves; and Tri-Shield First Defense, a passive antibody product for the treatment of E. coli, coronavirus, and rotavirus. The company also provides California Mastitis Test that is used to detect somatic cell counts in milk, as well as to determine, which quarter of the udder is mastitic; and Dual-Force First Defense, including a whey protein concentrate for the nutritional and feed supplement markets. In addition, it is involved in developing Re-Tain, a Nisin-based intramammary treatment of subclinical mastitis in lactating dairy cows. It sells its products through animal health distributors. ImmuCell Corporation was incorporated in 1982 and is headquartered in Portland, Maine.

How the Company Makes Money

Immucell generates revenue primarily through the sale of its immunotherapeutic products, with First Defense being a significant contributor to its sales. The company markets its products directly to veterinarians and livestock producers, establishing strong relationships in the agricultural sector. Key revenue streams include product sales, which are bolstered by ongoing demand for enhanced animal health solutions in the livestock industry. Additionally, Immucell may engage in partnerships with agricultural distributors and veterinary clinics, which can expand its market reach and enhance sales volume. The company also invests in research and development to innovate and expand its product line, which can lead to new revenue opportunities.

Immucell Financial Statement Overview

Summary

Mixed fundamentals: modest TTM revenue growth (1.2%) and strong free cash flow improvement (+123.64%), but profitability remains weak with very low net margin (0.18%) and negative EBIT margin. Balance sheet leverage is moderate (debt-to-equity 0.51) and ROE is high (54.34%) but flagged as potentially unsustainable.

Income Statement

The company shows a modest revenue growth rate of 1.2% in the TTM period, indicating some positive momentum. However, the net profit margin is low at 0.18%, and the EBIT margin is negative, reflecting challenges in operational efficiency. The gross profit margin is reasonable at 41.5%, suggesting some ability to manage production costs.

Balance Sheet

The debt-to-equity ratio is moderate at 0.51, indicating a balanced approach to leveraging. The return on equity is notably high at 54.34%, driven by recent profitability, but this may not be sustainable given historical performance. The equity ratio is not explicitly calculated, but the balance sheet shows a reasonable level of equity relative to assets.

Cash Flow

The company has shown significant improvement in free cash flow growth, with a 123.64% increase in the TTM period. The operating cash flow to net income ratio is 0.39, indicating some conversion of earnings to cash. However, the free cash flow to net income ratio is 0.52, suggesting room for improvement in cash generation relative to earnings.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	27.77M	26.49M	17.47M	18.57M	19.24M	15.34M
Gross Profit	11.37M	7.94M	4.40M	7.65M	8.66M	6.86M
EBITDA	5.40M	1.07M	-2.50M	349.99K	2.70M	1.65M
Net Income	2.32M	-2.16M	-5.77M	-2.49M	-78.29K	-1.02M
Balance Sheet
Total Assets	45.73M	45.10M	43.81M	44.86M	44.47M	40.35M
Cash, Cash Equivalents and Short-Term Investments	3.89M	3.76M	978.74K	5.79M	10.19M	7.95M
Total Debt	13.61M	15.10M	16.69M	12.48M	10.27M	10.73M
Total Liabilities	15.93M	17.58M	18.82M	14.48M	11.89M	12.08M
Stockholders Equity	29.80M	27.52M	24.99M	30.38M	32.58M	28.27M
Cash Flow
Free Cash Flow	715.35K	-107.82K	-6.57M	-5.52M	-1.65M	-2.76M
Operating Cash Flow	1.99M	357.90K	-4.67M	-1.54M	954.17K	1.32M
Investing Cash Flow	-1.24M	-461.23K	-1.89M	-3.96M	-1.60M	-2.57M
Financing Cash Flow	-668.92K	2.88M	1.75M	1.11M	3.88M	1.91M

Immucell Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 6.24
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ICCC, the sentiment is Positive. The current price of 6.24 is below the 20-day moving average (MA) of 6.32, below the 50-day MA of 6.26, and above the 200-day MA of 6.16, indicating a bullish trend. The MACD of 0.08 indicates Negative momentum. The RSI at 51.49 is Neutral, neither overbought nor oversold. The STOCH value of 61.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ICCC.

Immucell Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ICCC	57 Neutral	$58.62M	25.76	8.27%	―	16.49%	―
ARTV	56 Neutral	$101.86M	-1.39	-47.96%	―	-100.00%	-17.10%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ACET	46 Neutral	$67.62M	-0.37	-71.73%	―	―	25.89%
HOWL	44 Neutral	$31.98M	-0.44	-122.43%	―	-100.00%	-8.30%

Immucell Corporate Events

Immucell Announces Impairment Charges and Strategic Refocus

On January 8, 2026, ImmuCell reported preliminary, unaudited sales of $7.6 million for the fourth quarter of 2025, down 1.6% year on year, as domestic revenue grew 8.7% but international sales fell 52.6%. For full-year 2025, total sales rose 4.3% to $27.6 million, driven by a 26.5% jump in Tri-Shield First Defense sales and offset by a sharp decline in Dual-Force and other product sales, reflecting a customer shift within the First Defense portfolio and continued rebuilding of market position after earlier supply constraints. The company also disclosed that it expects to record approximately $3.6 million of non-cash impairment charges in the fourth quarter of 2025, including about $2.9 million tied to its paused Re-Tain program following an FDA Incomplete Letter issued on December 23, 2025, and additional write-downs of $0.1 million in other property, plant and equipment and $0.6 million of colostrum inventory no longer suitable for First Defense processing. Management plans to repurpose most of the roughly $15.5 million net book value of Re-Tain assets to expand First Defense manufacturing capacity, while continuing limited Re-Tain investigational work to attract partners, underscoring a strategic pivot toward scaling First Defense, boosting production efficiency, expanding the sales force and prioritizing higher-return uses of capital, with no material future cash outlays expected from the impairment charges.

The most recent analyst rating on (ICCC) stock is a Hold with a $5.50 price target. To see the full list of analyst forecasts on Immucell stock, see the ICCC Stock Forecast page.

ImmuCell Announces New CEO and Leadership Changes

ImmuCell Corporation announced significant leadership changes effective November 1, 2025, with Olivier te Boekhorst assuming the roles of President and CEO, succeeding Michael F. Brigham, who will continue as a Special Advisor to the CEO until January 2026. The company’s Board of Directors expanded from seven to nine members, appointing Mr. te Boekhorst and CFO Timothy C. Fiori as new directors. These changes are part of ImmuCell’s strategic efforts to enhance its market position and drive growth, particularly in advancing the First Defense® franchise and completing the development of Re-Tain®.

The most recent analyst rating on (ICCC) stock is a Hold with a $6.50 price target. To see the full list of analyst forecasts on Immucell stock, see the ICCC Stock Forecast page.