Immucell Corp. (ICCC)
NASDAQ:ICCC
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Immucell
(NASDAQ:ICCC)
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Rating:70Outperform
Price Target:
$10.50
▲(68.27% Upside)
Action:Reiterated
Date:06/11/26
Overall score reflects improving fundamentals and cash generation (deleveraging and positive free cash flow), reinforced by a strong earnings call highlighting record sales, margin expansion, and share gains. Offsetting factors are valuation limitations from a negative P/E and remaining execution risks around capacity/manufacturing and uneven international performance.
Positive Factors
Improved Cash Generation
Sustained positive operating and free cash flow (~$4.5M and ~$3.4M TTM) materially increases financial flexibility, funds organic capacity investments, and reduces reliance on external financing. Durable cash conversion supports execution of growth projects and de-leveraging over the next 2–6 months.
Negative Factors
International Revenue Weakness
A sharp international sales decline (~30% YoY) signals underlying commercial execution or market access issues abroad. Given management’s push to expand globally, persistent weakness could limit total addressable market capture and delay realization of international scale benefits over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved Cash Generation
Sustained positive operating and free cash flow (~$4.5M and ~$3.4M TTM) materially increases financial flexibility, funds organic capacity investments, and reduces reliance on external financing. Durable cash conversion supports execution of growth projects and de-leveraging over the next 2–6 months.
Read all positive factors
Immucell (ICCC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$87.57M
Dividend YieldN/A
Average Volume (3M)20.75K
Price to Earnings (P/E)―
Beta (1Y)-0.14
Revenue Growth9.64%
EPS Growth4.90%
CountryUS
Employees69
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.06
Shares Outstanding9,046,799
10 Day Avg. Volume22,482
30 Day Avg. Volume20,748
Financial Highlights & Ratios
PEG Ratio0.99
Price to Book (P/B)2.05
Price to Sales (P/S)2.01
P/FCF Ratio45.32
Enterprise Value/Market Cap1.13
Enterprise Value/Revenue3.29
Enterprise Value/Gross Profit7.73
Enterprise Value/Ebitda41.32
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Immucell Business Overview & Revenue Model
Company Description
ImmuCell Corporation functions as an animal health enterprise, specializing in the creation, manufacturing, and commercialization of offerings aimed at improving the vitality and output of dairy and beef cattle, serving both the U.S. domestic mark...
How the Company Makes Money
ImmuCell makes money primarily by selling its animal health products to customers in the cattle industry through veterinary and agricultural distribution channels. The company’s key revenue stream is product sales, historically led by its mastitis...
Immucell Earnings Call Summary
Earnings Call Date:May 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 19, 2026
Earnings Call Sentiment Positive
The call emphasized a number of meaningful operational and commercial positives including a record $10.4M revenue quarter, strong domestic growth, improved gross margins and net income, significant manufacturing yield gains and market share expansion led by Tri-Shield. Management also highlighted disciplined investments in commercial coverage, international planning, and a $2.0M settlement earmarked for capacity expansion. Key risks remain around international sales weakness, higher operating expenses, and executional manufacturing/capacity challenges (contamination risk and the need for a major processing-plant expansion). Overall, the positives—record revenue, margin and income improvements, visible market-share gains, and capital to invest in capacity—appear to materially outweigh the lowlights in the near term.Positive Updates
Record Quarterly Revenue
Product sales of $10.4M in Q1 FY2026, marking ImmuCell's first-ever $10M+ revenue quarter and a 28.4% increase versus Q1 FY2025.
Negative Updates
International Sales Decline
International product sales declined 30.2% year-over-year to approximately $0.6M in Q1 FY2026, representing a near-term weakness in global revenue contribution.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Quarterly Revenue
Product sales of $10.4M in Q1 FY2026, marking ImmuCell's first-ever $10M+ revenue quarter and a 28.4% increase versus Q1 FY2025.
Read all positive updates
Company Guidance
The company’s guidance emphasized prioritizing First Defense availability and executing a capacity expansion funded by a $2.0M settlement to deploy advanced drying equipment and process improvements while continuing yield initiatives that already lifted output to >450k manufacturing units/month (vs. 380k in 2025, 252k in 2023, 144k in 2024); near‑term priorities include managing contamination risk, servicing colostrum farms, and finalizing expansion plans to stay ahead of demand for the remainder of 2026. Financial and operational markers cited on the call: Q1 product sales $10.4M (+28.4% YoY) with domestic sales $9.7M (+35.7%) and international ~$0.6M (‑30.2%); Tri‑Shield sales +38.5%; gross margin 45% (vs. 41.6% prior year) despite a 2.4‑point headwind from reclassified retained‑asset costs; net income $1.9M ($0.21/sh, +34% YoY); EBITDA $2.6M (vs. $2.3M); cash $6.8M, inventory $8.7M, and working capital $15M (vs. $13M YE 2025). Market context and go‑to‑market posture: 2025 U.S. scours category spend ≈$93M (+14% YoY), Q1 2026 category growth ~11% YoY, ImmuCell accounted for nearly 80% of Q1 category dollar expansion, grew share of U.S. category spend from 29.1% to 35.2% and animals treated from 15% to 18.1% (2021→Q1 2026), estimates U.S. addressable market >$200M and international TAM at least 5× larger, and notes ~55% of calves still receive no biological treatment—supporting continued salesforce expansion (added an additional territory) and measured international commercialization.Immucell Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
72
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 29.93M | 27.64M | 26.49M | 17.47M | 18.57M | 19.24M |
| Gross Profit | 12.75M | 11.45M | 7.94M | 4.40M | 7.65M | 8.66M |
| EBITDA | 2.39M | 2.14M | 1.07M | -2.50M | 349.99K | 2.70M |
| Net Income | -545.40K | -1.04M | -2.16M | -5.77M | -2.49M | -78.29K |
Balance Sheet | ||||||
| Total Assets | 44.11M | 42.53M | 45.10M | 43.81M | 44.86M | 44.47M |
| Cash, Cash Equivalents and Short-Term Investments | 6.81M | 3.81M | 3.76M | 978.74K | 5.79M | 10.19M |
| Total Debt | 12.78M | 13.19M | 15.10M | 16.69M | 12.48M | 10.27M |
| Total Liabilities | 14.97M | 15.48M | 17.58M | 18.82M | 14.48M | 11.89M |
| Stockholders Equity | 29.14M | 27.06M | 27.52M | 24.99M | 30.38M | 32.58M |
Cash Flow | ||||||
| Free Cash Flow | 3.38M | 1.22M | -107.82K | -6.57M | -5.52M | -1.65M |
| Operating Cash Flow | 4.47M | 2.48M | 357.90K | -4.67M | -1.54M | 954.17K |
| Investing Cash Flow | -1.05M | -1.21M | -461.23K | -1.89M | -3.96M | -1.60M |
| Financing Cash Flow | -1.21M | -1.21M | 2.88M | 1.75M | 1.11M | 3.88M |
Immucell Technical Analysis
Neutral
6.24
Price Trends
8.69
Positive
7.54
Positive
6.78
Positive
Market Momentum
0.28
Positive
54.30
Neutral
38.26
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ICCC, the sentiment is Neutral. The current price of 6.24 is below the 20-day moving average (MA) of 9.89, below the 50-day MA of 8.69, and below the 200-day MA of 6.78, indicating a neutral trend. The MACD of 0.28 indicates Positive momentum. The RSI at 54.30 is Neutral, neither overbought nor oversold. The STOCH value of 38.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ICCC.
Immucell Risk Analysis
Immucell disclosed 39 risk factors in its most recent earnings report. Immucell reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Immucell Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $87.57M | -160.55 | -1.88% | ― | 9.64% | 4.90% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $211.08M | -2.42 | -73.16% | ― | ― | -18.99% | |
47 Neutral | $75.25M | -0.79 | -80.35% | ― | ― | 27.27% | |
40 Underperform | $18.52M | -0.33 | -208.23% | ― | -100.00% | 26.30% |
* Healthcare Sector Average
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Immucell Corporate Events
Business Operations and StrategyProduct-Related Announcements
Immucell Advances First Defense Manufacturing Capacity Expansion Program
Positive
Jun 10, 2026
In late December 2025 and early January 2026, ImmuCell suspended plans to manufacture its Re-Tain® product in-house and decided instead to convert most related facilities and equipment to expand production of its First Defense® product l...
Business Operations and StrategyLegal Proceedings
ImmuCell Reaches Settlement Agreement with Norbrook Laboratories
Positive
May 8, 2026
On May 8, 2026, ImmuCell Corporation and Norbrook Laboratories Limited entered into a Settlement Deed resolving all claims related to their 2019 Development Services and Commercial Supply Agreement, which had expired on March 31, 2026. Under the t...
Business Operations and StrategyExecutive/Board Changes
ImmuCell Reshapes Board to Drive Innovation and Growth
Positive
Apr 14, 2026
On April 13, 2026, ImmuCell announced the appointment of animal health veteran Dr. Gilles Guillemette and biologics and manufacturing specialist Dr. Anthony DiMarco to its Board of Directors, effective April 15, 2026. The company is restructuring ...
Business Operations and StrategyExecutive/Board Changes
Immucell Strengthens Board With New Director Appointment
Positive
Mar 18, 2026
ImmuCell Corporation, an animal health biologics specialist focused on improving dairy and beef calf health through its First Defense® hyperimmune colostrum product line, is expanding its leadership capabilities as it targets broader U.S. and...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.