Immucell Corp. (ICCC)
NASDAQ:ICCC
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Immucell
(NASDAQ:ICCC)
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Rating:47Neutral
Price Target:
$6.00
▼(-3.85% Downside)
Action:ReiteratedDate:03/19/26
The score is held back primarily by weak and uncertain financial quality (net losses and problematic/unclear cash flow and equity data) and bearish technicals (below major moving averages with weak momentum). These are partially offset by a more positive earnings-call outlook highlighting margin expansion, an operating-income turnaround, and capacity plans that could support growth if executed.
Positive Factors
Margin expansion & operating turnaround
Gross margin recovery to ~41% and an operating-income turnaround to $1.6M reflect durable improvements in manufacturing efficiency, pricing and cost control. Sustained higher margins support cash generation potential and create buffer to invest in commercialization and scale over the coming 2–6 months.
Negative Factors
Weak and inconsistent cash generation
Reported $0 operating and free cash flow in 2025 and historically inconsistent cash generation indicate limited internal funding capacity. With only $3.8M year‑end cash noted, the company faces constrained liquidity to fund commercialization, inventory normalization or execution shortfalls without external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin expansion & operating turnaround
Gross margin recovery to ~41% and an operating-income turnaround to $1.6M reflect durable improvements in manufacturing efficiency, pricing and cost control. Sustained higher margins support cash generation potential and create buffer to invest in commercialization and scale over the coming 2–6 months.
Read all positive factors
Immucell (ICCC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$59.80M
Dividend YieldN/A
Average Volume (3M)20.75K
Price to Earnings (P/E)―
Beta (1Y)-0.29
Revenue Growth16.49%
EPS GrowthN/A
CountryUS
Employees69
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.32
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 Cap1.16
Enterprise Value/Revenue2.50
Enterprise Value/Gross Profit6.04
Enterprise Value/Ebitda14.61
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, 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 s...
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:Mar 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Positive
The call conveyed a broadly positive operational and strategic turnaround: revenue grew 4.3% for the year, gross margins materially improved (41% vs 30% prior year), operating income swung to $1.6M from a loss, manufacturing capacity expanded and backorders were resolved, and management has doubled down on the high-margin First Defense franchise with commercial investments underway. Notable negatives include a $2.7M Re-Tain impairment, ~$650K of inventory write-downs, a remaining net loss of $1.0M, international timing-related weakness, and execution risk associated with planned capacity/yield improvements. Overall the positives (margin expansion, operating income turnaround, strategic focus and market opportunity) outweigh the negatives, though investors should monitor execution on capacity expansion and the impact of prior write-downs.Positive Updates
Revenue Growth for Full Year 2025
Total product sales of $27.6 million in 2025, representing a 4.3% increase versus 2024. Q4 product sales were $7.6 million (a modest 1.6% decline year-over-year, noted as impacted by prior-period catch-up sales).
Negative Updates
Re-Tain Asset Impairment
A noncash impairment charge of $2.7 million recorded in December 2025 related to Re-Tain-related property, plant and equipment following the strategic shift away from Re-Tain manufacturing. This drove a significant increase in "other expense" (Q4 other expense $2.8 million versus $0.1 million in Q4 2024; full year other expense $2.7 million versus $0.5 million in 2024).
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue Growth for Full Year 2025
Total product sales of $27.6 million in 2025, representing a 4.3% increase versus 2024. Q4 product sales were $7.6 million (a modest 1.6% decline year-over-year, noted as impacted by prior-period catch-up sales).
Read all positive updates
Company Guidance
Management's guidance was operational and capacity-focused: ImmuCell said it is shipping daily and is confident it can meet 2026–2027 demand by implementing yield improvements that should raise manufacturing capacity from 4.6 million units in 2025 to between 5–6 million units annually without major new capital spending, while warning Q1/H1 2026 growth rates will be distorted by the prior backorder catch‑up; they expect no large further Re‑Tain write‑downs (a modest salvage value of a few hundred thousand was booked), plan to repurpose former Re‑Tain assets to First Defense, and are expanding commercial headcount (hired a senior international market development leader, a new U.S. sales manager, and recruiting a third commercial role). For context around that guidance, FY‑2025 product sales were $27.6M (up 4.3% YoY), Q4 sales $7.6M (down 1.6% YoY) with domestic Q4 $7.0M (+8.7%) and international Q4 ≈$0.6M (~8% of Q4), FY gross margin 41% (vs 30% in 2024) and Q4 gross margin 38% (vs 37%), a ~$650k noncash inventory write‑down (~5.9% of Q4 revenue, 2.4% of FY revenue), a $2.7M Re‑Tain impairment, year‑end cash of $3.8M and working capital of $13M.Immucell Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
52
Neutral
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 27.64M | 26.49M | 17.47M | 18.57M | 19.24M |
| Gross Profit | 11.45M | 7.94M | 4.40M | 7.65M | 8.66M |
| EBITDA | 4.43M | 1.07M | -2.50M | 349.99K | 2.70M |
| Net Income | -1.04M | -2.16M | -5.77M | -2.49M | -78.29K |
Balance Sheet | |||||
| Total Assets | 42.53M | 45.10M | 43.81M | 44.86M | 44.47M |
| Cash, Cash Equivalents and Short-Term Investments | 3.81M | 3.76M | 978.74K | 5.79M | 10.19M |
| Total Debt | 13.19M | 15.10M | 16.69M | 12.48M | 10.27M |
| Total Liabilities | 15.48M | 17.58M | 18.82M | 14.48M | 11.89M |
| Stockholders Equity | 27.06M | 27.52M | 24.99M | 30.38M | 32.58M |
Cash Flow | |||||
| Free Cash Flow | 1.22M | -107.82K | -6.57M | -5.52M | -1.65M |
| Operating Cash Flow | 2.48M | 357.90K | -4.67M | -1.54M | 954.17K |
| Investing Cash Flow | -1.21M | -461.23K | -1.89M | -3.96M | -1.60M |
| Financing Cash Flow | -1.21M | 2.88M | 1.75M | 1.11M | 3.88M |
Immucell Technical Analysis
Positive
6.24
Price Trends
6.39
Positive
6.09
Positive
6.22
Positive
Market Momentum
>-0.01
Negative
51.81
Neutral
58.24
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 6.39, below the 50-day MA of 6.39, and above the 200-day MA of 6.22, indicating a bullish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 51.81 is Neutral, neither overbought nor oversold. The STOCH value of 58.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ICCC.
Immucell Risk Analysis
Immucell disclosed 9 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 |
|---|---|---|---|---|---|---|---|
52 Neutral | $180.18M | -1.26 | -60.22% | ― | -100.00% | -17.10% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $59.80M | -4.88 | -3.59% | ― | 16.49% | ― | |
45 Neutral | $66.22M | -0.50 | -82.96% | ― | ― | 25.89% | |
44 Neutral | $50.54M | -0.48 | -122.43% | ― | -100.00% | -8.30% |
* Healthcare Sector Average
ICCC
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Immucell Corporate Events
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...
Other
Immucell Announces Entry Into Material Definitive Agreement
Neutral
Feb 3, 2026
The company issued a brief statement containing limited information, indicating that certain information was set forth but without providing additional operational, financial, or strategic details, and without specifying any particular event, date...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Immucell Announces Impairment Charges and Strategic Refocus
Negative
Jan 8, 2026
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% ...
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.