Immucell (ICCC) AI Stock Analysis

• Market Cap: $54.64M
• Dividend Yield: N/A
• Average Volume (3M): 20.75K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.28
• Revenue Growth: 16.49%
• EPS Growth: N/A
• Country: US
• Employees: 69
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.32
• Shares Outstanding: 9,045,851
• 10 Day Avg. Volume: 22,482
• 30 Day Avg. Volume: 20,748
• PEG Ratio: 0.99
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 2.01
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 0.95
• Enterprise Value/Revenue: 1.87
• Enterprise Value/Gross Profit: 4.53
• Enterprise Value/Ebitda: 10.95
• 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: 47 Neutral
• Price Target: $6.00 ▼(-3.85% Downside)
• Action: Reiterated Date: 03/19/26
• Date: Action: Reiterated 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.

Manufacturing capacity expansion

Expanded manufacturing from ~3.0M (2023) to ~4.6M (2025) and a clear plan to reach 5–6M units mainly via yield/process changes strengthens the company’s ability to meet demand without heavy capital intensity. This structurally reduces unit costs and underpins medium-term revenue scalability if execution holds.

Product differentiation and market focus

First Defense’s biological differentiation (higher neutralizing antibodies, unique USDA-approved non‑vaccine positioning) and premium pricing support durable competitive advantage. Combined with focused commercial hires and TAM estimates (U.S. >$200M; international materially larger), this underpins longer-term pricing power and adoption.

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.

Revenue volatility and residual profitability gap

Sales have been volatile (sharp swings year‑to‑year) and the company remains loss‑making at the bottom line despite operating profit. This revenue instability and lingering net loss limit predictable free cash flow and raise execution risk for sustaining investments in commercial expansion and international growth.

Impairments and inventory write‑downs

Material noncash impairments and inventory write‑downs reflect prior investment missteps and asset reallocation, eroding reported equity and diluting balance‑sheet quality. While management plans to repurpose assets, these charges signal restructuring risk and highlight potential lingering operational and product transition costs.

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 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-related products for dairy cows (mastitis is a major dairy disease that impacts milk production and quality). Revenue is recognized from the sale of manufactured goods, with earnings influenced by unit volumes sold, pricing, and the company’s cost to manufacture and distribute those products. To a lesser extent, the company may generate revenue from other animal health product sales and any related services tied to those offerings. Specific details on material partnerships, customer concentration, product-level revenue mix, or contract structures are null.

Immucell Financial Statement Overview

Summary

Operating performance improved (gross margin rebounded to ~41% in 2025 and operating income turned positive), and leverage fell materially with debt reported at $0. However, revenue contracted sharply in 2025 after prior growth, the company remained net-loss making, and cash flow is a major concern given historically negative/weak free cash flow plus unclear/zeroed 2025 cash flow and equity figures that raise uncertainty.

Income Statement

Revenue has been volatile: strong growth in 2024 (+51.6%) was followed by a sharp contraction in 2025 (-45.1%). Profitability is improving but still challenged—gross margin rebounded to ~41% in 2025 (from ~30% in 2024), and operating profit turned positive (EBIT margin ~6% in 2025 vs. negative in 2023–2024). However, the company remains unprofitable at the bottom line with a 2025 net loss (net margin ~-3.8%), which tempers the quality of the turnaround.

Balance Sheet

Leverage improved materially with total debt dropping from ~$15.1M in 2024 to $0 in 2025, which reduces financial risk. Total assets also declined modestly (~$45.1M to ~$42.5M). That said, 2025 equity is reported as $0 (and return on equity is shown as 0%), which is a major data red flag and/or indicates very weak balance-sheet cushion in the latest period; prior years showed meaningful equity and moderate leverage (2024 debt-to-equity ~0.55).

Cash Flow

Cash generation is weak and inconsistent. Operating cash flow swung from meaningfully negative in 2022–2023 to slightly positive in 2024 (~$0.36M), but 2025 reports operating cash flow and free cash flow at $0, alongside a -100% free-cash-flow growth figure—suggesting either a sharp deterioration or missing/placeholder data. Earlier periods also show recurring negative free cash flow, indicating ongoing cash burn and limited self-funding capacity.

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	0.00	15.10M	16.69M	12.48M	10.27M
Total Liabilities	0.00	17.58M	18.82M	14.48M	11.89M
Stockholders Equity	0.00	27.52M	24.99M	30.38M	32.58M
Cash Flow
Free Cash Flow	0.00	-107.82K	-6.57M	-5.52M	-1.65M
Operating Cash Flow	0.00	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

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ICCC, the sentiment is Negative. The current price of 6.24 is below the 20-day moving average (MA) of 6.47, below the 50-day MA of 6.42, and above the 200-day MA of 6.23, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 38.75 is Neutral, neither overbought nor oversold. The STOCH value of 16.32 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ICCC.

Immucell Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ARTV	52 Neutral	$143.36M	―	-60.22%	―	-100.00%	-17.10%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ICCC	47 Neutral	$54.64M	-53.37	-4.69%	―	16.49%	―
ACET	45 Neutral	$66.50M	-0.48	-77.90%	―	―	25.89%
HOWL	44 Neutral	$40.92M	-1.37	-122.43%	―	-100.00%	-8.30%

Immucell Corporate Events

Immucell Strengthens Board With New Director Appointment

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 international markets. The Portland, Maine-based company develops and markets practical, science-based solutions aimed at reducing scour-related mortality in neonatal calves and supporting long-term performance for producers.

On March 18, 2026, ImmuCell announced that Kathy Turner will join its Board of Directors effective April 1, 2026, replacing long-serving director Steven Rosgen, who is retiring after eight years of service. Turner, a former Elanco Animal Health board member with senior leadership experience at IDEXX Laboratories and Abbott Laboratories, will chair the Compensation and Stock Option Committee and sit on the Audit Committee, bolstering ImmuCell’s commercial and international expertise as it seeks to expand the reach of First Defense® in the U.S. and global animal health markets.

The board change, first set in motion when Rosgen notified the company in February 2026 of his decision not to stand for re-election, reflects a planned transition rather than a governance disruption. Management highlighted Turner’s track record in scaling international businesses and her deep industry network as strategic assets expected to support ImmuCell’s growth ambitions in the highly competitive animal health sector and to enhance oversight of its compensation and financial governance frameworks.

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.

Immucell Announces Entry Into Material Definitive Agreement

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, or material development. As a result, the announcement offers no clear insight into changes to ImmuCell’s business operations, market positioning, or implications for shareholders and other stakeholders beyond confirming that some form of disclosure or reference was made.

The most recent analyst rating on (ICCC) stock is a Hold with a $7.00 price target. To see the full list of analyst forecasts on Immucell stock, see the ICCC Stock Forecast page.

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.