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Immucell
(NASDAQ:ICCC)
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Rating:69Neutral
Price Target:
$12.00
▲(8.79% Upside)
Action:Downgraded
Date:06/17/26
The score is driven primarily by improving financial performance (stronger margins, reduced leverage, and positive TTM operating/free cash flow) and a constructive earnings update (record sales, higher profitability, and capacity expansion plans). Offsetting factors are valuation limitations from a negative P/E/no dividend signal and a mixed technical picture with only modest momentum despite longer-term trend support.
Positive Factors
Cash generation
Sustained positive operating and free cash flow provides durable internal funding for growth and capacity projects, lowering reliance on external capital. Improved cash conversion enhances resilience through industry cycles and supports measured commercial and manufacturing investments without increasing leverage.
Negative Factors
Weak international sales
A sharp drop in international revenue highlights executional gaps in global commercialization and limits diversification of demand. With international TAM cited as materially larger, failure to scale abroad constrains long‑term growth potential and leaves company exposed to U.S. market cyclicality.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained positive operating and free cash flow provides durable internal funding for growth and capacity projects, lowering reliance on external capital. Improved cash conversion enhances resilience through industry cycles and supports measured commercial and manufacturing investments without increasing leverage.
Read all positive factors
Immucell (ICCC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$91.28M
Dividend YieldN/A
Average Volume (3M)20.75K
Price to Earnings (P/E)118.8
Beta (1Y)-0.15
Revenue Growth8.49%
EPS Growth-54.03%
CountryUS
Employees73
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.08
Shares Outstanding9,082,197
10 Day Avg. Volume22,482
30 Day Avg. Volume20,748
Financial Highlights & Ratios
PEG Ratio0.95
Price to Book (P/B)2.05
Price to Sales (P/S)2.01
P/FCF Ratio45.32
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
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 animal health products to the dairy (and broader cattle) market. Its core revenue stream has historically been product sales of mastitis-prevention solutions for dairy cows (sold through animal health dist...
Immucell Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call highlighted meaningful commercial momentum: double-digit product revenue growth (Q2 +11.5%, H1 +20.9%), strong U.S. performance and expanding market share, improved profitability and adjusted EBITDA, and a clearly defined multi‑phase capacity expansion to more than triple production capacity. Offsetting these positives were significant gross margin pressure driven by lower manufacturing output, a recurring cost shift from the discontinued Re-Tain program into COGS, a one-time scrap event (~$150K), and a sharp decline in international sales (–38.9% in Q2). Management presented concrete mitigation steps (yield improvement initiatives, capacity investments, colostrum sourcing programs) and expects to finance most expansion with cash on hand. Overall, the positives (revenue, profitability, working capital strength, and actionable expansion plans) appear to outweigh the operational and margin headwinds, though execution risk remains on manufacturing yields and international ramp.Positive Updates
Quarterly Revenue Growth
Product sales of $7.2M in Q2 2026, up 11.5% year-over-year; product sales for the six months ended June 30, 2026 were $17.5M, up 20.9% year-over-year.
Negative Updates
Gross Margin Compression
Gross margin fell to 33.9% of product sales in Q2 2026 from 43.7% in Q2 2025 (a decline of ~9.8 percentage points year-over-year). Sequential gross margin dropped 11.1 percentage points from Q1 2026, with 7.5 points attributed to lower manufacturing output, 1.9 points from a Re-Tain cost shift, and 2.1 points from ~$150,000 of scrap.
Read all updates
Q2-2026 Updates
Positive
Negative
Quarterly Revenue Growth
Product sales of $7.2M in Q2 2026, up 11.5% year-over-year; product sales for the six months ended June 30, 2026 were $17.5M, up 20.9% year-over-year.
Read all positive updates
Company Guidance
Guidance from the call focused on materially expanding and de‑risking supply while improving costs and yields: management plans an ~ $8.0M, two‑phase capacity program (a $3.5M freeze‑drying phase to be completed in H1 2027 and ~ $4.5M liquids phase targeted by year‑end 2027) that it expects will more than triple current capacity, shorten processing time from 2–3 months to under 1 month, and improve long‑term product cost; the company is on track to produce nearly 1.0 million more manufacturing units in 2026 versus 2025, financing the majority with cash on hand ($8.9M as of 6/30/26) and operating cash (may use credit line), while continuing yield work (colostrum is ~50% of product cost). Recent operating/financial context cited with that guidance: Q1 production exceeded 450,000 units/month and Q2 averaged ~350,000 units/month (seasonal/planned), Q2 product sales $7.2M (+11.5% YoY) and H1 product sales $17.5M (+20.9% YoY), gross margin 33.9% (vs 43.7% LY) with an 11.1‑point sequential decline driven ~7.5 points by lower output, 2.1 points by ~$150k scrap and 1.9 points by the Re‑Tain cost shift, adjusted EBITDA of $2.7M in Q2 and $5.4M for H1 (both include a $2M legal settlement), net income of $1.8M ($0.20/share) in Q2 and $3.8M for H1, inventory $9.1M and working capital $16.6M, distributor out‑the‑door volumes +21% Q1 / +28% Q2 (24% H1), and U.S. market share for First Defense rising from ~15% in Dec‑2025 to ~19% in June‑2026 (share of spend ~29% to ~38%).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 | 30.68M | 27.64M | 26.49M | 17.47M | 18.57M | 19.24M |
| Gross Profit | 12.37M | 11.45M | 7.94M | 4.40M | 7.65M | 8.66M |
| EBITDA | 3.08M | 2.14M | 1.07M | -2.50M | 349.99K | 2.70M |
| Net Income | 787.37K | -1.04M | -2.16M | -5.77M | -2.49M | -78.29K |
Balance Sheet | ||||||
| Total Assets | 46.63M | 42.53M | 45.10M | 43.81M | 44.86M | 44.47M |
| Cash, Cash Equivalents and Short-Term Investments | 8.86M | 3.81M | 3.76M | 978.74K | 5.79M | 10.19M |
| Total Debt | 5.65M | 13.19M | 15.10M | 16.69M | 12.48M | 10.27M |
| Total Liabilities | 10.82M | 15.48M | 17.58M | 18.82M | 14.48M | 11.89M |
| Stockholders Equity | 31.37M | 27.06M | 27.52M | 24.99M | 30.38M | 32.58M |
Cash Flow | ||||||
| Free Cash Flow | 4.21M | 1.22M | -107.82K | -6.57M | -5.52M | -1.65M |
| Operating Cash Flow | 5.89M | 2.48M | 357.90K | -4.67M | -1.54M | 954.17K |
| Investing Cash Flow | -1.66M | -1.21M | -461.23K | -1.89M | -3.96M | -1.60M |
| Financing Cash Flow | -1.37M | -1.21M | 2.88M | 1.75M | 1.11M | 3.88M |
Immucell Technical Analysis
Negative
11.03
Price Trends
10.50
Negative
9.37
Positive
7.72
Positive
Market Momentum
0.02
Positive
36.45
Neutral
40.65
Neutral
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 11.03 is above the 20-day moving average (MA) of 10.99, above the 50-day MA of 10.50, and above the 200-day MA of 7.72, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 36.45 is Neutral, neither overbought nor oversold. The STOCH value of 40.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | $91.28M | 118.79 | -1.88% | ― | 8.49% | -54.03% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $108.56M | -2.96 | -129.93% | ― | 306.42% | 70.84% | |
47 Neutral | $233.92M | -2.47 | -46.54% | ― | -82.95% | -49.04% | |
47 Neutral | $12.91M | -0.36 | -346.03% | ― | ― | 30.16% | |
42 Neutral | $112.70M | -0.94 | -6.14% | ― | -100.00% | 54.89% |
* Healthcare Sector Average
ICCC
Immucell
10.05
3.94
64.48%
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ARCT
Arcturus Therapeutics
8.23
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XBIT
XBiotech
2.30
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-28.13%
PDSB
PDS Biotechnology
0.23
-1.01
-81.45%
RANI
Rani Therapeutics Holdings
0.80
0.25
44.73%
Immucell Corporate Events
Executive/Board ChangesShareholder Meetings
Immucell Shareholders Approve Governance Measures at 2026 Meeting
Positive
Jun 17, 2026
Immucell held its 2026 Annual Meeting of Stockholders by remote conference call and audio webcast on June 11, 2026, with more than 81% of eligible common shares represented. Shareholders elected seven directors to one-year terms, reaffirming the e...
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...
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.