ImmuCell posts record Q1 revenue and margins as First Defense gains share

 

• Record Q1 revenue $10.4M, +28% YoY, driven by First Defense demand.
• Gross margin expanded to 45% from 41.6%, despite a 2.4-point Re-Tain headwind.
• Net income rose 34% YoY to $1.9M, $0.21 EPS, EBITDA $2.6M.
• Domestic sales +35.7% to $9.7M; international declined 30.2% to approximately $0.6M.
• Tri-Shield flagship product grew 38.5% YoY; premium positioning supports higher realized pricing.
• First Defense drove U.S. scours spend share to 35.2%, animals treated share 18.1%.
• Manufacturing output reached record 450,000 units monthly, versus 380,000 average units during 2025.
• Company received $2M contract-manufacturer settlement earmarked to fund major colostrum processing plant expansion.
• No formal revenue or EPS guidance; management confident yet emphasizes capacity, contamination, and execution risks.
• Strategy prioritizes U.S. salesforce expansion now, with disciplined, slower-build approach to international markets.
• Main concern: Executing capacity expansion and maintaining yields to meet demand without supply disruptions.
• Strong quarter, driven by surging First Defense demand, better manufacturing yields, and premium pricing.

https://finviz.com/quote?t=ICCC&p=d