ImmuCell Corporation

Second-quarter 2026 product sales were $7.2 million, up 11.5% year over year; domestic sales grew 27.7% to $6.2 million, while international sales declined 38.9% to about $1 million. Gross margin was 33.9% versus 43.7% in the second quarter of 2025. Net income was $1.8 million, or $0.20 per share, versus $500,000, or $0.06 per share, last year; first-half net income was $3.8 million versus $1.9 million, and first-half product sales were $17.5 million, up 20.9%. Adjusted EBITDA was $2.7 million in Q2 and $5.4 million for the first half; both periods included a $2 million legal settlement. The company ended Q2 with $8.9 million of cash, $9.1 million of inventory, and $16.6 million of working capital. Management did not provide formal next-quarter or full-year revenue/EPS guidance, but said it expects the current capacity expansion to more than triple current capacity, with the first freeze-drying phase targeted for the first half of 2027 and the liquids-processing phase by the end of 2027.

Oliver Te Boekhorst said the company’s late-2025 shift to focus on First Defense and calf scours is paying off, with faster growth, better share, and a clearer commercial strategy. He emphasized that restored supply, commercial-team investment, and a favorable calf market are driving results, while manufacturing reliability remains a strategic priority. His tone was confident but practical: he repeatedly stressed execution, yield improvement, and capacity expansion as the foundation for sustainable growth.

Timothy Fiori highlighted Q2 product sales of $7.2 million and gross margin of 33.9%, explaining that margin pressure came from the Re-Tain cost shift, lower output in one manufacturing subprocess, and about $150,000 of scrap. He said operating expenses were affected by the previously announced $2 million settlement, while sales, marketing and administrative expense rose to $2.4 million from $1.4 million because of leadership and commercial hiring. On the balance sheet, he cited $8.9 million of cash, $9.1 million of inventory, and $16.6 million of working capital, and said the company expects to fund most of the roughly $8 million combined capacity program with cash on hand and cash from operations, using the credit line only if needed.

Analysts and investors focused on Re-Tain, distribution ordering patterns, seasonality, distributor concentration, and whether customer-share shifts were reflecting the new salesforce. Management said the Michigan State study on an additional Re-Tain use case is ongoing, with interim discussions underway and completion expected around late September or early October, after which they will share the results. On distribution, they said backlog-related comparisons should now be cleaner, that sell-through data tracks all distributors nationally, and that beef seasonality explains why sales peak in Q4 and Q1 while dairy is steadier through the year.