ImmuCell Corporation reported significant financial improvements in its latest 10-Q filing for the quarter ending June 30, 2025. The company achieved product sales of $6.4 million for the quarter, a 17.7% increase from $5.5 million in the same period last year. For the six-month period, sales rose to $14.5 million, up 14% from $12.7 million in the prior year. The gross margin also saw a substantial increase, reaching $2.8 million for the quarter, compared to $1.2 million a year earlier, reflecting a gross margin percentage of 44%, up from 22%. This improvement in profitability is attributed to enhanced production efficiency and a reduction in costs associated with product development and sales.
The company’s net income for the quarter was $501,880, or $0.06 per share, a significant turnaround from a net loss of $1.5 million, or $(0.20) per share, in the same quarter of 2024. For the six-month period, net income was $1.9 million, compared to a loss of $2 million in the previous year. This positive shift is largely due to a $2.6 million increase in gross margin and a reduction in operating expenses by $728,000. The company also reported a decrease in total liabilities, which fell to $16.9 million from $17.6 million at the end of 2024, while stockholders' equity increased to $29.9 million from $27.5 million.
Operationally, ImmuCell has focused on expanding its production capacity for its First Defense® product line, which is critical for preventing scours in newborn calves. The company has successfully reduced its backlog of orders to less than $100,000 as of June 30, 2025, down from a high of $9.1 million in early 2024. This reduction is attributed to improved production capabilities and a strategic focus on fulfilling customer demand. The company has also seen a notable increase in international sales, which rose by 170% year-over-year, contributing to 24% of total sales in the latest quarter.
In terms of strategic developments, ImmuCell is advancing its Re-Tain® product, aimed at treating subclinical mastitis in dairy cows. The company is currently awaiting FDA approval, which is critical for market launch. The anticipated approval process has led to a temporary reduction in product development expenses, which decreased by 19% in the latest quarter. The company is also exploring strategic partnerships to offset development costs and enhance market entry strategies for Re-Tain®.
Looking ahead, ImmuCell remains optimistic about its growth trajectory, projecting that existing cash reserves and anticipated gross margins will be sufficient to meet working capital and capital expenditure needs for at least the next 12 months. The company is committed to optimizing production processes and expanding its market presence, particularly in international markets, while continuing to address the challenges posed by contamination events in its manufacturing processes.
About IMMUCELL CORP /DE/
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