ImmuCell Corporation (ICCC) announced its third‑quarter 2025 earnings on Friday, November 14, 2025. The call was hosted by President and CEO Olivier Te Boekhorst, Chief Financial Officer Timothy C. Fiori, and other senior executives. The company’s leadership highlighted a mixed financial picture, with a decline in product sales but a significant turnaround in profitability and gross margin.
Product sales for the quarter ended September 30, 2025 totaled $5.5 million, an 8 % year‑over‑year drop from $6.0 million in Q3 2024. The decline is largely attributable to “backlog dynamics” and the company’s earlier restocking of distribution channels, which made year‑over‑year comparisons difficult. In contrast, nine‑month product sales rose 7 % to $20.0 million from $18.7 million in the same period of 2024, reflecting a rebound in demand after the backlog was cleared.
Despite the sales decline, ImmuCell’s profitability improved dramatically. The quarter ended September 30, 2025 reported a net loss of $0.1 million ($0.02 per share), compared with a $0.7 million loss ($0.09 per share) in Q3 2024. For the nine‑month period, the company posted a net income of $1.8 million ($0.20 per share) versus a $2.7 million loss ($0.34 per share) in 2024. Gross margin expanded to 43 % in Q3 2025 from 26 % in Q3 2024, and the nine‑month gross margin reached 42.6 % from 27.3 % a year earlier. The margin lift is driven by higher product sales at a higher gross‑margin mix and a 7.4 % ($543,000) reduction in operating expenses, largely due to lower product‑development costs associated with the Re‑Tain® program.
CEO Olivier Te Boekhorst emphasized the company’s focus on “operational excellence and execution.” He noted that the 8 % decline in total product sales was offset by a 2 % increase in domestic sales year‑over‑year and a 9.5 % sequential rise from Q2 to Q3. CFO Timothy Fiori highlighted that the nine‑month net income swing was driven by higher sales at a higher gross margin and disciplined cost control, particularly the reduction in Re‑Tain development expenses. He also explained that the company has overcome a prolonged order backlog created by earlier production interruptions, and that sufficient inventory now exists throughout the supply chain to support customer demand.
Operationally, ImmuCell has increased its production capacity to over $30 million per year and has significantly reduced its backlog. The company has settled an insurance claim related to past contamination events and has not experienced a new contamination incident for more than a year. The Re‑Tain program, a Nisin‑based treatment for subclinical mastitis, remains in development; the company submitted its NADA application in January 2025 and is awaiting clearance of inspectional observations at its contract manufacturer. An “aggressive idle” strategy has been adopted to conserve cash while the program’s regulatory path is finalized. Meanwhile, the First Defense product line continues to drive domestic sales growth.
In summary, ImmuCell’s Q3 2025 results show a decline in sales but a strong rebound in profitability and gross margin, underpinned by operational improvements and cost discipline. The company’s focus on rebuilding market confidence, expanding production capacity, and advancing the Re‑Tain program positions it for continued recovery and growth in the coming quarters.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.