ImmuCell (ICCC) Q2 2026 Earnings Call: Sales Rise 11.5%, Capacity Expansion Planned
Source Tradingkey
Key Takeaways
- Q2 2026 product sales increased 11.5% year over year to $7.2 million, despite comparison with Q2 2025 distributor restocking following the resolution of backorders.
- Domestic sales rose 27.7% to $6.2 million, while international sales declined 38.9% to approximately $1 million, primarily due to Canada and the prior-year backorder clearance.
- Gross margin fell to 33.9% from 43.7% a year earlier. Lower manufacturing output, approximately $150,000 of material-related scrap and the shift of former Re-Tain costs into cost of goods sold pressured profitability.
- Q2 net income was $1.8 million, or $0.20 per share, compared with $500,000, or $0.06 per share, in Q2 2025. The 2026 result included a $2 million settlement with the former Re-Tain contract manufacturer.
- First Defense’s U.S. market share among animals receiving a biological scours preventative increased from approximately 15% in December 2025 to 19% at the end of June 2026.
- ImmuCell plans to invest approximately $8 million in freeze-drying and liquids processing capacity. Management expects the expansion to more than triple current capacity and reduce total processing time to less than one month.
Core Financial Data
| Metric | Q2 2026 | Q2 2025 | Change / context |
|---|---|---|---|
| Product sales | $7.2 million | — | Up 11.5% year over year |
| Domestic sales | $6.2 million | — | Up 27.7% |
| International sales | Approximately $1 million | — | Down 38.9% |
| Gross margin | 33.9% | 43.7% | Down 9.8 percentage points |
| Sales, marketing and administrative expenses | $2.4 million | $1.4 million | Higher leadership and commercial investment |
| Product development expenses | Approximately $120,000 | Approximately $800,000 | Lower Re-Tain development spending and cost reclassification |
| Net income | $1.8 million | $500,000 | Includes a $2 million settlement in Q2 2026 |
| Diluted earnings per share | $0.20 | $0.06 | Includes settlement benefit |
| Adjusted EBITDA | $2.7 million | $1.4 million | Includes the $2 million settlement in 2026 |
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