ImmuCell
Makes First Defense antibody products to prevent scours in newborn dairy and beef calves.
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Profile
First Defense is a USDA-licensed line of oral bovine-antibody products sold to dairy and beef producers through distributors. The company also reports a Mastitis segment, but has shifted active manufacturing and sales focus toward calf health.
First Defense is ImmuCell's core commercial franchise: orally delivered bovine antibodies intended to prevent scours in newborn dairy and beef calves. The line has formulations targeting E. coli, coronavirus, and rotavirus, and reaches producers through veterinarians and distributors.
The Scours segment is centered on First Defense. The Mastitis segment includes the California Mastitis Test line, which uses reagents and equipment to identify mastitic quarters. Re-Tain remains in stability and investigational testing rather than active FDA-approval work.
North America is the primary market, with sales also made in selected international regions. The current strategy centers on First Defense sales and on refitting former Re-Tain manufacturing capacity for First Defense production.
Company facts
Key statistics
Year to date +69.1% · Average volume (30d) 27.8K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 13, 2026Q2 FY26 | $0.05 | $0.20 | +300.0% | $5.4M | $7.2M | +33.1% | −7.80% |
| May 14, 2026Q1 FY26 | $0.05 | $0.21 | +320.0% | $5.4M | $10.4M | +91.8% | +7.99% |
| Mar 4, 2026Q4 FY25 | −$0.01 | −$0.31 | −3,000.0% | $5.4M | $7.6M | +41.2% | −1.70% |
| Nov 13, 2025Q3 FY25 | — | −$0.02 | — | — | $5.5M | — | −10.74% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $8.1M | $6.4M | $5.5M | $7.6M | $10.4M | $7.2M | |
| Gross profit | $3.4M | $2.8M | $2.4M | $2.9M | $4.7M | $2.4M | |
| Operating income | $1.1M | $569.6K | $20.1K | −$58.0K | $2.0M | $1.9M | |
| Net income | $1.4M | $501.9K | −$139.7K | −$2.8M | $1.9M | $1.8M | |
| Diluted EPS | $0.16 | $0.06 | −$0.02 | −$0.31 | $0.21 | $0.20 | |
| Gross margin | 41.6% | 43.7% | 42.9% | 38.2% | 45.0% | 33.9% | |
| Operating margin | 13.9% | 8.8% | 0.4% | -0.8% | 19.0% | 26.9% |
Fiscal years (4-quarter sums)FY21 $19.2M · FY22 $18.6M · FY23 $17.5M · FY24 $26.5M · FY25 $27.6M
Revenue by geography · FY24
Balance sheet, Jun 30, 2026Cash & short-term investments $8.9M · Total debt $12.4M · Total assets $46.6M · Shareholders' equity $31.4M
Dividends
No dividends on record.
Ownership
Shares outstanding 9.05M · Float 6.00M · 66.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Ejnar A. Knudsen III | 832.8K | 9.21% | 13D | Nov 20, 2025 |
| Vanguard Capital Management LLC | 260.3K | 2.88% | 13F | May 15, 2026 |
| Morgan Stanley | 221.7K | 2.45% | 13F | May 15, 2026 |
| Michael F. Brigham · director | 205.7K | 2.27% | Form 4 | Mar 24, 2026 |
| Renaissance Technologies LLC | 151.8K | 1.68% | 13F | May 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 18, 2026 | Boekhorst Paul Francis Olivier te | director, officer: President and CEO | +8,000 | $9.50 |
| Dec 3, 2025 | Boekhorst Paul Francis Olivier te | director, officer: President and CEO | +9,675 | $5.03 |
| Dec 4, 2025 | Boekhorst Paul Francis Olivier te | director, officer: President and CEO | +2,432 | $5.50 |
| Dec 2, 2025 | Boekhorst Paul Francis Olivier te | director, officer: President and CEO | +3,708 | $4.87 |
| Nov 25, 2025 | David Scott Tomsche | director | +3,266 | $4.76 |
Peers
- Zoetis
Direct calf- and dam-level newborn-scours vaccine alternative
- Elanco Animal Health
Maternal vaccine alternative for multi-pathogen calf scours
- Merck
Maternal and intranasal vaccine alternatives for calf scours
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| ImmuCell | $9.94 | −0.70% | $89.9M | 117.5 | — | 2.9 | +11.5% |
| Zoetis | $77.47 | +0.23% | $32.42B | 12.7 | 12.5 | 3.4 | +0.3% |
| Elanco Animal Health | $24.11 | −0.06% | $12.04B | — | 20.3 | 2.4 | +10.2% |
| Merck | $148.19 | −0.08% | $366.18B | 118.7 | 17.2 | 5.5 | +5.1% |
| Median | 65.7 | 17.2 | 3.4 | +5.1% |