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ImmuCell Corporation (ICCC) 10-Year Financial Performance & Capital Metrics

ICCC • • Industrial / General
HealthcareBiotechnologyInfectious DiseasesAntibiotics & Bacterial Infections
AboutImmuCell Corporation, an animal health company, develops, manufactures, and markets products that enhance the health and productivity of dairy and beef cattle in the United States and internationally. It offers First Defense, an orally delivered scours preventive product for newborn dairy and beef calves; and Tri-Shield First Defense, a passive antibody product for the treatment of E. coli, coronavirus, and rotavirus. The company also provides California Mastitis Test that is used to detect somatic cell counts in milk, as well as to determine, which quarter of the udder is mastitic; and Dual-Force First Defense, including a whey protein concentrate for the nutritional and feed supplement markets. In addition, it is involved in developing Re-Tain, a Nisin-based intramammary treatment of subclinical mastitis in lactating dairy cows. It sells its products through animal health distributors. ImmuCell Corporation was incorporated in 1982 and is headquartered in Portland, Maine.Show more
  • Revenue $26M +51.6%
  • EBITDA $1M +134.5%
  • Net Income -$2M +62.7%
  • EPS (Diluted) -0.26 +65.3%
  • Gross Margin 29.97% +19.1%
  • EBITDA Margin 3.95% +122.8%
  • Operating Margin -6.19% +81.2%
  • Net Margin -8.14% +75.4%
  • ROE -8.21% +60.6%
  • ROIC -3.09% +72.1%
  • Debt/Equity 0.55 -17.8%
  • Interest Coverage -2.88
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 7/9
  • ✓Strong 5Y sales CAGR of 14.1%

✗Weaknesses

  • ✗Negative free cash flow

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y13.31%
5Y14.06%
3Y11.25%
TTM21.75%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM143.5%

EPS CAGR

10Y-
5Y-
3Y-
TTM135.57%

ROCE

10Y Avg-1.25%
5Y Avg-5.35%
3Y Avg-7.9%
Latest-4.09%

Peer Comparison

Antibiotics & Bacterial Infections
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Quality & Returns
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Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+10.23M9.54M10.43M10.99M13.72M15.34M19.24M18.57M17.47M26.49M
Revenue Growth %0.35%-0.07%0.09%0.05%0.25%0.12%0.25%-0.04%-0.06%0.52%
Cost of Goods Sold+3.98M4.12M5.21M5.79M6.98M8.48M10.59M10.92M13.08M18.55M
COGS % of Revenue0.39%0.43%0.5%0.53%0.51%0.55%0.55%0.59%0.75%0.7%
Gross Profit+6.25M5.42M5.22M5.19M6.74M6.86M8.66M7.65M4.4M7.94M
Gross Margin %0.61%0.57%0.5%0.47%0.49%0.45%0.45%0.41%0.25%0.3%
Gross Profit Growth %0.41%-0.13%-0.04%-0.01%0.3%0.02%0.26%-0.12%-0.43%0.81%
Operating Expenses+4.13M4.53M5.46M7.34M7.69M8.24M8.4M9.95M10.14M9.58M
OpEx % of Revenue0.4%0.47%0.52%0.67%0.56%0.54%0.44%0.54%0.58%0.36%
Selling, General & Admin2.89M3.29M3.42M3.82M4.01M3.89M4.23M5.45M5.22M5.68M
SG&A % of Revenue0.28%0.34%0.33%0.35%0.29%0.25%0.22%0.29%0.3%0.21%
Research & Development1.24M1.24M2.05M3.52M3.69M4.35M4.17M4.49M4.39M3.9M
R&D % of Revenue0.12%0.13%0.2%0.32%0.27%0.28%0.22%0.24%0.25%0.15%
Other Operating Expenses5.63K-24.85K000000527K0
Operating Income+2.12M890.2K-243K-1.45M-954K-1.38M257.38K-2.3M-5.75M-1.64M
Operating Margin %0.21%0.09%-0.02%-0.13%-0.07%-0.09%0.01%-0.12%-0.33%-0.06%
Operating Income Growth %11.28%-0.58%-1.27%-4.95%0.34%-0.45%1.19%-9.93%-1.5%0.71%
EBITDA+2.65M1.69M661.43K73.71K1.31M982.6K2.72M188.58K-3.03M1.05M
EBITDA Margin %0.26%0.18%0.06%0.01%0.1%0.06%0.14%0.01%-0.17%0.04%
EBITDA Growth %9.93%-0.36%-0.61%-0.89%16.82%-0.25%1.77%-0.93%-17.07%1.35%
D&A (Non-Cash Add-back)529.26K802.38K904.43K1.52M2.27M2.36M2.46M2.49M2.72M2.69M
EBIT2.15M890.2K-219.91K-1.43M-835.63K-714.35K237.39K-2.14M-5.22M-1.62M
Net Interest Income+-64.41K-107.03K-201.66K-413.48K-311.04K-385.25K-295.55K-195.44K0-491.02K
Interest Income19.17K54.66K16.91K14.3K118.28K27.44K18.81K153.1K077.7K
Interest Expense83.58K161.7K218.57K427.78K431.79K412.69K314.36K348.54K0568.73K
Other Income/Expense-58.77K-131.88K-195.63K-413.48K-313.59K347.88K-326.51K-186.81K-21.89K-506.41K
Pretax Income+2.06M758.32K-438K-1.86M-1.27M-1.03M-69.13K-2.49M-5.77M-2.15M
Pretax Margin %0.2%0.08%-0.04%-0.17%-0.09%-0.07%-0%-0.13%-0.33%-0.08%
Income Tax+850.31K249.87K-270K462K28K-10K9.16K8K4.63K10.06K
Effective Tax Rate %0.59%0.67%0.38%1.25%1.02%0.99%1.13%1%1%1%
Net Income+1.21M508.45K-168K-2.32M-1.3M-1.02M-78.29K-2.49M-5.77M-2.16M
Net Margin %0.12%0.05%-0.02%-0.21%-0.09%-0.07%-0%-0.13%-0.33%-0.08%
Net Income Growth %8.26%-0.58%-1.33%-12.82%0.44%0.21%0.92%-30.86%-1.32%0.63%
Net Income (Continuing)1.21M508.45K-168.15K-2.32M-1.3M-1.02M-78.29K-2.49M-5.77M-2.16M
Discontinued Operations0000000000
Minority Interest0000000000
EPS (Diluted)+0.380.12-0.03-0.42-0.19-0.14-0.01-0.32-0.75-0.26
EPS Growth %7.88%-0.68%-1.28%-11.39%0.55%0.26%0.93%-30.07%-1.34%0.65%
EPS (Basic)0.400.12-0.03-0.42-0.19-0.14-0.01-0.32-0.75-0.26
Diluted Shares Outstanding3.17M4.34M4.95M5.49M6.82M7.21M7.59M7.75M7.75M8.17M
Basic Shares Outstanding3.04M4.23M4.95M5.49M6.82M7.21M7.59M7.75M7.7M8.17M
Dividend Payout Ratio----------

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+7.87M14.35M7.51M6.42M13.19M12.16M16.26M13.99M11.47M15.04M
Cash & Short-Term Investments6.04M10.62M3.8M2.52M8.77M7.95M10.19M5.79M978.74K3.76M
Cash Only1.57M5.15M3.8M2.52M6.29M7.95M10.19M5.79M978.74K3.76M
Short-Term Investments4.46M5.47M002.48M0-468000
Accounts Receivable745.06K1.14M1.49M1.43M1.68M1.86M2.72M1.8M2.19M3.81M
Days Sales Outstanding26.5943.4952.2647.3644.6244.3651.6135.445.6552.51
Inventory870.21K2.13M2.05M2.33M2.52M2.09M3.09M6.04M7.81M7.11M
Days Inventory Outstanding79.85188.28143.6146.94131.6390.08106.53201.86218.07139.94
Other Current Assets37.3K333.11K008008000039.73K0
Total Non-Current Assets+6.73M10.35M26.79M26.31M25.5M28.19M28.2M30.87M32.34M30.06M
Property, Plant & Equipment5.72M9.85M26.07M26.03M25.27M27.98M28M30.64M32.15M29.91M
Fixed Asset Turnover1.79x0.97x0.40x0.42x0.54x0.55x0.69x0.61x0.54x0.89x
Goodwill095.56K95.56K95.56K95.56K95.56K95.56K95.56K95.56K95.56K
Intangible Assets0171.94K152.83K133.73K114.62K95.52K76.42K57.31K38.21K19.1K
Long-Term Investments487K0040.21K000000
Other Non-Current Assets49.71K34.26K92053.16K26.88K26.17K26.11K76.63K57.66K33.37K
Total Assets+14.6M24.7M34.3M32.73M38.69M40.35M44.47M44.86M43.81M45.1M
Asset Turnover0.70x0.39x0.30x0.34x0.35x0.38x0.43x0.41x0.40x0.59x
Asset Growth %0.32%0.69%0.39%-0.05%0.18%0.04%0.1%0.01%-0.02%0.03%
Total Current Liabilities+817.59K2.06M2.06M2.57M2.5M2.21M2.53M3.07M4.2M4.41M
Accounts Payable199.1K1.51M580.46K603.74K572.18K602.35K745.04K790K887.73K943.64K
Days Payables Outstanding18.27133.4340.6738.0529.9125.9325.6926.4124.7818.57
Short-Term Debt130.78K133.27K316.63K1.34M1.27M760.34K812.21K1.04M1.43M1.5M
Deferred Revenue (Current)033.86K24.1K0000000
Other Current Liabilities1.51K000175.11K000306.78K0
Current Ratio9.63x6.97x3.64x2.50x5.29x5.50x6.42x4.56x2.73x3.41x
Quick Ratio8.57x5.94x2.64x1.59x4.28x4.55x5.20x2.59x0.87x1.80x
Cash Conversion Cycle88.1798.34155.2156.25146.34108.5132.45210.85238.94173.88
Total Non-Current Liabilities+3.17M2.92M8.64M8.42M7.21M9.87M9.35M11.41M14.62M13.17M
Long-Term Debt3.05M2.88M8.64M8.42M7.15M8.74M8.33M9.19M10.54M9.04M
Capital Lease Obligations000001.14M1.03M2.22M4.08M4.13M
Deferred Tax Liabilities19.59M000000000
Other Non-Current Liabilities78.53K37.35K996058.52K00000
Total Liabilities3.99M4.98M10.7M10.99M9.7M12.08M11.89M14.48M18.82M17.58M
Total Debt+3.23M3.01M8.96M9.77M8.42M10.73M10.27M12.48M16.69M15.1M
Net Debt1.65M-2.14M5.16M7.24M2.13M2.79M89.03K6.69M15.71M11.34M
Debt / Equity0.30x0.15x0.38x0.45x0.29x0.38x0.32x0.41x0.67x0.55x
Debt / EBITDA1.22x1.78x13.54x132.49x6.41x10.92x3.78x66.18x-14.42x
Net Debt / EBITDA0.62x-1.26x7.80x98.29x1.62x2.84x0.03x35.46x-10.83x
Interest Coverage25.39x5.51x-1.11x-3.38x-2.21x-3.34x0.82x-6.60x--2.88x
Total Equity+10.61M19.72M23.59M21.74M28.99M28.27M32.58M30.38M24.99M27.52M
Equity Growth %0.15%0.86%0.2%-0.08%0.33%-0.03%0.15%-0.07%-0.18%0.1%
Book Value per Share3.354.554.773.964.253.924.293.923.233.37
Total Shareholders' Equity10.61M19.72M23.59M21.74M28.99M28.27M32.58M30.38M24.99M27.52M
Common Stock326.12K504.48K566.26K566.26K729.9K729.9K781.42K781.42K781.42K904.24K
Retained Earnings638.67K1.15M978.97K-1.34M-2.64M-3.66M-3.74M-6.23M-12.01M-14.16M
Treasury Stock-450.9K-431.94K-407.88K-204.95K-188.34K-175.39K-158.17K-147.23K-138.48K-138.48K
Accumulated OCI-50.26K-23.9K-63830.16K-43.9K00000
Minority Interest0000000000

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+2.9M-323.9K1.18M-373.4K233.51K1.32M954.17K-1.54M-4.67M357.9K
Operating CF Margin %0.28%-0.03%0.11%-0.03%0.02%0.09%0.05%-0.08%-0.27%0.01%
Operating CF Growth %8.59%-1.11%4.63%-1.32%1.63%4.63%-0.27%-2.62%-2.03%1.08%
Net Income1.21M508.45K-168.15K-2.32M-1.3M-1.02M-78.29K-2.49M-5.77M-2.16M
Depreciation & Amortization529.26K802.38K904.43K1.52M2.27M2.35M2.46M2.49M2.72M2.69M
Stock-Based Compensation23.22K67.4K199.78K344.02K313.14K253.13K144.31K266.24K368.87K326K
Deferred Taxes821.47K236.29K-284.81K462.31K24.68K-14.63K30.96K000
Other Non-Cash Items-3.98K37.51K-8.36K-681.44K19.45K-780.35K18.56K28.8K260.82K-91.76K
Working Capital Changes317.03K-1.98M532.92K302.66K-1.1M532.26K-1.62M-1.83M-2.27M-406.52K
Change in Receivables251.19K-277.52K-330.31K411.72K-704.87K-159.64K-897.43K935.63K0-1.59M
Change in Inventory75.55K-1.14M77.17K-281.94K-186.59K425.74K-997.46K-2.95M0699.22K
Change in Payables60.36M-182.51M448.64M196.98K-190.21K299.88M245.76M342157K362.61K
Cash from Investing+-4.62M-4.42M-12.27M-1.79M-3.4M-2.57M-1.6M-3.96M-1.89M-461.23K
Capital Expenditures-2.72M-3.59M-17.76M-2.03M-1.39M-4.07M-2.61M-3.98M-1.89M-465.73K
CapEx % of Revenue0.27%0.38%1.7%0.18%0.1%0.27%0.14%0.21%0.11%0.02%
Acquisitions----------
Investments----------
Other Investing66.22K30.94K45K250K450K45.6K15.29K11K2.47K4.5K
Cash from Financing+2.44M8.32M9.75M889.62K6.94M1.91M3.88M1.11M1.75M2.88M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid0000000000
Share Repurchases----------
Other Financing111.79K-14.76K3.75M94.28K8.3M-53.13K13.96K11.36K-62.77K-5.04K
Net Change in Cash----------
Free Cash Flow+181.05K-3.91M-16.58M-2.4M-1.16M-2.76M-1.65M-5.52M-6.57M-107.82K
FCF Margin %0.02%-0.41%-1.59%-0.22%-0.08%-0.18%-0.09%-0.3%-0.38%-0%
FCF Growth %1.15%-22.6%-3.24%0.86%0.52%-1.38%0.4%-2.34%-0.19%0.98%
FCF per Share0.06-0.90-3.35-0.44-0.17-0.38-0.22-0.71-0.85-0.01
FCF Conversion (FCF/Net Income)2.39x-0.64x-7.00x0.16x-0.18x-1.29x-12.19x0.62x0.81x-0.17x
Interest Paid77.16K153.09K186.54K403.54K420.96K481.41K308.68K338.52K0528.91K
Taxes Paid3.13K123.58K6.07K4.22K3.57K4.58K5.11K4.92K07.29K

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)12.21%3.35%-0.78%-10.24%-5.11%-3.57%-0.26%-7.92%-20.86%-8.21%
Return on Invested Capital (ROIC)14.76%4.47%-0.79%-3.76%-2.38%-3.33%0.61%-4.95%-11.09%-3.09%
Gross Margin61.11%56.8%50.05%47.28%49.11%44.73%44.98%41.19%25.16%29.97%
Net Margin11.86%5.33%-1.61%-21.14%-9.44%-6.66%-0.41%-13.43%-33.05%-8.14%
Debt / Equity0.30x0.15x0.38x0.45x0.29x0.38x0.32x0.41x0.67x0.55x
Interest Coverage25.39x5.51x-1.11x-3.38x-2.21x-3.34x0.82x-6.60x--2.88x
FCF Conversion2.39x-0.64x-7.00x0.16x-0.18x-1.29x-12.19x0.62x0.81x-0.17x
Revenue Growth34.64%-6.69%9.29%5.32%24.91%11.8%25.43%-3.51%-5.9%51.63%

Revenue by Segment

202120232024
FirstDefenseProductLineMember18.93M--
FirstDefenseProductLineMember Growth---
OtherAnimalHealthMember309.88K--
OtherAnimalHealthMember Growth---

Revenue by Geography

202120232024
UNITED STATES16.62M15.95M22.89M
UNITED STATES Growth--4.04%43.54%
OtherStatesMember2.62M--
OtherStatesMember Growth---

Frequently Asked Questions

Growth & Financials

ImmuCell Corporation (ICCC) reported $28.3M in revenue for fiscal year 2024. This represents a 453% increase from $5.1M in 2011.

ImmuCell Corporation (ICCC) grew revenue by 51.6% over the past year. This is strong growth.

Yes, ImmuCell Corporation (ICCC) is profitable, generating $1.8M in net income for fiscal year 2024 (-8.1% net margin).

Dividend & Returns

ImmuCell Corporation (ICCC) has a return on equity (ROE) of -8.2%. Negative ROE indicates the company is unprofitable.

ImmuCell Corporation (ICCC) generated $1.8M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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