ImmuCell Corporation

ICCC

Biotechnology · Healthcare

Price

$11.13

-0.01 (-0.04%)

Market Cap

$100.6M

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+18.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 7.6M (2021) → 9.0M (2025)

ImmuCell Corporation is a small biotechnology company that makes medicines for farm animals, specifically cattle and dairy cows. Its main products help prevent and treat infections in newborn calves and cows, including a drug called Tri-Shield First Defense, which protects calves from common gut infections, and Re-Tain, an antibiotic-free treatment for a painful udder infection in dairy cows called mastitis. Its customers are dairy and beef farmers across the United States.

The company earns money by selling these veterinary products directly to farmers and through distributors. ImmuCell operates almost entirely in the United States and is a very small player in the broader animal health industry, competing against much larger companies like Zoetis and Merck Animal Health. Its main competitive edge is its focused niche in cattle health and its proprietary formulations, but its small size means any manufacturing problem or slow product adoption could significantly hurt its revenue.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+28.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+31.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$3M/ year

↓ Declining (-22% vs prior year)

11.0% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

33.6%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$7M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

ImmuCell Corporation grew revenue 28% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

45.0%

Healthy — 45.0% gross margin

Operating Margin

19.0%

Healthy — 19.0% operating margin

ROCE

5.7%

Weak — 5.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+9.6%

Steady sales growth (9.6% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

11.3%

Modest free cash flow (11.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.20

Conservative — low debt load (0.20)

Interest Cover

6.90x

Adequate interest coverage (6.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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