ImmuCell (ICCC) Lytham Partners Spring 2025 Investor Conference summary

Company overview and product positioning

• Owns and operates USDA- and FDA-regulated facilities, with recent expansion to increase production capacity.

• Focuses on reducing antibiotic use in livestock through First Defense and Re-Tain products.

• First Defense now covers E. coli, coronavirus, and rotavirus, offering immediate immunity to newborn calves.

• Competes by providing direct antibody protection to calves, bypassing the need for dam vaccination.

• Emphasizes proven efficacy with USDA claims and differentiation from competitors' vaccine-based approaches.

Sales performance and operational progress

• Achieved 15.8% CAGR in revenue from 2018 to 2024, with growth accelerating after TriShield launch.

• Overcame significant production and contamination issues from 2022–2023, now operating at doubled capacity above $30 million.

• Q1 2025 sales grew 11% to $8.1 million, with trailing 12-month revenue at $27.3 million.

• Backlog reduced from over $4 million to just above $3 million, aiming to meet demand with new capacity.

• Gross margins improved from 22% during disruptions to 42% in Q1 2025, targeting 45%.

Strategic initiatives and future outlook

• Plans to invest $3 million in capital expenditures to increase annual capacity from $30 million to $40 million.

• ATM facility used actively in 2024 for funding, with minimal activity in 2025; remains a flexible financing tool.

• First Defense expanded into a suite of products, including new gel formulations and broader antibody coverage.

• Re-Tain FDA approval delayed due to contract manufacturer inspection; investigational use to begin in June 2025 to collect field data.

• Optimistic about the second half of 2025, focusing on scaling First Defense and resolving Re-Tain's strategic path.