ImmuCell Q4 Sales Dip 1.6% to $7.6M, Takes $2.9M Re-Tain® Charge
ImmuCell reported Q4 sales of $7.6 million, down 1.6% YoY, with domestic revenue up 8.7% to $7.0 million and international sales off 52.6% to $0.6 million. The company plans a $2.9 million non-cash impairment on Re-Tain® assets and will repurpose roughly $15.5 million of equipment to expand First Defense® capacity.
1. Preliminary Q4 and Full Year 2025 Sales Performance
ImmuCell reported preliminary, unaudited product sales of $7.6 million for Q4 2025, down 1.6% from Q4 2024. Domestic revenue rose 8.7% to $7.0 million, while international sales fell 52.6% to $0.6 million. For the full year, total sales reached $27.6 million, a 4.3% increase versus 2024. Domestic full‐year revenue increased 6.5% to $24.4 million, offsetting a 9.6% decline in international sales to $3.3 million. The company will begin providing geographic and product line breakdowns in future preliminary reports.
2. Product Line Highlights Drive Growth and Decline
Tri-Shield® led Q4 growth with sales of $6.0 million, a 41.3% year-over-year increase, and full-year revenue of $19.9 million, up 26.5%. This expansion reflects customer migration from Dual-Force® and the acquisition of new dairy and beef accounts. Conversely, Dual-Force® and other product sales declined 53.0% in Q4 to $1.7 million and dropped 28.2% for the full year to $7.7 million, as the company prioritized its Theriogenology segment’s higher-margin offerings.
3. Strategic Shift to First Defense® and Asset Impairments
Following an FDA Incomplete Letter for Re-Tain® dated December 23, 2025, ImmuCell paused further investment in that product and will record a $2.9 million non-cash impairment of Re-Tain® property, plant and equipment in Q4. Additional write-downs include $0.1 million of other PP&E and $0.6 million of colostrum inventory deemed unfit for processing. The company plans to repurpose approximately $15.5 million of net book value Re-Tain® assets to expand First Defense® liquid processing capacity and has implemented manufacturing improvements that boosted lyophilization output by over 15% year-over-year in 2025.
4. Outlook, Capacity Expansion and Investor Engagement
ImmuCell is expanding its domestic sales force by 50% with two new territories and hiring an international business development executive to support Tri-Shield® and First Defense® growth targets. Capital expenditure plans are under review to repurpose existing facilities for increased liquid processing. The company will release full unaudited financial results for year-end 2025 on February 25, 2026, followed by an investor conference call on February 26. A replay will be available through March 5, 2026.