View Future GrowthImmuCell 過去の業績過去 基準チェック /06ImmuCellは0.4%の年平均成長率で業績を伸ばしているが、Biotechs業界はgrowingで12.8%毎年増加している。売上は成長しており、年平均12.4%の割合である。主要情報0.44%収益成長率0.50%EPS成長率Biotechs 業界の成長-14.59%収益成長率12.42%株主資本利益率-1.87%ネット・マージン-1.82%次回の業績アップデート14 Aug 2026最近の業績更新お知らせ • Jul 10ImmuCell Corporation to Report Q2, 2026 Results on Aug 14, 2026ImmuCell Corporation announced that they will report Q2, 2026 results Pre-Market on Aug 14, 2026Reported Earnings • May 20First quarter 2026 earnings released: EPS: US$0.21 (vs US$0.16 in 1Q 2025)First quarter 2026 results: EPS: US$0.21 (up from US$0.16 in 1Q 2025). Revenue: US$10.4m (up 28% from 1Q 2025). Net income: US$1.94m (up 34% from 1Q 2025). Profit margin: 19% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth.お知らせ • May 08ImmuCell Corporation to Report Q1, 2026 Results on May 14, 2026ImmuCell Corporation announced that they will report Q1, 2026 results After-Market on May 14, 2026お知らせ • Dec 25ImmuCell Corporation to Report Fiscal Year 2025 Results on Feb 25, 2026ImmuCell Corporation announced that they will report fiscal year 2025 results on Feb 25, 2026お知らせ • Nov 07ImmuCell Corporation to Report Q3, 2025 Results on Nov 13, 2025ImmuCell Corporation announced that they will report Q3, 2025 results After-Market on Nov 13, 2025お知らせ • Aug 07ImmuCell Corporation to Report Q2, 2025 Results on Aug 14, 2025ImmuCell Corporation announced that they will report Q2, 2025 results After-Market on Aug 14, 2025すべての更新を表示Recent updatesお知らせ • Jul 10ImmuCell Corporation to Report Q2, 2026 Results on Aug 14, 2026ImmuCell Corporation announced that they will report Q2, 2026 results Pre-Market on Aug 14, 2026Reported Earnings • May 20First quarter 2026 earnings released: EPS: US$0.21 (vs US$0.16 in 1Q 2025)First quarter 2026 results: EPS: US$0.21 (up from US$0.16 in 1Q 2025). Revenue: US$10.4m (up 28% from 1Q 2025). Net income: US$1.94m (up 34% from 1Q 2025). Profit margin: 19% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth.Board Change • May 20High number of new directorsThere are 5 new directors who have joined the board in the last 3 years. Independent Director Gilles Guillemette was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.お知らせ • May 08ImmuCell Corporation to Report Q1, 2026 Results on May 14, 2026ImmuCell Corporation announced that they will report Q1, 2026 results After-Market on May 14, 2026お知らせ • Apr 15ImmuCell Corporation, Annual General Meeting, Jun 11, 2026ImmuCell Corporation, Annual General Meeting, Jun 11, 2026. Location: telephone conference call, United Statesお知らせ • Apr 14ImmuCell Corporation Announces Board ChangesImmuCell Corporation announced that Dr. Gilles Guillemette and Dr. Anthony DiMarco have been appointed to its Board of Directors, effective April 15, 2026. Dr. Guillemette has more than 30 years of executive experience in animal health therapeutics. He has held executive positions at Elanco, Bayer, Henry Schein, Chewy, and Trupanion, where he had significant P&L responsibilities, led strategy, business development and finance functions, and managed regulated therapeutic operations. Dr. Guillemette is currently an Operating Partner at Archimed and earned his Doctor of Veterinary Medicine in Nantes, France. He will Chair the new Strategy and Technology Committee and serve on the Audit Committee. Dr. DiMarco brings four decades of scientific leadership in human and animal health biologics companies. For 21 years, he was Vice President of R&D and Global Manufacturing at IDEXX where he developed new products and implemented productivity improvements. Previously, Dr. DiMarco spent 10 years in scientific roles at Abbott Laboratories. Dr. DiMarco serves as Chair of Educate Maine and received his Ph.D. in Microbiology from the University of Illinois. He will serve on the Compensation, Nominations, and Strategy & Technology Committees. The Company is moving to a 7-person Board of Directors with six Independent Directors and the CEO. Effective April 15, 2026, the independent members of the Board of Directors of ImmuCell will be Dr. David Tomsche DVM (Chair), Ms. Gloria Basse, Dr. Anthony DiMarco Ph.D., Dr. Gilles Guillemette DVM, Ms. Kathy Turner, and Mr. Paul Wainman. The Company also announced it will create a Strategy and Technology Committee of the Board of Directors. Bryan Gathagan and non-independent members Michael Brigham and Bobbi Brockmann will retire from the Board effective April 15, 2026, and Timothy Fiori will retire from the Board after the 2026 Annual Meeting. Ms. Brockmann and Mr. Fiori will continue their executive roles at the Company.お知らせ • Mar 19Immucell Corporation Announces Changes to Its Board, Effective April 1, 2026ImmuCell Corporation announced that Kathy Turner has been appointed to its Board of Directors, effective April 1, 2026. Ms. Turner replaces Steven Rosgen, who is retiring from the Board after serving since January 2018. Upon joining the Board, Ms. Turner will serve as Chair of the Compensation and Stock Option Committee and as a member of the Audit Committee. Ms. Turner brings more than three decades of commercial executive leadership experience in global healthcare and animal health markets and previously served on the Board of Directors of Elanco Animal Health. From 2014 to 2023, she held senior leadership roles at IDEXX Laboratories, including most recently serving as Chief Marketing Officer and Senior Vice President of International Operations, where she contributed to sustained double-digit growth across international markets. Prior to that, Ms. Turner spent nearly 30 years at Abbott Laboratories, where she held multiple leadership roles in global commercial operations, including responsibility for European markets. Ms. Turner received a B.S. in Marketing and Advertising from Syracuse University.お知らせ • Feb 12Steven A. Rosgen and Bryan K. Gathagan Have Decided Not to Seek Re-Election as Directors of ImmuCell CorporationTwo Company directors (Steven A. Rosgen and Bryan K. Gathagan) have separately given notice that they prefer not to run for re-election at the 2026 Annual Meeting of Shareholders. Both have been supportive of ImmuCell Corporation’s new strategic direction and management team, but each cited time constraints from full-time leadership roles at their respective companies. The Nominating Committee has recently been evaluating possible changes in composition of the Board of Directors and will now factor those future retirements into its ongoing work.お知らせ • Dec 25ImmuCell Corporation to Report Fiscal Year 2025 Results on Feb 25, 2026ImmuCell Corporation announced that they will report fiscal year 2025 results on Feb 25, 2026お知らせ • Nov 07ImmuCell Corporation to Report Q3, 2025 Results on Nov 13, 2025ImmuCell Corporation announced that they will report Q3, 2025 results After-Market on Nov 13, 2025お知らせ • Sep 30+ 1 more updateImmuCell Corporation Appoints Olivier te Boekhorst as President, Effective November 1, 2025ImmuCell Corporation announced that it has selected Olivier te Boekhorst as its next President. The Company anticipates a start date of November 1, 2025 for Mr. te Boekhorst. Mr. te Boekhorst is currently an Operating Partner at ARCHIMED, a global investment firm focused on human and animal healthcare industries, and serves as Chair of the Board of SeqCenter, a Next Generation Sequencing laboratory located in Pittsburgh, PA, where he previously served as CEO. From 2004 to 2022, he held several leadership roles at Maine-based global diagnostics leader IDEXX Laboratories. At IDEXX, Mr. te Boekhorst led M&A activities consolidating the livestock diagnostics segment, and as Senior VP he grew the livestock and dairy diagnostics, water safety testing, and human diagnostics divisions. He launched and grew multiple innovations for dairy and beef producers worldwide to drive customer and shareholder value. Early in his career, Mr. te Boekhorst worked for the Boston Consulting Group and received an MBA from Cornell University. After Mr. te Boekhorst’s start date, Michael F. Brigham, the Company’s current President and CEO, will serve as Special Advisor to the CEO for at least two months, to help assure a smooth transition. Mr. Brigham also will continue to serve on the Company’s Board of Directors until the next Annual Meeting of Stockholders and looks forward to continued Board service thereafter subject to re-election by stockholders.お知らせ • Aug 07ImmuCell Corporation to Report Q2, 2025 Results on Aug 14, 2025ImmuCell Corporation announced that they will report Q2, 2025 results After-Market on Aug 14, 2025お知らせ • Jun 30+ 1 more updateImmuCell Corporation(NasdaqCM:ICCC) dropped from Russell Microcap Value IndexImmuCell Corporation(NasdaqCM:ICCC) dropped from Russell Microcap Value Indexお知らせ • Jun 25+ 1 more updateMichael F. Brigham to Retire as President of ImmuCell Corporation from Full-Time Work by Early 2026ImmuCell Corporation announced that it has commenced a search for a successor in the position of President and CEO. Michael F. Brigham, President and CEO turn 65 this fall and have told fellow Directors that he would like to retire from full-time work by early 2026. He originally joined ImmuCell in 1989 and am very grateful to have had the opportunity to serve as the President and CEO of this growing Company since 2000. Mr. Brigham’s prior additional responsibilities as principal financial officer have been transferred to the Company’s recently hired Chief Financial Officer, Timothy C. Fiori. The Board of Directors’ search process for a new CEO is already underway with the expectation that Mr. Brigham would be available to help transition his CEO responsibilities as well.お知らせ • Apr 28ImmuCell Corporation, Annual General Meeting, Jun 12, 2025ImmuCell Corporation, Annual General Meeting, Jun 12, 2025.お知らせ • Apr 07ImmuCell Corporation Appoints Timothy C. Fiori as Chief Financial OfficerImmuCell Corporation announced that it has hired Timothy C. Fiori to serve as its Chief Financial Officer. Mr. Fiori brings to ImmuCell approximately 24 years of finance and commercial operating experience with IDEXX Laboratories in Westbrook, Maine. He is a 2001 graduate of the University of Maine, Orono with a B.S in Finance. He lives in Raymond, Maine with his wife, Rachel, and enjoys many outdoor activities.お知らせ • Apr 03ImmuCell Corporation Announces Initiation of Investigational Product Use of Re-TainImmuCell Corporation announced that it is initiating Investigational Product use of Re-Tain®. The Company intends to use this opportunity to test market acceptance of the product through a controlled launch. The Company made its Non-Administrative New Animal Drug Application (NADA) submission, that included its fourth submission of the CMC Technical Section, together with the minor technical sections covering All Other Information and Product Labeling during early January of 2025. Clearing inspectional observations at the facilities of the Company’s contract manufacturer is still the critical path constraint to NADA approval.お知らせ • Feb 20ImmuCell Corporation to Report Q4, 2024 Results on Feb 25, 2025ImmuCell Corporation announced that they will report Q4, 2024 results After-Market on Feb 25, 2025Reported Earnings • Nov 16Third quarter 2024 earnings released: US$0.086 loss per share (vs US$0.12 loss in 3Q 2023)Third quarter 2024 results: US$0.086 loss per share (improved from US$0.12 loss in 3Q 2023). Revenue: US$6.01m (up 11% from 3Q 2023). Net loss: US$701.7k (loss narrowed 25% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 43 percentage points per year, which is a significant difference in performance.お知らせ • Nov 07ImmuCell Corporation to Report Q3, 2024 Results on Nov 13, 2024ImmuCell Corporation announced that they will report Q3, 2024 results After-Market on Nov 13, 2024Reported Earnings • Aug 15Second quarter 2024 earnings released: US$0.20 loss per share (vs US$0.18 loss in 2Q 2023)Second quarter 2024 results: US$0.20 loss per share (further deteriorated from US$0.18 loss in 2Q 2023). Revenue: US$5.47m (up 55% from 2Q 2023). Net loss: US$1.53m (loss widened 11% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance.お知らせ • Aug 11ImmuCell Corporation to Report Q2, 2024 Results on Aug 13, 2024ImmuCell Corporation announced that they will report Q2, 2024 results After-Market on Aug 13, 2024New Risk • Aug 07New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 33% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (€26.4m market cap, or US$28.8m).お知らせ • Jun 06ImmuCell Corporation Provides Update on Regulatory Status of Product Development Initiative for Re-Tain®ImmuCell Corporation provided a regulatory update on the status of its product development initiative for Re-Tain®. As previously disclosed, the Company recently received a Technical Section Incomplete Letter (Incomplete Letter) from the United States Food and Drug Administration (FDA) in response to its third submission of the Chemistry, Manufacturing and Controls (CMC) Technical Section (which is its fifth and final major Technical Section required for its New Animal Drug Application (NADA)). Since then, the Company has prepared the fourth submission of its CMC Technical Section, responding to the comments provided in the Incomplete Letter that are not complex. This submission has not been made yet because all inspectional observations must be cleared at both the Company’s Drug Substance facility and at the Drug Product facility of its contract manufacturer before the FDA will issue a Technical Section Complete Letter. The FDA recently confirmed ImmuCell’s inspectional status as acceptable. ImmuCell’s contract manufacturer expects to submit responses to its inspectional observations around the end of June of 2024. Clearing the outstanding inspectional observations with the FDA defines the critical path timeline. Once the facility inspection at the Drug Product facility of the Company’s contract manufacturer is cleared by the FDA, the Company anticipates submitting a Non-Administrative NADA that would include the Company’s fourth submission of the CMC Technical Section, together with the minor technical sections covering All Other Information and Product Labeling. By statute, this submission would be subject to a review period of up to 180 days. However, the Company believes that a shorter review period may be provided because the responses to the CMC Incomplete Letter are not complex. The goal of submitting this combined filing would be to eliminate the need for an additional 60-day review period of an Administrative NADA submission at the end of the application process, after all five major Technical Section Complete Letters are received. Upon FDA approval, the Company intends to implement its previously disclosed limited distribution, controlled launch strategy with product expiration dating estimated at between the second quarter of 2025 and the first quarter of 2026, subject to final product shelf-life disposition by the FDA.Reported Earnings • May 16First quarter 2024 earnings released: US$0.056 loss per share (vs US$0.30 loss in 1Q 2023)First quarter 2024 results: US$0.056 loss per share (improved from US$0.30 loss in 1Q 2023). Revenue: US$7.26m (up 111% from 1Q 2023). Net loss: US$437.9k (loss narrowed 81% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance.お知らせ • May 10ImmuCell Corporation to Report Q1, 2024 Results on May 14, 2024ImmuCell Corporation announced that they will report Q1, 2024 results After-Market on May 14, 2024お知らせ • Apr 28ImmuCell Corporation, Annual General Meeting, Jun 13, 2024ImmuCell Corporation, Annual General Meeting, Jun 13, 2024, at 09:30 US Eastern Standard Time. Agenda: To elect a Board of Directors to serve until the next Annual Meeting of Stockholders and until their successors are qualified and elected; To consider a non-binding advisory resolution on the Company’s executive compensation program; To ratify the selection by the Audit Committee of the Board of Directors of Wipfli LLP as the Independent Registered Public Accounting Firm for the Company for the year ending December 31, 2024.お知らせ • Apr 10ImmuCell Corporation has filed a Follow-on Equity Offering in the amount of $11 million.ImmuCell Corporation has filed a Follow-on Equity Offering in the amount of $11 million. Security Name: Common Stock Security Type: Common Stock Transaction Features: At the Market OfferingReported Earnings • Feb 29Full year 2023 earnings released: US$0.74 loss per share (vs US$0.32 loss in FY 2022)Full year 2023 results: US$0.74 loss per share (further deteriorated from US$0.32 loss in FY 2022). Revenue: US$17.5m (down 5.9% from FY 2022). Net loss: US$5.78m (loss widened 132% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance.お知らせ • Feb 17ImmuCell Corporation to Report Q4, 2023 Results on Feb 27, 2024ImmuCell Corporation announced that they will report Q4, 2023 results at 4:00 PM, US Eastern Standard Time on Feb 27, 2024Reported Earnings • Nov 16Third quarter 2023 earnings released: US$0.12 loss per share (vs US$0.085 loss in 3Q 2022)Third quarter 2023 results: US$0.12 loss per share (further deteriorated from US$0.085 loss in 3Q 2022). Revenue: US$5.40m (up 13% from 3Q 2022). Net loss: US$940.0k (loss widened 44% from 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance.New Risk • Aug 14New major risk - Revenue and earnings growthEarnings have declined by 10% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$9.6m free cash flow). Earnings have declined by 10% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Market cap is less than US$100m (€35.4m market cap, or US$38.7m).Reported Earnings • Aug 13Second quarter 2023 earnings released: US$0.18 loss per share (vs US$0.088 loss in 2Q 2022)Second quarter 2023 results: US$0.18 loss per share (further deteriorated from US$0.088 loss in 2Q 2022). Revenue: US$3.53m (down 8.5% from 2Q 2022). Net loss: US$1.38m (loss widened 102% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings.お知らせ • Aug 08ImmuCell Corporation to Report Q2, 2023 Results on Aug 10, 2023ImmuCell Corporation announced that they will report Q2, 2023 results After-Market on Aug 10, 2023Board Change • Jun 27Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Gloria Basse was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.お知らせ • Jun 22ImmuCell Corporation Appoints Bryan K. Gathagan to Board of DirectorsImmuCell Corporation announced that Bryan K. Gathagan has been appointed to its Board of Directors. Mr. Gathagan is the owner and a managing member of broad Thinking, LLC and has 25 years of animal health experience. He is a founding member of Animalytix LLC and has served as its Chief Financial and Chief Technology Officer since it began operations in 2010. Prior to Animalytix, he was a senior executive and Vice President of IT and Finance for Intervet Inc. and oversaw various finance, IT, and general business functions between 1998 to 2008, including 3 years in a global role based in The Netherlands. Before entering the animal health industry, he served as a Vice President at MBNA and Norwest Bank responsible for various IT functions and started his career in IT roles at the University of Maryland, Baltimore County (UMBC). He holds a BS in Information Systems Management from UMBC and an MS in Business from Johns Hopkins University.Reported Earnings • May 14First quarter 2023 earnings released: US$0.30 loss per share (vs US$0.095 profit in 1Q 2022)First quarter 2023 results: US$0.30 loss per share (down from US$0.095 profit in 1Q 2022). Revenue: US$3.45m (down 43% from 1Q 2022). Net loss: US$2.32m (down 415% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings.お知らせ • May 05ImmuCell Corporation to Report Q1, 2023 Results on May 11, 2023ImmuCell Corporation announced that they will report Q1, 2023 results After-Market on May 11, 2023Reported Earnings • Mar 31Full year 2022 earnings released: US$322 loss per share (vs US$10.31 loss in FY 2021)Full year 2022 results: US$322 loss per share (further deteriorated from US$10.31 loss in FY 2021). Revenue: US$18.6b (down 3.5% from FY 2021). Net loss: US$2.49b (loss widened US$2.42b from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 176 percentage points per year, which is a significant difference in performance.Reported Earnings • Feb 23Full year 2022 earnings released: US$0.32 loss per share (vs US$0.01 loss in FY 2021)Full year 2022 results: US$0.32 loss per share (further deteriorated from US$0.01 loss in FY 2021). Revenue: US$18.6m (down 3.5% from FY 2021). Net loss: US$2.49m (loss widened US$2.42m from FY 2021). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.お知らせ • Feb 16ImmuCell Corporation to Report Fiscal Year 2022 Results on Feb 21, 2023ImmuCell Corporation announced that they will report fiscal year 2022 results After-Market on Feb 21, 2023Board Change • Feb 10Insufficient new directorsThere is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Gloria Basse was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.お知らせ • Feb 03David S. Cunningham Intends to Retire from the Board of Directors of David S. CunninghamOn January 24, 2023, David S. Cunningham notified ImmuCell Corporation of his intention to retire from the Board of Directors effective immediately following the company's 2023 Annual Meeting to be held on June 15, 2023. Mr. Cunningham's decision to retire from the Board does not arise from any disagreement with the company on any matter relating to the Company's operations, policies, practices or otherwise.お知らせ • Feb 02ImmuCell Corporation, Annual General Meeting, Jun 15, 2023ImmuCell Corporation, Annual General Meeting, Jun 15, 2023.お知らせ • Nov 11+ 1 more updateImmuCell Corporation announced delayed 10-Q filingOn 11/10/2022, ImmuCell Corporation announced that they will be unable to file their next 10-Q by the deadline required by the SEC.Reported Earnings • Aug 13Second quarter 2022 earnings released: US$0.088 loss per share (vs US$0.018 profit in 2Q 2021)Second quarter 2022 results: US$0.088 loss per share (down from US$0.018 profit in 2Q 2021). Revenue: US$3.86m (down 15% from 2Q 2021). Net loss: US$684.1k (down US$825.3k from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth.お知らせ • Jul 28+ 1 more updateImmuCell Corporation to Report Q2, 2022 Results on Aug 11, 2022ImmuCell Corporation announced that they will report Q2, 2022 results After-Market on Aug 11, 2022Reported Earnings • May 14First quarter 2022 earnings released: EPS: US$0.095 (vs US$0.061 loss in 1Q 2021)First quarter 2022 results: EPS: US$0.095 (up from US$0.061 loss in 1Q 2021). Revenue: US$6.00m (up 46% from 1Q 2021). Net income: US$735.7k (up US$1.18m from 1Q 2021). Profit margin: 12% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth.お知らせ • May 12ImmuCell Corporation to Report Q1, 2022 Results on May 12, 2022ImmuCell Corporation announced that they will report Q1, 2022 results After-Market on May 12, 2022お知らせ • May 06Mark Wustenberg, DVM Joins Sales and Marketing Team as Commercial Leader of Stakeholder Engagement of ImmuCell CorporationImmuCell Corporation announced that Mark Wustenberg, DVM has joined its sales and marketing team as Commercial Leader of Stakeholder Engagement. Dr. Wustenberg has extensive experience serving the dairy and milk processing industries. Most recently, he has managed a private consulting practice for dairy producers supporting industry agribusinesses. Until 2017, he served as Vice President of Sustainability and Member Services for Tillamook County Creamery Association in Oregon. One of his principal responsibilities for ImmuCell will be to prepare for the launch of Re-Tain®, which is subject to FDA approval. Dr. Wustenberg has held leadership roles at Tillamook County Creamery, including multiple vice presidencies advising sustainability, quality, operations, public relations and member services. Additionally, he served as interim CEO for the farmer-owned cooperative based in Oregon. Dr. Wustenberg also has held board positions with notable organizations, such as American Association of Bovine Practitioners, Dairy Marketing Incorporated, American Veterinary Medical Association, Northwest Food Processors Association, Oregon Cheese Guild and Oregon State Food Technology Department. In addition, he was part of the Monsanto Dairy Business team centering producers and processors around industry changing technologies.Board Change • Apr 27Insufficient new directorsThere is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Gloria Basse was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.Board Change • Apr 09Insufficient new directorsThere is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Gloria Basse was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.Reported Earnings • Apr 05Full year 2021 earnings released: US$0.01 loss per share (vs US$0.14 loss in FY 2020)Full year 2021 results: US$0.01 loss per share (up from US$0.14 loss in FY 2020). Revenue: US$19.2m (up 25% from FY 2020). Net loss: US$78.3k (loss narrowed 92% from FY 2020). Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth.Reported Earnings • Feb 25Full year 2021 earnings: EPS in line with analyst expectations despite revenue beatFull year 2021 results: US$0.01 loss per share (up from US$0.14 loss in FY 2020). Revenue: US$19.2m (up 25% from FY 2020). Net loss: US$78.0k (loss narrowed 92% from FY 2020). Revenue exceeded analyst estimates by 1.3%. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth.お知らせ • Feb 17ImmuCell Corporation to Report Q4, 2021 Results on Feb 22, 2022ImmuCell Corporation announced that they will report Q4, 2021 results After-Market on Feb 22, 2022Reported Earnings • Nov 17Third quarter 2021 earnings released: EPS US$0.019 (vs US$0.045 loss in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$5.15m (up 38% from 3Q 2020). Net income: US$147.8k (up US$470.7k from 3Q 2020). Profit margin: 2.9% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth.お知らせ • Aug 25+ 1 more updateImmucell Corporation Announces FDA Has Issued Technical Section Incomplete Letter Covering the ChemistryImmuCell Corporation announced that the FDA has issued a Technical Section Incomplete Letter covering the Chemistry, Manufacturing and Controls (CMC) Technical Section for Re-Tain (Nisin A intramammary solution). The CMC Technical Section covers the commercial manufacturing requirements for the Drug Substance and resulting Drug Product. The Company previously received Technical Section Complete Letters from the FDA covering the other four major Technical Sections required for product approval. Re-Tain is the Company's new subclinical mastitis treatment for lactating dairy cows without a milk discard or meat withhold requirement. The Company's objective is to demonstrate that its bacteriocin, Nisin A, can play a productive role in the treatment of subclinical mastitis in today's dairy industry by providing a novel alternative to traditional antibiotics.Reported Earnings • Aug 14Second quarter 2021 earnings released: EPS US$0.018 (vs US$0.11 loss in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$4.54m (up 53% from 2Q 2020). Net income: US$141.1k (up US$906.9k from 2Q 2020). Profit margin: 3.1% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth.Executive Departure • Jun 22Independent Director Jonathan Rothschild has left the companyOn the 16th of June, Jonathan Rothschild's tenure as Independent Director ended after 20.2 years in the role. We don't have any record of a personal shareholding under Jonathan's name. Jonathan is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 6.33 years.Reported Earnings • May 16First quarter 2021 earnings released: US$0.061 loss per share (vs US$0.017 loss in 1Q 2020)The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: US$4.11m (down 16% from 1Q 2020). Net loss: US$441.3k (loss widened 261% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth.Recent Insider Transactions • Apr 18Insider recently bought €1.3m worth of stockOn the 14th of April, Sandra Pessin bought around 182k shares on-market at roughly €6.89 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months.Reported Earnings • Apr 04Full year 2020 earnings released: US$0.14 loss per share (vs US$0.19 loss in FY 2019)The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: US$15.3m (up 12% from FY 2019). Net loss: US$1.02m (loss narrowed 21% from FY 2019). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth.Reported Earnings • Feb 25Full year 2020 earnings released: US$0.14 loss per share (vs US$0.19 loss in FY 2019)The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: US$15.3m (up 12% from FY 2019). Net loss: US$1.02m (loss narrowed 21% from FY 2019). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth.Analyst Estimate Surprise Post Earnings • Feb 25Revenue beats expectationsRevenue exceeded analyst estimates by 1.3%. Over the next year, revenue is forecast to grow 8.6%, compared to a 52% growth forecast for the Biotechs industry in Germany.お知らせ • Feb 17ImmuCell Corporation to Report Fiscal Year 2020 Results on Feb 22, 2021ImmuCell Corporation announced that they will report fiscal year 2020 results After-Market on Feb 22, 2021Is New 90 Day High Low • Feb 11New 90-day high: €9.35The company is up 99% from its price of €4.70 on 12 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is up 11% over the same period.Is New 90 Day High Low • Jan 21New 90-day high: €5.75The company is up 21% from its price of €4.76 on 23 October 2020. The German market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is up 11% over the same period.Is New 90 Day High Low • Dec 02New 90-day high: €5.20The company is up 18% from its price of €4.42 on 03 September 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is down 11% over the same period.Reported Earnings • Nov 14Third quarter 2020 earnings released: US$0.045 loss per shareThe company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: US$3.72m (up 25% from 3Q 2019). Net loss: US$322.9k (loss narrowed 36% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings.お知らせ • Oct 07ImmuCell Corporation to Report Q3, 2020 Results on Nov 12, 2020ImmuCell Corporation announced that they will report Q3, 2020 results on Nov 12, 2020お知らせ • Jul 08ImmuCell Corporation to Report Q2, 2020 Results on Aug 12, 2020ImmuCell Corporation announced that they will report Q2, 2020 results at 9:05 PM, GMT Standard Time on Aug 12, 2020お知らせ • Jul 04ImmuCell Corporation(NasdaqCM:ICCC) dropped from Russell Microcap Growth IndexImmuCell Corporation(NasdaqCM:ICCC) dropped from Russell Microcap Growth Indexお知らせ • Jun 17ImmuCell Corporation announced that it has received $0.5 million in funding from The Maine Technology InstituteImmuCell Corporation (NasdaqCM:ICCC) announced that it has received $500,000 in a round of funding from new investor The Maine Technology Institute on June 16, 2020. The company will issue subordinated loan in the transaction. The first two-plus years of the loan are interest-free with no required principal payments. Principal and interest payments at 5% per annum are due quarterly over the five-year period beginning during the fourth quarter of 2022.収支内訳ImmuCell の稼ぎ方とお金の使い方。LTMベースの直近の報告された収益に基づく。収益と収入の歴史DB:IUL 収益、費用、利益 ( )USD Millions日付収益収益G+A経費研究開発費31 Mar 2630-17331 Dec 2528-16330 Sep 252826330 Jun 252826331 Mar 252706331 Dec 2426-26430 Sep 2424-45430 Jun 2423-45431 Mar 2421-45531 Dec 2317-65430 Sep 2316-66430 Jun 2316-65531 Mar 2316-55531 Dec 2219-25430 Sep 2220-15530 Jun 222005431 Mar 222115431 Dec 211904430 Sep 211804430 Jun 211604431 Mar 2115-14431 Dec 2015-14430 Sep 2015-24430 Jun 2014-24431 Mar 2014-24431 Dec 1914-14430 Sep 1913-24430 Jun 1912-24431 Mar 1913-24431 Dec 1811-24430 Sep 1811-14330 Jun 1811-24331 Mar 1810-13231 Dec 171003230 Sep 171003230 Jun 17903131 Mar 171013131 Dec 161013130 Sep 161013130 Jun 161113131 Mar 161013131 Dec 151013130 Sep 1510131質の高い収益: IULは現在利益が出ていません。利益率の向上: IULは現在利益が出ていません。フリー・キャッシュフローと収益の比較過去の収益成長分析収益動向: IULは利益を出していないが、過去 5 年間で年間0.4%の割合で損失を削減してきた。成長の加速: IULの過去 1 年間の収益成長を 5 年間の平均と比較することはできません。現在は利益が出ていないためです。収益対業界: IULは利益が出ていないため、過去 1 年間の収益成長をBiotechs業界 ( 1.2% ) と比較することは困難です。株主資本利益率高いROE: IULは現在利益が出ていないため、自己資本利益率 ( -1.87% ) はマイナスです。総資産利益率使用総資本利益率過去の好業績企業の発掘7D1Y7D1Y7D1YPharmaceuticals-biotech 、過去の業績が好調な企業。View Financial Health企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/07/17 10:40終値2026/07/17 00:00収益2026/03/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレークこのレポートを生成するために使用した分析モデルの詳細は、当社のGitHubページでご覧いただけます。また、レポートの活用方法に関するガイドやYouTubeのチュートリアルも用意しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋ImmuCell Corporation 0 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。1 アナリスト機関Nathan WeinsteinAegis Capital Corporation
お知らせ • Jul 10ImmuCell Corporation to Report Q2, 2026 Results on Aug 14, 2026ImmuCell Corporation announced that they will report Q2, 2026 results Pre-Market on Aug 14, 2026
Reported Earnings • May 20First quarter 2026 earnings released: EPS: US$0.21 (vs US$0.16 in 1Q 2025)First quarter 2026 results: EPS: US$0.21 (up from US$0.16 in 1Q 2025). Revenue: US$10.4m (up 28% from 1Q 2025). Net income: US$1.94m (up 34% from 1Q 2025). Profit margin: 19% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth.
お知らせ • May 08ImmuCell Corporation to Report Q1, 2026 Results on May 14, 2026ImmuCell Corporation announced that they will report Q1, 2026 results After-Market on May 14, 2026
お知らせ • Dec 25ImmuCell Corporation to Report Fiscal Year 2025 Results on Feb 25, 2026ImmuCell Corporation announced that they will report fiscal year 2025 results on Feb 25, 2026
お知らせ • Nov 07ImmuCell Corporation to Report Q3, 2025 Results on Nov 13, 2025ImmuCell Corporation announced that they will report Q3, 2025 results After-Market on Nov 13, 2025
お知らせ • Aug 07ImmuCell Corporation to Report Q2, 2025 Results on Aug 14, 2025ImmuCell Corporation announced that they will report Q2, 2025 results After-Market on Aug 14, 2025
お知らせ • Jul 10ImmuCell Corporation to Report Q2, 2026 Results on Aug 14, 2026ImmuCell Corporation announced that they will report Q2, 2026 results Pre-Market on Aug 14, 2026
Reported Earnings • May 20First quarter 2026 earnings released: EPS: US$0.21 (vs US$0.16 in 1Q 2025)First quarter 2026 results: EPS: US$0.21 (up from US$0.16 in 1Q 2025). Revenue: US$10.4m (up 28% from 1Q 2025). Net income: US$1.94m (up 34% from 1Q 2025). Profit margin: 19% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth.
Board Change • May 20High number of new directorsThere are 5 new directors who have joined the board in the last 3 years. Independent Director Gilles Guillemette was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.
お知らせ • May 08ImmuCell Corporation to Report Q1, 2026 Results on May 14, 2026ImmuCell Corporation announced that they will report Q1, 2026 results After-Market on May 14, 2026
お知らせ • Apr 15ImmuCell Corporation, Annual General Meeting, Jun 11, 2026ImmuCell Corporation, Annual General Meeting, Jun 11, 2026. Location: telephone conference call, United States
お知らせ • Apr 14ImmuCell Corporation Announces Board ChangesImmuCell Corporation announced that Dr. Gilles Guillemette and Dr. Anthony DiMarco have been appointed to its Board of Directors, effective April 15, 2026. Dr. Guillemette has more than 30 years of executive experience in animal health therapeutics. He has held executive positions at Elanco, Bayer, Henry Schein, Chewy, and Trupanion, where he had significant P&L responsibilities, led strategy, business development and finance functions, and managed regulated therapeutic operations. Dr. Guillemette is currently an Operating Partner at Archimed and earned his Doctor of Veterinary Medicine in Nantes, France. He will Chair the new Strategy and Technology Committee and serve on the Audit Committee. Dr. DiMarco brings four decades of scientific leadership in human and animal health biologics companies. For 21 years, he was Vice President of R&D and Global Manufacturing at IDEXX where he developed new products and implemented productivity improvements. Previously, Dr. DiMarco spent 10 years in scientific roles at Abbott Laboratories. Dr. DiMarco serves as Chair of Educate Maine and received his Ph.D. in Microbiology from the University of Illinois. He will serve on the Compensation, Nominations, and Strategy & Technology Committees. The Company is moving to a 7-person Board of Directors with six Independent Directors and the CEO. Effective April 15, 2026, the independent members of the Board of Directors of ImmuCell will be Dr. David Tomsche DVM (Chair), Ms. Gloria Basse, Dr. Anthony DiMarco Ph.D., Dr. Gilles Guillemette DVM, Ms. Kathy Turner, and Mr. Paul Wainman. The Company also announced it will create a Strategy and Technology Committee of the Board of Directors. Bryan Gathagan and non-independent members Michael Brigham and Bobbi Brockmann will retire from the Board effective April 15, 2026, and Timothy Fiori will retire from the Board after the 2026 Annual Meeting. Ms. Brockmann and Mr. Fiori will continue their executive roles at the Company.
お知らせ • Mar 19Immucell Corporation Announces Changes to Its Board, Effective April 1, 2026ImmuCell Corporation announced that Kathy Turner has been appointed to its Board of Directors, effective April 1, 2026. Ms. Turner replaces Steven Rosgen, who is retiring from the Board after serving since January 2018. Upon joining the Board, Ms. Turner will serve as Chair of the Compensation and Stock Option Committee and as a member of the Audit Committee. Ms. Turner brings more than three decades of commercial executive leadership experience in global healthcare and animal health markets and previously served on the Board of Directors of Elanco Animal Health. From 2014 to 2023, she held senior leadership roles at IDEXX Laboratories, including most recently serving as Chief Marketing Officer and Senior Vice President of International Operations, where she contributed to sustained double-digit growth across international markets. Prior to that, Ms. Turner spent nearly 30 years at Abbott Laboratories, where she held multiple leadership roles in global commercial operations, including responsibility for European markets. Ms. Turner received a B.S. in Marketing and Advertising from Syracuse University.
お知らせ • Feb 12Steven A. Rosgen and Bryan K. Gathagan Have Decided Not to Seek Re-Election as Directors of ImmuCell CorporationTwo Company directors (Steven A. Rosgen and Bryan K. Gathagan) have separately given notice that they prefer not to run for re-election at the 2026 Annual Meeting of Shareholders. Both have been supportive of ImmuCell Corporation’s new strategic direction and management team, but each cited time constraints from full-time leadership roles at their respective companies. The Nominating Committee has recently been evaluating possible changes in composition of the Board of Directors and will now factor those future retirements into its ongoing work.
お知らせ • Dec 25ImmuCell Corporation to Report Fiscal Year 2025 Results on Feb 25, 2026ImmuCell Corporation announced that they will report fiscal year 2025 results on Feb 25, 2026
お知らせ • Nov 07ImmuCell Corporation to Report Q3, 2025 Results on Nov 13, 2025ImmuCell Corporation announced that they will report Q3, 2025 results After-Market on Nov 13, 2025
お知らせ • Sep 30+ 1 more updateImmuCell Corporation Appoints Olivier te Boekhorst as President, Effective November 1, 2025ImmuCell Corporation announced that it has selected Olivier te Boekhorst as its next President. The Company anticipates a start date of November 1, 2025 for Mr. te Boekhorst. Mr. te Boekhorst is currently an Operating Partner at ARCHIMED, a global investment firm focused on human and animal healthcare industries, and serves as Chair of the Board of SeqCenter, a Next Generation Sequencing laboratory located in Pittsburgh, PA, where he previously served as CEO. From 2004 to 2022, he held several leadership roles at Maine-based global diagnostics leader IDEXX Laboratories. At IDEXX, Mr. te Boekhorst led M&A activities consolidating the livestock diagnostics segment, and as Senior VP he grew the livestock and dairy diagnostics, water safety testing, and human diagnostics divisions. He launched and grew multiple innovations for dairy and beef producers worldwide to drive customer and shareholder value. Early in his career, Mr. te Boekhorst worked for the Boston Consulting Group and received an MBA from Cornell University. After Mr. te Boekhorst’s start date, Michael F. Brigham, the Company’s current President and CEO, will serve as Special Advisor to the CEO for at least two months, to help assure a smooth transition. Mr. Brigham also will continue to serve on the Company’s Board of Directors until the next Annual Meeting of Stockholders and looks forward to continued Board service thereafter subject to re-election by stockholders.
お知らせ • Aug 07ImmuCell Corporation to Report Q2, 2025 Results on Aug 14, 2025ImmuCell Corporation announced that they will report Q2, 2025 results After-Market on Aug 14, 2025
お知らせ • Jun 30+ 1 more updateImmuCell Corporation(NasdaqCM:ICCC) dropped from Russell Microcap Value IndexImmuCell Corporation(NasdaqCM:ICCC) dropped from Russell Microcap Value Index
お知らせ • Jun 25+ 1 more updateMichael F. Brigham to Retire as President of ImmuCell Corporation from Full-Time Work by Early 2026ImmuCell Corporation announced that it has commenced a search for a successor in the position of President and CEO. Michael F. Brigham, President and CEO turn 65 this fall and have told fellow Directors that he would like to retire from full-time work by early 2026. He originally joined ImmuCell in 1989 and am very grateful to have had the opportunity to serve as the President and CEO of this growing Company since 2000. Mr. Brigham’s prior additional responsibilities as principal financial officer have been transferred to the Company’s recently hired Chief Financial Officer, Timothy C. Fiori. The Board of Directors’ search process for a new CEO is already underway with the expectation that Mr. Brigham would be available to help transition his CEO responsibilities as well.
お知らせ • Apr 28ImmuCell Corporation, Annual General Meeting, Jun 12, 2025ImmuCell Corporation, Annual General Meeting, Jun 12, 2025.
お知らせ • Apr 07ImmuCell Corporation Appoints Timothy C. Fiori as Chief Financial OfficerImmuCell Corporation announced that it has hired Timothy C. Fiori to serve as its Chief Financial Officer. Mr. Fiori brings to ImmuCell approximately 24 years of finance and commercial operating experience with IDEXX Laboratories in Westbrook, Maine. He is a 2001 graduate of the University of Maine, Orono with a B.S in Finance. He lives in Raymond, Maine with his wife, Rachel, and enjoys many outdoor activities.
お知らせ • Apr 03ImmuCell Corporation Announces Initiation of Investigational Product Use of Re-TainImmuCell Corporation announced that it is initiating Investigational Product use of Re-Tain®. The Company intends to use this opportunity to test market acceptance of the product through a controlled launch. The Company made its Non-Administrative New Animal Drug Application (NADA) submission, that included its fourth submission of the CMC Technical Section, together with the minor technical sections covering All Other Information and Product Labeling during early January of 2025. Clearing inspectional observations at the facilities of the Company’s contract manufacturer is still the critical path constraint to NADA approval.
お知らせ • Feb 20ImmuCell Corporation to Report Q4, 2024 Results on Feb 25, 2025ImmuCell Corporation announced that they will report Q4, 2024 results After-Market on Feb 25, 2025
Reported Earnings • Nov 16Third quarter 2024 earnings released: US$0.086 loss per share (vs US$0.12 loss in 3Q 2023)Third quarter 2024 results: US$0.086 loss per share (improved from US$0.12 loss in 3Q 2023). Revenue: US$6.01m (up 11% from 3Q 2023). Net loss: US$701.7k (loss narrowed 25% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 43 percentage points per year, which is a significant difference in performance.
お知らせ • Nov 07ImmuCell Corporation to Report Q3, 2024 Results on Nov 13, 2024ImmuCell Corporation announced that they will report Q3, 2024 results After-Market on Nov 13, 2024
Reported Earnings • Aug 15Second quarter 2024 earnings released: US$0.20 loss per share (vs US$0.18 loss in 2Q 2023)Second quarter 2024 results: US$0.20 loss per share (further deteriorated from US$0.18 loss in 2Q 2023). Revenue: US$5.47m (up 55% from 2Q 2023). Net loss: US$1.53m (loss widened 11% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance.
お知らせ • Aug 11ImmuCell Corporation to Report Q2, 2024 Results on Aug 13, 2024ImmuCell Corporation announced that they will report Q2, 2024 results After-Market on Aug 13, 2024
New Risk • Aug 07New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 33% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (€26.4m market cap, or US$28.8m).
お知らせ • Jun 06ImmuCell Corporation Provides Update on Regulatory Status of Product Development Initiative for Re-Tain®ImmuCell Corporation provided a regulatory update on the status of its product development initiative for Re-Tain®. As previously disclosed, the Company recently received a Technical Section Incomplete Letter (Incomplete Letter) from the United States Food and Drug Administration (FDA) in response to its third submission of the Chemistry, Manufacturing and Controls (CMC) Technical Section (which is its fifth and final major Technical Section required for its New Animal Drug Application (NADA)). Since then, the Company has prepared the fourth submission of its CMC Technical Section, responding to the comments provided in the Incomplete Letter that are not complex. This submission has not been made yet because all inspectional observations must be cleared at both the Company’s Drug Substance facility and at the Drug Product facility of its contract manufacturer before the FDA will issue a Technical Section Complete Letter. The FDA recently confirmed ImmuCell’s inspectional status as acceptable. ImmuCell’s contract manufacturer expects to submit responses to its inspectional observations around the end of June of 2024. Clearing the outstanding inspectional observations with the FDA defines the critical path timeline. Once the facility inspection at the Drug Product facility of the Company’s contract manufacturer is cleared by the FDA, the Company anticipates submitting a Non-Administrative NADA that would include the Company’s fourth submission of the CMC Technical Section, together with the minor technical sections covering All Other Information and Product Labeling. By statute, this submission would be subject to a review period of up to 180 days. However, the Company believes that a shorter review period may be provided because the responses to the CMC Incomplete Letter are not complex. The goal of submitting this combined filing would be to eliminate the need for an additional 60-day review period of an Administrative NADA submission at the end of the application process, after all five major Technical Section Complete Letters are received. Upon FDA approval, the Company intends to implement its previously disclosed limited distribution, controlled launch strategy with product expiration dating estimated at between the second quarter of 2025 and the first quarter of 2026, subject to final product shelf-life disposition by the FDA.
Reported Earnings • May 16First quarter 2024 earnings released: US$0.056 loss per share (vs US$0.30 loss in 1Q 2023)First quarter 2024 results: US$0.056 loss per share (improved from US$0.30 loss in 1Q 2023). Revenue: US$7.26m (up 111% from 1Q 2023). Net loss: US$437.9k (loss narrowed 81% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance.
お知らせ • May 10ImmuCell Corporation to Report Q1, 2024 Results on May 14, 2024ImmuCell Corporation announced that they will report Q1, 2024 results After-Market on May 14, 2024
お知らせ • Apr 28ImmuCell Corporation, Annual General Meeting, Jun 13, 2024ImmuCell Corporation, Annual General Meeting, Jun 13, 2024, at 09:30 US Eastern Standard Time. Agenda: To elect a Board of Directors to serve until the next Annual Meeting of Stockholders and until their successors are qualified and elected; To consider a non-binding advisory resolution on the Company’s executive compensation program; To ratify the selection by the Audit Committee of the Board of Directors of Wipfli LLP as the Independent Registered Public Accounting Firm for the Company for the year ending December 31, 2024.
お知らせ • Apr 10ImmuCell Corporation has filed a Follow-on Equity Offering in the amount of $11 million.ImmuCell Corporation has filed a Follow-on Equity Offering in the amount of $11 million. Security Name: Common Stock Security Type: Common Stock Transaction Features: At the Market Offering
Reported Earnings • Feb 29Full year 2023 earnings released: US$0.74 loss per share (vs US$0.32 loss in FY 2022)Full year 2023 results: US$0.74 loss per share (further deteriorated from US$0.32 loss in FY 2022). Revenue: US$17.5m (down 5.9% from FY 2022). Net loss: US$5.78m (loss widened 132% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance.
お知らせ • Feb 17ImmuCell Corporation to Report Q4, 2023 Results on Feb 27, 2024ImmuCell Corporation announced that they will report Q4, 2023 results at 4:00 PM, US Eastern Standard Time on Feb 27, 2024
Reported Earnings • Nov 16Third quarter 2023 earnings released: US$0.12 loss per share (vs US$0.085 loss in 3Q 2022)Third quarter 2023 results: US$0.12 loss per share (further deteriorated from US$0.085 loss in 3Q 2022). Revenue: US$5.40m (up 13% from 3Q 2022). Net loss: US$940.0k (loss widened 44% from 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance.
New Risk • Aug 14New major risk - Revenue and earnings growthEarnings have declined by 10% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$9.6m free cash flow). Earnings have declined by 10% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Market cap is less than US$100m (€35.4m market cap, or US$38.7m).
Reported Earnings • Aug 13Second quarter 2023 earnings released: US$0.18 loss per share (vs US$0.088 loss in 2Q 2022)Second quarter 2023 results: US$0.18 loss per share (further deteriorated from US$0.088 loss in 2Q 2022). Revenue: US$3.53m (down 8.5% from 2Q 2022). Net loss: US$1.38m (loss widened 102% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings.
お知らせ • Aug 08ImmuCell Corporation to Report Q2, 2023 Results on Aug 10, 2023ImmuCell Corporation announced that they will report Q2, 2023 results After-Market on Aug 10, 2023
Board Change • Jun 27Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Gloria Basse was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
お知らせ • Jun 22ImmuCell Corporation Appoints Bryan K. Gathagan to Board of DirectorsImmuCell Corporation announced that Bryan K. Gathagan has been appointed to its Board of Directors. Mr. Gathagan is the owner and a managing member of broad Thinking, LLC and has 25 years of animal health experience. He is a founding member of Animalytix LLC and has served as its Chief Financial and Chief Technology Officer since it began operations in 2010. Prior to Animalytix, he was a senior executive and Vice President of IT and Finance for Intervet Inc. and oversaw various finance, IT, and general business functions between 1998 to 2008, including 3 years in a global role based in The Netherlands. Before entering the animal health industry, he served as a Vice President at MBNA and Norwest Bank responsible for various IT functions and started his career in IT roles at the University of Maryland, Baltimore County (UMBC). He holds a BS in Information Systems Management from UMBC and an MS in Business from Johns Hopkins University.
Reported Earnings • May 14First quarter 2023 earnings released: US$0.30 loss per share (vs US$0.095 profit in 1Q 2022)First quarter 2023 results: US$0.30 loss per share (down from US$0.095 profit in 1Q 2022). Revenue: US$3.45m (down 43% from 1Q 2022). Net loss: US$2.32m (down 415% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings.
お知らせ • May 05ImmuCell Corporation to Report Q1, 2023 Results on May 11, 2023ImmuCell Corporation announced that they will report Q1, 2023 results After-Market on May 11, 2023
Reported Earnings • Mar 31Full year 2022 earnings released: US$322 loss per share (vs US$10.31 loss in FY 2021)Full year 2022 results: US$322 loss per share (further deteriorated from US$10.31 loss in FY 2021). Revenue: US$18.6b (down 3.5% from FY 2021). Net loss: US$2.49b (loss widened US$2.42b from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 176 percentage points per year, which is a significant difference in performance.
Reported Earnings • Feb 23Full year 2022 earnings released: US$0.32 loss per share (vs US$0.01 loss in FY 2021)Full year 2022 results: US$0.32 loss per share (further deteriorated from US$0.01 loss in FY 2021). Revenue: US$18.6m (down 3.5% from FY 2021). Net loss: US$2.49m (loss widened US$2.42m from FY 2021). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.
お知らせ • Feb 16ImmuCell Corporation to Report Fiscal Year 2022 Results on Feb 21, 2023ImmuCell Corporation announced that they will report fiscal year 2022 results After-Market on Feb 21, 2023
Board Change • Feb 10Insufficient new directorsThere is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Gloria Basse was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.
お知らせ • Feb 03David S. Cunningham Intends to Retire from the Board of Directors of David S. CunninghamOn January 24, 2023, David S. Cunningham notified ImmuCell Corporation of his intention to retire from the Board of Directors effective immediately following the company's 2023 Annual Meeting to be held on June 15, 2023. Mr. Cunningham's decision to retire from the Board does not arise from any disagreement with the company on any matter relating to the Company's operations, policies, practices or otherwise.
お知らせ • Feb 02ImmuCell Corporation, Annual General Meeting, Jun 15, 2023ImmuCell Corporation, Annual General Meeting, Jun 15, 2023.
お知らせ • Nov 11+ 1 more updateImmuCell Corporation announced delayed 10-Q filingOn 11/10/2022, ImmuCell Corporation announced that they will be unable to file their next 10-Q by the deadline required by the SEC.
Reported Earnings • Aug 13Second quarter 2022 earnings released: US$0.088 loss per share (vs US$0.018 profit in 2Q 2021)Second quarter 2022 results: US$0.088 loss per share (down from US$0.018 profit in 2Q 2021). Revenue: US$3.86m (down 15% from 2Q 2021). Net loss: US$684.1k (down US$825.3k from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth.
お知らせ • Jul 28+ 1 more updateImmuCell Corporation to Report Q2, 2022 Results on Aug 11, 2022ImmuCell Corporation announced that they will report Q2, 2022 results After-Market on Aug 11, 2022
Reported Earnings • May 14First quarter 2022 earnings released: EPS: US$0.095 (vs US$0.061 loss in 1Q 2021)First quarter 2022 results: EPS: US$0.095 (up from US$0.061 loss in 1Q 2021). Revenue: US$6.00m (up 46% from 1Q 2021). Net income: US$735.7k (up US$1.18m from 1Q 2021). Profit margin: 12% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth.
お知らせ • May 12ImmuCell Corporation to Report Q1, 2022 Results on May 12, 2022ImmuCell Corporation announced that they will report Q1, 2022 results After-Market on May 12, 2022
お知らせ • May 06Mark Wustenberg, DVM Joins Sales and Marketing Team as Commercial Leader of Stakeholder Engagement of ImmuCell CorporationImmuCell Corporation announced that Mark Wustenberg, DVM has joined its sales and marketing team as Commercial Leader of Stakeholder Engagement. Dr. Wustenberg has extensive experience serving the dairy and milk processing industries. Most recently, he has managed a private consulting practice for dairy producers supporting industry agribusinesses. Until 2017, he served as Vice President of Sustainability and Member Services for Tillamook County Creamery Association in Oregon. One of his principal responsibilities for ImmuCell will be to prepare for the launch of Re-Tain®, which is subject to FDA approval. Dr. Wustenberg has held leadership roles at Tillamook County Creamery, including multiple vice presidencies advising sustainability, quality, operations, public relations and member services. Additionally, he served as interim CEO for the farmer-owned cooperative based in Oregon. Dr. Wustenberg also has held board positions with notable organizations, such as American Association of Bovine Practitioners, Dairy Marketing Incorporated, American Veterinary Medical Association, Northwest Food Processors Association, Oregon Cheese Guild and Oregon State Food Technology Department. In addition, he was part of the Monsanto Dairy Business team centering producers and processors around industry changing technologies.
Board Change • Apr 27Insufficient new directorsThere is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Gloria Basse was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.
Board Change • Apr 09Insufficient new directorsThere is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Gloria Basse was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.
Reported Earnings • Apr 05Full year 2021 earnings released: US$0.01 loss per share (vs US$0.14 loss in FY 2020)Full year 2021 results: US$0.01 loss per share (up from US$0.14 loss in FY 2020). Revenue: US$19.2m (up 25% from FY 2020). Net loss: US$78.3k (loss narrowed 92% from FY 2020). Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth.
Reported Earnings • Feb 25Full year 2021 earnings: EPS in line with analyst expectations despite revenue beatFull year 2021 results: US$0.01 loss per share (up from US$0.14 loss in FY 2020). Revenue: US$19.2m (up 25% from FY 2020). Net loss: US$78.0k (loss narrowed 92% from FY 2020). Revenue exceeded analyst estimates by 1.3%. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth.
お知らせ • Feb 17ImmuCell Corporation to Report Q4, 2021 Results on Feb 22, 2022ImmuCell Corporation announced that they will report Q4, 2021 results After-Market on Feb 22, 2022
Reported Earnings • Nov 17Third quarter 2021 earnings released: EPS US$0.019 (vs US$0.045 loss in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$5.15m (up 38% from 3Q 2020). Net income: US$147.8k (up US$470.7k from 3Q 2020). Profit margin: 2.9% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth.
お知らせ • Aug 25+ 1 more updateImmucell Corporation Announces FDA Has Issued Technical Section Incomplete Letter Covering the ChemistryImmuCell Corporation announced that the FDA has issued a Technical Section Incomplete Letter covering the Chemistry, Manufacturing and Controls (CMC) Technical Section for Re-Tain (Nisin A intramammary solution). The CMC Technical Section covers the commercial manufacturing requirements for the Drug Substance and resulting Drug Product. The Company previously received Technical Section Complete Letters from the FDA covering the other four major Technical Sections required for product approval. Re-Tain is the Company's new subclinical mastitis treatment for lactating dairy cows without a milk discard or meat withhold requirement. The Company's objective is to demonstrate that its bacteriocin, Nisin A, can play a productive role in the treatment of subclinical mastitis in today's dairy industry by providing a novel alternative to traditional antibiotics.
Reported Earnings • Aug 14Second quarter 2021 earnings released: EPS US$0.018 (vs US$0.11 loss in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$4.54m (up 53% from 2Q 2020). Net income: US$141.1k (up US$906.9k from 2Q 2020). Profit margin: 3.1% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth.
Executive Departure • Jun 22Independent Director Jonathan Rothschild has left the companyOn the 16th of June, Jonathan Rothschild's tenure as Independent Director ended after 20.2 years in the role. We don't have any record of a personal shareholding under Jonathan's name. Jonathan is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 6.33 years.
Reported Earnings • May 16First quarter 2021 earnings released: US$0.061 loss per share (vs US$0.017 loss in 1Q 2020)The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: US$4.11m (down 16% from 1Q 2020). Net loss: US$441.3k (loss widened 261% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth.
Recent Insider Transactions • Apr 18Insider recently bought €1.3m worth of stockOn the 14th of April, Sandra Pessin bought around 182k shares on-market at roughly €6.89 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months.
Reported Earnings • Apr 04Full year 2020 earnings released: US$0.14 loss per share (vs US$0.19 loss in FY 2019)The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: US$15.3m (up 12% from FY 2019). Net loss: US$1.02m (loss narrowed 21% from FY 2019). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth.
Reported Earnings • Feb 25Full year 2020 earnings released: US$0.14 loss per share (vs US$0.19 loss in FY 2019)The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: US$15.3m (up 12% from FY 2019). Net loss: US$1.02m (loss narrowed 21% from FY 2019). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth.
Analyst Estimate Surprise Post Earnings • Feb 25Revenue beats expectationsRevenue exceeded analyst estimates by 1.3%. Over the next year, revenue is forecast to grow 8.6%, compared to a 52% growth forecast for the Biotechs industry in Germany.
お知らせ • Feb 17ImmuCell Corporation to Report Fiscal Year 2020 Results on Feb 22, 2021ImmuCell Corporation announced that they will report fiscal year 2020 results After-Market on Feb 22, 2021
Is New 90 Day High Low • Feb 11New 90-day high: €9.35The company is up 99% from its price of €4.70 on 12 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is up 11% over the same period.
Is New 90 Day High Low • Jan 21New 90-day high: €5.75The company is up 21% from its price of €4.76 on 23 October 2020. The German market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is up 11% over the same period.
Is New 90 Day High Low • Dec 02New 90-day high: €5.20The company is up 18% from its price of €4.42 on 03 September 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is down 11% over the same period.
Reported Earnings • Nov 14Third quarter 2020 earnings released: US$0.045 loss per shareThe company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: US$3.72m (up 25% from 3Q 2019). Net loss: US$322.9k (loss narrowed 36% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings.
お知らせ • Oct 07ImmuCell Corporation to Report Q3, 2020 Results on Nov 12, 2020ImmuCell Corporation announced that they will report Q3, 2020 results on Nov 12, 2020
お知らせ • Jul 08ImmuCell Corporation to Report Q2, 2020 Results on Aug 12, 2020ImmuCell Corporation announced that they will report Q2, 2020 results at 9:05 PM, GMT Standard Time on Aug 12, 2020
お知らせ • Jul 04ImmuCell Corporation(NasdaqCM:ICCC) dropped from Russell Microcap Growth IndexImmuCell Corporation(NasdaqCM:ICCC) dropped from Russell Microcap Growth Index
お知らせ • Jun 17ImmuCell Corporation announced that it has received $0.5 million in funding from The Maine Technology InstituteImmuCell Corporation (NasdaqCM:ICCC) announced that it has received $500,000 in a round of funding from new investor The Maine Technology Institute on June 16, 2020. The company will issue subordinated loan in the transaction. The first two-plus years of the loan are interest-free with no required principal payments. Principal and interest payments at 5% per annum are due quarterly over the five-year period beginning during the fourth quarter of 2022.