ImmuCell Management

Management criteria checks 4/4

ImmuCell's CEO is Michael Brigham, appointed in Oct 1991, has a tenure of 33.08 years. total yearly compensation is $395.24K, comprised of 89.9% salary and 10.1% bonuses, including company stock and options. directly owns 2.75% of the company’s shares, worth €758.55K. The average tenure of the management team and the board of directors is 9.2 years and 6.8 years respectively.

Key information

Michael Brigham

Chief executive officer

US$395.2k

Total compensation

CEO salary percentage	89.9%
CEO tenure	33.1yrs
CEO ownership	2.8%
Management average tenure	9.2yrs
Board average tenure	6.8yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Michael Brigham's remuneration changed compared to ImmuCell's earnings?
Date	Total Compensation	Salary	Company Earnings
Sep 30 2024	n/a	n/a	-US$4m
Jun 30 2024	n/a	n/a	-US$4m
Mar 31 2024	n/a	n/a	-US$4m
Dec 31 2023	US$395k	US$355k	-US$6m
Sep 30 2023	n/a	n/a	-US$6m
Jun 30 2023	n/a	n/a	-US$6m
Mar 31 2023	n/a	n/a	-US$5m
Dec 31 2022	US$600k	US$343k	-US$2m
Sep 30 2022	n/a	n/a	-US$752k
Jun 30 2022	n/a	n/a	US$51k
Mar 31 2022	n/a	n/a	US$876k
Dec 31 2021	US$360k	US$331k	-US$78k
Sep 30 2021	n/a	n/a	US$36k
Jun 30 2021	n/a	n/a	-US$434k
Mar 31 2021	n/a	n/a	-US$1m
Dec 31 2020	US$354k	US$325k	-US$1m
Sep 30 2020	n/a	n/a	-US$2m
Jun 30 2020	n/a	n/a	-US$2m
Mar 31 2020	n/a	n/a	-US$2m
Dec 31 2019	US$344k	US$315k	-US$1m
Sep 30 2019	n/a	n/a	-US$2m
Jun 30 2019	n/a	n/a	-US$2m
Mar 31 2019	n/a	n/a	-US$2m
Dec 31 2018	US$426k	US$309k	-US$2m
Sep 30 2018	n/a	n/a	-US$1m
Jun 30 2018	n/a	n/a	-US$2m
Mar 31 2018	n/a	n/a	-US$974k
Dec 31 2017	US$411k	US$299k	-US$168k

Compensation vs Market: Michael's total compensation ($USD395.24K) is about average for companies of similar size in the German market ($USD471.55K).

Compensation vs Earnings: Michael's compensation has been consistent with company performance over the past year.

CEO

Michael Brigham (63 yo)

33.1yrs

Tenure

US$395,235

Compensation

Mr. Michael F. Brigham has been the Chief Executive Officer and President of Immucell Corporation since February 2000 and its Principal Financial Officer and Treasurer since October 1991. Mr. Brigham has b...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Michael Brigham	President	33.1yrs	US$395.24k	2.75% € 758.5k
Bobbi Brockmann	VP of Sales & Marketing and Director	9.8yrs	US$323.52k	0.11% € 30.0k
Elizabeth Williams	Vice President of Manufacturing Operations	8.6yrs	US$312.07k	0% € 0
Elizabeth Toothaker	Director of Finance & Administration and Controller	no data	no data	no data
A. Scaffa	Senior Director of Quality	6.3yrs	no data	no data
John Zinckgraf	Director of Product Development	no data	no data	no data

9.2yrs

Average Tenure

63yo

Average Age

Experienced Management: IUL's management team is seasoned and experienced (9.2 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Michael Brigham	President	25.7yrs	US$395.24k	2.75% € 758.5k
Bobbi Brockmann	VP of Sales & Marketing and Director	6.8yrs	US$323.52k	0.11% € 30.0k
Paul Wainman	Independent Director	10.7yrs	US$30.00k	0.080% € 22.0k
David Tomsche	Independent Chairman of the Board	17.9yrs	US$42.00k	1.68% € 463.4k
Steven Rosgen	Independent Director	6.8yrs	US$30.00k	0% € 0
Gloria Basse	Independent Director	4.4yrs	US$28.00k	0% € 0
Bryan Gathagan	Independent Director	1.4yrs	US$51.30k	no data

6.8yrs

Average Tenure

59yo

Average Age

Experienced Board: IUL's board of directors are considered experienced (6.8 years average tenure).

ImmuCell Management

Management criteria checks 4/4

Key information

Recent management updates

ImmuCell Corporation, Annual General Meeting, Jun 13, 2024

Less than half of directors are independent

ImmuCell Corporation Appoints Bryan K. Gathagan to Board of Directors

Insufficient new directors

David S. Cunningham Intends to Retire from the Board of Directors of David S. Cunningham

ImmuCell Corporation, Annual General Meeting, Jun 15, 2023

Recent updates

Third quarter 2024 earnings released: US$0.086 loss per share (vs US$0.12 loss in 3Q 2023)

ImmuCell Corporation to Report Q3, 2024 Results on Nov 13, 2024

Second quarter 2024 earnings released: US$0.20 loss per share (vs US$0.18 loss in 2Q 2023)

ImmuCell Corporation to Report Q2, 2024 Results on Aug 13, 2024

New minor risk - Share price stability

ImmuCell Corporation Provides Update on Regulatory Status of Product Development Initiative for Re-Tain®

First quarter 2024 earnings released: US$0.056 loss per share (vs US$0.30 loss in 1Q 2023)

ImmuCell Corporation to Report Q1, 2024 Results on May 14, 2024

ImmuCell Corporation, Annual General Meeting, Jun 13, 2024

ImmuCell 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.

Full year 2023 earnings released: US$0.74 loss per share (vs US$0.32 loss in FY 2022)

ImmuCell Corporation to Report Q4, 2023 Results on Feb 27, 2024

Third quarter 2023 earnings released: US$0.12 loss per share (vs US$0.085 loss in 3Q 2022)

New major risk - Revenue and earnings growth

Second quarter 2023 earnings released: US$0.18 loss per share (vs US$0.088 loss in 2Q 2022)

ImmuCell Corporation to Report Q2, 2023 Results on Aug 10, 2023

Less than half of directors are independent

ImmuCell Corporation Appoints Bryan K. Gathagan to Board of Directors

First quarter 2023 earnings released: US$0.30 loss per share (vs US$0.095 profit in 1Q 2022)

ImmuCell Corporation to Report Q1, 2023 Results on May 11, 2023

Full year 2022 earnings released: US$322 loss per share (vs US$10.31 loss in FY 2021)

Full year 2022 earnings released: US$0.32 loss per share (vs US$0.01 loss in FY 2021)

ImmuCell Corporation to Report Fiscal Year 2022 Results on Feb 21, 2023

Insufficient new directors

David S. Cunningham Intends to Retire from the Board of Directors of David S. Cunningham

ImmuCell Corporation, Annual General Meeting, Jun 15, 2023

ImmuCell Corporation announced delayed 10-Q filing

Second quarter 2022 earnings released: US$0.088 loss per share (vs US$0.018 profit in 2Q 2021)

ImmuCell Corporation to Report Q2, 2022 Results on Aug 11, 2022

First quarter 2022 earnings released: EPS: US$0.095 (vs US$0.061 loss in 1Q 2021)

ImmuCell Corporation to Report Q1, 2022 Results on May 12, 2022

Mark Wustenberg, DVM Joins Sales and Marketing Team as Commercial Leader of Stakeholder Engagement of ImmuCell Corporation

Insufficient new directors

Insufficient new directors

Full year 2021 earnings released: US$0.01 loss per share (vs US$0.14 loss in FY 2020)

Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat

ImmuCell Corporation to Report Q4, 2021 Results on Feb 22, 2022

Third quarter 2021 earnings released: EPS US$0.019 (vs US$0.045 loss in 3Q 2020)

Immucell Corporation Announces FDA Has Issued Technical Section Incomplete Letter Covering the Chemistry

Second quarter 2021 earnings released: EPS US$0.018 (vs US$0.11 loss in 2Q 2020)

Independent Director Jonathan Rothschild has left the company

First quarter 2021 earnings released: US$0.061 loss per share (vs US$0.017 loss in 1Q 2020)

Insider recently bought €1.3m worth of stock

Full year 2020 earnings released: US$0.14 loss per share (vs US$0.19 loss in FY 2019)

Full year 2020 earnings released: US$0.14 loss per share (vs US$0.19 loss in FY 2019)

Revenue beats expectations

ImmuCell Corporation to Report Fiscal Year 2020 Results on Feb 22, 2021

New 90-day high: €9.35

New 90-day high: €5.75

New 90-day high: €5.20

Third quarter 2020 earnings released: US$0.045 loss per share

ImmuCell Corporation to Report Q3, 2020 Results on Nov 12, 2020

ImmuCell Corporation to Report Q2, 2020 Results on Aug 12, 2020

ImmuCell Corporation(NasdaqCM:ICCC) dropped from Russell Microcap Growth Index

CEO Compensation Analysis

CEO

Tenure

Compensation

Leadership Team

Average Tenure

Average Age

Board Members

Average Tenure

Average Age