ImmuCell refinances debt with lower interest rate, extends maturity

PORTLAND, Maine - ImmuCell Corporation (NASDAQ:ICCC), a $60.55 million market cap animal health company, has successfully refinanced a portion of its bank debt, securing more favorable terms and extending its maturity timeline, according to a press release statement issued Tuesday. The company’s stock has shown remarkable strength, delivering a 69.48% return over the past year.

The animal health company obtained a new $2.33 million loan from Maine Community Bank (MCB) at a fixed interest rate of 6.5%. The proceeds were used to pay off two existing loans: a $1.53 million MCB loan with a 7% interest rate and a $768,209 loan from the Finance Authority of Maine (FAME) carrying an 8% interest rate. According to InvestingPro data, the company maintains a healthy current ratio of 4.12, indicating strong ability to meet short-term obligations.

The refinancing eliminates approximately $1.95 million in balloon payments that would have been due in the third quarter of 2026. Instead, the new loan features a five-year amortization schedule extending through the third quarter of 2030.

"This represents a continuance of our very productive relationship with MCB," said Michael F. Brigham, President and CEO of ImmuCell, in the press release.

ImmuCell, which develops and manufactures products for dairy and beef cattle health, noted that the early repayment of the FAME loan will allow those funds to be redeployed to other businesses in Maine.

The company plans to host a conference call on Friday to discuss its financial results for the quarter ended June 30, 2025.

ImmuCell manufactures First Defense, a product providing immunity to newborn dairy and beef calves, and is developing Re-Tain, a treatment for subclinical mastitis in dairy cows. The company has demonstrated strong revenue growth of 28.29% over the last twelve months, though InvestingPro analysis suggests the stock is currently trading above its Fair Value. Investors can access detailed financial analysis and 8 additional ProTips for ICCC through InvestingPro’s comprehensive research reports.

In other recent news, ImmuCell Corporation reported an 18% increase in sales for the second quarter of 2025, amounting to $6.4 million. This growth contributes to a six-month sales total of $14.5 million, marking a 14% rise from the same period in 2024. Over a twelve-month span ending June 30, the company’s sales reached $28.3 million, reflecting a 22% year-over-year increase. Additionally, ImmuCell’s first-quarter revenue in 2025 hit a record $8.1 million, an 11% increase from the previous year, with earnings per share reported at $0.16. The company improved its gross margin to 42% from 37% in the preceding quarter.

In leadership changes, CEO Michael F. Brigham announced plans to retire by early 2026, prompting the company to begin searching for his successor. Brigham has been with ImmuCell since 1989 and has served as CEO since 2000. Financial responsibilities have already been transferred to Timothy C. Fiori, the newly appointed Chief Financial Officer.

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