What factors drove the changes in Immucell's revenue and profit?

What does Immucell do and what are its main business segments?

What is Immucell's latest dividend and current dividend yield?

What is Immucell's gross profit margin?

What is the revenue and EPS growth rate for Immucell year over year?

Did Immucell beat or miss consensus estimates last quarter?

What were the key takeaways from Immucell's earnings call?

What is the market's earnings forecast for Immucell next quarter?

- **Revenue Recovery**: Domestic sales up 9.5% QoQ, trailing 12-month sales +16%, despite Q3 8% YoY decline due to channel restocking.
- **Profitability Boost**: Gross margin improved to 43% (vs. 26% YoY), net income swung to $1.8M profit (vs. -$2.7M YoY).
- **Leadership Transition**: New CEO & CFO bring decades of animal health experience, driving operational excellence and customer re-engagement.
- **Growth Catalysts**: New product launches, FDA pipeline for Re-Tain, and disciplined inventory management supporting peak season readiness.

**【Management Opening Remarks】**
- The company achieved a financial turnaround in the first 9 months of 2025, with improved gross margins and operational efficiency. New leadership includes CEO Olivier Te Boekhorst (25+ years in animal health) and CFO Timothy Fiori (15 years of finance collaboration at IDEXX). The team is focused on rebuilding customer trust and expanding market share.

**【CEO Commentary】**
- Q3 2025 product sales decreased 8% YoY ($505K) due to restocking channel inventory, but domestic sales grew 2% YoY and 9.5% QoQ. Trailing 12-month sales show 16% growth ($3.9M) with an 11% CAGR over 3 years. Net income improved to $1.8M (vs. -$2.7M YoY). 
- Key priorities: operational excellence in production, regaining lost customers, and launching new functional feed products. FDA approval pending for Re-Tain mastitis treatment, with field studies underway.

**【CFO Financial Commentary】**
- 9-month net income increased $4.5M YoY, driven by 43% gross margin (vs. 26% YoY) and $543K operating expense reduction. Adjusted EBITDA reached $5.8M (vs. -$175K YoY). Inventory grew to $3.9M (vs. $3.8M Dec 2024), with $2.7M invested in inventory build for peak season.
- Margin improvement attributed to: 6% price increase, manufacturing efficiency, and scale benefits. Disciplined inventory management balances growth with cash needs.

**【Q&A Highlights】**
- **Inventory Management**: CFO emphasizes weekly sales/production planning to maintain desired levels. Colostrum WIP ($3.3M) and finished goods ($2M) at highest levels in 6+ years, but team is disciplined in managing growth.
- **Capacity Utilization**: CEO reports production now near capacity expansion goal of $30M/year, with focus on quality and consistency after past contamination issues.
- **Commercial Momentum**: Sales team re-engaging customers post-supply constraints, with positive feedback on new product launches.

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